A MODULARITY DECOMPOSITION MODEL OF EVOLVING INPUT-OUTPUT SECTORIAL STRUCTURE

Dimitrios TSIOTAS

Assistant Professor, Department of Regional and Economic Development, School of Applied Economics and Social Sciences, Agricultural University of Athens, Neo Ktirio – Nea Poli, 33100, Amfissa (Phocis), Greece

tsiotas@aua.gr

(Corresponding Author)

Elias GIANNAKIS

Assistant Professor, Department of Agricultural Economics and Rural Development, School of Applied Economics and Social Sciences, Agricultural University of Athens, Iera Odos 75, 11855, Athens, Greece

egiannakis@aua.gr

Christos PAPADAS

Professor, Department of Agricultural Economics and Rural Development, School of Applied Economics and Social Sciences, Agricultural University of Athens, Iera Odos 75, 11855, Athens, Greece

cpap@aua.gr

Abstract

This paper builds on the network paradigm to model the evolving input-output (IO) economic structure of Greece into a multiplex network (GION) and unveils structural changes during the period 2005-2015, with reference to the 2008 economic crisis. The results illustrate that the GION resembles to a composition of windmill graphs, it is more clustered at the neighborhood scale, with a tertiary sectorial orientation, a solid performance of the trade and transportation industries, inelastic demand in energy-related economic activities, a neutral profile in communication and manufacturing relevant activities, insufficient connectedness of education, and vulnerable in the construction-related economic activities and the public sector. A major finding describes that the tourism industry is dynamic more due to its dependence on the supportive economies than the intrinsic industrial productivity. The time-series and community detection analysis provide insights into distinguishing three stages in the GION’s evolution: the pre-crisis period (2005-2007), with a centralized topology in terms of outgoing connectivity and degree inequalities; the on-crisis period (2008-2010), with a decentralized topology and a tendency to reduce degree inequalities; and the post-crisis period (2011-2015), with a new state of centralized topology illustrating a recovery process. The analysis also reveals a diversified configuration in the Greek economy compared to the three-sector classical breakdown, composed of “tourism” and “transportation and energy” sector-like components, and the traditional secondary and tertiary sectors. Overall, the analysis shapes a “balloon” waiving pattern in the network evolution and reveals solid and fragment-favorable economic interactions in the GION’s structure, promoting network analysis to the input-output structural modeling.

Keywords: input-output networks, structural analysis, community detection, economic crisis, Greece

JEL classification: R00, R15

 pp. 107-133

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STABLECOIN DP2P: INNOVATION AND SUSTAINABILITY IN FIAT CURRENCIES

Fernando TEIXEIRA

Assistant Professor, Department of Business Sciences, Polytechnic Institute of Beja, Portugal

fernando.teixeira@ipbeja.pt

Susana Soares Pinheiro Vieira PESCADA

Assistant Professor, Faculty of Economy, University of Algarve, Portugal

spescada@ualg.pt

Christos Ap. LADIAS

Professor, Regional Science Inquiry Journal, Greece

Ladias@rsijournal.eu

Murat HULAJ

Assistant professor, Faculty of Law, University of Haxhi Zeka, Peja, Kosovo,

murat.hulaj@unhz.eu

(Corresponding Author)

Filipos RUXHO

Assistant professor, Faculty of Agribusiness, University of Haxhi Zeka, Peja, Kosovo,

filipos.ruxho@unhz.eu

Valter MACHADO

Instituto Politécnico de Beja, Portugal

valterfilipemachado@gmail.com

Abstract

This study investigates the potential of decentralised stablecoins (dP2P) as financing mechanisms and currency stabilisers in developing economies. The quantitative, exploratory, and correlational approach, based on the hypothetical-deductive method, uses data from 2010 to 2020 provided by sources such as The World Bank, OECD, and IMF, covering both developing and developed countries. The main hypothesis is that dP2P offers greater exchange rate stability compared to fiat currencies in emerging economies. The methodology involves applying simple moving averages (SMA) to assess exchange rate volatility and compare the performance of dP2P with traditional currencies. The results reveal that during the analysed decade, several fiat currencies experienced significant depreciations, while dP2P exhibited lower volatility. Argentina and Angola recorded the largest depreciations, reflecting high levels of economic instability, whereas currencies like the Costa Rican colon and the Vietnamese dong showed greater resilience. dP2P tracked the depreciation trends of fiat currencies, but with less intensity, indicating a higher potential for value preservation. The main contributions of this study are the empirical validation of stablecoins as a viable alternative to mitigate exchange rate volatility in emerging economies and the introduction of SMA as an effective tool for analysing the stability of crypto assets, expanding the application of statistical methods in evaluating decentralised finance (DeFi).

Keywords: Stablecoins, FIAT, volatility, and Fiat currencies,

JEL classification: G10, G23, E44, E47,

pp. 95-106

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EFFICIENCY OF THE WASTE MANAGEMENT SYSTEM AS A PRECONDITION FOR THE REGIONAL SUSTAINABILITY OF THE ISLANDS

Antonio DEKANIĆ

PhD, Assistant, University of Rijeka, Faculty of Economics and Business, Rijeka, Croatia

antonio.dekanic@efri.uniri.hr

Marinela KRSTINIĆ NIŽIĆ

PhD, Full Professor, University of Rijeka, Faculty of Tourism and Hospitality Management, Opatija,Croatia

marikn@fthm.hr

Christos Ap. LADIAS

PhD, Professor, Regional Science Inquiry Journal, Greece

Ladias@rsijournal.eu

Abstract

The waste management system on the islands is complex and does not involve a traditional municipal service, mainly due to the strong seasonality of tourism, limited space and regional differences. Wastemanagement is a big challengefor tourist destinations during the tourist season, when there is a significant influx of tourists, which results in larger amounts of waste. Theaim of this paper is to exploretheir views through qualitativeresearch through in-depth interviews with representatives or waste management experts in the utility companies oftheCroatianislands. Thepurposeoftheresearchis to expand theunderstanding and explore the principles of waste management on the islands in Croatia and evaluate their effectiveness. The authors analyze the established waste management systems and, using in-depth interviews, examine whether effective waste management can make the island sustainable. This is one of the few pieces of research on the topic of waste management in terms of sustainabletourism development, which refers to island utility companies in Croatia that deal with waste management. Theconducted research is focused on theCroatian islands, but the model is more widely applicable. It is expected that the results of the research will contribute to political decision makers, decision makers in utility companies and managers, creators of measures and regulations regarding waste management, representatives of municipalities and cities of island tourist destinations.

Keywords: Regional sustainability, waste management, development, Croatian islands,

JEL classification: Q01, Q56, R11

pp. 73-94

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