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.
Fiscal consolidation is one of the most commonly used instruments of fiscal policy in order to "recover" the economy of a country. Successful implementation of the fiscal consolidation plan leads to a reduction of the budget deficit and public debt, with expansive effects primarily related to GDP growth. However, the success of fiscal consolidation does not depend only on a good plan or precise strategy. The complexity of fiscal consolidation requires knowledge of the entire macroeconomic system. The aim of this paper is to, based on previous experience, define the conditions which determine successful fiscal consolidation. Also, the paper will emphasize the most common mistakes which prevent consolidation from going in the desired direction. It should be mentioned that there is no unique fiscal policy and that each country has the opportunity to formulate a fiscal consolidation strategy based on its predispositions, expecting to bring the best results. ; Fiskalna konsolidacija predstavlјa jedan od najčešće korišćenih instrumenata fiskalne politike u cilјu "ozdravlјenja" privrednog i ekonomskog ambijenta jedne države. Uspešnim sprovođenjem plana fiskalne konsolidacije postiže se smanjenje budžetskog deficita i javnog duga, uz ekspanzivne efekte, koji se prvenstveno odnose na rast BDP-a. Međutim, za uspeh fiskalne konsolidacije nije dovolјno imati dobar i jasan plan i preciznu strategiju. Kompleksnost fiskalne konsolidacije zahteva poznavanje celokupnog makroekonomskog sistema. Cilј rada jeste da, na osnovu prethodnih iskustava, definiše koji su to preduslovi koji opredelјuju uspešnu fiskalnu konsolidaciju. Isto tako, u radu će biti naglašene najčešće greške zbog kojih konsolidacija ne ide u želјenom pravcu. Treba naglasiti da ne postoji jedinstvena fiskalna politika i da svaka zemlјa ima mogućnost da na osnovu svojih predispozicija formuliše strategiju fiskalne konsolidacije, za koju veruje da će doneti najbolјe rezultate.
Centralna hipoteza koja se kroz ovaj rad analizirala jeste da li municipalne obveznice mogu biti instrument lokalnog ekonomskog razvoja. Ovo pitanje je od velikog značaja imajući u vidu da u procesu pridruživanja Srbije Evropskoj Uniji, lokalna samouprava će imati puno obaveza u svojoj nadležnosti, a vrednost projekata koje bi lokalne samouprave na putu ka Evropskoj Uniji trebale da finansiraju (samostalno ili u saradnji sa donatorima, centralnim nivoom vlasti, privatnim sektorom.) se procenjuje na između 3 i 5 milijardi evra. Dosadašnji pristup finansiranju investicionih projekata svakako neće biti dovoljan da se izađe u susret gore pomenutim zahtevima, pa je i glavna tema ovog rada šta lokalne samouprave treba da učine da bi kvalitativno unapredile proces finansiranja investicionih projekata u njihovoj nadležnosti. Sa nekih 15% budžetske potrošnje na lokalnom nivou, Srbija spada u red srednje decentralizovanih zemalja (prosek za OECD članice je 21%), ali po drugom pokazatelju, broju zaposlenih na lokalnom nivou, Srbija spada u grupu izrazito centralizovanih zemalja sveta (16% državne administracije je zaposleno na lokalnom nivou, a 84% na centralnom nivou). Uvođenjem programske klasifikacije budžeta kao obaveznog dela odluke o budžetu za 2015. godinu, stvorili su se uslovi za povećanje transparentnosti rada lokalne samouprave u Srbiji, a samim tim i za povećanje njenih nadležnosti i njene samostalnosti. Za bolju i efikasniju lokalnu vlast direktan izbor gradonačelnika (predsednika opštine) čini se kao dobro rešenje. Ovaj model lokalne vlasti se uspešno primenjuje i u razvijenim zemljama sveta i u zemljama u regionu, a i Srbija ga je imala u periodu od 2002. do 2007. godine. Srbija spada u red relativno samostalnih lokalnih samouprava koje samostalno ubiraju oko 30% svojih prihoda (izvorni prihodi), dok ustupljeni prihodi čine još oko 50% njihovih budžeta. Kako bi se napravili dalji koraci u jačanju samostalnosti lokalne samouprave u Srbiji, neki prihodi bi mogli da iz kategorije ustupljenih pređu u kategoriju izvornih prihoda (porez na prenos apsolutnih prava i porez na nasleđe i poklon, kao i porez na dohodak građana), ili da iz kategorije prihoda centralne vlasti pređu u nadležnost lokalne samouprave (porez na dobit preduzeća). Efikasnost lokalne samouprave u procesu planiranja i izvršenja budžeta i investicija ima dosta prostora za unapređenje, a slična situacija je i sa zaduživanjem. ; The central hypothesis that the author in this paper tried to confirm is whether municipal bonds can be an instrument for local economic development. This issue is of great importance given the fact that the process of joining the Serbia to European Union, the local governments will have a lot of obligations under their jurisdiction, and the value of projects that local governments should finance (independently or in cooperation with donors, central level of government, the private sector .) on the path towards the European Union is estimated on 3 to 5 billion euros. The current approach to financing investment projects will certainly not be sufficient to meet the above mentioned requirements and the main theme of this paper is what local governments should do to qualitatively improve the process of financing investment projects in their jurisdiction. With around 15% of budget spending at the local level, Serbia is categorized as middle decentralized country (the average for OECD member states is 21%), but according to the second indicator, the number of employees at the local level, Serbia belongs to the group of highly centralized countries in the world (16% of the state administration is employed at the local level, and 84% at the central level). With the introduction of a program classification of the budget as a mandatory part of the Budget decision for 2015, conditions for increase of the transparency of local selfgovernment in Serbia were created, providing the conditions for increase of local selfgovernment authority and independence. For better and more effective local government, the direct election of the mayor (municipal president) seems like a good solution. This model of local government is successfully applied in developed countries and countries in the region, while Serbia had this set up from 2002 to 2007. Serbia is one of the countries with relatively autonomous local governments that independently collect about 30% of its revenues (original/own revenues), while shared revenues are about 50% of their budgets. In order to make further steps in the process of strengthening the autonomy of local selfgovernments in Serbia, some revenues could be transferred from the category of shared into the category of own revenues (tax on transfer of absolute rights and taxes on inheritance and gifts, as well as personal income tax), or from the category of central government revenues to the jurisdiction of local self-governments (corporate income tax).
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 financial sector is characterised by numerous changes that affect the changes in the institutional structure of functioning of the financial system, as well as the choice of funding of business entities. This has resulted in the fact that in contemporary business conditions, financing of economic development become a complex area of research. Local development planning on the basis of public revenues is a weak base for the rapid development of local governments. Therefore, it is necessary to supplement the budget financing by attracting private capital for the construction of public goods and improving the quality of public services. In this regard, the objective of this paper is to point to alternative ways of borrowing, both from domestic and international sources of funding, as well as to the possibilities for their use by the local governments. Bearing in mind the defined objective, the paper discusses the possible external sources of funding of local governments, such as loans from commercial banks and other financial institutions, and municipal bonds. In order to evaluate the possibilities for successful development of local governments, the paper points to the possible solutions to financing projects of public importance in the practice of Serbia.
The European Union is the most complex and by any aspect the most unique example of a regionaleconomic integration. Its origin, evolution and survival are based on a common legislative andinstitutional framework. The so-called common policies implemented in a number of economicand non-economic areas are particularly distinctive. Most of them are implemented on two levels:national and communal. The only common policy that is fully implemented at the European Unionlevel is the Community Agrarian Policy (CAP), whereas the agriculture has the highest expenditurein the communal budget. The function of CAP is primarily economic as its goals are strictly relatedto economic issues: price stability of agricultural products, productivity growth, higher wages forthe farmers, etc. The CAP strengthens the Union's social cohesion, which is of utmost importancein times of constant crises, BREXIT and other extreme instabilities. For this reason, the CAP hasbeen in the processes of continuous reforms (MacShary, Mansholt and those of recent times) fordecades, in order to increase its efficiency and justify enormous financial investments. The CAPresults depend on the achievement of preset objectives and the exchange of agricultural productsand food that the European Union generates globally. It has been demonstrated that the CAP is asignificant common policy, both in achieving economic goals and in the sphere of strengtheningcommunal cohesion.
The paper analyzes military capabilities of the European Union, as an important element of the credibility of the EU Common Security and Defense Policy (CSDP). It discusses the development of these capabilities, and main problems that go along with the operationalization of these capabilities, as well as the prospects of their further development. Is the intergovernmental approach to the area of the EU security and defense policy a barrier to the development of EU military capabilities? What is the extent of the harmonization between 'military' competences of the EU and national specificities? The paper aims to provide answers to these questions. The first section analyzes the institutionalization of the EU security and defense policy, which includes both the establishment of special political and military structures responsible for the decision-making process within the framework of this policy, and the adoption of specific goals for the development of EU military capabilities. The second section analyzes the main difficulties met in the operationalization of EU military capabilities, concerning the efficiency of decision-making procedures, lack of strategic capabilities, the discord of national reforms regarding the modernization of the armed forces, and duplication of national programs covering the military equipment. The third section discusses the prospects of the development of EU military capabilities in the light of EU member states' military budget cuts. It concludes that the gradual evolution of the EU security and defense policy can be seen as an incentive for coordinating the efforts of the member states in the development of EU military capabilities.
У овом раду сам настојала да укажем на могућност истраживања културне политике у Србији на примеру рада Опере Нaродног позоришта у Београду, као и репертоарске политике Управе опере у друштвено-политичком и културолошком оквиру у периоду од 1971. до 2011. године. Разлог да се посветим истраживању рада Опере у поменутом временском раздобљу јесте питање: шта се догађало са Опером после златног периода? Сазнање да не постоји ниједна студија у којој је прикупљена и систематизована грађа о раду Опере Народног позоришта у протеклих четрдесет година, подстакло ме је да истражим могуће разлоге за "сумрак" институције која је, током златног периода била једна од најјачих адута југословенске културне политике. ; In this paper I tried to address the possibility of researching the cultural politics in Serbia in the case of Belgrade National Th eatre Opera as well as the repertoire politics of Opera's management in the social-political and the cultural context between 1971 and 2011. I wanted to address the following question: What was happening with the Opera after the Golden period? Th is paper discusses the changes that have infl uenced the development of the given cultural institution's work. Within the institution, there were problems as evidenced by the White Book, which was published 1970 in order to inform the general public about the idea of opera's all-round reform. Th e book stated that the main reasons for the reform were: 'insuffi cient professionalism', material and fi nancial situation and the Opera's repertory. At the end of the 1960s, the National Th eatre failed to "prepare" basic conditions for reform. In 1968 Th eater Community was founded, as well as specifi c self-association and through the activities of the organization National Th eatre secured substantial funding. Th ere were several reform initiatives to improve the situation in Opera, such as the idea of establishing a chamber theater - Krug 101 and the improvement of professional work in Opera. By the beginning of the 1980s, Yugoslavia was economically falling even deeper into crisis and that refl ected in the work of Opera. Th e beginning of 1990s was marked by strong political interference in all spheres of life, which was typical for a society in transition. Preliminary concept of cultural politics of this period was to propagate the desirable national values of the new Yugoslavia. Th is was confi rmed by the fact that the repertoire of the Opera exempted all the works of the composers of the former countries of Yugoslavia and set only a part of Serbian authors. It was a time when the theater faced insuffi cient funding from the state budget. Th is situation infl uenced the quality and quantity of performance. Former Socialist Party was replaced with Democratic Party, which in the next ten years (2000–2010) strived towards 'modern' Serbia. Th is was confi rmed by the work of the Opera, which aimed to return to the European stage (travel abroad, setting the forgotten and the new opera). From the early 1970s to 2011 in the work of the Opera, we tried to fi nd possible reasons that led to the "twilight" institutions. It is necessary now to focus on the cultural life by establishing a cultural policy that will determine the goals and strategies of cultural action. Th is direction may be possible after the transition, which means "regulated society" that will have a stable cultural policy, and thus defi ned the relationship between the state and national opera, and its repertoire. ; Први национални научни скуп са међународним учешћем
