Suchergebnisse

Cilj ovog rada je identificirati učinke poreznih promjena nastalih tijekom financijske krize na dohodovne nejednakosti među zemljama članicama Europske unije. Naime, nedavna je financijska i fiskalna kriza promijenila trendove u oporezivanju u najvećem broju zemalja članica Europske unije. Zemlje članice bile su različito pogođene krizom, prije svega, zbog različitosti povezanih uz makroekonomske neravnoteže prisutne u ekonomiji. Stoga su se među njima razlikovale i politike koje su se provodile uvjetovane upravo makroekonomskim i fiskalnim uvjetima. Rad uključuje teoretsku podlogu, komparativni prikaz postojećih razlika između poreznih sustava zemalja članica Europske unije te analizu prednosti i nedostataka različitih poreznih oblika. Kako bi se što preciznije definirale te razlike, testirane su reforme provedene u tri temeljna porezna oblika (koji opterećuju rad, kapital i potrošnju) kao i socijalni doprinosi korištenjem panel analize s fiksnim i varijabilnim efektom kroz vremensku seriju koja obuhvaća razdoblje od 2000. do 2011. godine. Porezi imaju značajan redistributivni učinak što svakako utječe na dohodovne nejednakosti, a uvelike ovisi i o vrsti poreznog oblika u primjeni. Većina je zemalja pokušala konsolidirati svoje javne financije i poboljšati porezne sustave kako bi potakla rast. U radu je postavljena hipoteza kako implementacija određenih fiskalnih mjera utječe na smanjenje nejednakosti te su pruženi dokazi kako socijalni doprinosi i porezi koji opterećuju rad utječu na statistički značajno poboljšanje dohodovnih nejednakosti među zemljama članicama Europsku unije. Iz navedenog se izvodi zaključak kako porezna politika, osobito izbor odgovarajućeg poreznog oblika, smanjuje dohodovne nejednakosti u Europskoj uniji u promatranom razdoblju. ; The aim of this paper is to identify the effects of tax changes that occurred during the financial crisis on income inequality across European Union member states. Namely, the recent financial and fiscal crises have changed taxation trends in a large number of the European Union member states. The member states have been differently affected by the crisis primarily depending on the different degree of macroeconomic imbalances ascendant in the economy. Therefore, policy responses varied among them and were strongly connected with macroeconomic and fiscal conditions. The paper includes a theoretical background, comparison of present differences among the taxation systems of the European Union member states, and an analysis of the advantages and disadvantages of different types of taxes. In order to precisely define those differences, the influence of reforms taken in three major tax forms (labour, capital and consumption) was tested, as well as social security contributions using fixed and random effect panel models over the sample period from 2000- 2011.Taxes have a significant redistributive impact and this development affects income inequalities and depends on the type of tax implemented. Most member states have tried to consolidate their public finances and improve their tax systems in a more growth-friendly way. This paper presents a hypothesis that the implementation of selected fiscal measures influences inequality reduction and demonstrates that the overall social contributions and labour taxes lead to statistically significant improvements in income inequalities among EU member states. We conclude that tax policy, specifically the choice of taxes implemented, reduces income inequalities in the EU in the observed period.

Rad smjera pokazati značaj i relevantnost poststrukturalnog pogleda na ekonomiju kako trasiranjem sada već općih konceptualnih mjesta tog pristupa tako i prakticiranjem te teorijske pozicije u konkretnoj analizi zaduženosti financijskog sustava. Kratkotrajna i lokalizirana, ali značajna tradicija poststrukturalnog problematiziranja kategorije ekonomije ovdje se prezentira preko tri ključne discipline – governmentality studies, ekonomske sociologije i međunarodne političke ekonomije. Nakon opisa dometa i ograničenja tih disciplina ulazimo u drugi dio rada gdje analiziramo aparaturu standardifikacije i validacije kreditnog rizika kod banaka, točnije Basel kapitalne uvjete i prakse sekuritizacije. Pružanjem genealogije tih tehnika interpretiramo domenu financija kao diskurzivni prostor (re)artikuliran preko skupa normaliziranih mehanizama i praksi koji zajednički tvore racionalnost vladanja. Na taj način ukazujemo na važnost performativnih, simboličkih, relacijskih, decentriranih i kontingentnih momenata u kritičkom poimanju (financijske) ekonomije, odnosno pokazujemo da kritika ekonomije ne mora nužno biti organizirana i provedena kroz matricu kapital – klasa – ideologija. ; This paper aims to demonstrate the significance and relevance of the poststructural gaze towards the economy by both tracing the conceptual commonplaces of this approach as well as practicing this theoretical position in the concrete analysis of indebtedness of the financial system. A brief and localized, but nonetheless significant tradition of the poststructural problematizing of the category of economy is here presented through three key disciplines: governmentality studies, economic sociology and international political economy. After portraying the contributions and limitations of those disciplines, the second part of the paper analyzes the apparatus of standardification and validification of credit risk within banks, namely the Basel Capital Accord and practices of securitisation. By offering a genealogy of those techniques, we interpret finance as a discursive space (re)articulated through an aggregate of normalized mechanisms and practices which collectively form a rationality of governance. In this way, we point out the importance of performative, symbolic, relational, decentered and contingent moments in the critical conception of (financial) economy, as well as show that the critique of economy does not necessarily have to be organized and conducted through the capital – class – ideology matrix.

The US economy is facing the first big financial crisis in the 21st century. The author points out that the current crisis is much different from the previous ones by its characteristics, causes, consequences it produces on the world economy & international financial system in particular. The problems that were noticeable in the US loan market in the second half of 2007, which have escalated into a crisis of the financial system in 2008 creating instability in the world financial markets, were mostly caused by the losses on the American real estate market. For the fact that the highly integrated world economy has enabled rapidly & easily transmission the effects of real & monetary trends, reducing, on the other hand, the countries' prospects to protect their economies & populations from their effects it is evident that the way the US manages its financial system has the exceptional significance beyond USA, too. As the increasing number of countries is facing with direct or indirect effects of the current crisis it is in the interest of all those that undertaking actions to stop further negative repercussions on their national economies & ensure global economy growth. Tables, Graphs, References. Adapted from the source document.

"The current volume presents a selection of 126 texts in Uyghur posted in public spaces, translated, and annotated for this book. The author started photographing Uyghur texts in 2008 at the time of the Beijing olympics and continued to do so during 2009, the year of the so-called "Urumqi uprising" of July 5. This event generated a stream of texts posted in public spaces that reflected the efforts made by the authorities to re-establish control. In the course of his travels in the years thereafter the author continued to add to the corpus of photographed Uyghur texts. At the same time he started collecting, as comprehensively as possible, various types of folders, brochures, handouts, and product wrappings with texts illustrating aspects of Uyghur culture and society. The texts, published here for the first time, are primary source materials documenting a wide variety of aspects of daily life of the Uyghurs in Shinjang. The implicit messages or explicit references contained in many of these texts give them significance as clues towards an understanding of the existential realities they reflect or illustrate."--Provided by publisher

Nedavna financijska kriza je istakla potrebu razmatranja zašto su neke firme i ekonomije ugroženije, dok su druge otpornije na krizu i kako različite financijske karakteristike poduzeća mogu utjecati na rast poduzeća. S ciljem empirijskog istraživanja ovih pitanja, analizirali smo odrednice korporativnog rasta tijekom kriznog i post-kriznog perioda (2008. – 2013.) na uzorku od 10 zemalja srednje i istočne Europe koje pripadaju dvjema različitim regionalnim grupama – "Višegradska četvorka" i grupi zemalja bivše Jugoslavije. Naša analiza obuhvaća uzorak od 3,660 opažanja. Rast poduzeća razmatran je kao funkcija dvije makro varijable (inflacija i likvidnost tržišta kapitala) i četiri varijable povezane s karakteristikama poduzeća (financijska poluga, obrt imovine, profitna marža i odnos između novčanog toka i imovine). Istraživanje ukazuje na značaj infrastrukturnih preduvjeta i makroekonomske politike za rast poduzeća u kriznim uvjetima poslovanja. Naši rezultati također ističu specifičan odnos između financijske poluge i rasta tijekom kriznog perioda, pri čemu se utjecaj financijske poluge analizira kao sveobuhvatan rezultat stupnja zaduženosti poduzeća, razine razvoja tržišta kapitala, položaja bankarskog sektora i cijene duga. Konačno, naši rezultati ukazuju na intrigantnu prirodu veze između profitabilnosti i rasta, kao i između učinkovitosti upravljanja imovinom i rasta poduzeća u kriznim periodima. ; The recent financial crisis has underlined the necessity to recognize why some firms and economies are more severely affected while others are more resilient to crisis and how different financial characteristics affect firms' growth path. In order to explore these issues empirically, we reexamine the determinants of corporate growth during the crisis and post-crisis period (2008-2013) on the sample of 10 Central and East European countries belonging to two different regional groups – "Visegrad four" and the group of former Yugoslavian countries. Our analysis covers the sample of 3,660 firm-year observations. We model firm growth as a function of two country-specific variables (inflation and capital market liquidity) and four company-specific variables (financial leverage, asset turnover, profit margin and ratio between cash flow and assets). Our study indicates the importance of infrastructure prerequisites and macroeconomic policies for the companies' growth in the conditions of crisis. Our results reveal a specific relation between leverage and firm growth during the crisis period, whereby the impact of leverage is perceived by a comprehensive result of the degree of firm indebtedness, the level of capital market development, the position of banking sector and the cost of debt. Finally, our results show some intriguing patterns in firm profitability – growth as well as asset efficiency – growth relation.

The paper examines the role of social protection and social expenditure in the financial and economic crises. Accordingly, the objective of the paper was to analyse the trends in social expenditure developments in EU countries since the beginning of the last economic crisis (2008), examine changes in the composition of social protection spending during and following the crisis, and analyse the effectiveness of social protection schemes during and following the crisis in terms of poverty rate reduction. The paper confirmed that social protection expenditure has increased in almost all EU countries since the beginning of the crisis and that in the crisis most countries rely on redistributive effects of the so-called automatic stabilizers. Social expenditure developments during and following the crisis and the effectiveness of social protection in alleviating consequences of the crisis are related to the features of social protection models (regimes). Countries with larger social sectors are coping with the crisis more successfully. Economic, financial and social crises may induce changes in the social protection system. The crisis is an opportunity for countries with low social expenditure to widen the coverage of social schemes, set up new schemes or increase the level of benefits. As inappropriate crises management models fuel poverty and unemployment, and decrease economic growth, it is important to define the role of social protection/welfare state in a crisis management strategy. Among other things, a solution is to strengthen an approach where social expenditure is seen as social investments which may revitalize the role of social protection in the economic development. ; U radu se propituje uloga socijalne zaštite i socijalnih troškova u financijskim i ekonomskim krizama. Stoga je cilj rada bio istražiti trendove vezane za izdatke socijalne zaštite od početka posljednje ekonomske krize (2008.) u zemljama EU-a, istražiti promjene u strukturi troškova socijalne zaštite u kriznom i postkriznom razdoblju te analizirati učinkovitost programa socijalne zaštite u kriznom i postkriznom razdoblju s aspekta zaštite od siromaštva. Rad potvrđuje da su gotovo sve zemlje EU-a povećale troškove socijalne zaštite od početka krize te da se većina zemalja u krizi oslanja na redistributivne učinke tzv. automatskih stabilizatora. Obrasci kretanja izdataka socijalne zaštite u krizi i postkriznom razdoblju te učinkovitost socijalne zaštite u ublažavanju negativnih učinaka krize povezani su s obilježjima pojedinih modela (režima) socijalne zaštite. Zemlje s većim socijalnim sektorom uspješnije se nose s krizom. Ekonomske, financijske i socijalne krize mogu potaći promjene u socijalnoj zaštiti. Kriza je prigoda da zemlje s nižim troškovima socijalne zaštite prošire obuhvat programa, uvedu nove programe ili povećaju visinu naknada. S obzirom da loše upravljanje krizama samo povećava siromaštvo, nezaposlenost i smanjuje ekonomski rast, važno je definirati ulogu socijalne zaštite/države u okviru strategija upravljanja krizom. Među ostalim, rješenje je u pristupu koji u socijalnim izdacima vidi socijalne investicije koje mogu revitalizirati ulogu socijalne politike u ekonomskom razvoju.

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.

U okviru borbe protiv negativnih posljedica globalne financijske krize iz 2008. godine Europska središnja banka (ECB) je pored tradicionalnih instrumenta monetarne politike u svrhu oporavka gospodarstva relativno rano počela provoditi i nestandardne mjere. Istodobno nakon krize dolazi do intenzivnog proučavanja makroprudencijalne politike i implementiranje njenih instrumenata. S druge strane, HNB je koristio makroprudencijalne instrumente i prije krize, međutim prvu nestandardnu mjeru monetarne politike implementirao je u ožujku 2020. Provedenim istraživanjem potvrdilo se kako je provedba monetarne politike i implementacija nestandardnih mjera pozitivno utjecala na oporavak gospodarstva. Analiza s primjenom deskriptivne statistike na razini EU pokazala je kako postoji značajna negativna korelacija između monetarnih agregata i stope nezaposlenosti. Provedena analiza u Hrvatskoj također pokazuje statistički značajnu negativnu korelaciju između ponude novca i stope nezaposlenosti. Međutim, analizirajući na razini EU i RH M2 monetarni agregat umanjen za novčanu masu M1 i stopu nezaposlenosti, vidljiva je jaka pozitivna korelacija, što znači da povećavanje štednje dovodi do porasta stope nezaposlenosti. Odnosi između inflacije i duga u BDP-u s ostalim varijablama su statistički nesignifikantni, kako na razini EU tako i u RH. ; As part of the fight against the negative consequences of the 2008 global financial crisis, the European Central Bank (ECB), in addition to traditional monetary policy instruments for the purpose of economic recovery, began to implement non-standard measures relatively early. At the same time, after the crisis, there is an intensive study of macroprudential policy and the implementation of its instruments. On the other hand, the Croatian National Bank (CNB) used macroprudential instruments even before the crisis, but the first non-standard monetary policy measure was implemented in March 2020. Proven research confirmed that the implementation of monetary policy and the implementation of non-standard measures had a positive impact on economic recovery. An analysis using descriptive statistics at EU level showed that there is a significant negative correlation between monetary aggregates and the unemployment rate. The conducted analysis in Croatia also shows a statistically significant negative correlation between the money supply and the unemployment rate. However, analyzing at the EU and Croatian level M2 the monetary aggregate reduced by the money supply M1 and the unemployment rate, a strong positive correlation is visible, which means that the increase in savings leads to an increase in the unemployment rate. The relations between inflation and debt in GDP with other variables are statistically insignificant both at the EU level and in the Republic of Croatia.

The article focuses on the interconnectedness of foreign policy environments to explain Slovenia's opportunities and constraints for foreign policy action. During the period of pre-independence para-diplomacy, the building of an internal and external domestic environment successfully turned constraints (no international recognition) into opportunities (applying for membership of European and global intergovernmental organizations). In the second period — post-recognition — considering the absence of a strategic foreign policy document, the Slovenian internal foreign policy environment became a major constraint to seize foreign environment opportunities. This affected Slovenia's accomplishments, notably after NATO and EU memberships were achieved in 2004. Although the Slovenian internal environment matured during the following period to adopt, in 2015, a comprehensive foreign policy strategy the recent turn in world politics (especially the European financial and economic crisis and the migration crisis) created for the first time a foreign environment for Slovenia that offered many fewer opportunities and far more constraints. ; The article focuses on the interconnectedness of foreign policy environments to explain Slovenia's opportunities and constraints for foreign policy action. During the period of pre-independence para-diplomacy, the building of an internal and external domestic environment successfully turned constraints (no international recognition) into opportunities (applying for membership of European and global intergovernmental organizations). In the second period — post-recognition — considering the absence of a strategic foreign policy document, the Slovenian internal foreign policy environment became a major constraint to seize foreign environment opportunities. This affected Slovenia's accomplishments, notably after NATO and EU memberships were achieved in 2004. Although the Slovenian internal environment matured during the following period to adopt, in 2015, a comprehensive foreign policy strategy the recent turn in world politics (especially the European financial and economic crisis and the migration crisis) created for the first time a foreign environment for Slovenia that offered many fewer opportunities and far more constraints.

Važnost stabilnosti financijskog sustava najbolje je pokazala nedavna globalna financijska kriza. Slom financijskih tržišta i poremećaji u radu institucija ozbiljno su zaprijetili financijskim sustavima širom svijeta i doveli u pitanje njihovu ulogu u posredovanju pri razmjeni viškova kapitala i njihova usmjeravanja prema deficitarnim subjektima. Mnoge financijske institucije našle su se na rubu propasti, a države širom svijeta pokrenule su ekspanzivne mjere i uložile golema sredstva u spašavanje svojih tržišta. Kako financijske i bankarske krize uvijek uzrokuju fiskalne presije, važnost nadogradnje financijskog sustava preventivnim mjerama koje će očuvati povjerenje javnosti u njegovu sigurnost i zaštititi gospodarstvo od velikih gubitaka u interesu je vlada širom svijeta. Cilj ovih mjera, koje se nazivaju sigurnosne mreže financijskog sustava, je stvoriti kontrolirane uvjete za slabije informirane sudionike tržišta i zaštititi ih od gubitka. Sustavi osiguranja depozita prepoznati su kao jedan od ključnih elemenata preventivnih sigurnosnih mreža financijskog sustava. Najvažniji cilj organiziranog sustava osiguranja depozita je zaštita sredstava tzv. malih štediša odnosno potrošača koji nisu u mogućnosti samostalno procijeniti rizik institucije u koju polažu svoje viškove sredstava. Cilj ovoga rada je obrazložiti ulogu organiziranog sustava osiguranja depozita s posebnim osvrtom na sustav u Republici Hrvatskoj. ; The importance of financial system stability is best demonstrated by the recent global financial crisis. The slump in the financial markets and institutional disturbances have threatened seriously the financial systems around the world and questioned their role in mediating the exchange of capital surplus and their targeting to deficit entities. Many financial institutions have found themselves on the verge of collapse, and countries around the world have launched expansionary measures and invested huge resources in rescuing their markets. As financial and banking crises always cause fiscal pressure, the importance of upgrading the financial system through preventive measures that will preserve public confidence in its security and protect the economy from major losses is surely in the interest of governments worldwide. The goal of these measures, referred to as the financial system security grids, is to create controlled conditions for less informed market participants and protect them from loss. Deposit insurance systems have been recognized as one of the key elements of the financial system preventive security grids. The most important goal of the organized deposit insurance system is to protect the assets of so-called "small savers" or consumers unable to independently assess the risk of the institution in which they relocate their surplus funds. The aim of this paper is to explain the role of an organized deposit insurance system with special attention to the system in the Republic of Croatia.

Nakon financijske krize 2008. godine, koja je zahvatila većinu svjetske ekonomije, sve veća pozornost počela se usmjeravati na pokazatelje sigurnosti poslovanja poduzeća. Stoga u ovom radu pokazatelji sigurnosti poslovanja, koji se odnose na financijske pokazatelje likvidnosti i zaduženosti, čine glavnu podlogu za provedbu ovog istraživanja. Uzorak istraživanja formiran je iz populacije domicilnih i inozemnih agencija za promidžbu, po kriteriju maksimalno ostvarenih ukupnih prihoda u 2017. godini. S obzirom da agencije za promidžbu predstavljaju veliki generator visokokvalitetnih poslova, potiču tržišno natjecanje te inovacije, doprinose razvoju kulturnog sektora, takva poduzeća interesantan su izbor za provedbu analize. U ovom radu provedena je komparativna analiza pokazatelja financijske sigurnosti najuspješnijih domicilnih te inozemnih agencija za promidžbu. Rezultati istraživanja pokazuju da domicilne agencije lakše se prilagođavaju uvjetima na tržištu, te stoga financijski sigurnije posluju u odnosu na inozemne agencije koje ostvaruju značajno veće promete i profite. Razlog tome ponajviše je manja veličina domicilnih agencija za promidžbu u odnosu na međunarodne. ; Following the 2008 financial crisis, which has affected most of the world economy, increasing attention turns towards financial security indicators. Therefore, in this paper, financial security indicators related to liquidity and indebtedness form the main research basis. The research sample was formed from the population of Croatian and foreign promotion agencies, according to the criteria of total revenues in 2017. Given that promotion agencies are a large generator of high-quality jobs, foster competition and innovations, and contribute to the development of the cultural sector, such companies are an interesting choice for conducting the analysis. Comparative analysis of the financial security indicators of the most successful domestic and foreign promotion agencies is conducted in this paper. The results of the research show that domestic agencies easier adapt to market conditions, and because of this, they are more financially secure compared to foreign agencies, which generated significantly higher turnover and profit. This is mainly due to the smaller size of the domicile promotion agencies rather than the international ones.

Ubrzani razvoj nekonvencionalnih ležišta nafte u SAD-u započeo je 2010. godine, uz naredno petogodišnje razdoblje sa stabilnim i relativno visokim cijenama nafte na tržištu. Tijekom toga relativno kratkoga perioda ekspanzije došlo je do znatnijih promjena u kapitalnim i operativnim troškovima zbog neprestanoga tehnološkog napretka u bušenju i opremanju, rastu pratećega naftno-servisnog sektora te povoljnijega financiranja projekata uz državnu politiku monetarnoga popuštanja. U radu su analizirani trendovi u troškovima razvoja nekonvencionalnih ležišta te ovisnost kretanja cijene nafte (WTI – West Texas Intermediate) o intenzitetu broja aktivnih bušotina i ukupnim proizvodnim kvotama s najvećih ležišta nekonvencionalne nafte. Nakon svjetske financijske krize iz 2008./2009. ekonomski oporavak u SAD-u bio je donekle usporen, što je uzrokovalo ekstremnu volatilnost na dioničkim i robnim tržištima. U takvim nesigurnim uvjetima dnevna kretanja cijena nafte te vrijednosti dionica i roba pokazuju znatno reagiranje na periodične izvještaje o promjenama glavnih makroekonomskih indikatora kao glavnih pokazatelja trenda ekonomskoga oporavka. Prije nego što državne institucije objave takve izvještaje, postoje i predviđanja vrijednosti indikatora temeljem anketa među ekonomskim analitičarima i očekivanim trendovima. Stoga, bilo kakvo pozitivno ili negativno iznenađenje prilikom objave stvarnih podataka u odnosu na predviđeno utječe na dnevno kretanje cijene nafte. U ovome radu statistički su analizi rani utjecaji takvih promjena u makroekonomskim indikatorima na dnevnu završnu cijenu nafte te utjecaj ostalih važnijih burzovnih indeksa u SAD-u. Analiza je pokazala da od makroekonomskih indikatora najveći utjecaj na dnevne pomake u cijeni nafte ima indeks industrijskih proizvođačkih cijena (PPI – Producer Price Index) kao temeljni indeks pokazatelja inflacije. ; Large scale development of tight oil resources in US started after 2010. with following five-year period of favorable steady increase in crude oil price. During this relatively short expansion cycle, operating and capital expenses changed drastically for main tight oil plays due to technological improvements in both well drilling and completion, expansion of service sector as well as loose government monetary policy which allowed favorable financing. This paper analyzed trends in costs during expansion period, as well as correlation of oil price to number of operating rigs and production quotas. After 2008/2009. world financial crisis economy recovery in US was somewhat sluggish and it caused extreme volatile environment in both equity and commodity markets. In such volatile environment intra-day crude oil prices, as well as other commodities and equities, show significant reaction to monthly published macroeconomic indicator reports, which give better overviews of trends in economic recovery. Prior to announcement, these reports always have forecasted value determined by consensus among market analysts. Therefore, any positive or negative surprise in real value tends to influence price of oil. This paper investigated influence of such macroeconomic reports to closing intraday oil price, as well as effect of other important daily market indices. Analysis showed that only Producer Price Index (PPI), among other indicators, has statistical significance of affecting intraday closing oil price.

This article presents Milan Popovic's reflections on the two most recent & important books, General Theory of Modernity, written by French alter-Marxist theoretician, Jacques Bidet, & The States on Trial, written by Croatian political theoretician, Dragutin Lalovic. The two books have been published & discussed amid the most severe & multiple crisis of the so-called "neoliberal," ie., late & ultra-monopolistic capitalist economy 2008-2009, & this great social & historical fact has largely contributed to better understanding & reception of these two critical studies. Milan Popovic shares most of the main premises & findings of these two books with their authors. Some disagreements between him & them are of minor & technical importance. So, just to illustrate this kind of disagreements, while Jacques Bidet uses the term "alter-Marxism" to describe his own intellectual position, Milan Popovic prefers the term "post-Marxism" for the same purpose. Or, while Jacques Bidet uses the term "ultimate modernity" to specify our concrete historical time, Milan Popovic prefers the term "late modernity" for the same purpose. Or, finally, while Jacques Bidet uses the term "world state" to describe the emerging global polity, Milan Popovic is much more cautious, he reserves the term "state" exclusively for the modern form of polity, & leaves the final outcome & term of the emerging global polity for further development, observation, & nomination. Some disagreements between Milan Popovic & Dragutin Lalovic are of even lesser technical & conjectural importance. The three social & political theoreticians, however, strongly agree on the most important, substantive, & essential issues of our time. So, again, just to illustrate this kind of essential agreements, they strongly agree that our time desperately needs a new global polity & governance, which would deal with the rising ecological & other technological problems of late modernity. Despite some differences about the terms & emphases, they also agree that, in the meantime, at least in several coming decades, the late modern state remains one of the most important actors in the process. Especially two of three, namely Dragutin Lekovic & Milan Popovic, starting from the concrete political experience of Croatia & Montenegro during their wartime pandemonic 1990s, persistently insist on the complex, ambiguous, & contradictory process of simultaneous de-sovereignization & re-sovereignization of the state, as a part of the process in its late modern phase. Finally, the three theoreticians share a common vision on the substance & essence of the coming global polity. They agree that the polity should be a kind of "Universal Republic.". Adapted from the source document.

The actual recession/depression is a radicalized continuation of a cyclical forty years long transformational slowdown of growth through basically stagnant fluctuations. With this slowdown is connected a serial of controversial, crisis-generating & finally unsuccessful general politics- & policy-change unprecedented in the contemporary world. An analysis of the societal history through sequences of developmental counterpoints & through the logic of great societal, political-economic & political cycles demonstrates that causes of cyclical economic & societal movements in general, & of actual stagnation & crisis especially, are mostly noneconomical. They are mainly political. In short, their political foundation is in a radical actual & previous change in the equilibrium of a dynamic tendency of the modern political space. This equilibrium is here called "modern normal." The modern normal (MN) is for us a tendentional space/structure of equilibria in the middle of (1) the political, (2) the personal/individual, (3) the whole world space, & (4) the space of the state/society. The actual kind of that disequilibrium or denormalization of modern normal indicates a process which is usually called totalitarian. In our actual case, the focal point is moved toward financial corporations as pseudo-statal regulators of economy, politics & society. Here, this is the Matrix-capitalism as a feedback of an urban legend & an analytical pattern. Generally, in the long run it is also a process of denormalized or bad & unsuccessful public- & business-policy, especially as development-, growth- & transformation-policy. This Matrix-capitalism, which is dominated by global financial corporations, is developing itself in a cyclically denormalised tendentional space/structure between: (1) the unpolitically "economical," (2) the unindividually "personal," (3) the unwholly "global," & (4) the unstately, unsocially, & anti-economically "denational." The Matrix-capitalism is functional only in a virtual world of ideologized economics & casino-business operations with derivatives etc. Cyclically interfaced with economic, social, cultural, political, personal, & national/world's reality, Matrix-capitalism will every time be more unsustainable even for its mega-corporative core. Adapted from the source document.