Suchergebnisse

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.

From the very beginning the steps towards unification of European countries have been founded on the personal incentives of politicians, but not on broad democratic agreement of the people. That method has never been abandoned: even the huge administrative apparatus in Brussels that makes important decisions without any democratic control could be seen as natural consequence of such praxis. It is just because of such political behaviour where important political documents and decisions are made out of the eyes of the public, which the great political incentives, such as referendum on the European Constitution, have failed. If we ask ourselves where it has gone wrong the possible answer is that EU has been made according the needs of the rich and mighty countries. The states that are located on the periphery of EU have no political influence on the main decisions, and cannot decide about their own economic development. They are simply forced to adapt ourselves to the interests of the most advanced. But the protests all over EU show that the general economic concept of the EU is wrong and that it will generate crises in the long run.

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.

United States participation in international politics during the period between the two world wars, come not only from the general and often declarative interest in peace, but was also a consequence of extremely rapid expansion of their foreign trade and overseas capital investments. It was a period of intense financial diplomacy, when efforts to maintain the gold standard, to determine the amount of reparations and the manner of payment of war debts, brought confusion not only in relations between victors and vanquished, but also in relations between the United States and its former European allies. Abandonment of the gold standard and the creation of the tripartite agreement between the United States, Britain and France, in the 1936, was a milestone in the development of international monetary cooperation and the role of United States in international economic relations. .

The debtors' crisis at the end of the 20 century is a hard reality facing the transitional countries. (And not only them.) However, to borrow or not to borrow, is a false dilemma. In the situation when in most transitional countries the local accumulation is insufficient for financing the economic development and completing the transitional process, the only alternative is borrowing. This is particularly unavoidable when the influx of foreign capital via direct investments is meagre. This is also true for the Republic of Croatia, in which the level of direct investments is, for the time being, very modest. That is why borrowing, particularly from foreign countries, calls for a high degree of caution, a well-thought out approach to borrowing, and the rational use of the loans. (SOI : S. 204)

In this paper, we consider the relationship between the entrepreneurial state and the crisis (caused by economic and non-economic reasons and vice versa). Thus, it is about the interactive attitude of the entrepreneurial state in resolving the crisis and the impact of the crisis on the further development of new economic competencies and competencies of the state in the economy. The entrepreneurial state is seen as an entrepreneur and one of the most important economic actors, which accepts long-term investment risks, bearing in mind the broader picture and the common good. The development of new technologies and new technology companies in the United States and other developed countries has been possible, thanks to the investment of the American entrepreneurial state and its agencies. We start from the assumption that the American crisis, in 2008. caused by high debts, the private sector, not the US public debt, which today is enormously high and skyrocketing. At the heart of this consideration is the thesis that the classical economic theory of non-interference of the state in economic life, which stands aside in the recent era of the development of global capitalism, does not hold water. On the contrary, it turns out that government risky investment in the long run is the basis of a modern economy in which the private sector can develop only on the premises of this huge investment in the development of modern new technologies. Most innovation today and research institutes in the United States are due to the investments of the American state. The paper discusses the impact of the crisis on the understanding of the entrepreneurial state and its role in innovation, the role of new technologies and innovations in economic growth, entrepreneurial state and risks, entrepreneurial state and knowledge economy, entrepreneurial state in "pushing" versus "pulling" the green industrial revolution and the cost of investment, innovation, and development of the American entrepreneurial state. ; U ovom radu razmatramo odnos preduzetničke države i krize (izazvane ekonomskim i neekonomskim razlozima i vice versa). Dakle, riječ je o interaktivnom odnosu preduzetničke države u rješavanju krize i uticaju krize na dalji razvoj novih ekonomskih ingerencija i nadležnosti države u ekonomiji. Preduzetnička država se posmatra kao preduzetnik i jedan od važnijih ekonomskih aktera, koji prihvata rizike ulaganja na dugi rok, imajući na umu širu sliku i opšte dobro. Razvoj novih tehnologija i novih tehnoloških kompanija u SAD i drugim razvijenim zemljama bio je moguć zahvaljujući investiranju američke preduzetničke države i njenih agencija. Polazimo od pretpostavke da su američku krizu 2008. godine izazvali visoki dugovi privatnog sektora, a ne javni dug SAD, koji je danas enormno visok i vrtoglavo raste. U osnovi ovog razmatranja stoji teza da klasična ekonomska teorija o nemiješanju države u privredni život, koja stoji po strani u najnovije doba razvoja globalnog kapitalizma, ne drži vodu. Naprotiv, pokazuje se da je državno rizično investiranje na dugi rok u osnovi savremene ekonomije u kome privatni sektor može da se razvija samo na premisama tog golemog ulaganja u razvoj modernih novih tehnologija. Većina inovacija danas i istraživačkih instituta u SAD duguje ulaganjima američke države. U radu razmatramo uticaj krize na shvatanje preduzetničke države i njene uloge u inovacijama, ulogu novih tehnologija i inovacija u privrednom rastu, preduzetničku državu i rizike, preduzetničku državu i ekonomiju znanja, preduzetničku državu u "guranju" nasuprot "podbadanju" zelene industrijske revolucije, koristi i cijene investiranja, inovacije i razvoj američke preduzetničke države.

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.