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 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.

While the author is impressed by Cornwell's style and presentation, he is appaled by the lack of seriousness exhibited by the author who writes about an imprtant subject (not broached for the first time, by any means) and by demonstrated inability to supress his preconceived notions and even prejudices. Cornwell relies heavily on Owen Chadwick, which assures that he mentions most important facts about the involvement of the Cardinal and Pope Pius XII (whom Cornwell systematicaly entitles by his family name. Pacelli) in contemporary politics, but he bends and ignores Chadwick's research when he makes his judgment about the Pope. Cornwell's treatment of the Catholic Church in the Independent State of Croatia (he gives it an entrie chapter) is a traversy of research and objective writing. His main source. if not the only, for the presentation of the Church in Croatia during the World War II is the 35 years old book by Carlo Falconi. Cornwell perhaps did not know , but he could have and must have been informed, that Falconi wrote his piece on the basis of the propagandistic material given to him by the Yugos]av secrete service and propagandists, which served the purpose of anti-Chatolic propaganda in Yugoslavia. A well intended reader could excuse Cornwell (he does not read Croatian and could not know what some authors wrote about Falconi's sources at the time his book appeared), if he did not point those "Croatian materials" as essential not only for the condemnation of the Croatian Catholic episcopate, but for Pius XII as well. (SOI : CSP: S. 190)