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The paper aims to highlight the main difficulties on the monetary path towards the euro zone experienced by Emerging Europe. Emerging European Economies (EEEs), EU members, adopted either double shift or smooth transition monetary approach towards the euro zone. Double shift assumes changes from floating exchange rate regimes (ERRs) to the ERM II target zone and, finally, monetary union as a rigid ERR. The smooth transition is practiced by economies with mainly rigid ERRs before the ERM II entrance and, at the end, again rigid ERR of a monetary union. Despite chosen monetary path towards the euro zone, crucial difficulties or aggravating factors could be identified in the form of real exchange rate appreciation due to productivity growth or capital inflows. A reconciliation of inflation and exchange rate target zone is extremely complex, at the same time striving not to jeopardize the real convergence. What is stressed here is the vicious cycle between real and nominal convergence as the reason why the ERM II target should be regarded as a "waiting room" not as a "training room" in the pre-EMU phase.

The highly concentrated ownership in the Bosnia and Herzegovina market provides a rich environment to explore corporate governance practices. The paper will assess effects that ownership structure of companies has on the level of implementation of corporate governance in companies listed on the Official market of the Banja Luka Stock Exchange. Results of implementation of the corporate governance in companies will be presented using Scorecard analysis for evaluation of the implementation of practices and principles of corporate governance for companies which are listed on the Official market of the Banja Luka Stock Exchange. Ownership structure will be presented in three groups of owners determined by controlling owner: government, domestic and foreign owners. Paper will show correlation and effect which different owners of companies have on the level of implementation of corporate governance in these companies. ; peer-reviewed

The objective of this paper is to identify the top destination for FDI inflows as well as to analyze related growth progress in selected Emerging European Economies (EEEs) in order to suggest significant implications towards economic policy creators in Western Balkan countries. The authors conducted descriptive statistical analysis together with correlation analysis in the time period 1997-2019. The analysis of average FDI inflows includes following country groups: Visegrad States, Baltic States, Western Balkan and eleven new EU member states with regard to the structural break of Global Financial Crisis (GFC). The results suggest that the Visegrad States (particularly Poland) were the top locations for foreign investors in the analyzed time period. Having in mind a positive correlation link between significant FDI inflows, especially greenfield FDI inflows and economic growth, we suggest that Western Balkan countries should implement adequate measures to attract greater greenfield FDI inflows in order to stimulate real convergence towards developed European economies. Therefore, recommendations are directed towards economic policy of less developed countries of Western Balkan that need to continue to improve the quality of public institutions and infrastructure, as well as business environment and implementation of nonfinancial measures of promotional activities, in order to raise attractiveness of national market for foreign investors.

Abstract
Since the foundation of the eurozone (EZ) until the crisis outbreak, the macroeconomic imbalances between EZ core and EZ periphery have been identified at the internal and external plan. Growing external divergence was evident in the precrisis period reflected in the chronic current account deficit of the periphery, and vice versa for the core EZ members. However, external imbalance within the EZ has been substantially narrowed in the postcrisis period. Based on the panel data framework, crucial factors of current account improvement/worsening are identified in the precrisis 1999-2007 period, as well as the postcrisis 2008-2017 period. Random effect model with standard errors robust to autocorrelation and heteroskedasticity is estimated, in which current account is analysed in dependence from economic growth, fiscal balance, EZ interest rate, real effective exchange rate, openness and dummy variable for the EZ core/periphery. Empirical findings for the precrisis period confirm macroeconomic overheating of the periphery as the main cause of current account worsening, while the postcrisis improvement has been achieved mainly through fiscal contraction and European Central Bank (ECB) loosened monetary stance.

Cet article est consacré à la vulnérabilité de l'Europe émergente face aux mécanismes d'ajustement et de financement externes, par rapport à l'Amérique latine et à l'Asie émergentes. En soulignant la différence entre les pays avec des taux de change fixe ou flottant, nous analysons la manière dont le choc du compte courant est transmis aux variables reflétant un ajustement restrictif et redistributif, ainsi que différents canaux de financement externes. Les résultats empiriques, fondés sur un modèle VAR à panel estimé pour la période 2000-2014, confirment les mécanismes d'ajustement restrictifs et redistributifs les plus puissants dans le cas de l'Europe émergente, ainsi que la réaction la plus sensible des flux de capitaux au choc du compte courant. Outre l'avantage des régimes de change flottants comme amortisseurs, la résilience des économies émergentes repose principalement sur des fondamentaux macroéconomiques solides, quel que soit le régime de change appliqué.

This paper analyzes political and legislative frames in the field of energy efficient building and renewable energy sources in planning and implementation in Serbia. "Development strategy until 2015." is reviewed in concise portrait. This strategy maps a way for the application of energy services of much higher quality than ones offered at a present day. It reviews relevant laws concerning the subject, as well as institutions, programs and their implementation. Basic principles of energy policy in Serbia and their achievement are also given by that strategy. Serbia's energy policies are designed to allow new legislative, structural, organizational, institutional, and economic frames and visions of unification of Serbian energetics into regional and Pan-European integrations. One of the key factors is the inclusion of sustainable development and energy efficient design concerned policies. Application of these, almost completely neglected, energy sources, for which there is high potential in Serbia, would allow preservation of primary energy sources and local environment. This potential hasn't seen significant research, and therefore, neither the technical improvement. Apart from that, one of the goals of wider application of renewable energy sources is lowering the poverty level. This helps avoiding the already used "dirty development" method.

The paper proposes a Multiple-Criteria Decision-Making (MCDM) methods-based approach to assess Learning Management Systems (LMS). The proposed approach includes the objective weighting method MEREC, used to determine the criteria weights, and CRADIS, applied in assessing alternatives and choosing the optimal one. It is revealed that the objectivity degree decreases when the qualitative type of criteria, which strongly depends on the subjective opinion of decision-makers, is used. The proposed approach gave adequate results, confirmed by conducting a sensitivity analysis based on the TOPSIS, ARAS, and MARCOS methods, and by comparing the results with similar research studies.

Bosnia and Herzegovina (B&H) is a relatively small and poor country which faces numerous issues such as consequences of war, poverty, emigration of qualified people and, especially, useless and barren political conflicts. The country is in a very difficult economic situation. It is enough to say that in 2015, B&H had EUR 3200 per capita GDP, and that Greece, which is in the focus of Europe and world because of its economic crisis, had EUR 16,000 per capita GDP. Bosnia and Herzegovina was ranked low on the current Global Competitiveness Report 2015-2016. It was 111th out of a total of 140 countries. At this moment, Bosnia and Herzegovina is mainly a loser in the process of globalization with an excess labor force that is fighting for survival. Data on the structure of exports confirm that the inclusion of BiH in the international division of labor is based on the extraction of limited natural resources and production based on cheap labor. This paper analyze most important elements for the development of the economy in B&H, a private sector, scientific and technological institutions (universities, faculties, institutes, etc.), educational and government institutions for economic development. The challenge ahead of Bosnia and Herzegovina in the next 5-10 years to build the conditions for transition from the current economic model characterized by the use of natural resources and low-educated labor, to use the new drivers of development and export competitiveness - new technologies and knowledge. The special focus is on the change from the environment where a majority of population lacks skills and knowledge to create competitive products and services for domestic, regional, European and global markets to the environment in which most people possess them. Basically, authors analyze possibilities of transition from the present-day economic model characterized by use of a semiskilled labour force and manufacture of products with low added value to the knowledge-based development model. In simple words, from ignorance to knowledge.

The development of Vrnjačka Banja has always been dynamic, starting with its reputation of an elite spa, followed by being a spa for mass medical and other tourist purposes, all up to present days when Banja became the economic center of its municipality, qualified by a number of various functions and interests. With the latest Master Plan for Vrnjačka Banja, the attempt was made to have a better control over space and to meet most of the partial interests. The aim was to "activate" wider area of Banja from central parts to the periphery, and to comprehend Banja in its wider context. Sustainable development as a tall order cannot be attained if its application does not involve a number of other instruments of public action or if it is not in sync with reaching a consensus, which would require a permanent action. In such a context, Master Plan is not an obstacle but a solid basis with significant flexibility for a creative local government. ; Razvoj Vrnjačke Banje je bio dinamičan, od mondenske banje, preko banje masovnog lečilišnog i drugih vidova turizma do današnje banje - privrednog centra opštine sa vrlo raznorodnim funkcijama i interesima. Novim Generalnim planom napravljen je pokušaj da se kontroliše prostor i zadovolje mnogi raznorodni interesi. Namera je bila da se aktivira širi prostor Banje od centra do periferije i da se ona sagleda u širokom okruženju. Održivi razvoj kao sintagma je neostvariv ako se u njegovu primenu ne uključi i niz instrumenata društvene akcije, ali kroz dogovor koji traži permanentno delovanje. U ovom kontekstu Generalni plan nije kočnica već dobra osnova, sa dosta fleksibilnosti za kreativnu lokalnu upravu.

The purpose of this paper is to shed more light on the effects of changes in
quality of economic, legal and political institutions on income inequality
in the advanced countries over the last two decades. Using the robust panel
model on a sample of 21 OECD countries, it is found that the impact of
elitization of society is more pronounced than the impact of unionization on
income redistribution, but both effects are less expressed in comparison to
the influence of institutional changes on redistribution. In a globalized
economy, insufficient redistribution and high inequality might be
interpreted as the consequence of institutional inertia to disruptive
technological and business changes.

The aim of this paper is to determine whether, and to what extent, the migrations from the EU-8+2 to the EU-15 were motivated by differences in earnings and productivity and to what extent by differences in welfare state generosity during the period of the transitional arrangements. On these grounds, a distinction emerges between "favourable" and "unfavourable" migrations on one hand and immigration net winners and losers on the other hand. The obtained results represent an empirical ground for the discussion on the thesis according to which more generous welfare state regimes will be more susceptible to the influx of unfavourable immigrants during the upcoming period of the free movement of labour, while the less generous welfare state regimes will be a magnet for the favourable immigration influx within the EU-27. First published online:02 Jan 2014

The aim of this paper is to determine whether, and to what extent, the migrations from the EU-8+2 to the EU-15 were motivated by differences in earnings and productivity and to what extent by differences in welfare state generosity during the period of the transitional arrangements. On these grounds, a distinction emerges between "favourable" and "unfavourable" migrations on one hand and immigration net winners and losers on the other hand. The obtained results represent an empirical ground for the discussion on the thesis according to which more generous welfare state regimes will be more susceptible to the influx of unfavourable immigrants during the upcoming period of the free movement of labour, while the less generous welfare state regimes will be a magnet for the favourable immigration influx within the EU-27. First published online:02 Jan 2014