United States participation in international politics during the period between the two world wars, come not only from the general and often declarative interest in peace, but was also a consequence of extremely rapid expansion of their foreign trade and overseas capital investments. It was a period of intense financial diplomacy, when efforts to maintain the gold standard, to determine the amount of reparations and the manner of payment of war debts, brought confusion not only in relations between victors and vanquished, but also in relations between the United States and its former European allies. Abandonment of the gold standard and the creation of the tripartite agreement between the United States, Britain and France, in the 1936, was a milestone in the development of international monetary cooperation and the role of United States in international economic relations. .
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 dissertation explores the causes of the Euro crisis of 2009, using the institutional explanation in social sciences and the game theory. It includes discussions on the role of fiscal and monetary policies for stabilization of the economy, a brief history of monetary unions, as well as a summary of the European monetary integration process. Key findings of the dissertation are considering strategic situations in which the Member States have been involved before and after the creation of the European Economic and Monetary Union and the euro, which can be analysed using the game theory. The institutional design of the European Communities, after the breakup of the Breton Woods system, has put the Members States in the strategic situation of prisoner's dilemma, which in turn made coordination of monetary policies and exchange rates unfeasible. The creation of the Economic and Monetary Union (EMU) made possible for the Member States to overcome the dilemma by transferring the monetary policy from national to the European level of governance. Unfortunately, the institutional design of the EMU created a specific set of the interdependence of the Member States and the institutional incentives which created a new collective action problem. The new problem can be observed as a strategic situation of the chicken game in which the Member States again does not have the incentive to act in the accordance with the rules in the same, cooperative manner. Finally, the dissertation analyses the institutional consequences of the crisis and the incentives emerged after the post-crisis reforms. The conclusion is that the reforms should prevent similar euro crisis. On the other hand, questions could be raised regarding the power shift among the main bodies of the European Union. ; Rad se bavi istraživanjem uzroka krize evra nastale 2009. godine, oslanjajući se na institucionalno objašnjenje u društvenim naukama i teoriju igara. Disertacija sadrži rasprave o ulozi fiskalne i monetarne politike za stabilizaciju privrede, kratku istoriju monetarnih unija pre Evropske ekonomske i monetarne unije (EMU), kao i sažetu istoriju evropske monetarne integracije. Ključni nalazi disertacije su tiču se strateških situacija koje su dovele do nastanka jedinstvene evropske valute i kasnije do njene krize, koje je moguće analizirati uz pomoć teorije igara. Institucionalni aranžman Evropskih zajednica nakon raspada Bretonvudskog sistema stavio je države članice u stratešku situaciju zatvorenikove dileme, što je činilo koordinaciju monetarnih politike i deviznog kursa neodrživim. Kako bi se prevazišao taj problem, formirana je EMU kojom je uveden evro, a monetarna politika prenesena na sa nacionalnog evropski nivo vlasti. Međutim dizajn EMU stvorio specifičan spoj međuzavisnosti i podsticaja iz koga je nastao nov problem kolektivnog delanja za države članice monetarne unije. Taj problem se ogleda u strateškoj situaciji igre kukavice u kojoj učesnici nemaju podsticaj da se ponašaju na istovetan, kooperativan način. Na kraju disertacije analizirani su podsticaji nastali sprovedenih institucionalnih reformi. Zaključak je će reforme najverovatnije sprečiti da nastanak slične krize u budućnosti, ali i da se mogu otvoriti nova pitanja u vezi sa promenom ravnoteže moći unutar organa EU.
The term politics, from its origin until nowadays, has been closely related to coercion and effects of coercion. The first rulers were finding support in a belief in the divine nature of power, but since, in time, this belief faded, the solution was found in physical superiority of rulers. The development of politics as an activity by which a community can be governed instrumentally, conditioned its closer linkage to force. Politics was sometimes identified with force, and sometimes politics was using force as an instrument for taming the bullying by others. Undoubtedly, the man is a rational and instinctive being. Monopolization of bullying within political activity made it possible to place the force, depending on the circumstances, into the service of one or the other attribute of human nature. Integration processes in political, economic, military and other areas, significantly contributed to changing the role of a national state in its formerly inviolable spheres, even in those elements that are considered classic attributes of the state as an institution (sovereignty, independence, monetary policy, defense, state power legitimacy, etc). Does this power, which is 'taken away' from the national state, go away, through integrative processes with other international subjects, to some distant power and alienated centers, or does it, on the contrary, enter the corpus of political activity that strengthens its overall position? Without immersing into more profound analysis about what is closer to the truth, it is a fact that through integrative processes a number of 'state' activities is transferred to joint institutions. In the spirit of this paper, the most important institutions are those which decide about organization, preparing, functioning, and using of the state (interstate) power. Strategic solutions concerning these matters, are a part of domestic and intergovernmental policy. They are products of a great number of internal and external factors, starting from economic and institutional, to social and cultural-traditional, and to international.
Тhis paper considers the phenomenon of global growth, emphasizing the slowdown and (limits) of the Western GDP growth. By comparing the United States as the most mature economy in the world, China as the new hegemon, the OECD countries, the BRICS countries, and the rest of the world, we show the growth and unequal development of the five "regional futures" of the global world. In addition to the imminent economic reasons for the backwardness of Western economies and societies, the crisis of the structure and functioning of the democratic capitalist system, and the ecological limits of sustainability, we emphasize two non-economic moments: the end of liberalism as a fundamental ideology of the Western world, and the loss of trust, which is a fundamental moral category. According to futurist forecasts, the West has slowed down, the financial system has been damaged, and the recovery is slow and uncertain. The following subjects are being considered: the growth paradigm, the belief in lasting progress, the end of liberalism and the loss of confidence, the recovery of Western economies, some monetary policy measures, and European fiduciary money and the slowdown of the growth in the Eurozone. The monetary economy of the euro as an agreed single currency has caused strong changes in the Eurozone and has "trapped" the European Union. The euro economy, among other things, is responsible for the sharp division of the Eurozone member states into surplus and deficit countries, and the Eurozone crisis, stagnation, and slowdown in economic (non-economic) growth. ; U ovom radu razmatramo fenomen rasta na globalnom nivou, apostrofirajući usporavanje i (granice) rasta BDP Zapada. Komparacijom SAD kao najzrelije ekonomije na svijetu, Kine kao novog hegemona, zemalja OECD-a, zatim zemalja BRICS-a, te ostatka svijeta, predočava se rast i nejednaki razvoj pet ,,regionalnih budućnosti," globalnog svijeta. Pored imanentnih ekonomskih razloga zaostajanja zapadnih ekonomija i društava, krize strukture i funkcionisanja demokratskog kapitalističkog sistema, i ekološke granice održivosti, ističemo i dva neekonomska momenta, kraj liberalizma kao fundamentalne ideologije zapadnog svijeta i gubitak povjerenja kao temeljne moralne kategorije. Prema prognozama futurista, Zapad je posustao, finansijski sistem je oštećen, oporavak je spor i neizvjestan. Predmet razmatranja su: paradigma rasta, vjera u trajni napredak, kraj liberalizma i gubitak povjerenja, oporavak zapadnih ekonomija, neke mjere monetarne politike, te Evropski prekarni novac i usporavanje rasta evrozone. Monetarna ekonomija evra kao dogovorene jedinstvene valute izazvala je snažne promjene u evrozoni i Evropskoj uniji uhvaćenoj u ,,zamku." Ekonomija evra, između ostalog, odgovorna je za oštru podjelu zemalja članica evrozone na zemlje suficita i zemlje deficita, te krizu evrozone, stagnaciju i usporavanja ekonomskog (neekonomskog) rasta.
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 governments of all countries of the world have faced up with the health crisis caused by the Covid 19 virus pandemic in the previous and current year. This crisis turned into an economic crisis, considering that it was necessary to provide huge financial resources to overcome it. Governments "pumped" additional amounts of money by supplying the economy and the population with new liquidity through subsidies and one-time assistance in the form of "helicopter money". This has contributed to the deterioration of the fiscal performance of the world economies. The paper analyzes the economic and fiscal performance of the world leading economies such as the European Union, the United States, China and Russia. The aim of this paper is to point out the consequences of the applied measures in the domain of monetary and fiscal policy and influence on the increase of the budget deficit and public debt in the world. ; Vlade svih država sveta suočile su se sa zdravstvenom krizom izazvanom pandemijom kovida-19 u prethodnoj i tekućoj godini. Ova kriza je prerasla u ekonomsku krizu, s obzirom na to da je za njeno prevazilaženje bilo neophodno obezbediti ogromna finansijska sredstva. Osim toga, vlade su "upumpavale" dodatne količine novca snabdevajući privredu i stanovništvo novom likvidnošću kroz subvencije i jednokratne pomoći u vidu "novca iz helikoptera".Sve ovo je doprinelo pogoršanju fiskalnih performansi ekonomija u svetu. U radu su analizirane ekonomske i fiskalne performanse vodećih ekonomija sveta poput Evropske unije, SAD, Kine i Rusije. Cilј rada je da ukaže na posledice primenjenih mera u domenu monetarne i fiskalne politike na rast budžetskog deficita i javnog duga u svetu.
The process of globalization is a logical process of internationalization, caused by deregulation and liberalization, as well as the development of information and communication technologies. To perform an isolationist policy today is completely absurd. Therefore, the main goal of each national economy is to be engaged in international trade while retaining sovereignty and achieving sustainable development, and this is only possible if we realize that not all economic activities are qualitatively the same as the drivers of economic development, and that globalization and free trade can create an automatic economic harmony. Countries that specialize in the export of raw materials will sooner or later experience the opposite effect from economies of scale, namely declining yields. Sustainable development today is a kind of monopoly on the production of advanced goods and services, in which rich countries experience one explosion of productivity for another. In the first part of the paper, we analyze the effects that abstract theories of classical liberal economies have on the poor countries, as well as the neoliberal policies that the World Bank, the International Monetary Fund and the World Trade Organization today apply to developing countries. In the second part of the paper, we analyze examples of countries whose economic prosperity is the result of a smart and pragmatic mix of market incentives and governance. In the third part of the paper we give recommendations for the new development and trade policy of Serbia. In the last part of the paper, we point to the importance of branding as a factor in the export competitiveness of the company. ; Proces globalizacije je logičan sled internacionalizacije, uzrokovane deregulacijom i liberalizacijom, kao i razvojem informacionih i komunikacionih tehnologija. Voditi izolacionističku politiku danas je potpuno besmisleno. Zato je osnovni cilј svake zemlјe – uklјučiti se u međunarodne trgovinske tokove i pri tome zadržati suverenitet i ostvariti održivi razvoj, a to je jedino moguće ako shvatimo da nisu sve privredne delatnosti kvalitativno iste kao nosioci privrednog razvoja i da globalizacija i slobodna trgovina mogu stvoriti automatsku ekonomsku harmoniju. Zemlјe koje se specijalizuju za izvoz sirovina doći će pre ili kasnije do suprotnog efekta od ekonomije obima, naime do opadajućih prinosa. Održivi razvoj danas predstavlјa neku vrstu monopola na proizvodnju naprednih dobara i usluga, u kome bogate države doživlјavaju jednu eksploziju produktivnosti za drugom. U prvom delu rada analiziramo efekte koje su apstraktne teorije klasične liberalne ekonomije imale na siromašne zemlјe, kao i neoliberalnu politiku koju danas Svetska banka, Međunarodni monetarni fond i Svetska trgovinska organizacija primenjuju u zemlјama u razvoju. U drugom delu rada analiziramo primere zemalјa čiji je ekonomski prosperitet rezultat pametne i pragmatične mešavine tržišnog podstreka i državnog upravlјanja. U trećem delu rada dajemo preporuke za novu razvojnu i trgovinsku politiku Srbije. U poslednjem delu rada ukazujemo na značaj brendiranja kao faktra u izvoznoj konkurentnosti preduzeća