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.

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)