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U.S. announces new sanctions on Russians and Ukrainians over violations of Ukraine’s sovereignty.
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On 4th November 2015, the Law on Investments came into force in Serbia. We believe that this law, with some shortcomings, yields a satisfactory framework to investment promotion and the development of local companies in certain areas. Although this law is principally engaged in investment, its impact on FDI inflows as a normative act is limited and as such will not lead to a significant increase in FDI inflow to Serbia. The only way to attract FDI and to develop economy is to have transparent and stable economic and law environment, the rule of law and to be fighting corruption and bureaucratic obstacles. These are tasks that were the most difficult to reach, that require a very painful cuts to the corruption inherited consciousness, and the results cannot be quickly visible - and therefore among the ruling parties such procedures have never been popular. We need to present a critique concerning the expediency of passing the Law on Investment. The new Law on investment represents progress in relation to the Law on Foreign Investment. However, we believe that at least two-thirds of the new law is identical or substantially similar to its predecessor. All significant changes could be accomplished by amendments to the previous law on foreign investment. Therefore the reasons for the adoption of the new law, we must seek outside of legal and technical reasons, and even beyond the needs of the practice. Also, a weakness that previous lаw had – repetition of the provisions of other normative acts, including among them the Constitution, was not removed. Based on these features, we believe that Law on Investments was made in order to somehow further stressed the new government’s determination to improve the investment environment, namely for purpose of showing a changes and progress in the field of FDI in Serbia. Therefore, Law on Investments would not be having a substantial impact on FDI inflow.
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The general belief that some degree of market power in the banking sector was necessary to maintain its market stability, has led many countries into attending policies that implicitly or explicitly limit competition. Such policies have modified the banking market structure raising concerns about the competition and efficiency issues. Concerns grow even more for developing economies and especially for the Albanian banking system. Here, bank loans are the biggest source of the external financing for businesses and hence of the economic growth. Nevertheless, the link between competition and stability is quite complex. This is the main reason why this paper provides a test of such a relationship for the Albanian banking system. Competition level measured mainly by the Lerner index, while stability is assessed by Z index and non-performing loan /total loan. The analysis indicates that competition enhancement into the loan market has increased the risk taking, but the effect on the overall level of banking stability is not of great importance.
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Niedopasowanie absolwentów uczelni wyższych do rynku pracy powoduje straty rzędu 12 mld złotych rocznie – wynika z raportu ekspertów z Fundacji im. Lesława A. Pagi. Straty te przekładają się na gospodarkę i życie społeczne. Na tle tych problemów jako pozytywny przykład można wymienić działalność Fundacji, oferującej młodym ludziom edukacyjne projekty. Zwiększają one ich konkurencyjność na rynku pracy i pozwalają spotkać się z mentorami. Artykuł przedstawi cele Fundacji im. Lesława A.Pagi oraz ukaże je na tle szerokiej gamy problemów edukacyjnych: stosunkowo niewielkiej innowacyjności, zwłaszcza polskiej humanistyki, oraz trudności ekonomicznych i społecznych młodych ludzi po studiach.
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Celem artykułu jest skonfrontowanie koncepcji życia produktu ze strategią marketingową marki Star Wars. Tezę opracowania stanowi stwierdzenie, iż produkty marki Star Wars są dystrybuowane według starannie opracowanej strategii ukierunkowanej na konkretną grupę docelową i nastawioną na relatywnie wysokie zyski.Artykuł podzielono na trzy części. W pierwszej części artykułu przedstawiono uwarunkowania teoretyczne koncepcji życia produktu, wyszczególniono jej poszczególne fazy i zasadnicze cechy. W części drugiej scharakteryzowano założenia polityki sprzedażowej korporacji. W oparciu o dane z Nash Information Services analizowano szeroką gamę produktów, ich czas pojawiania się na rynku, grupę docelową oraz zyski ze sprzedaży. W ostatniej części opracowania przedstawiono wnioski. Po pierwsze stwierdzono, że główną grupę docelową sprzedawanych produktów stanowią młodzi ludzie i dzieci. Po drugie wskazano, iż produkty marki Star Wars zmierzają w kierunku homogenizacji kultury masowej.
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This paper reviews the diverse literature and summarizes the state of knowledge on dividend policy related issues. It integrates the existing research in the field. A systematic analysis of extant dividend policy literature is conducted to order them into domains that have implications for managers and researchers. The paper is structured into three such domains: (A) Dividend payout announcement as signaling effect: in long run (future earnings performance of firm or structural change); and in short run (shareholders’ wealth); (B) Tax effect, preferences and clienteles effect; and (C) Agency cost effect, dividend determinants, firm’s characteristics, investors and managers behavior. This paper contributes by increasing the clarity of dividend policy related issues classification, reflecting on the implications of multi-polar effects of dividend policy. An effort is made to give answers to researchers/managers’ related problems and advancing future agenda for scholars in this research community.
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Not so fast, rejoins the prime minister, who recently inked a new agreement with the EU.
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У овом чланку се разматрају услови у земљама ЕУ који се тичу ширења иновација и обезбеђивања социјално- економског развоја на основу конкурентске способности и ефикасности економије. Први део рада се бави одређењем националног инвестиционог система и стратегије. Овде аутори, такође, примећују основне изазове повезане са њиховом реализацијом, издвојивши те изазове у пет група питања. Уопште, издваја се 4 типа националних ино- вационих система у зељама ЕУ: француски, фински, италијански и британски. Заједно с тим, аутори подвлаче и јаке и слабе стране тих система. У наредном делу рада аутори описују Индекс иновационе економије (ИИЕ) и Индекс иновационог потенцијала (ИИП), користећи за то математичке формуле. Осим тога, по њиховом мишљењу савремени наднационални иновациони систем ЕУ последњих година игра све већу улогу у формирању националних иновационих економија земаља ЕУ. Последњи део чланка је посвећен реализацији иновационе стратегије кроз формирање режима јавно-приватног партнерства, будући да је градња партнерства државе и приватног сектора нешто што може да буде кључни моменат за даљи развој економија земаља у развоју.
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This essay deals with the theoretical attempt of Islamic authors to base economy named Islamic Economy. This one should be established as an alternative to global market economy and European liberal economic theory, as well as secular state and humanistic ethics. The subject of research of this paper is related to religious principles, scientific notions and economic policies applied by Islamic states and business companies. The essay ends by quoting Islamic authors expressing their different views of the essence of the Islamic economy and their assertions of non- existence of the Islamic economy yet.
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The article constitutes an analysis of the gas relationship between the Russian Federation and the Republic of Poland in terms of the current geopolitical and economic determinants affecting the nature of the bilateral cooperation in the scope of energy policy. The paper shows the existence of a dependence, as well as the characteristics of the natural gas sector and energy policy of the Russian Federation in relation to Poland and also answers the question about the reason for such actions as are taken. The aim of the work is also the analysis of the natural gas sector of the Republic of Poland and internal conditions in Poland, which influence the foreign policy of Russia in the export of natural gas.
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The article presents the concepts proposed in 2006 and in 2014 by the Polish political parties to enhance energy security in Europe (the idea of the European Energy Security Treaty and Energy Union) and determines the role of these proposals for the energy security of the member states of the European Union. Formulated by Polish political parties (Law and Justice, Civic Platform), the concepts for energy cooperation between the EU resulted from the comparable importance of energy in modern international relations. Politicians from both political parties were aware of the dependence of many countries of the European Union on energy supplies from the Russian Federation and the nature of the foreign policy pursued by Russia. Consequently, they indicated the need for close political cooperation, both with the importers and exporters of energy resources. In terms of political science analysis of this issue it is important from both the theoretical and practical point of view, as it relates to the determination of the essence of understanding by policy makers of changes taking place in Europe, as well as the distinction between the measures and actions taken to ensure energy security in the EU. The concepts proposed by the two political party’s resulted from the need to pursue an active foreign and energy policy. Nevertheless, clear assessment of the concept of Law and Justice and Civic Platform is difficult to determine.
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The term “neoliberalism” can not be understood without certain “theory of neoliberalism” that stands at its base. This does not refer to the theories of those authors who advocate free market, minimal state and the rule of law, but to the theory that use the word “neoliberalism” as an appropriate description of the political and economic realities of the world in which we live. In this paper, the scientific status of theory of neoliberalism is being critically reassessed in two ways: by demonstrating its contradictory character (discrepancy between theory of neoliberalism and empirical evidence) and by revealing its core motivation (theory of neoliberalism is being run by non-theoretical, ide¬o¬lo¬gi¬cal motives). In this sense, the paper presents various types of theories of neoliberalism, explains their genesis and indicates their mutual differences. Finally, through the investigation of several key determinants of political and economic organization of the modern state (the size of a modern state, the scope of welfare programs, the degree of government interference in the economy, the role of international organizations as well as the character of the transformation of the former Eastern bloc countries), it is shown why the theory of neoliberalism should be renounced of its scientific status.
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The forthcoming years are going to be the years of hardship for the population of Serbia, due to a very bad situation in the economy and the society. This is brought about by the drop in the industrial production, the decrease of the gross domestic product, the highest inflation in the region, highest rate of unemployment, lowest salaries in the region, the highest cost of capital, i.e. interest rates in the region, a high public debt, an unstable exchange rate. Serbia is sinking at a dizzying speed both economically and socially. Unless the budget deficit is decreased and the growth of the public debt lowered, which most probably the economic experts in power will not be able to implement on their own, Serbia will, if the aid of international financial institutions fails, face an economic disaster. The times we are living in are very dangerous because people are unhappy. It is high time intellectuals from the social sciences, including economy, probed their conscience.
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There is no doubt that the protection of intellectual property has become one of the pillars of the international trading system. Taking into account the normative dimension it should be noted that the existing and drafted legislation governing intellectual property assigns a premier role to the function of achieving economic benefits from the disposition and the use of intellectual property. Hence, the general standards of intellectual property law reflect the intention of protecting mainly the interests of entities from industrialized countries. Consequently, intellectual property and the shape of its protection have important repercussions in the sphere of social relations.According to the Author, the existing theories, particularly the theory of John Rawls do not answer the questions whether and what kind of intellectual property rights can be considered fair. They also do not fully reflect diverse, often contradictory, values justifying the existence of intellectual property. It is advisable, therefore, to develop a universal theory of justice that would take into account the specifcities of the intangible nature of intellectual property, in particular intellectual property distributed in the form of digital recording.
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The appreciation of the Swiss franc at the beginning of 2015 has shown the scale of the currency risk for home loans in Swiss francs, the possibility of the unforeseen increase of further debt and the increase of the cost of servicing the loan beyond the financial capacity of the borrower. This sparked an intense public debate on the relevance and the manner of possible actions that should be undertaken in order to reduce risk associated with loans granted (denominated / indexed) in Swiss francs, which are dominant among home loans in foreign currency in the Polish banking system. Most borrowers did not realize the risk associated with this type of loans which de-facto were a kind of foreign currency speculation associated with significant foreign exchange risk. This risk has become real in recent years and has significantly increased the debt service costs. Additionally, bank shave increased their salaries by using high currency spread rate that is disadvantageous for borrowers. The asymmetry of risk existing in the context of foreign currency loans denominated or indexed in Swiss francs justifies the need for equitable distribution of its costs. The system solutions with regard to risk-sharing should be determined by the principle of social justice.
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European economic and monetary union is in one of the most important and most complex reforms of its architecture, and also reforms of management of the totality of its economies. These changes would have to be reached, even if there was no financial and economic crisis. Current reforms in the EU are necessary so that its markets and its production factors could function and by that increase productivity of its production. Apart from this principal problem, in this paper is analysed in details elements of current and future mechanism of economic management in EU and European Monetary Union, and then detail discusses good and bad sides of financial, and also including fiscal, system of EU and EMU. After that monetary system and politics are detaily analized. In these areas are prepared fundamental reforms after which EU and EMU will get stronger. In essence, the knowledge and experience for that purpose exists in the EU, and there is no reason why the Union, as developed area with 500 million people and more than six decades mirnodobskog coexistence, with still good educational system and integrated in all aspects of the world economy, would not to strengthen its effectiveness and its corresponding position very significant part of a multi-polar world.
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The paper deals with reasons resulted in anti- monopolistic (anti- trust) policy, the goals of competition policy and its historical fundamentals, as well as the experiences with the implementation of the policy in the world and in the Republic of Serbia. The points put forth in the paper have proved the following hypotheses: firstly, competition policy has been a necessary measure of intervention within high concentration industries since the Sherman Antitrust Act of 1890; secondly, sanctions imposed against monopolies and cartels are significantly lower if compared with benefits gained due to abusing their market power; thirdly, the experiences of developed countries in anti- monopolistic legislation provide useful guidelines for a more efficient implementation of competition policy in Serbia.
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Development of modern macroeconomic theory is characterized by the existence of a large number of theories, with also a large number of items in each of them, which are often in conflict with each other. This paper presents the attempts to overcome these differences, guided by the principle of including the most important contributions of different theories within a single concept. In the middle of last century, it was the case with the neoclassical synthesis, while in recent years we can speak about creating a “new” neoclassical synthesis, which has some similarity with the previous core. The aim of this paper is to present the basic features of the new neoclassical synthesis, as well as to consider the question of the real contribution of this new concept in development of macroeconomic theory and policy.
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Instruments endangering the vital values of a society remained the same when compared to the earlier period, only the modalities of their functioning have changed. This requires the use of appropriate counteracting instruments, which have to be based upon strengthening the economic power of the country. The connection between the economy and security is most clearly expressed through interdependence between collection and allocation of economic resources with the aim of effective functioning of the country in achieving the security system. In conditions caused by the economic crisis, which have affected all the areas of our life and work, preservation of security is imposed as a priority and a condition for survival.
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This is the fact today world in whole, specially countries in transition, including Serbia, are faced with urgent need, for deep changes in philosophy of business. In that sense is specially important new approach to leadership in public administration. Hovewer, new philoshopy of management is same in private and public sector. In comparison, leaders of public institutions and companies have higher level of responsibility, because because them decisions have strong influence to quality of life of citizens and society in whole. In Serbian society, unfortunately it is not case. Statistic data confirms that majority of public companies is in deep lost, and public administration is place for employment of rulling parties members.
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