Editor-in-Chief
Kosta Josifidis
University of Novi Sad (Serbia)
josifidis@gmail.com
Panoeconomicus editorial
Assistant Editors
Novica Supić
University of Novi Sad (Serbia)
novicasupic@yahoo.com
Emilija Beker Pucar
University of Novi Sad (Serbia)
emilib@eunet.rs
Nikola Gradojević
Lakehead University (Canada)
nikola.gradojevic@lakeheadu.ca
Miroslava Filipović
Singidunum University (Serbia)
miroslavafilipovic@yahoo.com
Marko Klašnja
New York University (USA)
mk3296@nyu.edu
Slađana Srdić
University of Novi Sad (Serbia)
sladjana.srdic@yahoo.com
Marton Sakal
University of Novi Sad (Serbia)
marton@ef.uns.ac.rs
Ivana Horvat (IT)
University of Novi Sad (Serbia)
ivana.horvat@ef.uns.ac.rs
International editorial board
John Hall Portland State University (USA)
Martin Grandes Pontifical Catholic University of Argentina (Argentina)
Joseph Halevi The University of Sydney (Australia)
László Kónya La Trobe University (Australia)
Phillip Anthony O'Hara Curtin University (Australia)
Jesus Crespo Cuaresma University of Innsbruck (Austria)
Vladimir Gligorov The Vienna Institute for International Economic Studies (Austria)
Hardy Hanappi University of Technology of Vienna (Austria)
Josef Poeschl The Vienna Institute for International Economic Studies (Austria)
Elisabeth Springler Vienna University of Economics and Business (Austria)
Thomas Url Austrian Institute of Economic Research (Austria)
Ariane Chapelle ULB, Bruxelles (Belgium)
Bruno Merlevede Ghent University (Belgium)
Marco Antonio Ribas Cavalieri Federal University of Parana (Brazil)
Flavio de Oliveria Gonçalves Federal University of Parana (Brazil)
Renato Galvão Flôres Junior Getulio Vargas Foundation (Brazil)
Iara Vigo de Lima Federal University of Parana (Brazil)
Carlos Aguiar de Medeiros Federal University of Rio de Janeiro (Brazil)
Joanílio Rodolpho Teixeira University of Brasília (Brazil)
Randall Germain Carleton University (Canada)
Philippe Grégoire Université Laval (Canada)
Jean-Guy Loranger Université de Montréal (Canada)
Paul Makdissi University of Ottawa (Canada)
Gurnain Kaur Pasricha Bank of Canada (Canada)
H. Semih Yildirim York University (Canada)
Jurica Šimurina Faculty of Economics & Business, Zagreb (Croatia)
Ljubo Jurčić University of Zagreb (Croatia)
Vojmir Franičević Faculty of Economics & Business, Zagreb (Croatia)
Roman Horvath Charles University (Czech Republic)
Michael Bergman University of Copenhagen (Denmark)
Hala Abou-Ali Cairo University (Egypt)
Karsten Staehr Tallinn University of Technology (Estonia)
Jean-Pierre Allegret Université Paris Ouest Nanterre La Défense (France)
Richard Arena Université de Nice Sophia-Antipolis (France)
Valérie Berenger Université de Nice Sophia-Antipolis (France)
Claude Berthomieu Université de Nice Sophia-Antipolis (France)
Alain Buzelay Université Nancy II, Paris (France)
Cécile Couharde Université Paris Ouest-Nanterre la Défense (France)
Gilles Dufrénot Université de la Méditerranée Aix-Marseille II (France)
Céline Gimet Université Lumiére, Lyon 2 (France)
Sandye Gloria-Palermo Université de Nice Sophia-Antipolis (France)
Jean-Paul Guichard Université de Nice Sophia-Antipolis (France)
Joel Hellier University of Lille 1 and University of Nantes (France)
Thomas Jobert Université de Nice Sophia-Antipolis (France)
Delphine Lahet Université de Bordeaux (France)
Stéphane Ngo Mai Université de Nice Sophia-Antipolis (France)
Nikolay Nenovsky Université d'Orléans (France)
Alain Parguez Université de Franche-Comté at Besançon (France)
Pascal Petit Centre National de la Recherche Scientifique (France)
Xavier Richet Universite Paris III, Sorbonne Nouvelle (France)
Alain Sand-Zantman Université Lumiére, Lyon 2 (France)
Antonello D’Agostino European Central Bank, Frakfurt (Germany)
Jacopo Cimadomo European Central Bank, Frankfurt (Germany)
Makram El-Shagi University of Mannheim (Germany)
Ferdinand Fichtner DIW Berlin (Germany)
Harald Hagemann University of Hohenheim (Germany)
Dominik Maltritz TU Dresden (Germany)
Luca Onorante European Central Bank, Frankfurt (Germany)
Nicholas Apergis University of Pireaus (Greece)
Georgios Chortareas University of Athens (Greece)
Manthos Delis University of Ioannina (Greece)
Sophia P. Dimelis Athens University of Economics(Greece)
George Kouretas Athens University of Economics and Business (Greece)
Emmanuel C. Mamatzakis University of Piraeues (Greece)
John Marangos University of Crete (Greece)
Yannis A. Monogios Centre of Planning and Economic Research (Greece)
Athanasios Papadopoulos University of Crete (Greece)
Michalis Psalidopoulos University of Athens (Greece)
Stavros Thomadakis National and Kapodistrian University of Athens (Greece)
Yanis Varoufakis University of Athens (Greece)
Soumyananda Dinda Chandragupta Institute of Management Patna (India)
Puja Padhi IIT Bombay (India)
Leila Abdollah Zadeh Islamic Azad University of Khuzestan (Iran)
Ciarán Mac Bhaird Dublin City University (Ireland)
Brian M. Lucey Trinity College Dublin (Ireland)
Aleksandar Šević Trinity College Dublin (Ireland)
Suleiman Abu-Bader Ben-Gurion University (Israel)
Daniel Gottlieb Ben-Gurion University (Israel)
Conchita D’Ambrosio Università degli Studi di Milano-Bicocca (Italy)
Carmine Trecroci Brescia University (Italy)
Massimiliano Tancioni University of Rome La Sapienza (Italy)
Yoshihiko Flip Fukushima Waseda University (Japan)
Keiji Hashimoto Otemon Gakuin University (Japan)
Yutaka Horiba Kansai Gaidai University (Japan)
ByungWoo Kim ChungJu National University (Korea)
Peter J. Stauvermann Changwon National University (Korea)
Belkacem Laabas Arab Planning Institute (Kuwait)
Benteng Zou Universite du Luxemburg (Luxemburg)
Linas Čekanavičius Vilnius University (Lithuania)
Romualdas Ginevičius Vilnius Gediminas Technical University (Lithuania)
Edmundas Kazimieras Zavadskas Vilnius Gediminas Technical University (Lithuania)
Taki Fiti University “Ss. Cyril and Methodius”
(R. Macedonia, FYROM)
Eugenia Correa Universidad Nacional Autónoma de México (Mexico)
Roberto J. Santillan-Salgado EGADE-ITESM, Monterrey (Mexico)
Veselin Vukotić University of Donja Gorica, Podgorica (Montenegro)
Massimo Giuliodori University of Amsterdam (Netherlands)
Nathalie Homlong Volda University College (Norway)
Joao Alberto de Sousa Andrade Universidade de Coimbra (Portugal)
Miguel Pedro Brito St. Aubyn Instituto Superior de Economia e Gestão (Portugal)
José Luís Cardoso University of Lisbon (Portugal)
Abel Luís Da Costa Fernandes University of Porto (Portugal)
Sofia de Sousa-Vale ISCTE - IUL University Institute of Lisbon (Portugal)
Felipa de Mello-Sampayo ISCTE - IUL University Institute of Lisbon (Portugal)
João Albino Matos da Silva Faculdade de Economia, Universidade do Algarve (Portugal)
Maria Adelaide Pedrosa de Silva Duarte Universidade de Coimbra (Portugal)
Petre Caraiani Romanian Academy (Romania)
Raluca Iorgulescu Romanian Academy (Romania)
Alexandra Lavinia Horobet The Bucharest Academy of Economic Studies (Romania)
Bogdan Moinescu The Bucharest Academy of Economic Studies (Romania)
Lupu Radu Romanian Academy (Romania)
Mojmir Mrak University of Ljubljana (Slovenia)
Matija Rojec University of Ljubljana (Slovenia)
Miroslav Verbič University of Ljubljana (Slovenia)
Jesus Ferreiro University of the Basque Country (Spain)
Cesar Guerrero-Luchtenberg University of Castilla la Mancha (Spain)
Felipe Serrano Pérez University of the Basque Country (Spain)
Bo Larsson Dalarna University College (Sweden)
Luisa Lambertini Ecole Polytechnique Federale of Lausanne (Switzerland)
Tai-kuang Ho National Tsing Hua University (Taiwan)
Ho-Don Yan Feng Chia University (Taiwan)
Nouri Chtourou University of Sfax (Tunisia)
Mohamed Haddar Université Tunis El Manar (Tunisia)
Coskun Can Aktan Dokuz Eylul University (Turkey)
Ayla Ogus Binatli Izmir University of Economics (Turkey)
Aslιhan Bozcuk Akdeniz University (Turkey)
Timur Han Gür Hacettepe University (Turkey)
Eyüp Özveren Middle East Technical University (Turkey)
Sinan Sarpca Koc University (Turkey)
Huseyin Tastan Yildiz Technical University, Besiktas (Turkey)
Erdinç Telatar Hacettepe University (Turkey)
Metin Toprak Eskisehir Osmangazi University (Turkey)
Turan Yay Yildiz Technical University (Turkey)
Ajit Karnik Middlesex University Dubai (UAE)
Christos Floros University of Portsmouth (UK)
Daniela Gabor Bristol Business School (UK)
Elias Karakitsos Global Economic Research (UK)
John Glen Cranfield University (UK)
Vassilis Monastiriotis The London School of Economics and Political Science (UK)
Joseph G. Nellis Cranfield University (UK)
Peter Willetts City University London (UK)
Robert Ashford Syracuse University (USA)
Marshall Auerback Roosevelt Institute (USA)
Philip G. Cerny Rutgers University, Newark (USA)
Pierangelo De Pace Pomona College (USA)
Gary A. Dymski University of California, Riverside (USA)
Davide Furceri International Monetary Fund, Washington (USA)
Robert W. Parenteau The Levy Economics Institute of Bard College (USA)
William Hallagan Washington State University, Pullman (USA)
Petros E. Ioannatos Kettering University (USA)
Bang Nam Jeon Drexel University (USA)
Demetri Kantarelis Assumption College (USA)
Stephanie Kelton University of Missouri-Kansas City (USA)
Marlene Kim University of Massachusetts, Boston (USA)
Mary King Portland State University (USA)
Vladimir Klyuev International Monetary Fund, Washington (USA)
Jeffrey T. LaFrance Washington State University, Pullman (USA)
Jaime E. Malaga Texas Tech University (USA)
Mieke Meurs American University, Washington (USA)
Mahbub Morshed Southern Illinois University (USA)
Joseph A. Petrick Wright State University (USA)
John Roufagalas Troy University (USA)
Howard Stein The University of Michigan (USA)
Daniele Tavani Colorado State University (USA)
Dimitrios Tsoukalas Purdue University Calumet (USA)
Mary Wrenn Weber State University (USA)
Local editorial board
Pavle Petrović University of Belgrade
Mihail Arandarenko University of Belgrade
Diana Dragutinović University of Belgrade
Đorđe Đukić University of Belgrade
Dragana M. Đurić Faculty of Economics and Political Science, Belgrade
Nikola Fabris University of Belgrade
Olga Hadžić University of Novi Sad
Miomir Jakšić University of Belgrade
Miladin Kovačević Statistical Office of the Republic of Serbia
Miroljub Labus University of Belgrade
Alpar Lošonc University of Novi Sad
Zorana Lužanin University of Novi Sad
Boško Mijatović Center for Liberal-Democratic Studies, Belgrade
Dejan Miljković Megatrend University, Belgrade
Radmila Dragutinović Mitrović University of Belgrade
Zorica Mladenović University of Belgrade
Aleksandra Nojković University of Belgrade
Endre Pap University of Novi Sad
Aleksandra Praščević University of Belgrade
Zora Prekajac University of Novi Sad
Miroslav Prokopijević Institute for European Studies, Belgrade
Boban Stojanović University of Niš
Božo J. Stojanović University of Belgrade
Dejan Šoškić University of Belgrade
Danilo Šuković Institute of Social Science, Belgrade
Branko Urošević University of Belgrade
Ivan Vujačić University of Belgrade
Miodrag Zec University of Belgrade
Boško Živković University of Belgrade
Copy Editors
Mike Earusi
m.earussi@verzion.net
Jim R. Mignano
jim.mignano@gmail.com
Melissa Braybrooks
braybrooksm@hotmail.com
Daniel Urban
urban_35@yahoo.com
Andres Guzman
andres.guzman06@gmail.com
Tiffany Smith
tiff.rose.smit@gmail.com
Daniel Drier
ddrier@thinkplango.com
Brandon McCoy
61mccoy@gmail.com