Suchergebnisse

Although late, economic development of Serbia prior to the Global economic crisis was relatively fast, comparing to other transitory economies. Small and medium scale enterprises (SMEs) had also fast growth and become important economic subject. The Global economic crisis has negatively influenced the national economy from late 2009, including SMEs. Those companies and shops are on the low level of international competitiveness, as a consequence of process of de – industrialization and slow process of restructuring. In order to get better look into labor productivity driving forces an analysis was performed through regression framework, while the analyses, performed for EU countries was used as a benchmark. Those results pointed that labor productivity growth of Serbian SMEs during recession years was results of decreasing employment and not from expansion. It also pointed that export growth and investments growth are important for increase in labor productivity. Improving labor productivity is essentially important for increasing international competitiveness of Serbian SMEs. It is very complex issue from analytical point of view and improvement in data basis and analytical methodology would be useful, especially for decision makers and policy makers also.

As a rule, long-term bank loans entail solid security - a mortgage, regardless of their purpose. The mortgaged property has its specific market value during the loan approval period but during the repayment period, the value of the real estate varies. This is the reason why the initially specified indicator of the coverage of loans with the value of the mortgage - the LTV ratio changes, which in turn increases the risk of loan repayment. The aim of this paper is to draw attention to the necessity of establishing adequate initial LTV ratios (together with other important ratios). This would help nullify the risk of any variations in real estate prices, the loan currency risk, the interest rate risk, as well as the risk of an increase in bank's claims because of a long foreclosure process. The paper analyses effects of changes in LTV ratios caused by varying circumstances using the case study method. The comparative method analyses the changing trends of data on the LTV ratios for the already approved loans over a seven-year period by comparing the flow of the loan capital sum with the real value of the mortgage for three types of loans. The conclusion reached is that commercial banks should establish the initial LTV ratio for various long-term loan products and thus prevent its rise. Banks should do this by taking into account all the factors that cause the ratio's increase, and thus give preference to the reduction of the credit risk and not the attractiveness and accessibility of loan products.

This paper offers a critical analysis of the strategic framework for long-term economic development of Serbia, of the role of strategic development in the success of the transition process, and the consequences of the lack of a development strategy. The strategy of long-term economic development of Serbia, as a programme intended to designate the economic and development policy of the state, is analyzed with the aim of finding an acceptable formulation of development strategy. The authors consider various approaches and propose a strategy for Serbia in the period of transition towards market economy. They also point out that, in the period of transition from a government-planned towards a market economy, strategy should be given greater importance than in periods that do not represent turning points, because of the greater possibility of incorrect policy making, potential conflicts of interest groups, reaching sustainable development, and maximizing prosperity. The authors take into account the advantages and disadvantages of the radical and of the gradualist approach to transition and propose formulating a development strategy that would contain combined elements of plan and market mechanisms. They believe that the process of transition lacks a clear development strategy, and that the quality of the existing development strategy of Serbia until 2010 is such that it cannot be understood as a serious approach to the transition issue. The authors stress the consequences of undergoing transition without a development strategy, that include inappropriate dynamic and sequence of reforms; a lack of coordination between development policy, macroeconomic policy, market reforms, and spatial planning policy; higher costs of transition, insufficient rate of economic growth, etc. They offer proposals for a comprehensive development framework (CDF) and for strategic planning of territorial industrial development.

The paper offers a critical analysis of the strategic framework for long-term economic development of Serbia, of the role of strategic development in the success of the transition process, and the consequences of the lack of a development strategy. The strategy of long-term economic development of Serbia, as a programe intended to designate the economic and development policy of the state, is analysed with the aim of finding an acceptable formulation of development strategy. The authors consider various approaches and propose a strategy for Serbia in the period of transition towards market economy. They also point out that, in the period of transition from a government-planned towards a market economy, strategy should be given greater importance in period that do not represent turning points, because of the greater possibility of incorrect policy making, potential conflicts of interest groups, reaching sustainable development, and maximizing prosperity. The authors take into account the advantages and disadvantages of the radical and of the gradualist approach to transition and propose formulating a development strategy that would contain combined elements of plan and market mechanism. They believe that the process of transition lacks a clear development strategy, and that the quality of the existing development strategy of Serbia until 2010 is such it cannot be understood as a serious approach to the transition issue. The authors stress the consequences of underground transition without a development strategy, that include inappropriate dynamic and sequence of reforms< a lack of coordination between development policy, macroeconomic policy, market reforms, and spatial planning policy< higher costs of transition, insufficient rate of economic growth, etc. They offer proposals for a comprehensive development framework (CDF) and for strategic planning of territorial industrial development. ; Urednici: Nada Milašin, Nenad Spasić, Miodrag Vujošević, Mila Pucar ; Ev.br.projekta 1383 "'Planiranje i upravljanje razvojem u uslovima prelaska na tržišnu privredu privredu- institucionalno prilagođavanje praksi i standardima EU", Ekonomski fakultet Univerziteta u Beogradu i Institut za arhitekturu i urbanizam Srbije, 2002-2005. ; Posebna izdanja 44