Publications in peer-reviewed academic journals

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Hajdukovic, I. (2022). The impact of international trade on the price of solar photovoltaic modules: empirical evidence. EconomiA, 23(1), 88-104. 

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Purpose

Over the past decades, the global solar photovoltaic (PV) market has experienced an unprecedented development associated with a substantial decline in solar PV module prices. A body of literature has attempted to identify and evaluate the different sources of price variation. However, the impact of international trade on the price of solar PV modules has not yet been empirically examined. This paper contributes to filling this gap in the literature by providing a comprehensive empirical examination on the relationship between international trade and solar PV module prices.

Design/methodology/approach

The author uses a sample of 15 countries over the period 2006–2015 and proposes a linear dynamic panel data model based on a new specification, including a number of relevant factors influencing solar PV module prices.

Findings

The empirical analysis reveals that an increase in imports of solar PV cells and modules is associated with a decline in solar PV module prices. This finding suggests that international trade could lead to further price reductions, thus fostering the deployment of solar PV technology. The study reveals several other important findings. Market and technological development are key factors explaining the decline in solar PV module prices. Moreover, government policies such as public budget for R&D in PV and feed-in tariff for solar PV are effective in reducing the price of solar PV modules.

Originality/value

This paper examines the influence of international trade, government policies, market development and technological development on solar PV module prices. The results may be of interest to both academic research and policy analysis.

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Hajdukovic, I. (2022). Transmission mechanisms of conventional and unconventional monetary policies in open economies. International Economics and Economic Policy,19, 491-536. 

  

This paper provides an empirical examination on the transmission mechanisms of conventional and unconventional monetary policies for two non-EMU countries, Switzerland and the United Kingdom, over the period 1990-2017. We investigate the role of stock prices and consumer expectations in the transmission of monetary policy. We propose two distinct structural VAR models. The model for the case of conventional monetary policy covers the pre-2009 period, while the model for the case of unconventional monetary policy covers the post-2009 period. The official bank policy rate and central bank’s reserve assets are used as instruments for conventional and unconventional monetary policy. The analysis reveals that the inclusion of a forward-looking informational variable of near-term development in economic activity and a financial variable such as the stock prices is of key importance for the monetary policy assessment. We provide evidence for the existence of a consumer confidence channel in the transmission of conventional monetary policy. Moreover, the long-term government bond yields, the exchange rate and stock prices have an important role in the transmission of unconventional monetary policy. Our findings indicate that conventional and unconventional monetary policies have short-run expansionary effects in both countries by increasing output, consumption, investment, stock prices and wages, while reducing unemployment.

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Hajdukovic, I. (2021). Interactions among macroeconomic policies, the energy market and environmental quality. Environmental Economics and Policy Studies, 23(4), 861-913. 

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This paper provides an empirical examination on the interactions among macroeconomic policies, the energy market and environmental quality. The analysis is conducted for two non-EMU countries, Switzerland and the United Kingdom, over the period 1990-2016. We propose two distinct structural VAR models based on a macroeconomic framework including the energy market. The study evaluates the dynamic effects of shocks to fiscal and monetary policy on the energy market and environmental quality. We identify four policy shocks: (i) government consumption (ii) public investment (iii) the official bank policy rate (iv) the central bank’s reserve assets. The empirical analysis reveals that fiscal and monetary policies have a significant influence on the energy market and environmental quality. Our findings indicate that fiscal policy, besides its primary role in stabilizing economic activity, can contribute to achieving non-renewable energy conservation and enhancing environmental quality. On the other hand, the examination of monetary policy reveals that central banks should investigate the impact of their interventions on the energy market and incorporate environmental issues in their welfare maximization problem.

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Research papers

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“Fiscal Policy Composition and its Transmission Mechanisms in Open Economies”, (with Raúl Ramos)

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This paper provides an empirical examination on the composition of fiscal policy and its transmission mechanisms for two Anglo-Saxon countries, the United States and the United Kingdom, over the period 1964-2017. The empirical analysis is conducted through structural VAR models based on a new specification, including all relevant variables in the transmission mechanisms of fiscal policy in open economies. The effects of disaggregated fiscal policy shocks on various macroeconomic aggregates are evaluated. Using the recursive approach, we identify a tax revenue and a government spending component shock that rotates between (i) government non-wage consumption (ii) government wage consumption (iii) public investment. The results reveal that the disaggregation of fiscal policy matters since each fiscal instrument implies different transmission channels and effects on the macroeconomic aggregates. It therefore seems essential to disaggregate government spending into its main components to uncover significant and different patterns that an aggregated analysis cannot reveal. In addition, our findings suggest that fiscal policy can be operative, besides the interest rate channel, via an exchange rate and trade balance channels. Considering an open economy framework is essential since a part of the fiscal stimulus propagates abroad through external channels.

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Working papers

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Determinants of energy and resource productivity (work in progress)

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Participation in research projects

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ReForest. Agroforestry at the forefront of farming sustainability in multifunctional landscapes in Europe. Horizon Europe project funded under EU’s Land, ocean and water for climate Action (grant agreement 101060635), 2022-2026. 

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Interreg MED Renewable Energy. One of the 8 MED Capitalisation Horizontal Projects of the Interreg Med Programme, co-financed by the European Regional Development Fund, 2016-2022. (Participation in the final phase, October-November, 2022) 

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Cohen, F., Hepburn, C., and Teytelboym, A. (2019). Is Natural Capital Really Substitutable?. Annual Review of Environment and Resources, 44, 425-448.

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Published reports

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Hajdukovic, I. (2024). A sustainable financing scheme for agroforestry. D5.4 of ReForest (grant agreement 101060635).

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Hajdukovic, I. (2024). Mapping report on agroforestry sector finance and policy 2. D5.2 of ReForest (grant agreement 101060635).

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Hajdukovic, I. (2023). Mapping report on agroforestry sector finance and policy 1. D5.1 of ReForest (grant agreement 101060635).

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Bosk, F., Boulanger, A., Ceh, D., Echave, C., Gialoglou, K., Hajdukovic, I., Kamilakis, E. and Mara, H. (2022). Policy recommendations: Ecosystemic energy transition based on territorial dimension. Interreg MED Renewable Energy.

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Federation-wide Databank and Reporting System (2022). Everyone counts 2022. 

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Project deliverables and consultancy reports

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Hajdukovic, I. (2024). Interim assessment and report on networking impact. M3 of ReForest. 

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Hajdukovic, I. (2023). Co-creation and knowledge capitalisation strategy and agroforestry co-creation guidelines. M1 and M2 of ReForest. 

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Hajdukovic, I. (2022). Benchmark analysis to support IFRC Unified Planning Process for 2023. Report to the International Federation of Red Cross and Red Crescent Societies. 

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Hajdukovic, I. (2022). A quantitative analysis of the implementation of the Almaty Commitments in relation to the subthemes of the 10th European Regional Conference. Report to the International Federation of Red Cross and Red Crescent Societies. 

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Reviewer for academic journals ​

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The European Journal of Development Research; Environmental Economics and Policy Studies; Climate Policy

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