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191. What Drives Credit Risk? Empirical Evidence from Southeast Europe

Author:
Nikola Fabris and Nina Vujanović
Publication Date:
05-2022
Content Type:
Working Paper
Institution:
The Vienna Institute for International Economic Studies (WIIW)
Abstract:
Bank stability is an important aspect of financial stability, especially in bank-centric systems such as those in Southeast Europe. The financial crisis has shown that there is a particular need to monitor credit and other similar risks. Hence, it is important to analyse risks affecting the stability of both the banking sector and the financial system as a whole. To that end, central banks have developed macroprudential policies aiming to safeguard financial stability. However, little is known about the drivers of some financial risks. In that context, this study analyses the determinants of credit risk, which is the most prominent risk in the banking sectors of three selected Southeast European economies – Montenegro, Kosovo* and Bosnia and Herzegovina. Dynamic panel data techniques were applied to 48 banks, which represent almost the entire banking sectors in the respective countries. The empirical evidence has shown that both macroeconomic and bank-specific determinants represent influential factors driving credit risk in Southeast Europe. Particularly important macroeconomic factors affecting credit risk are business cycle and sovereign debt. On the other hand, bank size, capital levels, credit activity and profitability are the most prominent factors influencing credit risk in the region.
Topic:
Risk, Credit, Financial Stability, and Banking
Political Geography:
Eastern Europe, Kosovo, Montenegro, and Bosnia and Herzegovina

192. Avoiding the Dangers of a Protracted Conflict in Ukraine

Author:
Anatol Lieven, Sarang Shidore, and Marcus Stanley
Publication Date:
03-2022
Content Type:
Policy Brief
Institution:
Quincy Institute for Responsible Statecraft
Abstract:
A protracted conflict in Ukraine looks increasingly plausible. Russia continues to launch attacks on military and civilian targets, and the United States and its partners are increasing shipments of arms to the Zelensky government. Washington is reportedly making plans to support long-term guerrilla warfare against Russian forces, should Kyiv fall. The current path toward a protracted war in Ukraine is highly undesirable and is laden with grave risks to the interests of the United States, Ukraine, and the international community. Such risks include: • a high cost in Ukrainian lives and suffering and the destruction of Ukraine — its infrastructure, institutions, and social fabric; • radicalization of Ukrainian society and a consequent civil war; • escalation to a great-power war, potentially involving nuclear weapons and pitting NATO against Russia, thereby threatening U.S. national security; • a weakening of NATO’s cohesion; • a prolonged global recession that strikes the U.S. as hard as it will any other nation. The United States and its allies should avoid these destructive outcomes by prioritizing support for the Ukrainian government to achieve a diplomatic settlement. Such a settlement will result in a more secure outcome for Ukraine, the United States, the European allies, and the rest of the world. While the details of such a settlement lie beyond this brief’s scope, the progress of Ukrainian–Russian talks indicates that a settlement providing for meaningful sovereignty and independence for Ukraine is possible. Avoiding a protracted conflict also implies that the United States should not adopt maximalist objectives, such as regime change in Moscow or the complete and decisive defeat of Russia. It should instead deploy sanctions to build up Ukraine’s negotiating leverage.
Topic:
NATO, Conflict, Escalation, and Russia-Ukraine War
Political Geography:
Russia, Ukraine, and Eastern Europe

193. The Lobbying Battle Before the War: Russian and Ukrainian Influence in the U.S.

Author:
Ben Freeman
Publication Date:
07-2022
Content Type:
Policy Brief
Institution:
Quincy Institute for Responsible Statecraft
Abstract:
• Russian President Vladimir Putin’s fateful decision to launch a full-scale invasion of Ukraine has united much of the world in condemnation of this unprovoked assault on a sovereign nation. In Ukraine, the war has already caused rampant destruction, the deaths of thousands of civilians, and the displacement of millions, while tens of thousands of soldiers on both sides of the conflict have been killed or wounded. The U.S. has imposed crippling sanctions on Russia’s energy and financial sectors while providing tens of billions of dollars in military assistance to Ukraine. • Behind the headlines of these U.S. foreign policy decisions lies a major, but little-discussed, factor in foreign policy: lobbying. Nearly every action the government has taken regarding Russia and Ukraine has been the object of considerable attempts at influence by U.S.-based lobbyists for Ukraine and Russia. Based on an exhaustive analysis of all Foreign Agents Registration Act (FARA) and Lobbying Disclosure Act (LDA) documents filed by organizations registered to work on behalf of Ukrainian and Russian clients in 2021, this brief offers a number of key findings, including: ° Nine organizations were registered under FARA to work on behalf of Russian clients in 2021, while 11 were working for Ukrainian clients. ° Those organizations reported making just 21 contacts on behalf of their Russian clients and 13,541 contacts on behalf of their Ukrainian clients. ° Russian clients paid over $42 million to firms representing them, (although $38 million of this went to Russian state media), while Ukrainian clients paid just over $2 million to the firms working on their behalf. ° Ukrainian lobbying efforts add up to more than four times the amount of work the Saudi lobby (among the largest foreign lobbies in Washington) and other prominent groups have reported in any year—due in large part to a notable gap in transparency. ° The pro-Ukraine lobby appears to have achieved far more contacts than the pro-Russia lobby with less money spent, an anomaly that could be explained by the pro-Russia lobby using a less transparent statute—the LDA—for reporting its lobbying efforts and the greater zeal shown by some pro-Ukraine lobbyists.
Topic:
Foreign Policy, Influence, Lobbying, and Russia-Ukraine War
Political Geography:
Russia, Ukraine, Eastern Europe, and United States of America

194. Towards Gradual Integration of the Western Balkans Into The European Union: The Case of Serbia

Author:
Milos Petrovic
Publication Date:
02-2022
Content Type:
Journal Article
Journal:
Journal of Liberty and International Affairs
Institution:
Institute for Research and European Studies (IRES)
Abstract:
This paper examined whether the revised enlargement methodology represented another step in the direction of gradual EU membership of the Western Balkans. The research problem was based on considerations that the EU enlargement domain has for years been characterized by political stagnation. The research aimed to show that a differentiated accession approach might have been beneficial for Serbia, as a front-runner membership candidate. In terms of methods, the author analyzes the concepts and the applicability of the ‘three-tiered accession’ and ‘staged accession’, having in mind the recently altered enlargement methodology. The author argues that the gradual integration would have been beneficial for two reasons: 1) validating the candidates’ already achieved progress, offering tangible incentives, and potentially preventing the democratic backsliding; 2) taking the pre-scheduled accession dates off the table. Considering that the EU is unlikely to expand further, the author concludes that the gradual membership concept might apply solely to the WB, while also reassuring the Member States regarding the primacy of individual merits and excluding the speedy accessions proposals.
Topic:
Regional Cooperation, European Union, Europeanization, and Identity
Political Geography:
Eastern Europe and Serbia

195. The Ukraine Example: Circumstances Matter for Effective Security Assistance

Author:
Ethan Kessler
Publication Date:
06-2022
Content Type:
Policy Brief
Institution:
Chicago Council on Global Affairs
Abstract:
US aid would not have been nearly as effective without Ukraine’s efforts to improve its military prior to the 2022 Russian invasion. US security assistance to Ukraine since Russia’s all-out invasion in February 2022 has been substantial, but was not sufficient to guarantee Ukraine’s initial military success in the war. Data reveals that US security assistance to Ukraine, which mainly consisted of nonproliferation-related aid before 2014, increased after Russia’s invasion of Crimea that year. However, Ukraine’s failures against Russia in Crimea and later in eastern Ukraine were largely due to an undermanned, underequipped, and undertrained Ukrainian military. Ukraine’s focus on remedying these problems, along with increased combat experience, principally drove Ukrainian military improvements by 2022. These internal changes, as well as Russia’s poor military organization and force employment in the first phase of its 2022 invasion, are essential for understanding the contributions of US equipment and weapons to Ukrainian military successes. These lessons are instructive not only for US security assistance to Ukraine, but also for the many other settings where US security assistance is a prominent policy tool.
Topic:
Security, Foreign Policy, Defense Policy, and Russia-Ukraine War
Political Geography:
Russia, Ukraine, Eastern Europe, and United States of America

196. Ukraine Russia Crisis: Terrorism Briefing

Author:
Institute for Economics and Peace (IEP)
Publication Date:
03-2022
Content Type:
Special Report
Institution:
Institute for Economics & Peace (IEP)
Abstract:
On 24 February 2022, Russia launched an attack on Ukraine. Figure 1 highlights that the invasion comes after a decade of deteriorating relations between Russia, Ukraine and the West. This brief covers several aspects relating to the current Ukrainian war, including the frequency of past acts of terrorism in Russia, Ukraine and Georgia and covers likely future scenarios. It also analyses cyberattacks on Ukraine over the last decade and lead up to the current war. The main finding is that terrorism increases with the intensity of conflict. Both the Georgian conflict in 2008 and the Ukrainian conflict of 2014 saw substantial spikes in terrorist activity around the wars, and as the current war intensifies increased terrorist activity should be expected. Secondly, cyberattacks on Ukraine have markedly increased over the last decade, and especially in the months and weeks leading up to the war. Further, cyberattacks have the potential to unintentionally spill over into other countries because of global connectivity, the effects of which have been seen on numerous occasions. As cyberattacks by nefarious actors are a recent phenomenon, and given the difficulty in the attribution of such attacks, the demarcation between what constitutes a cyberattack, cyber warfare or cyber terrorism are unclear. Regardless, this briefing looks at the broad phenomena of cyberattacks in Ukraine to offer background on recent events.
Topic:
Terrorism, Cybersecurity, Conflict, and Russia-Ukraine War
Political Geography:
Russia, Ukraine, Eastern Europe, and Georgia

197. World Risk Poll: Spotlight on Ukraine and Russia

Author:
Institute for Economics and Peace (IEP)
Publication Date:
03-2022
Content Type:
Special Report
Institution:
Institute for Economics & Peace (IEP)
Abstract:
The Lloyd’s Register Foundation World Risk Poll, when combined with associated data from the Gallup World Poll and a number of other sources, reveals a complex and sometimes counterintuitive view of the world for both Ukrainians and Russians prior to the Russian invasion in 2022. Ukrainian citizens’ positive sentiments on a number of questions on social wellbeing were on the rise at a time when global averages were in decline. In the lead-up to the invasion, Ukrainians’ perceptions of safety and security were improving, with the percentage of people reporting feeling safer than five years prior rising from 19 to 26 per cent, bringing it closer to the global average. This represents a major increase, especially as it came at a time when the global average fell markedly, from 36 to 27.4 per cent, and for Russians the rate fell from 19.2 to 17.4 per cent. The conflict has unfolded within the context of Ukraine’s increasing socio-political reorientation toward the West. By November 2021, 58 per cent of Ukrainians said that, if the country were to join just one economic union, it should join the European Union (EU), compared to 21 per cent that said it should join the Russia-led Eurasian Economic Union. This was the highest rating ever recorded. Similarly, 54 per cent said they would vote to join the North Atlantic Treaty Organisation (NATO), compared to 28 per cent who would vote against joining. Surprisingly, “war and terrorism” was only the sixth highest-rated concern in Ukraine in 2021. Ukrainians rated health-related risks (not including COVID-19) as their top concern. Transportation-related risks, crime and violence, economic concerns and financial hardship were more frequently cited than “war and terrorism."
Topic:
Security, NATO, European Union, Conflict, Risk, Polls, and Russia-Ukraine War
Political Geography:
Russia, Ukraine, and Eastern Europe

198. Panel I: Deconstructing the Parallels between Holocaust Distortion and Genocide Denial

Author:
Tanya Domi, Laura Cohen, Riada Ašimović Akyol, Hikmet Karčić, James Smith, and Robert Williams
Publication Date:
04-2022
Content Type:
Video
Institution:
The Harriman Institute
Abstract:
Genocide denial not only abuses history, including contemporary history, but it also insults the survivors and extends the impact of the original crimes. Denial is the final act that never ends for the survivors. This symposium examines some of the parallels of contemporary genocide denial in the Balkans with increasing Holocaust denial and distortion sweeping across Europe. What can we learn from Holocaust experts and scholars that is applicable to the present? And what are some ways that memory activists resist denial of the most brutal crimes?
Topic:
Genocide, History, Holocaust, Memory, and Activism
Political Geography:
Eastern Europe and Balkans

199. ECONOMETRIC EVALUATION OF PUBLIC DEBT ON INFLATION: EVIDENCE FROM KOSOVO AND NORTH MACEDONIA

Author:
Ismail Mehmeti and Gazmeda Deda
Publication Date:
12-2022
Content Type:
Journal Article
Journal:
Journal of Liberty and International Affairs
Institution:
Institute for Research and European Studies (IRES)
Abstract:
The nexus between public debt and inflation has been continuously investigated, but after the pandemic, it has returned to the center of researchers' courtesy. Consequently, this research examines the influences of public debt, interest rates, trade openness, GDP growth, and foreign direct investments on inflation. The study employs secondary data from 2008 to 2021 and incorporates a mixed econometric technique such as the Ordinary Least Squares (OLS) and Arrellano-Bover/Blundell-Bond approach. The study's findings argue that public debt, interest rates, and trade openness significantly influence inflation, whereas GDP growth has a significantly negative impact. Because of the limited number of observations in the context of the research, we have not been able to evaluate the impact in the long term. The uniqueness and relevance of this research stem from its use of a combined approach, and in recent months, a continuous increase in inflation has been recorded throughout the world. The current findings and arguments inspire a productive discourse among academics, scholars, and policy-making entities.
Topic:
Inflation, Econometrics, and Public Debt
Political Geography:
Eastern Europe, Kosovo, and North Macedonia

200. MANAGEMENT’S PERCEPTION OF THE DETERMINANTS THAT INFLUENCE SMEs PERFORMANCE: EVIDENCE FROM KOSOVO

Author:
Sokol Krasniqi, Arta Jashari, and Ismail Mehmeti
Publication Date:
12-2022
Content Type:
Journal Article
Journal:
Journal of Liberty and International Affairs
Institution:
Institute for Research and European Studies (IRES)
Abstract:
Small and medium-sized enterprises (SMEs) are now unquestionable contributors to economic development on the one side and employment creation on the other. To promote sustained growth, SMEs must meet specific prerequisites, particularly the leadership structures of this segment. Therefore, this research aims to investigate and identify the determinants that affect SMEs performance. The research employs a qualitative technique, using questionnaires containing 52 questions. The study surveyed 336 SMEs owners or managers from March to April 2022. The Multinomial Logistic Regression (MLR) empirical technique explored the influence of education level, previous experience, training attendance, business plan, consultation services, and employees' insufficient competency in SMEs performance. The research has revealed that the level of education and consultancy services positively impact SMEs performance. In contrast, neglect of training and employees' insufficient competence harm SMEs performance. The study encourages SMEs owners and managers to take advantage of professional training opportunities and to invest in existing personnel through training to acquire acceptable competence, which will be reflected in management performance. From the perspective of the contribution, it provides the most recent evidence in the context of Kosovo's economy, employing the logistic regression analysis.
Topic:
Business, Training, Management, Skills, and Influence
Political Geography:
Eastern Europe and Kosovo