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)

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).

"Hurtling between Weltschmerz and wit, drollness and diatribe, entropy and enchantment, it's the juxtaposition at the heart of Dubravka Ugresic's writings that saw Ruth Franklin dub her "the fantasy cultural studies professor you never had." In Europe in Sepia, Ugresic, ever the flâneur, wanders from the Midwest to Zuccotti Park, the Irish Aran Islands to Jerusalem's Mea Shearim, from the tristesse of Dutch housing estates to the riots of south London, charting everything from the listlessness of Central Europe to the ennui of the Low Countries. One finger on the pulse of an exhausted Europe, another in the wounds of postindustrial America, Ugresic trawls the fallout of political failure and the detritus of popular culture, mining each for revelation. Infused with compassion and melancholic doubt, Europe in Sepia centers on the disappearance of the future, the anxiety that no new utopian visions have emerged from the ruins of communism; that ours is a time of irreducible nostalgia, our surrender to pastism complete. Punctuated by the levity of Ugresic's raucous instinct for the absurd, despair has seldom been so beguiling"

The main objective of this paper is to determine the level of relevance of the economic development and the level of pollution of thirteen states that joined the European Union (EU) in the last three enlargement rounds (2004, 2007, and 2013), with the length of transitional periods, i.e. the number of regulations that have agreed transitional periods. The initial assumption is that the level of economic development of countries joining the EU and the level of pollution are affecting the length of transitional periods and the number of regulations that are agreed upon transitional periods. Accordingly, the paper points to the level of economic development (measured by GDP) and the level of pollution (emissions measured by CO2/pc and CO2/gdp). All the states are grouped into five regional groups (Mediterranean, Central Europe, the Baltics, South-East Europe and the member states of the former Yugoslavia) . Separate part of the paper analyzes in detail the types of regulations relating to the agreed transitional periods, and the number and length of transitional periods that are contracted by the states of the five groups. For the analysis we used the transitional periods in the field of energy, environment and transport, given their potential importance for CO2 emissions. The final part of the paper analyses perceived relevance between the level of economic development, levels of pollution, the length of transitional periods and the number of regulations that are agreed upon transitional periods.