The Global Transmission of Real Economic Uncertainty

Using a sample of 30 countries representing about 65% of the global GDP, we find that real economic uncertainty (REU) has negative long-lasting domestic economic effects and transmits across countries. The international spillover effects of REU are (i) additional to those of domestic REUs, (ii) statistically significant, and (iii) economically meaningful. Trade ties play a key role in explaining why uncertainty generated in one country can affect economic outcomes in other countries. Based on this evidence, we construct a novel index for global REU as the trade-weighted average of all countries' REUs. We disentangle the effects of the domestic and foreign components of global REU and find that, on average, innovations to the foreign component can contribute up to 28% of the future variation in domestic industrial production, with the effect being disproportionately larger on its manufacturing component, the component contributing the most to the tradable goods sector, than on its retail sales component.

STOCK EXCHANGE INDICES AS AN INVESTMENT INDICATOR

Stock exchanges are such specialised market institutions where standardised and tradable goods are traded and exchanged, which means precisely defining the quality and all other performances of goods. Trading is enabled by stock exchange customs and strict rules within the law. Stock exchange indices are the basic indicator of the importance of the stock market in the market on the basis of which decisions on investments in the stock market are made. The aim of this paper is to systematise the knowledge about the historical role of commodity exchanges on the market, but also to indicate the importance of the development of information technologies on the modern significance of stock exchanges. The results of the research show that stock exchange indices are the basic indicator of the state and development of the commodity market and investment tendencies. The conclusion is that stock exchange indices are an important factor in the development of the commodity market with special emphasis on their importance in agriculture. They are an indicator of economic trends and an indicator of investment.

Empirical Study of the Implementation of Certain Budgeting Concepts in Manufacturing Companies in Serbia

The basic indicators of manufacturing industry’s level of development are still at an unenviable level, although it provides the majority of tradable goods of Serbian economy and has the most significant share in gross domestic product. This state of the manufacturing industry in Serbia is the result of an unstable macroeconomic environment and institutional insecurity, as well as an inadequate management approach in companies of this sector. Taking into account the situation, there is an obvious need to change management approach in these companies, which includes improving their budgeting processes and systems. Budgeting, as a management instrument, has become important in companies in Serbia only in the last decades, that is, after the change of the economic system. The results of the conducted empirical study, aiming to perceive the current state and relevant management attitudes regarding the implementation of certain budgeting concepts in manufacturing companies in Serbia, are presented in this paper. The study aims to determine the current presence of certain budgeting concepts, as well as which concepts the management of the sample companies intends to implement in the future, since it considers them an appropriate and a good solution for its company, taking into account the specifics of its environment and business. The presented results will show whether manufacturing companies in Serbia follow global trends in budgeting practices that relate to the implementation of modern budgeting concepts with flexibility, customer focus and performance based as their key features.

Ibadah Mengolah Sampah Di Desa Grobog Wetan Kecamatan Pangkah Kabupaten Tegal

<p><em>Having religion actually makes religious doctrine as an energy in solving the problems of humanity, one of them is the waste problem. The religious doctrine of the perfection of faith obtained by maintaining cleanliness must be realized by cooperating with multiple disciplines or other entities as an effort to create a clean and healthy society. The paradox of the society which is being busy with religious rituals, but neglecting the cleanliness of the environment continues until today, including in Grobog Wetan Village, Pangkah District, Tegal Regency. Initially this dedications was planned with the Almaghfiroh Foundation. However, in its development also with the Village Government, Youths, Fatayat, RT, RW and Nature Lovers Students.This dedication in dealing with the problem of garbage aims to bring up a paradigm of dealing with waste problems as a worshipping ritual, getting reward as in other rituals. It also makes waste as something which is close and can be treated as something economical. By using the society intervention method, the result of this service is a process in which the society developing a pattern of sorting and processing organic and inorganic waste. Organic waste is transformed into magot caterpillar food and inorganic waste is still in the process of being transformed into tradable goods. In addition, the fundamental achievement of this research-based dedication is the emergence of a new understanding for the society not to "hostile" waste, but to be close to the waste, which exists a daily life and eventually to "make friends" with waste. This service also recommends the village government to create a waste management budget on a larger scale. These achievements must also be interpreted and disseminated to the society as a form of worshipping.</em></p><p><em>Beragama sejatinya menjadikan doktrin agama sebagai energy dalam memecahkan masalah kemanusiaan, salah satunya masalah sampah. Doktrin agama tentang kesempurnaan iman diperoleh dengan menjaga kebersihan harus direalisasikan dengan menggandeng berbagai disiplin atau entitas lain sebagai upaya mewujudkan masyarakat yang bersih dan sehat. Paradoks masyarakat sibuk ritual keagamaan namun abai dengan kebersihan lingkungan terus beralangsung hingga saat ini. Termasuk di Desa Grobog Wetan Kecamatan Pangkah Kabupaten Tegal. Awalnya pengabdian ini direncanakan bersama Yayasan Almaghfiroh. Namun dalam perkembangannya juga dengan Pemerintah Desa, Para Pemuda, Ibu-Ibu Fatayat, RT , RW dan Mahasiswa Pecinta Alam.Pengabdian dalam menangani masalah sampah ini bertujuan untuk memunculkan paradigma menangani masalah sampah sebagai ibadah, berpahala sebagaimana ibadah ritual lain. Juga menjadikan sampah sebagai sesuatu yang dekat dan bisa diperlakukan sebagai sesuatu yang ekonomis. Dengan menggunakan metode intervensi komunitas, hasil pengabdian ini berupa proses. Yaitu masyarakat mengembangkan pola pilah dan olah sampah organic dan an organic. Sampah organic ditransformasikan menjadi makanan ulat magot dan sampah an organic masih dalam tahap proses transformasi menjadi barang yang diperjual belikan. Selain itu, capaian mendasar dari pengabdian berbasis riset ini adalah munculnya pemahaman baru bagi masyarakat untuk tidak “memusuhi” sampah, melainkan dekat dengan sampah yang merupakan kenyataan dalam keseharian dan akhirnya “berteman” dengan sampah. Pengabdian ini juga merekomendasikan pemerintah desa untuk membuat anggaran penanganan sampah dalam skala yang lebih besar. Capaian-capaian ini pula harus dimaknai dan disemaikan kepada masyarakat sebagai bentuk ibadah. </em></p>

Global investment prospects face multiple risks

Significance The research highlights increasing corporate power, and tariff and non-tariff barriers, and raises the prospect that if unchecked these trends will reduce investment and trade. Particularly, they risk ruining the multi-decade investment momentum fuelled by the falling relative price of tradable goods. Impacts Regulation could cut the profitability of major US tech firms and the wages they pay, reducing consumer spending disproportionately. A US-China goods trade deal will have scant impact on curbing the worldwide rise of non-tariff barriers. Policymakers are likely to focus on short-term reflation ahead of labour and product market reforms.