Suchergebnisse

Foreign investment fund in the world has multiplied several times in the last twodecades. However, growing trend of foreign investments fl ow has been broken by the recentfi nancial crisis in the world. Lower infl ow of foreign investments into the developingcountries has made the funding of their current accounts diffi cult, because it becamemore diffi cult for them to get loans in the international capital market. Most net importersof capital are net debtors in the international capital market, which made them increaseinvestment attractiveness for international investors. Thus they tried to decrease theirexposure to the loan market. Although foreign investments are desirable source of fundingthe current account defi cit, net infl ow of these funds generates negative balance in theincome account and puts pressure on the balance of payments of the country. World investmentfl ows have returned to the upward trend in 2013.This paper analyses foreign investments fl ow in the world, by groups of countries.The groups of countries, the subject analysis of this paper, are: Asia, Latin America,Africa, countries in transition and developed countries. The most signifi cant countriesthat are net exporters of capital in the world are the European Union and USA, while thebiggest importers are the growing Asian countries. Starting period for this analysis is1990, and ending period is 2013. Therefore, time series of the analysis covers economiccycles, i.e. rise from the nineties of the last century, then the period of global fi nancial andeconomical crisis that lasted all the ay until the end of 2012.

Today's world is shaped by the processes of globalization and economic liberalization, which dominantly determine the social, economic, environmental and political conditions. As part of these processes, there is an increasing rhetoric about the activities of the state to build a legal system 'ideal for attracting' foreign investment, to establish state institutions in charge of 'attracting foreign investment', and to create a business environment conducive to 'attract' foreign investment. Faced with citizen requests and pressure to create conditions for employment, in initial negotiations with foreign investors state, authorities articulate their willingness to meet these requests. The affirmative stance of governments towards the investments of multinational companies easily can be changed. Once the investment begins, the pledges made by one contracting party to the other may prove to be unrealistic and economically unjustified. The tensions generated between the host state and foreign investors jeopardize the foreign investment contract concluded by the contracting parties. Further fulfillment of contractual obligations from foreign investment contracts will be possible if the contracting parties resolve the resulting conflict through mutual negotiations. Through negotiations, the contracting parties can depreciate the impact of the changed circumstances, including a range of economic, political, legislative and environmental conditions. Initiating negotiations at the right time and conducting them in good faith may lead to a solution. Even if an agreement is not reached, the renegotiation may contribute to a better understanding of contractual partners and redefining the positions of the contracting parties.

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 aim of the research was to determine the effects of globalization on the international business Serbia, as well as the contribution of FDI to the current socio-economic development of Serbia in the process of joining the European Union and anticipating numerous challenges. The entire research is based on the simultaneous use of different methods of qualitative and quantitative analysis, and synthesis and comparison. Analysis of the situation in the domestic economy, it was concluded that met only some of the prerequisites for a higher level of foreign direct investment because foreign direct investments in Serbia have not yielded the expected results. The results show that the process of priva-tization contributed to the revival of several forms of investment: domestic investors, foreign direct investment, loans and capital mar-kets. To unapredula and improve the investment climate, it is necessary to remove administrative barriers to foreign investment through amen-dments to existing legislation, the establishment and strengthening of relevant institutions, as well as the further development of infrastructu-re. With this in mind it is necessary to develop new comparative advan-tages in exports, based on technological modernization of the economy and improving the concept of education, management and organizatio-nal knowledge and experience. The results provide the identification of all the advantages and disadvantages inherent in the globalization of the economy and foreign direct investment.

For decades, the US economy have had a chronic current account deficit, which is a consequence of the high trade balance deficit. The highest value of the current account deficit was recorded in 2006 (798.5 billion USD), when the Chinese share in US trade deficit was 32%. Hence, there is a discussion about sustainability of the US trade deficit, as well as the debate about the most important perpetrator for global trade imbalances. China is accused because of the high saving level and depressed currency policy. On the other side, US used the historic privilege of USD as world reserve currency to build a cult of consumption economy. This paper aims to reconsider these statements and, based on the cause analysis of the disequilibrium, define not only the main levers, but also the instruments which can be used for neutralization of this global imbalance. The analysis for each country covers the period 2000-2013 and includes many variables, e.g. current account deficit, savings, investment, interest rate level, etc. The research showed that China brought the referent down interest rate with the investment of excess liquidity, and that the FED did not use any other instrument as a defence of the interest rate level. The FED prescribed the required reserve level, but it failed to respect the rules. The reserve level was allowed to be reduced and thus enabled money supply expansion and low interest rate level.

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.

For an artist at the earliest stages of his career, accumulating a stock of knowledge and skills can become the most important basis from which he or she might expect a higher income or ranking on the art market in the future. These investments can be seen as the direct costs of higher education in art, which together with other costs make a significant corpus of investment for the artist, from which some future return may be expected. According to the renowned theoretician of economy Ruth Towse, such investment can also be considered as a "percentage of personal income," which can be understood as compensation for any interest that the artist would have realized in case he had effectively converted such investment into savings or invested in something else. Thus, the indirect costs of investing in art education are all those that we can consider as earnings that were missed during the training period, or period of knowledge accumulation. In this case, theorists will agree that such investment may be considered as an opportunity cost, which would have been compensated had that time been used for work, that is, invested in earning rather than learning. Therefore, in this paper, based on these dichotomy contributions, we will build on the general views of the contract theory as proposed by Richard E. Caves on the negotiating position of the artist, which in most cases constitutes an "incomplete contract" that cannot compensate for all the costs of art education and later the price and market value of his or her work. The need to pay special attention to this topic in the new conditions of political economy arises from a rather dominant and hypostatic form of cognitive capital on the one side, and the neoliberal model of cultural policy on the other. ; Stvaranje zaliha znanja i vještina za umjetnika u najranijim fazama njegovog razvoja može da predstavlja najznačajniju osnovu s koje u budućnosti može očekivati veći dohodak ili ranigiranje unutar nekog umjetničkog tržišta. Ta ulaganja moguće je sagledati kao neposredne troškove visokoškolskog umjetničkog obrazovanja koje povezano sa ostalim troškovima čine značajan korpus investicija umjetnika od kojih se, u perspektivi, može očekivati povraćaj uloženog. Po riječima ugledne teoretičarke ekonomike kulture, Rut Tausi [Ruth Towse], takvo se ulaganje može nazvati i "lična stopa prinosa" koja se može razumjeti kao nadoknada eventualne kamate koju bi umjetnik ostvario da je kojim slučajem takvu investiciju efektivno pretvorio u štednju ili investirao u nešto drugo. Na drugoj strani, posredni troškovi ulaganja u umjetničko obrazovanje su svi oni koje možemo smatrati propuštenom zaradom koja nastaje u toku perioda obuke umjetnika, odnosno perioda akumulacije njegovog znanja. U takvom slučaju teoretičari će se složiti da se takva investicija može smatrati oportunitetnim troškom koji bi mogao biti nadoknađen da je to vrijeme bilo iskorišteno za rad, odnosno za prihodovanje, a ne za obrazovanje. Stoga ćemo u ovom radu na osnovu ovih dihotomijskih priloga pokušati da nadogradimo opšta stanovišta teorije ugovora Ričarda E. Kejvsa [Richard E. Caves] o pregovaračkoj poziciji umjetnika koja u većini slučajeva predstavlja "nepotpun ugovor" kojim se ne mogu kompenzovati svi troškovi umjetničkog obrazovanja te kasnije cijene i tržišne vrijednosti njegovog rada. Potreba da se ovoj temi posveti posebna pažnja u novim uslovima političke ekonomije nastaje iz jedne prilično preovladajuće i hipostazirane forme kognitivnog kapitala na jednoj i neoliberalnog modela kulturne politike na drugoj strani.

At the end of 2012 and the beginning of 2013, the Serbian Government issued the new national regulations in order to provide an acceptable legislation framework to achieve 2020 targets of 27% increase of total renewable energy sources share in the gross final energy consumption, relative to 2009. The target of a 37% increase relates to participation of renewable energy sources in electricity production. It requires construction of new significant capacities of renewable energy power plants as clearly defined in the National Action Plan for Renewable Energy Sources.This paper comprises critical analyses of targeted new installed capacity of renewable energy power plants for electricity production from different point of views, such as: new national energy policy, new national regulations, renewable energy sources potential in Serbia, efficiency of power plants and the investment financial models.According to the new national energy policy identified in the National Action Plan for Renewable Energy Sources, it is concluded that the new regulations related to the construction of new renewable energy power plants is completed, particularly concerning the investment security, provision of green electricity market, status of green electricity producer, and significant reduction of time for administrative procedures required to obtain a building permit. Particularly, the real wind potential in Serbia, based on the measured data over the past ten years of measurement campaigns at more than thirty locations, has been used to correct the targeted installed capacity of wind power plants. ; At the end of 2012 and the beginning of 2013, the Serbian Government issued the new national regulations in order to provide an acceptable legislation framework to achieve 2020 targets of 27% increase of total renewable energy sources share in the gross final energy consumption, relative to 2009. The target of a 37% increase relates to participation of renewable energy sources in electricity production. It requires construction of new significant capacities of renewable energy power plants as clearly defined in the National Action Plan for Renewable Energy Sources.This paper comprises critical analyses of targeted new installed capacity of renewable energy power plants for electricity production from different point of views, such as: new national energy policy, new national regulations, renewable energy sources potential in Serbia, efficiency of power plants and the investment financial models.According to the new national energy policy identified in the National Action Plan for Renewable Energy Sources, it is concluded that the new regulations related to the construction of new renewable energy power plants is completed, particularly concerning the investment security, provision of green electricity market, status of green electricity producer, and significant reduction of time for administrative procedures required to obtain a building permit. Particularly, the real wind potential in Serbia, based on the measured data over the past ten years of measurement campaigns at more than thirty locations, has been used to correct the targeted installed capacity of wind power plants.

Apart from the former EFTA members (Iceland, Lichtenstein, Norway and Switzerland) and afew former republics of the Soviet Union (Bjelorussia, Moldova and Ukraina) the countries ofthe Western Balkans are the only European states outside of the European Union. They are verykeen to join the Union. The Balkans have always been the poorest part of Europe. The appeal ofthe wealthy European Union is apparent. Access to the largest market in the world, investment,modern technologies and generous regional funds give a hope that by joining the EU the WesternBalkans countries will join the rich club. At the moment performance of the Western Balkancountries does not guarantee that they will become rich by joining the European Union. Theircurrent production and trade structure makes it likely that the Western Balkan countries will belocked in inter-industry trade in which they will export products of low and medium technologicaland developmental level and import products of high technological and developmental level. Thismight lead to divergence rather than convergence between them and the European Union. Inother to overcome this problem the Western Balkan countries need to conduct radical reformsin the public sector, fiscal policy, industrial trade and investment policy. They also need to tacklecorruption, simplify administrative procedure, strenghten property rights and the lawful state. Allthis with the aim to change economic structure and shift from achievements of the second andthird to fourth technological revolution. Only if these reforms are successfuly implemented theWestern Balkan countries can hope to avoid the Greek scenario and possibly experience the Irishscenario.

Predmet ovog rada jeste prikaz javno-privatnih partnerstava kao instrumenta za koji se pretpostavlja da bi, ukoliko bi se primenjivao prvenstveno na lokalnom, ali i na višim nivoima upravljanja, omoguéio vlastima u svakoj zemlji brži i kvalitetniji ekonomski razvoj društva. Iskustva moderno uređenih demokratskih društava u decentralizaciji vlasti po principima subsidijariteta i fiskalnog federalizma daju uvid u set mera i principa stvaranja dobrog poslovnog okruženja kao prim amog faktora privlačenja kapitala, a time i opšteg razvoj a države. Javno-privatna partnerstva su kao najsloženiji i najnoviji instrument podsticanja ekonomskog razvoja modemih država od posebnog značaja. Još uvek u fazi razvoja i u primeni u nekolicini najrazvijenijih demokratija, pred ovim složenim instrumentom tek leže pravi izazovi i budućnost. Stoga je cilj ovog rada prepoznavanje važnosti najsloženijeg instrumenata za podsticanje ekonomskog razvoja, a to su javno-privatna partnerstva i njihovo poznavanje u teoriji i kroz primenu u praksi. Ono je od velikog značaja sadašnjim i budućim kadrovima koji rade u javnoj upravi Srbije na svim nivoima. Naučni značaj ove teme j e u sistematskom prikazu i analizi modela javno-privatnih partnerstava. JPP su aktuelna tek od 90-ih godina, zemlje EU tek početkom 21.veka osnivaju posebna tela koja se pri vladama bave JPP, a Evropska komisija je tek 2004. izdala Zelenu knjigu o JPP, koja delimitino defunse i analizira JPP. Iz naučnog proizlazi i društveni značaj ovog rada, a to je bolje razumevanje JPP, podizanje svesti sadašnjih i buduéih kadrova u javnoj upravi o njihovom značaju i spremnosti da u predstojeéim reformama ispravno i kvalifikovano zastupaju interese društva u čije ime rade. Osim kao doprinos teoriji o javnoj upravi, ovaj rad ima veći značaj kao priručnik organima te iste uprave u poznavanju i primeni JPP kao instrumenta kojim se podstiče ekonomski razvoj. ; This paper focuses on the presentation of public-private partnerships (PPPs) as instruments which are assumed to enable faster economical development of municipalities and the country in total, for the authority of our country, if firstly applied locally, but then also on higher levels of management. The experiences of the modem democratic societies in the area of decentralization of the authority by the principles of subsidiarityand fiscal federalism, enable the insight to the set of measures and the principles of creating the good business environment as the primary factor of attracting investments, and subsequently enabling the general local development. Public-private partnerships are the most complex, and the latest instrument of special importance for encouraging the economic development of modem states. Still in the phase of development and applied in a few the most developed democracies only, this complex instrument is yet to face the real challenges and the future. Therefore the objective of this paper is recognizing the importance of the most complex instrument for encouraging the local economic development, which are the public-private partnerships and the theoretical and practical knowledge about them.This is of the most importance for current and future staff employed in the public administration of Serbia, at all levels. The scientific importance of this paper is the systematic presentation and analysis of the model of the public-private partnerships. PPPs have become more present since the 90's; at the beginning of the 21st century the EU countries have started forming special government bodiesto deal with PPPs, and the European commission has issued the Green book on PPPs only in 2004, which defines and partly analyses the PPPs. The outcome of the scientific significance of this paper is also the social one: the better understanding of the PPPs, lifting the awareness of the current and future staff employed in the public administration about their significance and competence to, in future reforms, correctly and skillfully represent the interest of the society in whose behalf they act. Beside the contribution to the theory about the local government, this paper has a greater meaning as a guide book for its administrative bodies, when addressing the issues of knowing and applying the PPPs as the instrument to encourage the economic development.

Each day we make decisions, draw conclusions or resolve problems. The environment in which we make decisions is complex and dynamic and yet it influences the whole process as much as one's knowledge, experience, etc. In these situations, the decision making analysis stands out which provides a logic base for defining possible alternatives and the choice of an optimal option from the possible solutions. The decision making analysis helps the decision maker to choose the optimal option in line with his knowledge, reasoning, beliefs and preferences. When there are several criteria the decision making is ambiguous and one needs to find the optimal or the most efficient solution. The multi-criteria decision making can be multi-purposeful. In case the alternatives are explicitly defined and quantified we are dealing with the multi-attribute decision making. The criteria values for the analyzed alternatives can be qualitative and quantitative; therefore, the qualitative ones have to be quantified. Deciding on the location is one of the key elements of logistics and of the importance of the decision making process used by the companies in order to determine where to locate the facility is a decision of crucial importance to all logistic elements and the entire business development of the company. Further on, the contemporary economic, competitive and technological conditions and the business environment comprise a dynamic category, so the currently optimal location may not be optimal in the future. Companies use qualitative and quantitative criteria while deciding on the location of the factory. When deciding on the location of the factory one conducts a detailed analysis due to the dynamic business environment. Constant changes in the environment influence business adjustments. On the contrary, the logistic facilities and their locations are static and are not subject to alteration in a short period of time and in such a way respond to the business environment changes. While making such a decision one needs to use new methodologies and contemporary tools as a decision making support in order to adequately respond to the business environment changes and secure the high quality decision making by taking into account quantitative and qualitative criteria which are important for making a decision on a choice of a location. From the very beginning, local self-governments, worldwide as well as in Serbia, had different roles in the economic development. Local self-governments usually dealt with administrative procedures with no active part in the economic development. By establishing legal grounds local self-governments started improving the business environment and providing support to the business community, but also actively attracting foreign direct investments which have proven to be the key activity of the local economic development. Identification and understanding of the industrial location decision making process within the companies has been identified as a crutial activity which the local self-governments can use in improving the business environment and recruitment of direct investments. On the basis on the prioritization of the quantitative and qualitative decision making criteria in the process of selection a location, local self-governments can improve their business environment if resources are being used optimally and in such a way they support the local economic development by assisting the business community and attracting direct investments. In this paper we established a model which, using the method for decision making in the case of optimization of the industrial location decision making, enables efficient use of the resources of local economic development. The model will enable the identification of criteria / determinant of locations that should be invested in order to promote local economic development, on the basis of a comparison of local governments and types of potential investors. Use of standard methods of multiattribute analysis gives the possibility of a subjective approach to the researcher who must determine in advance the criteria weights, while the application of the model presented in this paper avoids the subjectivity and objectifies the process of preference, a combination of criteria DEA (Data Envelopment Analysis,) and multiattribute analysis methods (AHP, ELECTRE, PROMETHEE, TOPSIS). Within the dissertation, survey conducted, analysed local governments (alternatives) in terms of fulfilling the criteria (location determinants), within which each local government alone determines the criteria weight based on survey of types of potential investors. A comparative analysis of the results of these studies, where other various methods for decision making can be also used, identified the best method, among selected that are the best known and most used, and the result of the dissertation will determine the importance of the location determinants, which will enable to policymakers in field of local economic development, investment promotion and improving business environment at all levels, through the use of the proposed model of efficient planning, the opportunity to efficiently and cost-effectively use the resources at their disposal.

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. .