Editor-in-Chief
Kosta Josifidis josifidis@gmail.com
Editor-in-Chief
Kosta Josifidis josifidis@gmail.com
Assistant Editors
Miroslava Filipović miroslavafilipovic@yahoo.com
Nikola Gradojević
nikola.gradojevic@lakeheadu.ca
Marko Klašnja
mk3296@nyu.edu
Ivana Horvat (IT) ivana.horvat@ef.uns.ac.rs
Novica Supić novicasupic@yahoo.com
Emilija Beker Pucar emilib@eunet.rs
Marton Sakal
marton@ef.uns.ac.rs
International editorial board
John Hall Department of Economics, Portland State University (USA)
Martin Grandes Department of Economics and Graduate School of Business, Pontifical Catholic University of Argentina (Argentina)
Joseph Halevi Faculty of Economics and Business, The University of Sydney (Australia)
László Kónya School of Economics and Finance, La Trobe University (Australia)
Phillip Anthony O'Hara Department of Economics, Curtin University (Australia)
Jesus Crespo Cuaresma Department of Economics, University of Innsbruck (Austria)
Vladimir Gligorov The Vienna Institute for International Economic Studies (Austria)
Josef Poeschl The Vienna Institute for International Economic Studies (Austria)
Elisabeth Springler Vienna University of Economics (Austria)
Ariane Chapelle Solvay Business School, ULB, Bruxelles (Belgium)
Bruno Merlevede Department of General Economics, Ghent University (Belgium)
Renato Galvão Flôres Junior The Graduate School of Economics, Getulio Vargas Foundation (Brazil)
Carlos Aguiar de Medeiros Economics Institute, Federal University of Rio de Janeiro (Brazil)
Joanílio Rodolpho Teixeira Department of Economics, University of Brasília (Brazil)
Randall Germain Department of Political Science, Carleton University (Canada)
Paul Makdissi University of Ottawa (Canada)
Gurnain Kaur Pasricha Bank of Canada (Canada)
Jurica Šimurina Faculty of Economics & Business, Zagreb (Croatia)
Vojmir Franičević Faculty of Economics & Business, Zagreb (Croatia)
Roman Horvath Czech National Bank (Czech Republic)
Michael Bergman Department of Economics, University of Copenhagen (Denmark)
Hala Abou-Ali Cairo University (Egypt)
Karsten Staehr Tallinn University of Technology (Estonia)
Jean-Pierre Allegret GATE UMR 5824 CNRS et Université Lumiere Lyon 2 (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)
Davide Furceri Department of Economics, OECD, Paris (France)
Céline Gimet Université Lumière Lyon 2 / GATE, CNRS (France)
Sandye Gloria-Palermo Université de Nice Sophia-Antipolis (France)
Jean-Paul Guichard Université de Nice Sophia-Antipolis (France)
Thomas Jobert Université de Nice Sophia-Antipolis (France)
Stéphane Ngo Mai Université de Nice Sophia-Antipolis (France)
Alain Parguez Université de Franche-Comté at Besançon (France)
Xavier Richet Jean Monnet Chair, Universite Paris III, Sorbonne Nouvelle (France)
Alain Sand-Zantman OFCE-FNSP, Paris and GATE UMR 5824 CNRS, University of Lyon (France)
Jacopo Cimadomo European Central Bank, Frankfurt (Germany)
Makram El-Shagi Halle Institute of Economic Research and University of Mannheim (Germany)
Ferdinand Fichtner DIW Berlin (Germany)
Dominik Maltritz TU Dresden (Germany)
Luca Onorante European Central Bank, Frankfurt (Germany)
Nicholas Apergis Department of Finance and Banking Management, University of Pireaus (Greece)
Manthos Delis University of Ioannina (Greece)
Sophia P. Dimelis Department of Informatics, Athens University of Economics(Greece)
George Kouretas Athens University of Economics and Business (Greece)
Athanasios Papadopoulos Department of Economics, University of Crete (Greece)
Michalis Psalidopoulos Department of Economics, University of Athens (Greece)
Yanis Varoufakis Department of Economics, University of Athens (Greece)
Soumyananda Dinda Chandragupta Institute of Management Patna (India)
Suleiman Abu-Bader Ben-Gurion University (Israel)
Daniel Gottlieb National Insurance Institute and Ben-Gurion University (Israel)
Conchita D’Ambrosio Università degli Studi di Milano-Bicocca (Italy)
Massimiliano Tancioni University of Rome La Sapienza (Italy)
Yoshihiko Flip Fukushima The Okuma School of Public Management, Waseda University (Japan)
Yutaka Horiba Kansai Gaidai University (Japan)
Belkacem Laabas Arab Planning Institute (Kuwait)
Linas Čekanavičius Faculty of Economics, Vilnius University (Lithuania)
Taki Fiti Faculty of Economics, University “Ss. Cyril and Methodius”
(R. Macedonia, FYROM)
Roberto J. Santillan-Salgado EGADE-Tec of 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 Faculdade de Economia, Universidade de Coimbra (Portugal)
Miguel Pedro Brito St. Aubyn Instituto Superior de Economia e Gestão (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 Faculdade de Economia Universidade de Coimbra (Portugal)
Petre Caraiani Institute for Economic Forecasting, Romanian Academy (Romania)
Alexandra Lavinia Horobet The Bucharest Academy of Economic Studies (Romania)
Bogdan Moinescu The Bucharest Academy of Economic Studies (Romania)
Lupu Radu Institute for Economic Forecasting, Romanian Academy (Romania)
Mojmir Mrak Faculty of Economics, University of Ljubljana (Slovenia)
Matija Rojec Faculty of Social Sciences, University of Ljubljana (Slovenia)
Miroslav Verbič Institute for Economic Research (Slovenia)
Bo Larsson Dalarna University College (Sweden)
Luisa Lambertini Ecole Polytechnique Federale of Lausanne (Switzerland)
Ho-Don Yan Department of Economics, Feng Chia University (Taiwan)
Nouri Chtourou University of Sfax (Tunisia)
Mohamed Haddar Faculté des Sciences Economiques et de Gestion, Université Tunis El Manar (Tunisia)
Ayla Ogus Binatli Department of Economics, Izmir University of Economics (Turkey)
Huseyin Tastan Yildiz Technical University Besiktas (Turkey)
Erdinç Telatar Department of Economics, Hacettepe University (Turkey)
Turan Yay Faculty of Economics and Administrative Science, Yildiz Technical University (Turkey)
Christos Floros University of Portsmouth (UK)
John Glen School of Management, Cranfield University (UK)
Joseph G Nellis School of Management, Cranfield University (UK)
Peter Willetts Department of Sociology, City University London (UK)
Robert Ashford College of Law, Syracuse University (USA)
Philip G. Cerny Rutgers University, Newark (USA)
Bang Nam Jeon Jeon Drexel University (USA)
William Hallagan School of Economic Sciences, Washington State University, Pullman (USA)
Demetri Kantarelis Department of Economics and Global Studies, Assumption College (USA)
Marlene Kim University of Massachusetts Boston (USA)
Mary King Department of Economics, Portland State University (USA)
Vladimir Klyuev IMF Institute, International Monetary Fund, Washington (USA)
Jeffrey T. LaFrance School of Economic Sciences, Washington State University, Pullman (USA)
Jaime E. Malaga Texas Tech University (USA)
Mieke Meurs Department of Economics, American University, Washington (USA)
Mahbub Morshed Department of Economics, Southern Illinois University (USA)
Joseph A. Petrick Raj Soin College of Business, Wright State University (USA)
John Roufagalas Sorrell College of Business, Troy University (USA)
Howard Stein College of Literature, Science, and the Arts, The University of Michigan (USA)
Dimitrios Tsoukalas Purdue University Calumet (USA)
Mary Wrenn Department of Economics,Weber State University (USA)
Local editorial board
Pavle Petrović Faculty of Economics, University of Belgrade
Mihail Arandarenko Faculty of Economics, University of Belgrade
Diana Dragutinović Faculty of Economics, University of Belgrade
Đorđe Đukić Faculty of Economics, University of Belgrade
Dragana M. Đurić Faculty of Economics and Political Science, Belgrade
Nikola Fabris Faculty of Economics, University of Belgrade
Olga Hadžić Faculty of Science, University of Novi Sad
Miomir Jakšić Faculty of Economics, University of Belgrade
Miladin Kovačević Statistical Office of the Republic of Serbia
Miroljub Labus Faculty of Law, University of Belgrade
Alpar Lošonc Faculty of Technical Sciences, University of Novi Sad
Zorana Lužanin Faculty of Science, University of Novi Sad
Boško Mijatović Center for Liberal-Democratic Studies, Belgrade
Dejan Miljković Megatrend University, Belgrade
Zorica Mladenović Faculty of Economics, University of Belgrade
Endre Pap Faculty of Science, University of Novi Sad
Aleksandra Praščević Faculty of Economics, University of Belgrade
Zora Prekajac Faculty of Economics, University of Novi Sad
Miroslav Prokopijević Institute for European Studies, Belgrade
Boban Stojanović Faculty of Economics, University of Niš
Božo J. Stojanović Faculty of Economics, University of Belgrade
Dejan Šoškić Faculty of Economics, University of Belgrade
Danilo Šuković Institute of Social Science, Belgrade
Ivan Vujačić Faculty of Economics, University of Belgrade
Miodrag Zec Faculty of Philosophy, University of Belgrade
Boško Živković Faculty of Economics, 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