Suchergebnisse

U ovom radu analiziraju se čimbenici koji određuju izravna strana ulaganja, posebice uloga prirodnih resursa, te gospodarskih i političkih karakteristika zemlje domaćina. Istraživanje se proširuje na postojeću literaturu usredotočujući se na četiri široke skupine zemalja: napredne, tržišta u nastajanju, zemlje u razvoju i tranzicijska gospodarstva, a panel podataka za razdoblje od 1996. do 2016. godine uključuje više od 100 zemalja. U radu se također istražuje scenarij tijekom velikih ekonomskih kriza – azijske krize, Dotcom Bubble, globalne financijske krize i krize državnog duga. Rezultati pokazuju da se s vremenom odrednice ulaznih izravnih stranih ulaganja mijenjaju i da obrasci nisu ujednačeni u četiri skupine zemalja. Nadalje, u radu se uspoređuju odrednice dviju glavnih skupine zemalja, a to su: tržište u nastajanju i zemlje u razvoju provođenjem Chow testa uz jednake koeficijente. Vidljivo je da gospodarski rast i veličina tržišta imaju snažniji pozitivni utjecaj na priljev izravnih stranih ulaganja na tržišta u nastajanju nego na gospodarstva u razvoju. Također, gospodarstva s tržištima u nastajanju su tijekom globalne financijske krize doživjela manji priljev izravnih stranih ulaganja u usporedbi s gospodarstvima u razvoju. Ovi rezultati imaju važne implikacije za donositelje politika jer mogu pomoći u prepoznavanju regionalnih čimbenika koji privlače priljev kapitala. ; This paper analyses the factors determining inward foreign direct investment, particularly the role of natural endowments and economic and political characteristics of the host country. It expands on the existing literature by focusing on four broad groups of countries: advanced , emerging-market, developing and transition economies, comprising of more than 100 countries in a panel data setting for the period 1996 – 2016. The paper also examines the scenario during the major economic crises ‒ Asian crisis, Dotcom Bubble, Global Financial crisis and Sovereign Debt crisis. The results indicate that the determinants of inward foreign direct investment have changed over time and that the patterns are not uniform across the four country groups. Furthermore, the paper compares the determinants of two major country groups, namely ‒ emerging-market and developing countries by conducting Chow test for equality of coefficients. It is seen that the economic growth and market size has a stronger positive influence on inward FDI flow to emerging-market than to developing economies. Also, emerging-market economies experienced a smaller flow of FDI during Global Financial crisis compared to developing economies. These results have important implications for the policy makers as they can help to identify the regional factors that attract capital inflows.

The paper presents the research carried out in the school year 2018-19 in preschools of the Autonomous Province of Vojvodina. The aim of the research was to assess the role of preschool teachers in supporting and enriching child's play, gain insight into children's actions in relation to it, as well as to ascertain the dominant perspective of the children and adults in the play. One hundred forty-five preschool teachers had been interviewed. The results have shown that teachers have had a shift of focus in understanding child's play and assessing its efficiency. Even though teachers in general see play as a free child's activity, it has become apparent they perceive it more as a learning method than a free child's action. Play with rules was introduced to all age groups of children, including nursery. The play implemented in the research was assessed as successful, and the preschool teacher's role was to guide or observe it. Even though the question of the relation in which the child enters and builds its own experiences is seen as an imperative in contemporary educational policies, teachers have stated that they are mostly focused on either their own or the child's perspective. The research has confirmed the presence of a tendency for didactisation of play and showed the need for new insights into this significant child's activity. ; U radu je prikazano istraživanje koje je provedeno u školskoj godini 2018./19. u dječjim vrtićima na području Autonomne Pokrajine Vojvodine. Cilj je istraživanja procijeniti ulogu odgajatelja u podržavanju i obogaćivanju dječjih igara, uvid u stvaranje djece u odnosu na igru kao i percepciju dominantne perspektive djeteta ili odrasle osobe u igri. Intervjuirano je 145 odgajatelja. Rezultati su pokazali da se odgajatelj usredotočio na razumijevanje dječje igre i procjenu njezine izvedbe. Iako odgajatelji u načelu shvaćaju igru kao slobodnu dječju aktivnost, pokazalo se da je ona viđena kao metoda učenja, a ne kao slobodno dječje djelovanje. Uvodili su igru s pravilima u sve dobne skupine djece, uključujući jaslice. U procesu igre uspješno su ocijenili svoju ulogu upravljanja i nadzora. Iako pitanje odnosa u koje dijete ulazi i gradi vlastita iskustva vide kao imperativ u suvremenim odgojno-obrazovnim politikama, odgajatelji su izjavili da su uglavnom usmjereni ili na vlastitu ili na dječju perspektivu. Istraživanje je potvrdilo postojanje tendencije za didaktizaciju igre i otvorilo potrebu za novim spoznajama o ovoj značajnoj dječjoj aktivnosti.

Iako su SAD jedna od država koja ne predviđa oblike neposredne demokracije na razini federacije, ustavi članica američke federacije prihvaćaju instituciju ustavne i zakonodavne inicijative – jedan od ključnih elemenata za njihovo razlikovanje od Ustava SAD-a. Građani 24 savezne države SAD-a neposredno su od 1904. do kraja 2005. odlučivali o 2.155 ustavnih i zakonskih prijedloga, u 21. stoljeću Amerikanci očekuju širenje novog ustavnog populizma – uporabe institucija neposredne demokracije. Autorice tumače ustavna rješenja i stvarne učinke primjene navedenih institucijana oblikovanje državne politike u tim državama. ; Although the USA is one of the states that does not have provisions for the forms of direct democracy at federal level, the constitutions of American federal states have accepted the institute of constitutional and legal initiative, which is one of the key elements that differs them from the Constitution of the United States of America. The citizens of 24 American federal states directly decided about 2,155 constitutional and law drafts between 1904 and 2005. The American people expect the institutions of direct democracy to be used more extensively in the 21st century. The authors explain constitutional solutions and the effects of implementation of these institutes on the shaping of state policies in the respective federal states. The institute is used for bypassing the state legislatures in order to limit their freedom of action by constitutionalising the political choices. Tax- -reduction initiatives limit the revenues legislatures can levy and spend, and thus control the damage. This institute is becoming a means of launching changes in different public areas, such as taxes and expenditures, campaign financing, public education. However, the state legislatures can limit effects of the successful initiatives by withholding financial aid necessary for their implementation. State policy does not finish at the moment the initiatives are adopted by citizens. Sanctions depend on citizens' ability to establish the facts about the compliance with the decisions made by direct citizens' participation, and on clarity of the texts adopted by initiatives.

Hrvatski ustav promijenjen je 2010. godine kako bi se snizili uvjeti za provedbu neposredne demokracije na nacionalnoj razini, te na taj način spasio referendum o članstvu Hrvatske u Europskoj uniji od vjerojatnog neuspjeha. Od tada je u Hrvatskoj došlo do naglog uspona građanskih inicijativa putem kojih je zaustavljana provedba nekoliko vladinih reformskih prijedloga. Stoga se može reći da je u Hrvatskoj recentna privlačnost neposredne demokracije stvorila novo okružje za djelovanje predstavničke demokracije. Počevši od teorijskih razmišljanja, ovaj članak analizira praksu neposredne demokracije u odabranim tranzicijskim zemljama, koja bi mogla biti poučna za Hrvatsku. Središnji dio članka razmatra prepreke na putu prema učinkovitoj provedbi neposredne demokracije u Hrvatskoj. ; In 2010 the Croatian Constitution was changed to lower the requirements for the implementation of direct democracy at the national level, in order to save the referendum on Croatia's EU membership from possible failure. Since then, Croatia has witnessed a sharp increase in people's initiatives that have managed to block a number of the government's reform proposals. Therefore, the newly discovered appeal of direct democracy in Croatia has created a new environment for the operation of its representative democracy. Starting from theoretical notions, this paper analyses the practice of direct democracy in selected transitional countries, which could be instructive for Croatia. In its central part, the paper explores the obstacle that stand in the way of the efficient implementation of direct democracy in Croatia.

Nedavno održani referendum o izlasku Ujedinjenog Kraljevstva iz Europske unije te najave budućih referenduma u drugim državama članicama, uz pozivanje na prvenstvo "volje naroda", nameću potrebu podrobnijeg istraživanja stvarne uloge neposrednog odlučivanja građana u Uniji. Ovaj rad pridonosi tome analizom temeljnih problema s kojima se, kao složeni politički sustav, Unija mora nositi. Oslanjanjem na usporedno federalističko iskustvo ističemo dvostruki problem višerazinskog političkog prostora te problem prevođenja ovlasti i osporavanja takva prijevoda izravnodemokratskim putem. Te dvije teškoće zajedno dovode do toga da je od izravnog sudjelovanja građana u odlučivanju o "europskim pitanjima" teško očekivati ikakav siguran ishod. ; The purpose of this paper is to present two basic ways in which a path has been laid for EU citizens to directly participate in decision-making on issues related to the Union, and to analyse the main obstacles for them to functioning. The direct participation criterion removed from our attention those forms of citizen engagement that rely on intermediaries who are either elected national or European representatives, or are embodied in civil society organisations. The idea of participation should have covered two fundamental instruments that directly relate to citizens: national referenda on European issues and the European Citizens' Initiative. Our analysis shows that there are several obstacles in the construction of the Union which have a significant effect on any reference to the directly expressed will of the people. The basis of this great number of problems is certainly the specific multi-layered political arena of the Union, which, on one hand, weakens any national referendum in terms of its supranational significance, and, on the other hand, imposes on citizens, through the European Citizens' Initiative, high requirements to adapt to the logic of supranational mechanisms. When considering the complaints that are usually directed at the direct decision-making of citizens, the idea of establishing a direct link between the Union and the citizens of particular Members States still has a long path of development before it.

Izravno inozemno ulaganje i inozemno deinvestiranje dvije su strane iste medalje, jedna detaljno izučena i istražena, druga iznenađujuće zanemarena. Danas na globalnom tržištu postoji snažna borba svake pojedine zemlje u privlačenju što većeg dijela kolača inozemnog kapitala unutar svojih granica. Jedna od mjera kojom se pokušava privući inozemni ulagač upravo su porezni poticaji. No uspješnost te mjere je upitna jer vrlo često po njezinu isteku i inozemni ulagač napušta zemlju. Iz navedenog problema istraživanja proizlazi i glavni cilj ovog rada: ukazati na problematiku vezanu uz porezne poticaje kao jedan od načina privlačenja izravnih inozemnih ulaganja, pružiti detaljan uvid u dosadašnje razumijevanja pojma deinvestiranja te analizirati povezanost poreznih poticaja i deinvestiranja na primjeru Republike Hrvatske. Provedena analiza ukazala je na činjenicu kako na primjeru Republike Hrvatske postoji jasna povezanost između ročnosti poreznih poticaja i deinvestiranja. Prosječna starost inozemnih poduzeća u Republici Hrvatskoj iznosi 9,2 godine što odgovara desetogodišnjem razdoblju trajanja porezne potpore. ; Foreign direct investment and foreign divestment are two sides of the same coin, one studied and researched in detail, the other surprisingly neglected. Today, in the global market, there is a strong struggle of each individual country to attract as much of the cake of foreign capital within its borders. One of the measures that is trying to attract a foreign investor is tax incentives. However, the success of this measure is questionable because very often after its expiration, a foreign investor leaves the country. The main goal of this paper is to point out the issue of tax incentives as one of the ways to attract foreign direct investment, provide a detailed insight into the current understanding of the concept of divestment and analyse the relationship between tax incentives and divestment on the example of the Republic of Croatia. The conducted analysis pointed to the fact that on the example of the ...

Nedavno održani referendum o izlasku Ujedinjenog Kraljevstva iz Europske unije te najave budućih referenduma u drugim državama članicama, uz pozivanje na prvenstvo "volje naroda", nameću potrebu podrobnijeg istraživanja stvarne uloge neposrednog odlučivanja građana u Uniji. Ovaj rad pridonosi tome analizom temeljnih problema s kojima se, kao složeni politički sustav, Unija mora nositi. Oslanjanjem na usporedno federalističko iskustvo ističemo dvostruki problem višerazinskog političkog prostora te problem prevođenja ovlasti i osporavanja takva prijevoda izravnodemokratskim putem. Te dvije teškoće zajedno dovode do toga da je od izravnog sudjelovanja građana u odlučivanju o "europskim pitanjima" teško očekivati ikakav siguran ishod. ; The purpose of this paper is to present two basic ways in which a path has been laid for EU citizens to directly participate in decision-making on issues related to the Union, and to analyse the main obstacles for them to functioning. The direct participation criterion removed from our attention those forms of citizen engagement that rely on intermediaries who are either elected national or European representatives, or are embodied in civil society organisations. The idea of participation should have covered two fundamental instruments that directly relate to citizens: national referenda on European issues and the European Citizens' Initiative. Our analysis shows that there are several obstacles in the construction of the Union which have a significant effect on any reference to the directly expressed will of the people. The basis of this great number of problems is certainly the specific multi-layered political arena of the Union, which, on one hand, weakens any national referendum in terms of its supranational significance, and, on the other hand, imposes on citizens, through the European Citizens' Initiative, high requirements to adapt to the logic of supranational mechanisms. When considering the complaints that are usually directed at the direct decision-making of citizens, the ...

The author researched the foreign direct investment flows, patterns & effects in conditions of regional economic integration in Europe. The foreign direct investment presence results in two effects: first, increase in competition, & second, creation of forward & backward linkages between domestic firms & foreign affiliates. The benefits of foreign direct investment for their host countries take the form of various types of externalities or spillovers (of technology, knowledge, productivity). The potential spillover benefits could be realized if domestic firms have the capacity to absorb foreign technologies & skills. References. Adapted from the source document.

Transnational companies are the key drivers of foreign direct investments & major actors in international trade. They are involved in more than two-third of international trade & determine its direction, composition & volume. The relationship between transnational companies & international trade is complex & interwoven, raising the following question: are transnational companies substitutes or complements of international trade? The author explores this relationship. She studies the role of these companies in international trade as a whole & in foreign trade of domestic & host countries. Tables, Figures, References. Adapted from the source document.

U ovom doktorskom radu analizira se utjecaj instrumenata kohezijske politike na regionalni razvoj novih zemalja članica Europske unije. Istraživanje se sastojalo od teorijske i empirijske analize. Teorijski dio rada obuhvaća analizu apsorpcije i mogućnosti novih zemalja članica u korištenju financijskih instrumenata kohezijske politike. Analizirajući apsorpciju sredstava iz instrumenata kohezijske politike, nove zemlje članice (EU-13) sporije apsorbiraju sredstva u odnosu na starije zemlje članice (EU-15). Prema literaturi najistaknutiji faktor u uspješnoj apsorpciji EU fondova institucionalni je sustav zemlje članice. Sukladno tomu ključ za uspješno korištenje EU fondova jest jačanje ljudskih resursa i potpornih institucija. Empirijski dio rada obuhvaća dvije analize panel-podataka. Prva analiza usmjerena je na utvrđivanje utjecaja isplaćenih sredstava iz ESI fondova na razvoj NUTS 2 regija novih zemalja članica mjereno kao BDP po stanovniku. U panel analizi su se uzeli pokazatelji za 57 NUTS 2 regija novih zemalja članica u razdoblju od 2008. do 2016. godine. Nakon provedene statičke i dinamičke panel-analize zaključilo se da su isplaćena sredstva iz ESI fondova ostvarila pozitivan, ali malen utjecaj na BDP po stanovniku. Druga empirijska analiza utvrđuje utjecaj ugovorenih sredstava iz ESI fondova na razvoj NUTS 3 regija Republike Hrvatske u razdoblju od 2013. do 2017. godine. Temeljem provedene statičke analize panel-podataka zaključilo se da ugovorena sredstva imaju malen, ali pozitivan utjecaj na BDP po stanovniku NUTS 3 regija odnosno županija u Republici Hrvatskoj. Najvažniji poučak ovog istraživanja jest da se ne smije oslanjati na instrumente kohezijske politike kao jedine izvore investicija i pokretače razvoja. Oni jesu kvalitetan temelj za rast i razvoj regija novih zemalja članica, ali sami neće dovesti do regionalne konvergencije niti unutar Hrvatske niti unutar Europske unije. ; This doctoral thesis analyses the impact of cohesion policy instruments on the regional development of the new Member States of the European Union. The research consisted of theoretical and empirical analysis. The theoretical part of the doctoral thesis includes absorption analysis and opportunities of new European Union states in the usage of financial instruments of cohesion policy. Analysing fund absorption from cohesion policy instruments, the new EU member states (EU13) are more slowly absorbing resources in comparison with the older EU member states (EU15). According to the literature, the foremost factor in successful adsorption is the institutional system of the Member State, following that the key to the successful usage of EU funds is strengthening of the human resources and supporting institutions. The empirical part of the doctoral thesis includes two-panel data analysis. The first analysis is directed to the determination of disbursement impact from ESI funds on the development of the NUTS 2 regions of the new Member States on GDP per capita. Indicators for 57 NUTS2 regions of the new Member State in the period from 2008. to 2016. were taken into the panel. After conducting statistical and dynamic panel analysis, it was concluded that disbursed funds, from ESI funds, had a small positive impact on GDP per capita. The second empirical analysis determines the impact of contracted funds, from ESI funds, on the development of NUTS 3 regions of the Republic of Croatia in the period from 2013. – 2017. Based on the conducted statistical analysis of panel data, it was concluded that contracted funds have a small impact, but a positive impact on GDP per capita of NUTS 3 regions or counties in the Republic of Croatia. The most important lesson of this doctoral thesis is that it must not rely only on cohesion policy instruments as the only sources of investment and drivers of development. They can be used as a quality basis for the growth and development of the regions of the new Member States, but only cohesion policy instruments will not lead to regional convergence nor in Croatia or within European Union.

U ovom doktorskom radu analizira se utjecaj instrumenata kohezijske politike na regionalni razvoj novih zemalja članica Europske unije. Istraživanje se sastojalo od teorijske i empirijske analize. Teorijski dio rada obuhvaća analizu apsorpcije i mogućnosti novih zemalja članica u korištenju financijskih instrumenata kohezijske politike. Analizirajući apsorpciju sredstava iz instrumenata kohezijske politike, nove zemlje članice (EU-13) sporije apsorbiraju sredstva u odnosu na starije zemlje članice (EU-15). Prema literaturi najistaknutiji faktor u uspješnoj apsorpciji EU fondova institucionalni je sustav zemlje članice. Sukladno tomu ključ za uspješno korištenje EU fondova jest jačanje ljudskih resursa i potpornih institucija. Empirijski dio rada obuhvaća dvije analize panel-podataka. Prva analiza usmjerena je na utvrđivanje utjecaja isplaćenih sredstava iz ESI fondova na razvoj NUTS 2 regija novih zemalja članica mjereno kao BDP po stanovniku. U panel analizi su se uzeli pokazatelji za 57 NUTS 2 regija novih zemalja članica u razdoblju od 2008. do 2016. godine. Nakon provedene statičke i dinamičke panel-analize zaključilo se da su isplaćena sredstva iz ESI fondova ostvarila pozitivan, ali malen utjecaj na BDP po stanovniku. Druga empirijska analiza utvrđuje utjecaj ugovorenih sredstava iz ESI fondova na razvoj NUTS 3 regija Republike Hrvatske u razdoblju od 2013. do 2017. godine. Temeljem provedene statičke analize panel-podataka zaključilo se da ugovorena sredstva imaju malen, ali pozitivan utjecaj na BDP po stanovniku NUTS 3 regija odnosno županija u Republici Hrvatskoj. Najvažniji poučak ovog istraživanja jest da se ne smije oslanjati na instrumente kohezijske politike kao jedine izvore investicija i pokretače razvoja. Oni jesu kvalitetan temelj za rast i razvoj regija novih zemalja članica, ali sami neće dovesti do regionalne konvergencije niti unutar Hrvatske niti unutar Europske unije. ; This doctoral thesis analyses the impact of cohesion policy instruments on the regional development of the new Member States of the European Union. The research consisted of theoretical and empirical analysis. The theoretical part of the doctoral thesis includes absorption analysis and opportunities of new European Union states in the usage of financial instruments of cohesion policy. Analysing fund absorption from cohesion policy instruments, the new EU member states (EU13) are more slowly absorbing resources in comparison with the older EU member states (EU15). According to the literature, the foremost factor in successful adsorption is the institutional system of the Member State, following that the key to the successful usage of EU funds is strengthening of the human resources and supporting institutions. The empirical part of the doctoral thesis includes two-panel data analysis. The first analysis is directed to the determination of disbursement impact from ESI funds on the development of the NUTS 2 regions of the new Member States on GDP per capita. Indicators for 57 NUTS2 regions of the new Member State in the period from 2008. to 2016. were taken into the panel. After conducting statistical and dynamic panel analysis, it was concluded that disbursed funds, from ESI funds, had a small positive impact on GDP per capita. The second empirical analysis determines the impact of contracted funds, from ESI funds, on the development of NUTS 3 regions of the Republic of Croatia in the period from 2013. – 2017. Based on the conducted statistical analysis of panel data, it was concluded that contracted funds have a small impact, but a positive impact on GDP per capita of NUTS 3 regions or counties in the Republic of Croatia. The most important lesson of this doctoral thesis is that it must not rely only on cohesion policy instruments as the only sources of investment and drivers of development. They can be used as a quality basis for the growth and development of the regions of the new Member States, but only cohesion policy instruments will not lead to regional convergence nor in Croatia or within European Union.

The debtors' crisis at the end of the 20th century is a hard reality facing transitional countries (and others as well). 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 economic development & completing the transitional process, the only alternative is borrowing. This is particularly unavoidable when the influx of foreign capital via direct investments is meager. This is also true for the Republic of Croatia, in which the level of direct investments is, for the time being, very modest. Borrowing, particularly from foreign countries, calls for a high degree of caution, a well-thought out approach to borrowing, & the rational use of the loans. 5 Tables, 14 References. Adapted from the source document.

Investicijska politika i ulaganje predstavljaju bitne zadatke, ali istovremeno i probleme gotovo svih društveno – ekonomskih sustava. Ulaganje predstavlja platformu razvoja i nužnost opstanka tržišno – ekonomskih sustava, a podrazumijeva poduzimanje odgovarajućih mjera i aktivnosti kako bi se uloženi kapital, putem odabrane djelatnosti, trajno uvećavao. Ekonomski pokazatelji, posebno u razdoblju ekonomske krize, oslikavaju nepovoljne i općeprisutne tendencije neželjenog poslovnog rezultata, proizlaze iz neodgovarajuće politike poslovanja, pri čemu investiranje i investicijsku politiku možemo označiti liderima u području poslovnih neuspjeha. Nemogućnost preciznog predviđanja poslovnih ishoda vezanih za investicijska ulaganja, vremenska disproporcija između ulaganja i njihovih početnih, a posebno optimalnih posljedica, kao i ireverzibilnost uloženih sredstava, dodatno otežavaju formulaciju odgovarajuće strategijske platforme investicijske politike. Modeliranje poslovnih strategija u uvjetima turbulentnih društveno – ekonomskih, tehnoloških, kao i tržišnih čimbenika predstavlja inspiraciju i izazov istraživaču da izborom odgovarajućeg teorijskog modela reprezentativno približi realnost. Vjerno preslikavanje realnosti podrazumijeva suptilan pristup klasifikaciji navedenih čimbenika prema važnosti, razini utjecaja, kao i odgovarajuću kvantifikaciju, prepoznavanje i uobličavanje oblika i mjere njihove međuzavisnosti. Model matematičke simulacije predstavlja teorijski model koji omogućava predviđanje poslovnih ishoda u uvjetima rizika uz njihovo iskazivanje korespondentno sa slučajnom komponentom koja na njih utječe. Ključno pitanje navedenog pristupa odnosi se na odgovarajući izbor distribucije vjerojatnosti slučajne varijable, prilagođene uvjetima ulaganja, pri čemu je potrebno uvažiti i empirijsku komponentu teritorijalno – zemljopisnog prostora na kojem se investicija realizira, a pri tome imati uvid i u druge aspekte izbora distribucije, kao što su iskustva u području odabranog područja ulaganja (granske specifičnosti) i prilagođenost određenom teorijskom modelu. Simuliranje efekata investicijskih ulaganja osigurava objektivan pristup strategijskom izboru i prikladan proračun monetarnih posljedica prije operacionalizacije projekta. ; Investment policy and investing represent essential tasks, and also major issues of almost all socio-economic systems. Investment represents a development platform and is necessary for survival of market and economic systems; it comprises undertaking appropriate measures and activities to have the invested capital continuously increasing through exercising selected operations. Economic indicators, especially in the period of economic crisis, reflect unfavourable and widespread tendencies of unwanted business result that arise from inadequate business policy, where investing and investment policy may be marked as leaders in the area of business failure. Impossibility to accurately assume business results related to the investment, time disproportion between the investment and its initial, and particularly, optimal effects, and also irreversibility of the investment, further complicate the formulation of adequate investment policy strategy platform. Modelling of business strategies in the exposure to turbulent socio-economic, technological and market factors is an inspiration and a challenge to the researcher to representatively mirror the reality by selecting an adequate theoretical model. Faithful mirroring of the reality involves a subtle approach to classification of these factors by importance, level of influence, and also adequate quantifying, identifying and shaping the form, as well as the extent of their interdependence. Mathematical simulation model is a theoretical model that allows prediction of business results in the risk exposure expressed correspondently with the random component that is influencing it. The major concern of the mentioned approach is an adequate selection of the probability distribution of a random variable, customized to the investment conditions. It is necessary here to take into account empiric component of a territorial-geographic area of the investment implementation, whereby it is necessary to have insight into other aspects of distribution selection, such as experiences in the selected investment area (sectoral specificity) and adjustment to particular theoretical model. Simulation of investment effects provides an objective approach to strategic choice and adequate calculation of monetary results before operationalization of the project.

Ovaj je rad usmjeren na reforme obiteljske politike u četiri europske zemlje – Austriji, Finskoj, Portugalu i Sloveniji – između 2008. i 2015. godine. Te su godine obilježile "velika recesija" i uspon perspektive socijalnog ulaganja. Međutim, socijalno ulaganje je opći pojam i pomalo je dvosmislen. Ovaj rad razlučuje između različitih varijanti socijalnog ulaganja koje proizlaze iz usredotočenosti na interakcije socijalnog ulaganja i alternativnih perspektiva socijalne politike, i to socijalne zaštite i štednje. U radu se identificiraju različite varijante u smislu stupnja socijalnog ulaganja: od sveobuhvatnog, preko istiskivanja do "skromnijih" oblika socijalnog ulaganja. To je dovelo do oštrih rezova u obiteljskim novčanim davanjima, dok su se područja javne skrbi i roditeljskog dopusta pokazala otpornijima u analiziranim zemljama. Ovi su zaključci indikativni u sadašnjoj pandemiji COVID-19, kada se zemlje suočavaju s novom, možda i većom gospodarskom krizom. ; The focus of this article is on family policy reforms in four European countries – Austria, Finland, Portugal, and Slovenia – between 2008 and 2015. These years were marked by the 'Great Recession', and by the rise of the social-investment perspective. Social investment is an umbrella concept, though, and it is also somewhat ambiguous. This article distinguishes between different social-investment variants, which emerge from a focus on its interaction with alternative social-policy perspectives, namely social protection and austerity. We identify different variants along the degree of social-investment: from comprehensive, over crowding out, towards lean forms. While the empirical analysis highlights variation, it also shows how there is a specific crisis context, which may lead to 'crowding out' of other policy approaches and 'leaner' forms of social investment. This has led to strong cutbacks in family cash benefits, while public childcare and parental leaves have proved more resilient in the investigated countries. Those findings are revelatory in the current Covid-19 pandemic, where countries are entering a next, possibly larger economic crisis.

U radu se analiziraju mjere tržišta rada u Crnoj Gori iz perspective socijalnog ulaganja. Crna Gora je zemlja kandidat za članstvo u Europskoj uniji i postoji potreba za usklađivanjem normativnog okvira. Socijalno ulaganje zadobiva znatnu pozornost kreatora politika u Europskoj uniji i nalazi se visoko na listi prioriteta socijalne politike. Slijedom toga, u radu se analizira funkcionira li crnogorsko tržište rada na sličan način kao ona u Europskoj uniji. Cilj rada je pokazati hoće li crnogorsko tržište rada biti spremno za pristupanje Europskoj uniji, kako normativno tako i u praksi. Analiza je usmjerena na aktivne politike tržišta rada jer su one jedna od najreprezentativnijih mjera socijalnog ulaganja u ovom području. Posebno se analiziraju dvije specifične mjere: takozvane naknade za majke i pripravnički program. Analiza pokazuje da Crna Gora ima dobru polazišnu točku u pogledu zakonskog okvira, ali u praksi nema socijalnog ulaganja. ; The paper analyses the developments of the labour market policies in Montenegro from the perspective of social investment. Montenegro is a candidate country for the European Union membership and there is a need of harmonisation of normative framework. Social investment is gaining considerable attention of EU policy makers and is positioned highly on the social policy agenda. Consequently, the paper examines whether Montenegrin labour market performs in the similar fashion as in the EU. The aim of the research is to show whether Montenegrin labour market will be ready for the accession, both normatively and in practice. Active labour market policies are in the focus of the paper, as they are one of the most representative social investment measures in this policy area. There is also an analysis of two specific policies: so called "mothers' allowances" and the "apprentice programme". This analysis shows that Montenegro has a good starting point in terms of the legal framework it has enacted, but in practice, social investment is not present.