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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 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.

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 author provides a definition of political marketing and hightlights its links with democratic polity, reviews the evolution of political marketing from the party to the marketing concept, looks into political marketing as a sort of construction of political reality and analyzes political marketing in Croatia. The author points out that political marketing is resisted by the very people who should make use of it, but that there are some objective circumstances which stand in its way, such as the lack of money, the undeveloped public electronic media, and the still predominantly traditional culture of the society, more inclined to oral communication. (SOI : PM: S. 167)

The article looks into the process of "building" the monetary union of the EU member-countries and the creation of the European currency, EURO. Following the lengthy negotiations, the Euro-system era commenced on 1 January 1999, when the Euro was launched, marking the beginning of the third phase of the monetary union. At first, EURO will be virtual money and function as a dual currency, and only in 2002 will it get its physical form for everyday usage. In the first half of that year, local currencies will be replaced by the Euro in eleven EU countries that have satisfied the stringent criteria of "suitability" for joining the monetary union. (SOI : PM: S. 69)

Predmet ovog rada jeste prikaz javno-privatnih partnerstava kao instrumenta za koji se pretpostavlja da bi, ukoliko bi se primenjivao prvenstveno na lokalnom, ali i na višim nivoima upravljanja, omoguéio vlastima u svakoj zemlji brži i kvalitetniji ekonomski razvoj društva. Iskustva moderno uređenih demokratskih društava u decentralizaciji vlasti po principima subsidijariteta i fiskalnog federalizma daju uvid u set mera i principa stvaranja dobrog poslovnog okruženja kao prim amog faktora privlačenja kapitala, a time i opšteg razvoj a države. Javno-privatna partnerstva su kao najsloženiji i najnoviji instrument podsticanja ekonomskog razvoja modemih država od posebnog značaja. Još uvek u fazi razvoja i u primeni u nekolicini najrazvijenijih demokratija, pred ovim složenim instrumentom tek leže pravi izazovi i budućnost. Stoga je cilj ovog rada prepoznavanje važnosti najsloženijeg instrumenata za podsticanje ekonomskog razvoja, a to su javno-privatna partnerstva i njihovo poznavanje u teoriji i kroz primenu u praksi. Ono je od velikog značaja sadašnjim i budućim kadrovima koji rade u javnoj upravi Srbije na svim nivoima. Naučni značaj ove teme j e u sistematskom prikazu i analizi modela javno-privatnih partnerstava. JPP su aktuelna tek od 90-ih godina, zemlje EU tek početkom 21.veka osnivaju posebna tela koja se pri vladama bave JPP, a Evropska komisija je tek 2004. izdala Zelenu knjigu o JPP, koja delimitino defunse i analizira JPP. Iz naučnog proizlazi i društveni značaj ovog rada, a to je bolje razumevanje JPP, podizanje svesti sadašnjih i buduéih kadrova u javnoj upravi o njihovom značaju i spremnosti da u predstojeéim reformama ispravno i kvalifikovano zastupaju interese društva u čije ime rade. Osim kao doprinos teoriji o javnoj upravi, ovaj rad ima veći značaj kao priručnik organima te iste uprave u poznavanju i primeni JPP kao instrumenta kojim se podstiče ekonomski razvoj. ; This paper focuses on the presentation of public-private partnerships (PPPs) as instruments which are assumed to enable faster economical development of municipalities and the country in total, for the authority of our country, if firstly applied locally, but then also on higher levels of management. The experiences of the modem democratic societies in the area of decentralization of the authority by the principles of subsidiarityand fiscal federalism, enable the insight to the set of measures and the principles of creating the good business environment as the primary factor of attracting investments, and subsequently enabling the general local development. Public-private partnerships are the most complex, and the latest instrument of special importance for encouraging the economic development of modem states. Still in the phase of development and applied in a few the most developed democracies only, this complex instrument is yet to face the real challenges and the future. Therefore the objective of this paper is recognizing the importance of the most complex instrument for encouraging the local economic development, which are the public-private partnerships and the theoretical and practical knowledge about them.This is of the most importance for current and future staff employed in the public administration of Serbia, at all levels. The scientific importance of this paper is the systematic presentation and analysis of the model of the public-private partnerships. PPPs have become more present since the 90's; at the beginning of the 21st century the EU countries have started forming special government bodiesto deal with PPPs, and the European commission has issued the Green book on PPPs only in 2004, which defines and partly analyses the PPPs. The outcome of the scientific significance of this paper is also the social one: the better understanding of the PPPs, lifting the awareness of the current and future staff employed in the public administration about their significance and competence to, in future reforms, correctly and skillfully represent the interest of the society in whose behalf they act. Beside the contribution to the theory about the local government, this paper has a greater meaning as a guide book for its administrative bodies, when addressing the issues of knowing and applying the PPPs as the instrument to encourage the economic development.

For decades, the US economy have had a chronic current account deficit, which is a consequence of the high trade balance deficit. The highest value of the current account deficit was recorded in 2006 (798.5 billion USD), when the Chinese share in US trade deficit was 32%. Hence, there is a discussion about sustainability of the US trade deficit, as well as the debate about the most important perpetrator for global trade imbalances. China is accused because of the high saving level and depressed currency policy. On the other side, US used the historic privilege of USD as world reserve currency to build a cult of consumption economy. This paper aims to reconsider these statements and, based on the cause analysis of the disequilibrium, define not only the main levers, but also the instruments which can be used for neutralization of this global imbalance. The analysis for each country covers the period 2000-2013 and includes many variables, e.g. current account deficit, savings, investment, interest rate level, etc. The research showed that China brought the referent down interest rate with the investment of excess liquidity, and that the FED did not use any other instrument as a defence of the interest rate level. The FED prescribed the required reserve level, but it failed to respect the rules. The reserve level was allowed to be reduced and thus enabled money supply expansion and low interest rate level.