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Ovaj rad ispituje uzročnu vezu između diferencijalne kamatne stope (IRD) i međunarodnog kratkoročnog tijeka kapitala (SCF) kako bi se utvrdilo podržava li takav odnos Mundell-Flemingov model u Kini. Proučavajući postojeće strukturne promjene, ustanovili smo da je dugoročni odnos koji koristi podatke iz cijelog uzorka nestabilan, što sugerira da test uzročnosti nije pouzdan. Slijedom toga, koristimo model pomičnih prosjeka vremenskih serija kako bismo preispitali dinamičku uzročnu vezu, a rezultati pokazuju da diferencijalne kamatne stope (IRD) imaju pozitivan i negativan utjecaj na kratkoročni tijek kapitala (SCF) u nekoliko pod-razdoblja, ali SCF ne utječe na IRD u Kini. Prolazeći kroz vanjske i unutarnje šokove, Kina ne bi trebala kratkoročni tijek kapitala (SCF) ograničavati samo na prilagodbu diferencijalne kamatne stope (IRD). Stoga je ključno da donositelji /kreatori politike obrate pozornost na specifične okolnosti (npr. ekonomsku situaciju, monetarnu politiku) te da i dalje primjenjuju kamatnu i fiskalnu politiku kako bi se reducirao negativni utjecaj SCF-a na kinesko gospodarstvo. ; This paper examines the causal relationship between interest rate differential (IRD) and international short-term capital flow (SCF) to determine whether such a relationship in China supports the Mundell-Fleming model. With structural changes existing, we find that long-run relationship using full-sample data is unstable, suggesting that causality test is not reliable. Consequently, we use a time-varying rolling-window approach to revisiting the dynamic causal relationship, and the results show that IRD has both positive and negative impacts on SCF in several sub-periods, but SCF has no effect on IRD in China. When China suffers external and internal shocks, SCF should not be curbed only by adjusting IRD. Therefore, it is critical for policymakers to pay attention to specific backgrounds (e.g. economic situation, monetary policies) and further employ interest rate and fiscal policies in reducing negative influence from SCF on the Chinese economy.

The author analyzes the long-, medium-, & short-term prospects of liberalism in Croatia. The long-term prospects are determined by the global future of liberalism; however, agreement among liberal theoreticians as to what that future might look like has not yet been reached. It might be said that the clout of liberals in relation to the other two major political groups -- conservatives & social democrats -- depends on the type of mixture of the value of freedom, equality, & solidarity in Croatian political culture. The medium-term prospects are determined on the basis of the analysis of the social structure of Croatian society, which displays a powerlessness of educated & economically independent social strata as the traditional addressees of liberal politics. The author thinks that major short-term changes in the Croatian political scenery are unrealistic. 2 Figures, 10 References. Adapted from the source document.

Posljednjih godina svjedočimo buđenju ekološke svijesti općenito, kako u svijetu tako i u Europi. No kako to Europska unija upravlja svojim financijskim sektorom i usmjerava ga ka održivosti? Na koji način ona provodi "pozelenjivanje" svog financijskog sektora? Odgovori na to su sljedeći. Europska je unija krenula od uzroka. Kratkoročna ulaganja nisu povoljna kao dugoročna ulaganja kada govorimo o održivosti. Trend kratkoročnih ulaganja puno je privlačniji od dugoročnih ulaganja u Europi, stoga je Europska unija odlučila promijeniti dosadašnje trendove kroz veću transparentnost zelenih investicija i njihovu klasifikacija kroz sustav taksonomije zajedno sa standardom zelenih obveznica. Sve to u cilju postizanja, prvenstveno, Pariškog klimatskog sporazuma, a potom postizanja glavnog cilja, odnosno klimatske neutralnosti do 2050. godine. ; In recent years, we are witnessing the rise of environmental awareness, both on the global and European levels. But how does the European Union manage its financial sector and steers it towards sustainability? How is it implementing greening in its financial sector? This thesis attempts the answer these guestions by explaining recent EU policy developments. The European Union decided to address some of the main problems. For instance, short-term investments are not as favorable as long-term investments when it comes to sustainability. Short-term investments are much more attractive than long-term investments in Europe, so the European Union has decided to change the current trends through greater transparency of green investments and their classification through the taxonomy system together with the green bond standard. All this in order to achieve, primarily, the Paris Climate Agreement, and then to achieve the main goal, that is climate neutrality by 2050.

Posljednjih godina svjedočimo buđenju ekološke svijesti općenito, kako u svijetu tako i u Europi. No kako to Europska unija upravlja svojim financijskim sektorom i usmjerava ga ka održivosti? Na koji način ona provodi "pozelenjivanje" svog financijskog sektora? Odgovori na to su sljedeći. Europska je unija krenula od uzroka. Kratkoročna ulaganja nisu povoljna kao dugoročna ulaganja kada govorimo o održivosti. Trend kratkoročnih ulaganja puno je privlačniji od dugoročnih ulaganja u Europi, stoga je Europska unija odlučila promijeniti dosadašnje trendove kroz veću transparentnost zelenih investicija i njihovu klasifikacija kroz sustav taksonomije zajedno sa standardom zelenih obveznica. Sve to u cilju postizanja, prvenstveno, Pariškog klimatskog sporazuma, a potom postizanja glavnog cilja, odnosno klimatske neutralnosti do 2050. godine. ; In recent years, we are witnessing the rise of environmental awareness, both on the global and European levels. But how does the European Union manage its financial sector and steers it towards sustainability? How is it implementing greening in its financial sector? This thesis attempts the answer these guestions by explaining recent EU policy developments. The European Union decided to address some of the main problems. For instance, short-term investments are not as favorable as long-term investments when it comes to sustainability. Short-term investments are much more attractive than long-term investments in Europe, so the European Union has decided to change the current trends through greater transparency of green investments and their classification through the taxonomy system together with the green bond standard. All this in order to achieve, primarily, the Paris Climate Agreement, and then to achieve the main goal, that is climate neutrality by 2050.

Cilj ovog istraživanja bio je razviti model koji povezuje motive, zapreke i očekivane ishode od implementacije tehnologija Industrije 4.0. Prvo, cilj je bio utvrditi opseg upotrebe tehnologija Industrije 4.0, a zatim istražiti motive, očekivane ishode (kratkoročne i dugoročne) i njihov odnos. Identificirane su zapreke za implementaciju novih tehnologija u hrvatskim kompanijama. Uzorak je obuhvaćao 91 kompaniju koje su do 2020. godine primijenile nove tehnologije. Podaci su prikupljeni alatima za provođenje anketa na daljinu. Rezultati pokazuju da anketirane kompanije razmatraju nove tehnologije iz nekoliko proaktivnih razloga, ali prije svega naglašavaju očekivane dugoročne strateške koristi nad kratkoročnom učinkovitošću. Manjak ljudskih resursa najvažnija je zapreka u primjeni novih tehnologija. Rad pruža nekoliko preporuka za menadžere. ; The aim of this study was to develop a model that links the motives, obstacles and expected outcomes of Industry 4.0 implementation. First, it aimed to determine the extent of use of Industry 4.0 technologies and then to investigate the motives, expected outcomes (short and long-term), and the relationship between them. Obstacles to the implementation of new technologies in Croatian companies were identified. The sample comprised 91 companies that had implemented new technologies by 2020. Data were collected using on-line surveying tools. The results show that the surveyed companies are considering new technologies for several proactive reasons, and primarily stress the expected long-term strategic benefits over short-term efficiency. The lack of human resources is the most critical obstacle in the implementation of new technologies. The paper provides several managerial implications.

Talking about pension policy, we may instantly mention a situation that is similar to this one: year after year, a professor asks the same question, but he changes the answer. The need for serious reform does not tell us anything about which reforms should be undertaken in a particular country. This article attempts to present the impact of the recent crisis on the pension system and briefly signify the main problems. The situation we encountered in recent years had already warned us of the instability of the pension system. Pension policy in this paper is used as an example because the crisis and pension policy of today have at least one thing in common -- unstable foundation that eventually will lead to bigger problems. In the context of shock and a bad financial situation, the system will be confronted with financial loads in both short-term and long-term periods. Considering the presence of global crisis sentiment, that has assumed a higher proportion by now, many countries have begun to implement some unpopular measures of pension reform. It is necessary to emphasize the long-term results and consequences of these reforms, but also to eliminate the misconception that they can completely solve the current problems. Adapted from the source document.

Talking about pension policy, we may instantly mention a situation that is similar to this one: year after year, a professor asks the same question, but he changes the answer. The need for serious reform does not tell us anything about which reforms should be undertaken in a particular country. This article attempts to present the impact of the recent crisis on the pension system and briefly signify the main problems. The situation we encountered in recent years had already warned us of the instability of the pension system. Pension policy in this paper is used as an example because the crisis and pension policy of today have at least one thing in common -- unstable foundation that eventually will lead to bigger problems. In the context of shock and a bad financial situation, the system will be confronted with financial loads in both short-term and long-term periods. Considering the presence of global crisis sentiment, that has assumed a higher proportion by now, many countries have begun to implement some unpopular measures of pension reform. It is necessary to emphasize the long-term results and consequences of these reforms, but also to eliminate the misconception that they can completely solve the current problems. Adapted from the source document.

Ovaj članak istražuje kako su pobunjeni Srbi u Republici Srpskoj Krajini (RSK) reinterpretirali narative Drugog svjetskog rata ne bi li opravdali svoj ustanak protiv demokratski izabrane hrvatske vlasti 1990. godine i ostvarili domaći i međunarodni legitimitet paradržavne tvorevine Republike Srpske Krajine. Dok su se znanstvenici već bavili uporabom kontroverznih simbola i rehabilitacijom kolaboratora iz Drugog svjetskog rata u Hrvatskoj kao strategijama kojima se služe nacionalističke elite, o kulturi sjećanja u Republici Srpskoj Krajini malo se pisalo. Na osnovi dokumenata zaplijenjenih nakon sloma Republike Srpske Krajine 1995. ovaj članak pokazuje kako nije samo vlada Franje Tuđmana odbacivala partizanske narative o bratstvu i jedinstvu, već se paralelan proces odigravao i u vodstvu Krajine. Konačno, odluka da šovinističku i ekstremističku interpretaciju prošlosti učini povijesnim temeljem svojih političkih ciljeva rezultirala je kriminaliziranom tvorevinom koja je završila tragično i po Srbe i po Hrvate koji su živjeli na teritoriju Republike Srpske Krajine ; Although in recent years a new generation of scholars have analyzed the transformation of memory politics, the use of controversial symbols from the Second World War, and the rehabilitation of collaborationists in Croatia since 1990, these processes in the Republic of Srpska Krajina (RSK) have received little attention. The rebel Croatian Serb leaders of this parastate, carved out of Croatian territory during the breakup of Yugoslavia, justified their rejection of the democratically elected government in Zagreb by claiming that Franjo Tuđman's administration had abandoned the antifascist legacy of the Partisans, which they alleged was the beginning of a new genocide against Serbs. However, this article, based on captured RSK documents, fieldwork, materials collected by the International Criminal Tribunal for the former Yugoslavia, and interviews with individuals who had lived in the RSK, shows that the rebel Croatian Serb leadership had also abandoned the Partisan narrative during its short-lived existence. The RSK's new politics of memory resulted in the destruction of monuments that reflected Serb-Croat cooperation, the transformation of public space, and the introduction of symbols that likewise rejected the antifascist legacy. The decision by the Krajina Serb leaders to base their political goals on a chauvinist and extremist interpretation of the past, which excluded the possibility of co-existing with other national groups, ended tragically for both Serbs and Croats living on the territory of the RSK.

Considering the rise of euroscepticism in France, especially in the eve of key events for the EU integration process, the article identifies the key actors promoting euroscepticism & the motivation behind their political action. The article tries to show that the main eurosceptical actors are opposition & marginal political parties with either left or right political orientation, & that the main motives for their political behavior are not to be found in their ideology, nor in a rational political competition, & not even in the French political tradition (and that is the reason why euroscepticism is considered only as a phenomenon). The motives for euroscepticism are found in the actors' drive towards short-term political goals with a help of populist rhetoric in order to discredit the EU project, but without an intention to offer counter proposals & long term political projects. The article analyses the results of the EU Parliament elections, the referendum for the EU Constitutional contract & discusses the electoral attitudes of certain political parties regarding their ideological orientation. The concluding remarks offer & explanation of the political parties motives for euroscepticism, an explanation of the social context where euroscepticism is accepted & a general analysis of the phenomenon. Adapted from the source document.

In recent German history, several events unfolded on 9 November with far-reaching consequences. Some of them, like the fall of the Berlin Wall, symbolize the end of the Cold War and of Germany divided. In addition to political implications, the fall of the Berlin Wall, or the events that preceded and followed it, also caused dilemmas on whether it was a (peaceful) revolution, (just) a turning point, or a refolution – pressure from below and reforms from above. The paper analyses events prior to and following the fall of the Berlin Wall, as well as the terms used for them in basic programs of the parties represented in the 19th electoral term of the Bundestag and the curricula of different school subjects in German states. It is concluded these parties use different terms for the events of 1989/90 on the territory of the former GDR, in accordance with their ideological positions, and that the events are inconsistently described in the curricula. The character of events was a revolutionary one, as they thoroughly changed the social and political relations in the GDR in a very short time. Despite this, the phrase "peaceful revolution" is still not present in the German language as a widespread, general term, but the rather vague "turning point" or "reversal" is more common. ; Devetoga studenog u novijoj njemačkoj povijesti odigrali su se događaji koji su imali dalekosežne posljedice za Njemačku, a neki od njih, poput pada Berlinskoga zida, simbol su završetka hladnog rata i podjele Njemačke. Osim političkih implikacija, pad Berlinskoga zida, odnosno događaji koji su mu prethodili i uslijedili, uzrokovali su i nedoumice radi li se o (miroljubivoj) revoluciji, (samo) o preokretu ili pak o refoluciji – pritisku odozdo i reformama odozgo? U radu se analiziraju događaji uoči i nakon pada Berlinskoga zida, njihovi nazivi u temeljnim programima stranaka zastupljenih u 19. sazivu Bundestaga te u kurikulima nastavnih predmeta u njemačkim pokrajinama. Zaključuje se da stranke različito nazivaju zbivanja 1989./90. godine na području bivšeg DDR-a, i to s obzirom na svoje ideološke pozicije te da se ta zbivanja vrlo neujednačeno opisuju i u kurikulima nastavnih predmeta. Ti su događaji imali revolucionarni karakter, budući da su u vrlo kratkom roku potpuno promijenjeni društveni i politički odnosi na području DDR-a, ali usprkos tome sintagma miroljubiva revolucija ipak nije ušla u raširenu opću jezičnu uporabu u njemačkom jeziku, već se uvriježio sadržajno neodređeniji pojam preokreta, tj. obrata.

Almost seventy years ago German philosophers Max Horkheimer and Theodor Adorno predicted the immense influence of capitalism and commercialization on media systems and media content. Today commodification and the hunger for fun, spectacle, shock and emotions have become an intrinsic part of media offer and consumption. The central place belongs to television and the transformation of the news industry into packages of high-emotional stories, very often in sequels. Spectacle, strong emotional bond and empathetic members of audience are important elements of what media expert Brian A. Monahan calls public drama - a new hybrid form of television news. The American mainstream media transformed the terrorist attack on the USA on the 11th of September 2001 into '9/11' - a series of dramatic and emotional stories which imposed certain frames of understanding of what happened - and which were built into the cultural memory. In the first few hours after the attack the core of the 9/11 narrative was born: moral shock, a strong emotional bond with the victims of the attacks, transformation of rescuers into heroes, a feeling of love and togetherness among Americans, along with worldwide compassion. Emphasis was put on emotions, fear and a sort of spectacle of crisis, with little discussion about responsibility and critical evaluation of the reasons behind the attacks. Focus on human tragedies, fear and panic are immersed in a wider story about terrorist attacks which is a big threat to America. The power of television and its pictures to form and impose frames of understanding events is huge, along with the long-term consequences this can have on the audience, but politics as well. Adapted from the source document.

Almost seventy years ago German philosophers Max Horkheimer and Theodor Adorno predicted the immense influence of capitalism and commercialization on media systems and media content. Today commodification and the hunger for fun, spectacle, shock and emotions have become an intrinsic part of media offer and consumption. The central place belongs to television and the transformation of the news industry into packages of high-emotional stories, very often in sequels. Spectacle, strong emotional bond and empathetic members of audience are important elements of what media expert Brian A. Monahan calls public drama - a new hybrid form of television news. The American mainstream media transformed the terrorist attack on the USA on the 11th of September 2001 into '9/11' - a series of dramatic and emotional stories which imposed certain frames of understanding of what happened - and which were built into the cultural memory. In the first few hours after the attack the core of the 9/11 narrative was born: moral shock, a strong emotional bond with the victims of the attacks, transformation of rescuers into heroes, a feeling of love and togetherness among Americans, along with worldwide compassion. Emphasis was put on emotions, fear and a sort of spectacle of crisis, with little discussion about responsibility and critical evaluation of the reasons behind the attacks. Focus on human tragedies, fear and panic are immersed in a wider story about terrorist attacks which is a big threat to America. The power of television and its pictures to form and impose frames of understanding events is huge, along with the long-term consequences this can have on the audience, but politics as well. Adapted from the source document.

Nakon nešto više od godine dana od referenduma na kojem je većina Britanaca izabrala izlazak Ujedinjenog Kraljevstva iz Europske unije, vrijeme je da se sagledaju uzroci, kratkoročne i moguće dugoročne ekonomske posljedice Brexita. Ishod referenduma stvorio je negativna očekivanja i povećao neizvjesnost. Stoga je gospodarski rast u UK-u već sada usporen, iako se odnos između UK-a i Unije još nije nimalo promijenio. Izlaskom iz Unije britansko bi se gospodarstvo, ovisno o rezultatima pregovora s EU-om, moglo do 2030. godine smanjiti za 2 do 8 posto. Na preostale članice Unije Brexit će imati različito djelovanje, a u prosjeku njihov bi BDP mogao pasti za 0,5 do 1,5 posto. Hrvatska bi, zbog niskog stupnja povezanosti s britanskim gospodarstvom, mogla ostati pošteđena značajnijeg nepovoljnog učinka Brexita. Usprkos tome, Brexit itekako zavređuje da ga pratimo s osobitom pozornošću i da iz toga događaja učimo o mogućim gospodarskim učincima neodgovorne i populističke politike. ; A little over a year after the referendum at which the majority of UK citizens voted to leave the EU, it is the right time to sum up the causes of Brexit, as well as its short-term and possible long-term economic consequences. The outturn of the referendum has created negative expectations and increased uncertainty. Therefore, the UK's growth rate has already started to decelerate even though the relationship between the UK and EU has not yet changed at all. Depending on the outcome of negotiations with the EU, leaving the Union might lead to a reduction of UK's GDP by 2 to 8 percent by 2030. The implications of Brexit on the remaining EU countries will differ—on average, their GDP might fall by 0.5 to 1.5 percent. Thanks to only minor economic connections with the UK, Croatia might avoid a significant negative effect of Brexit. Despite that, Brexit deserves to be carefully observed, since it provides us with the opportunity to learn from it about the possible economic effects of irresponsible and populist politics.

Nowadays, when faced with aging societies, family structure changes, labour market transformations, non-standard employment arrangements, shadow economy, financial and economic crisis, many are worried about the two basic issues: pension systems' financial sustainability and benefit adequacy (both short-term and long-term). Therefore, almost all countries in the world made some changes to their pension systems. The situation is even more aggravated in countries with high budget and pension system's deficits, unfavourable dependency ratios, long-term negative natural increase rates, low employment and high unemployment rates. Unfortunately, Croatia suffers from all these problems. Therefore Croatian pension system has undergone many reforms: one systemic reform (from 1998 to 2002 which resulted in the establishment of the three-pillar pension system), and several parametric reforms, the last one encompassing all three parts of the pension system (2013-2015). The purpose of the paper is to provide legal analyses of this last parametric reform in the light of sustainability and adequacy concerns with some inevitable reminders of the previous reform solutions. The author reveals many inconsistencies and lack of prudence in legislator's approach, which in the long-term potentially endangers both the financial sustainability and benefit adequacy. Moreover, numerous and frequent legislative changes coupled with the existence of many groups of privileged pensioners raise further concerns regarding predictability, stability, efficiency and fairness of the pension system as well as trust in the national government. Furthermore, the author warns that only part of the solutions lies within the pension system itself (through more thoughtful adjustments). Those changes should be complemented by other strategies outside the pension policy (e.g. within the health care system, tax system and labour market regulations). ; Danas, kada smo suočeni sa starenjem stanovništva, promjenama u strukturi obiteljskih zajednica, nepovoljnostima na tržištu rada, nestandardnim i novim oblicima rada, sivom ekonomijom, financijskom i gospodarskom krizom, mnogi su zabrinuti oko dva važna pitanja: financijske održivost mirovinskih sustava i primjerene razine mirovina (kratkoročno i dugoročno). Stoga su gotovo sve zemlje u svijetu poduzele neke reforme. Situacija je dodatno otežana u zemljama s visokim proračunskim deficitom i deficitima u mirovinskom sustavu, nepovoljnim stopama ovisnosti, dugotrajno negativnim stopama prirodnog prirasta, niskom zaposlenosti i visokom nezaposlenosti. Nažalost, Hrvatska je suočena sa svim tim problemima. Stoga je hrvatski mirovinski sustav prošao kroz brojne reforme: jednu sustavnu reformu (provedena od 1998. do 2002. što je rezultiralo uspostavom trodijelnog sustava) te nekoliko parametarskih reformi, od kojih se posljednja odnosila na sva tri stupa (od 2013. do 2015.). Cilj rada je provesti kritičku pravnu analizu ove posljednje parametarske reforme u svjetlu održivosti mirovinskog sustava i primjerenosti razine mirovina, uz neizbježna podsjećanja na neka prethodna reformska rješenja. Autor otkriva mnoge nedosljednosti zakonodavca te nedostatke i propuste u promišljanju reformskih mjera, koji dugoročno mogu ugroziti i financijsku održivost i primjerenost razine mirovina. Štoviše, učestale zakonske promjene posljednjih godina, kao i postojanje brojnih skupina povlaštenih umirovljenika narušavaju predvidivost, stabilnost, učinkovitost i pravičnost sustava te povjerenje u vladajuće elite. Nadalje, autor upozorava da se samo dio postojećih problema može riješiti promjenama u samom mirovinskom sustavu (kroz opreznije i sveobuhvatnije promišljene reforme). Te promjene moraju biti dopunjene drugim komplementarnim strategijama i mjerama (npr. u okviru zdravstvenog sustava, poreznog sustava, tržišta rada i radnog zakonodavstva).