Suchergebnisse

The monetary policy of Bosnia and Herzegovina is rather limited because it is based on the principles of a currency board characterized by the impossibility of implementing the basic monetary policy instruments in comparison with the monetary policy of the European Union. However, the constant presence of European integrations should point the need for a more drastic change in the monetary policy of Bosnia and Herzegovina. By entering the European Monetary Union (EMU), the monetary territory of Bosnia and Herzegovina will become one of the branches of the European Central Bank (ECB). In addition, it is not difficult to conclude why the Law about the Central Bank of Bosnia and Herzegovina has been adopted with the first laws of the Dayton Agreement, if it is known that the largest part of the banking system, and therefore the financial market, is owned by foreign banks. This work will point out the significance of the Central Bank of Bosnia and Herzegovina, as one of the most important factors for maintaining the permanent liquidity of the banking sector in Bosnia and Herzegovina. The possibilities and limitations of the Central Bank of Bosnia and Herzegovina will be determined, with the assumption of macroeconomic sustainability over a longer period of time. The need of reforming the banking system in Bosnia and Herzegovina will be analyzed through the constant implementation of the Basel standards with the increasing participation of foreign banks in the Bosnia and Herzegovina. It will be determined the impact of the implementation of the Basel III in the banking industry in Bosnia and Herzegovina and its consequences on the banking and economic system.models, on the ways of financing the elimination of adverse consequences of natural disasters. ; Monetarna politika Bosne i Hercegovine je prilično ograničena, jer se temelji na principima valutnog odbora kojeg karakteriše nemogućnost sprovođenja osnovnih instrumenata monetarne politike u poređenju sa monetarnom politikom Evropske unije. Međutim, stalna prisutnost evropskih integracija bi trebala da ukaže na potrebu za drastičnijom promijenom monetarne politike Bosne i Hercegovine. Ulaskom u Evropsku monetarnu uniju, (EMU) monetarno područje Bosne i Hercegovine postaće jedna od filijala Evropske centralne banke (ECB). Pored toga, nije teško zaključiti zašto je među prvim zakonima od Dejtonskog sporazuma usvojen Zakon o Centralnoj banci Bosne i Hercegovine, ako se zna da je najveći dio bankarskog sistema, a time i finansijskog tržišta u vlasništvu stranih banaka. U radu će se ukazati na značaj Centralne banke BiH, kao jednog od najbitnijih faktora održavanja permanentne likvidnosti bankarskog sektora u Bosni i Hercegovini. Determinisaće se mogućnosti i ograničenja Centralne banke BiH, uz pretpostavku makroekonomske održivosti na duži vremenski period. Analiziraće se potreba reforme bankarskog sistema u Bosni i Hercegovini kroz stalnu implementaciju Bazelskih standarda uz sve veće učešće stranih banaka u finansijskom sistemu BiH. Odrediće se uticaj implementacije bazela III u bankarstvo BiH i njegove posljedice na bankarski i ekonomski sistem.

The financial crisis has adversely affected all the countries of the world in the conditions of globalization with different intensity, no matter if it is higher or lower level of development and different economic structures. In the context of globalization in the countries in transition, the banking system was reformed, thus creating a new financial market. The International Monetary Fund has taken an active part in the transition process of Eastern European countries by providing advice and approving financial arrangements. Developed countries of the world have implemented measures of non-standard monetary policy to overcome the global financial crisis. In some parts of Central and Eastern Europe, in addition to the general corporate identity (bank name, abbreviated name, trademark and slogan of the bank), the countries also applied qualitative features of the bank's corporate identity (image, reputation and goodwill). As they enter the 21st century, banks in developed countries are increasingly emphasizing the corporate culture and style of business of the bank. In the practice of banks, the following performances are most often present: financial, marketing, performance management, employee performance, business philosophy, reputation and the image of the bank. The banks' performance analysis included 13 Central and Eastern European countries divided into three groups. Performance over the period 2008-2018 is analyzed, related to: share of total assets in GDP, share of total loans in GDP, share of total deposit in GDP and level of capital adequacy of Central and Eastern European countries. The analysis shows that the central banks of the countries of Central Europe are dominant, and that in certain performances they are approached by the banks of the countries of Eastern Europe (members of the European Union and the Western Balkans). ; Finansijska kriza je negativno uticala na sve zemlje sveta u uslovima globalizacije sa različitim intezitetom, bez razlike da li se radi o višem ili nižem nivou razvijenosti i različitim privrednim strukturama. U uslovima globalizacije u zemljama u tranziciji izvršena je reforma bankarskog sistema i na taj način je započeto stvaranje novog finansijskog tržišta. Međunarodni monetarni fond uzeo je aktivno učešće u procesu tranzicije zemalja istočne Evrope pružanjem saveta i odobravanjem finansijskih aranžmana. Razvijene zemlje sveta su radi prevazilaženja svetske finansijske krize primenile mere nestandardne monetarne politike.Zemlje centralne i istočne Evrope su u određenom delu pored opšteg korporativnog identiteta (naziv banke, skraćenog imena, zaštitnog znaka i slogana banke) primenjivale i kvalitativna obeležja korporativnog identiteta (imidž, reputacije i gudvila) banke. Ulaskom u 21. vek banke razvijenih zemalja sve više stavljaju naglasak na korporativnu kulturu i stil poslovanja banke. U praksi banaka najčešće su prisutne sledeće performanse: finansijske, marketing, menadžment performanse, performanse zaposlenih, poslovne filozofije, ugleda, reputacije i imidža banke. Analiza performansi banaka obuhvatila je 13 zemalja centralne i istočne Evrope podeljenih u tri grupe. Analizirane su performanse u vremenskom periodu od 2008-2018. godine koje se odnose na: učešće ukupne aktive u BDP-u, učešće ukupnih kredita u BDP-u, učešće ukupnog depozita u BDP-u i nivo adekvatnosti kapitala zemalja centralne i istočne Evrope. Analiza pokazuje da su dominantne banke zemalja centralne Evrope, a da se njima u određenim performansama približavaju banke zemalja istočne Evrope (članice Evropske Unije i zapadnog Balkana).

The subject and purpose of the research in this paper is based on the analysis of the influence of the central bank on public debt in the conditions of the currency board in Bosnia and Herzegovina. The structure of the work was set up through a dynamic analysis of the ratio of public debt variables, the supply of money, the state of the budget of the governments of Bosnia and Herzegovina, the current account and the nominal exchange rate. The research covers the period from 2000 to 2016. The research methodology is based on the use of empirical data and the application of the vector autoregresion model (VAR). On the basis of an analysis of the function of impulse and response, it is possible to indicate the reactions of the variable variables with one another. On the other hand, the decomposition of variance through the model proves the mutual variability and interaction of the variables for the observed period of research. The practical implications of the work are reflected in the answer to the extent to which monetary authorities, in the conditions of the currency board, due to the endogenous supply of money, contribute to the creation of a budget deficit and public debt. ; Predmet i cilj istraživanja u ovom radu bazira se na analizi uticaja centralne banke najavni dug u uslovima valutnog odbora u Bosni i Hercegovini. Konstrukcija rada je postavljena kroz dinamičku analizu odnosa varijabli javnog duga, ponude novca, stanja budžeta vlada Bosne i Hercegovine, tekućeg računa i nominalnog deviznog kursa. Istraživanje pokriva period od 2000. do 2016. godine. Metodologija istraživanja bazira se na upotrebi empirijskih podataka i primjeni vektorskog autoregresionog modela (VAR). Na bazi analize funkcije impulsa i odgovora moguće je ukazati na reakcije promjenjljivih varijabli međusobno, sa jedne strane. Sa druge strane, dekompozicijom varijanse kroz model dokazuje se međusobna varijabilnost i međusobni uticaj varijabli za posmatrani period istraživanja. Praktične implikacije rada ogledaju se kroz odgovor koliko monetarne vlasti u uslovima valutnog odbora, usljed endogene ponude novca, doprinose stvaranju budžetskog deficita i javnom zaduženju.

Zsfassung in engl. Sprache. - Literaturverz. S. 159 - 164

Most Croatian Serb organisations were established between 1883 and 1903. In that period Serbs created the Serbian Bank, 56 various financial institutions, the Association of Serb Agricultural Societies, and the economic organisation Privrednik (Economist). The Serbian Bank was the strongest financial institution in the Monarchy, which backed the economic and cultural development of Serbs inside and outside of it. On the other hand, Serbs had not created significant cultural institutions, but did establish numerous literary and singing societies and reading halls, which were instrumental in promoting national identity. Culture was a framework for political activity. It should be noted that all those organisations were identified as Serb, had their statues written in Cyrillic alphabet and in Serbian language, which testifies that they organised quite freely and without obstruction. (SOI : CSP: S. 509)

More than a decade has passed since the momentous events of 1989 that changed the world order and redefined the geopolitics of Central Europe. This is just the right moment to assess the results of these changes and discuss the future of that region. Based on the past comparative studies or those currently going on, we may say that Central Europe differs from the post-communist East (the former Soviet Union) and the South-East (the former Yugoslavia with the exception of Slovenia) and Albania. First, Central-European states overthrew their communist regimes earlier and in a more decisive manner than the USSR; second, the economic transformation of Central Europe, though not completely smooth, is nevertheless much smoother than the transformation of the member countries of the CIS; third, the post-communist societies differ in the pattern by which their systems of social stratification have changed after the collapse of their communist regimes; fourth, there are big differences between the Central-European post-communist states, including the Baltic states on the one hand, and the CIS members and Serbia/Montenegro-Yugoslavia on the other regarding their international orientation. The author highlights three significant events that are going to leave their trace on the regional geostrategic situation: NATO's eastern expansion, NATO's campaign against SKY and the election of Vladimir Putin for president of Russia. The regional geopolitical picture may become more stable with closer ties between the states of Central Europe and Germany. (SOI : PM: S. 11)

After the Lisbon Treaty has entered into force, the process of concluding treaties between the EU and third countries or international organizations has sustained significant changes. The most important procedural novelty is the establishment of the ordinary procedure that covers almost all agreements the EU concludes with third parties. Under the Lisbon Treaty, this procedure involves a number of stages: negotiations, signing the agreement, and decision to conclude the agreement. For agreements whose subject matter exclusively or predominantly falls into the domain of common foreign and security policy, there are several derogations from the uniform rules of the ordinary procedure. The same provision of the founding treaty regulates the procedures for amending and suspending the agreement in force, as well as the judicial control procedure of those agreements that are yet to be concluded. The ordinary procedure does not cover two subject-specific proceedings pertaining to relatively narrow areas of EU action. More specifically, they refer to the conclusion of agreements in the area of common trade policy and agreements on the exchange rate of the Euro against the currencies of non-member states. The exclusion of trade agreements is probably the result of the differences that still exist in the division of competencies between the Member States and the EU regarding trade in the area of some services. On the other hand, the enactment of a special procedure for agreements on the Euro exchange rate in relation to the national currency rates of third countries stems from the need to ensure the Union's unique position in this field. On the institutional level, the most important actors in the process of concluding EU agreements are the Council, the Commission and the European Parliament. The Council has retained the central role in all types of treaty procedures, and it decides on essential issues related to the course and outcome of the process. The Commission has retained the major role in initiating and negotiating the agreements, but it is no longer the exclusive initiator and negotiator in the agreement process. Namely, depending on the subject of the treaty, new entrants in that role are the High Representative for Foreign Affairs and Security Policy, and the European Central Bank. The European Parliament has strengthened its position in the procedure for concluding EU agreements and can, therefore, be considered the largest 'net' winner of the Lisbon Treaty reform. This is partly due to its new role in the course of negotiations, which implies the right to be immediately and fully informed about all stages of the proceedings, but to a much greater extent it refers to the powers that this body has in the final stage preceding the conclusion of the agreement. Finally, the EU Court of Justice has an important role in this process; its task is to control the compliance of the EU agreements with the founding treaties prior to their conclusion.

The author analyses the role of religion in the formation of national identities in Central and Eastern Europe on the example of the Catholic Church in Poland in the 2Oth century. In Poland, like in most Central-European and Eastern-European societies, national identity developed against the state and was founded on certain elements of ethnic culture and tradition, the central position belonging to the Church. During communism, the Polish Catholic Church had the leading position in defending national identity, which identified Polishness with Catholicism. The Church also had a crucial role in the destruction of the communist system. However, it has found increasingly difficult to adapt to the new political conditions. As has been shown through the debates on abortion and religious education in state schools, the attempt by the Church to achieve the status of moral arbiter, above all democratic institutions, has resulted in new divisions. (SOI : PM: S. 143)

This paper will assess the results of transition in the Yugoslav successor states using objective and subjective criteria. Four objective criteria related to economic growth will be used to compare economic performance in Yugoslavia and its successor states; 1. Speed of recovery after war/change in system, 2. Absolute growth rates, 3. Relative growth rates, 4. Place in world development. This will be supplemented by a survey of public opinion conducted by the European Bank for Reconstruction and Development.All the four objective criteria show that the Yugoslav economy performed much better than the economies of its successor states. The survey shows that only 20 percent of population are happy with the results of transition in South Eastern European countries, while 64 percent are unhappy and 16 percent are undecided. In the former Yugoslavia much less than 20 percent of population are happy with the changes brought by the transition.