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SICAK PARA HAREKETLERİ BİLEŞENLERİNİN İSTİKRARLILIĞI

Author(s): Ömer Uğur Bulut,Murat Aykırı / Language(s): Turkish Issue: 18/2018

Turkish economy may have removed restrictions on capital movements and within this context it has integrated the international economy since the 1980s. The level of dependence on the outside of the country's economy has increased, macroeconomic indicators have deteriorated, economic crises have occurred, and a more fragile structure against external shocks has emerged. In this study, stability of hot money movements components which have a fragile structure from speculative capital movements’ components in Turkey and the relationship with economic growth have tried to be presented econometrically with the help of the quarterly data for the period between 1998-2017. Longterm cointegrated relationship between the components of the hot money movements and economic growth, and one-way causality relationship from the related components to economic growth is obtained. Vector Error Correction model has shown that the long-term relationship between the components of hot money movements and economic growth provides a temporary stability.

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TÜRKİYE İLE BRICS ÜLKELERİ ARASINDAKİ DIŞ TİCARET POTANSİYELİNİN LİNDER HİPOTEZİ ÇERÇEVESİNDE DEĞERLENDİRİLMESİ

Author(s): Şaduman Yıldız,Serkan Künü / Language(s): Turkish Issue: 18/2018

In this study, Linder hypothesis validity for Turkey's exports and imports with BRICS countries (Brazil, Russia, India, China and South Africa) in 1996-2016 period have been investigated using panel data analysis. According to the results of the study, Linder hypothesis is valid in terms of exports between Turkey and BRICS countries. Accordingly, the difference of per capita GNP levels between Turkey and BRICS countries as long as decreases, the exports of Turkey’s to these countries increase. In other words, %1 decrease in the difference of per capita GNP levels between Turkey and BRICS countries increases the exports of Turkey rate of 0.09%. This shows that the trade between Turkey and BRICS countries is interindustry trade. On the other hand, 1% increase in GNP of BRICS countries increases export of Turkey rate of 2.867%. Linder Hypothesis is not valid in terms of importation in between Turkey and BRICS countries.

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NATIONAL INNOVATION SYSTEM: WHERE DO GOVERNMENT AND BUSINESS DIVERGE?

Author(s): Ernest VLAČIĆ,Marina Dabić,Zoran Aralica / Language(s): English Issue: 4/2018

The paper investigates the national innovation system and divergences in the prioritisation of key measures of the national institutional framework linked to the policy mix supply side. Two acting populations from the Republic of Croatia were selected for this process: on one side, 33 governmental representatives of the institutional framework (IF) ecosystem, and the "opposite side" of 93 owners or CEOs of firms as policy targets or beneficiaries. The produced results were additionally verified through 18 semi-structured interviews with government officials as representatives of the IF. The results confirm the existence of divergences in the perception of importance and relevance of the policy measures between the two populations.

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PRORAČUN I JAVNE INVESTICIJE U REPUBLICI MAÐARSKOJ

Author(s): Anto Bajo / Language(s): Croatian Issue: 50/2000

By analysing the budget and public investment in the Republic of Hungary the author wishes to point out the basic problems of the budget and budgetary process, as well as the measures which are being undertaken for adjusting and drawing closer to modern budgetary trends. All phases of the budgetary process are expounded (preparation, approval, implementation and control of the budget), and the measures carried out by budgetary institutions for improving the system of public financing (improving fiscal discipline, resolving the budget deficit etc.). The state of public investment is especially underlined as well as the measures Hungary has to undertake to increase its efficaciousness. Data of insufficient quality represent the greatest problem in analysing public expenditure, especially public investment. The Hungarian budget and public expenditure system is continually being reformed since 1995. The reforms are aimed at increasing the effectiveness of institutions in the budgetary process and allocation of public expenditure.

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RAZLIKE U STAVOVIMA O KRAJNJIM UČINCIMA PRIVATIZACIJE U HRVATSKOJ

Author(s): Krešimir Peračković / Language(s): Croatian Issue: 48+49/2000

The opinion poll on privatization in Croatia has demonstrated a high degree of citizens' dissatisfaction with the consequences of privatization in Croatia. The public opinion on numerous issues concerning privatization was examined: such as desirable and realized goals, successfulness of privatized companies, responsibility for the negative effects of privatization, the revision of privatization and the role of privatization in the current social crisis in Croatia (Rogić, Cengić, 1999). In this paper the author went a step further in order to explore whether there were differences in the examinees' opinions on the ultimate effects of privatization, with regard to their membership in different social groups which had not been equally touched by the consequences of privatization.The answers of four different samples were compared: of the sample of returning migrants, victims of the Croatian War of Independence, general managers whose companies entered the so-called coupon or mass privatization and the sample of "ordinary" citizens. A unidirectional analysis of variance determined statistically significant differences in seven (out of eight) variables measuring attitudes on the ultimate effects of privatization. A more detailed analysis (t-test) demonstrated significant differences indicating a higher degree of criticism in none other but the sample of the general public. It is interesting that war-victims express, on average, a lesser degree of criticism than the sample of ordinary citizens.

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Položaj Jugoslavije u procesima ekonomskih integracija

Author(s): Žarko Mrkušić / Language(s): Croatian Issue: 02/1988

The world economic system is dominated by sets of regional multi-integration most prominently marked by the activities of the E.E.C.. the U.S.A. and Japan, or of their transnational corporations. Yugoslav inclusion into world economy means in fact inclusion into the currents of the economic integration of Europe and into its accompanying structures. Economic integration may have its institutional features without endangering the political position of Yugoslavia. The country’s economic performances are weakening. The lagging behind in quality and quantity in terms of economic indicators can be changed only through inclusion into international economic cooperation and a stabilizing of the internal economic situation.

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PROBLEMI KORPORACIJSKOG UPRAVLJANJA U POSTPRIVATIZACIJSKOM RAZDOBLJU

Author(s): Drago Čengić / Language(s): Croatian Issue: 38/1998

Corporate governance in Western and Eastern European large enterprises is linked with the way how that owners are controlling the present managers, trying to achieve the most effective and the most profitable output of corporations. Perhaps the best known among Western models of corporate governance are the German and American-British models – the so-called bank-based and market-based models of corporate control. In this paper the problem of corporate governance in Eastern Europe has been outlined with special attention put on the role of banks and other financial institutions (privatization investment funds) in the development of corporate control. The post-privatization experience of several countries (Czech Republic, Poland, Hungary), as well as other empirical researches, suggest that Western practice of corporate control is hardly recognizable in Eastern European circumstances. The future development of market economy institutions and the termination of privatization projects in these countries will determine whether the existing corporate control will evolve into one of the known Western models of corporate control or into a special (Eastern European) type of corporate control practice.

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Podjela ekonomskih funkcija u jugoslavenskom ustavnom sistemu

Author(s): Vlatko Mileta / Language(s): Croatian Issue: 01/1987

This article examines the economic functions of the republic and the relations of these functions towards the economic functions of the federation on the other hand and the communes on the other. At the same time an analysis is made of the division of the economic functions between the representative and the executive organs of the republic with a view to discovering possible instances of over-stepping the constitutional and legal authority of individual organs or socio-political communities. The analysis demonstrates that in the constitution of. m this case, the Socialist Republic of Croatia, there is no constitutional and legal norm that might give occasion to an infringement of the unity of the Yugoslav market. In this matter the Constitution of Croatia insists on the equality of the economic and political conditions for all Yugoslav economic subjects to exercise an unhindered activity on its total economic and political territory. The Constitution insists also on the unity and integrity of the Yugoslav economic territory just as it insists on a symbiosis of the unity and the community of economic and political measures m the conduct of economic policy in the whole of Yugoslavia. All the essential decisions for the conduct of a consistent economic policy, the analysis shows, have been placed within the authority of the organs of the federal Constitution, where the principles of unity and community mentioned above arc exercised in a variety of ways. It is possible to conclude that the genuine problems of the economic system and of the country's economic policy reside outside the constitutional and legal regulations. Further studies will have to show to which degree individual provisions of the economic and political system are indeed founded on the Constitution.

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Pravedan novac

Author(s): Dieter Suhr / Language(s): Croatian Issue: 02/1986

Unstable money has unjust effects. But stable money is unfair, too. It is more valuable to the wealthy, who dispose of dispensable monetary liquidity, than it is to the poor, who need to spend it for their living — and that because of (and to the amount of) its interest or revenue. Due to this money Interest the monetary system leads to continual self-acting subsidization of the rich by the poorer consumers and producers. Moreover, money is a partial and unfair mediator of exchange. It bestows on its owner a kind of joker privilege: Being a general medium of exchange, it grants on the market to economic agents offering money and in comparison with economic agents only offering goods or labour typical advantages, which correspond to the advantages granted by a joker representing all other cards in a game of cards. The historical trails of this monetary injustice can be traced back to the formation of economic institutions (c. g. of corporations with their prerogatives of decision for capital) as well as in the legal and other efforts to compensate economic disadvantages (e g. of labour). In addition, monetary injustice as described above, can be interpreted economically: Money is, by no means, a neutral medium of exchange. The monetary constitution preconditions structural unemployment, and it pathologically results in compulsory economic growth for the sake of full employment. In contrast to all this, criterions of fair money can be given, which coincide with demands laid down for optimal money in economic and monetary theory. This fair money can be realized, too: One has to compensate for the advantages of monetary liquidity by attaching to money carrying costs (Keynes) for cash-keeping.

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O TRANZICIJI I STAROJ STRUKTURI DRUŠTVENE MOĆI

Author(s): Vjeran Katunarić / Language(s): Croatian Issue: 16+17/1995

Research on transition in countries of the so-called Third World and the former Communist East, as well as of the long period of Western modernization (from 16th to 20th century) indicates the dual nature of modernization. Its universalist language (democracy, market, national independence) mostly serves as a cover for the transformation of the (old) structure of social power. This structure has been described as "neopatrimonial", "clientelist" and "mercantilist". From this point of view, transition can also be parodied (with regard to Marx's prophecy) as one leading from "a lower phase of communism" (reward according to labor or plan) to "a higher phase of communism" (reward according to needs, within oligarchies, of course). In the new parallelagram of forces the work-dependent and unemployed population is in the worst position. It experiences the fate of the weaker party in the conflict (with local governments), analogously with the weakest party in wars or ethnic conflicts which have currently been shaking up the multi-ethnic peripheral regions in transition.

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Moguća antiinflacijska politika u samoupravnom sistemu

Author(s): Marijan Korošić / Language(s): Croatian Issue: 01/1986

Giving the alarming rate of inflation in Yugoslavia, the author asks: what can be done? The starting premise is that the market is unable to balance the economy and stabilize the prices on its own, unless economic policies can ensure, previously or simultaneously, a tolerably well-balanced distribution of income and ownership. In his outline of anti-inflationary policies the author focuses on a number of issues: first, the greater importance of the level of income and its distribution than of the effects of price changes (demand and costs); secondly, the effects of distribution are inseparably linked with investment problems. A system of measures and instruments of economic policy designed to enhance the reproduction of resources should be implemented, especially planning, a minimum capital accumulation rate; and an adequate depreciation and valorization of social resources. Fundamental changes should be introduced in the status of banks and the role of credits. The third mechanism of the anti-inflationary policy is the price mechanism. Free prices safeguard the basic interests of the members of the society. The author also considers the role of money in inflationary trends, of interest rates, exchange rates, taxes and levies, and of indexing. In conclusion, the suggestion is made that at present the problem of political institutions takes precedence over economic measures and of the available instruments wherewith to curb inflation.

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România. Perspective macroeconomice şi provocări la adresa politicilor economice

Author(s): Ionuţ Dumitru / Language(s): Romanian Issue: 3-4/2012

Comunicare susţinută în cadrul „Proiectului Foişor”, 24 aprilie 2012, Bucureşti.

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The Impact of the European Economic Crisis on the EaP and Its Crisis Management Flagship Initiative

Author(s): Simona Soare / Language(s): English Issue: 3-4/2012

The analysis focuses on the three types of challenges to the EaP and the EaP’s crisis management flagship initiative: economic challenges, institutional-bureaucratic challenges and regional competition. It finds that while they are very different in nature and context, the three categories of challenges pose relatively similarly serious problems for the EaP. The economic challenges alone will not essentially threaten the EaP. Even if the EU maintains the current levels of funding the EaP or even modestly reduces it, funding has already been so low so far that a moderate reduction of its current levels is unlikely to fundamentally endanger the EaP.

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Od decentralizacije ka samoupravnoj integraciji

Author(s): Anton Vratuša / Language(s): Serbian Issue: 03/1984

The first step in the transformation of administrative management of the economy was decentralisation, which was not confined to a mechanical transfer of decision-making from central to local state organs but entailed the democratisation of economic and social relations. This democratisation, however, was hampered by a low level of development and the need to attain a high rate of capital accumulation for the growth of productive forces. Objective circumstance as well as subjective weaknesses of socialist forces make it possible for political centres of power to suppress, especially in times of economic disruption, the action of economic laws in social reproduction. The relatively low level of productive forces is one of the causes of domination of politics over the economy, but its main source is the inadequate evolvement of socialist democracy.

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Paradoxurile crizei financiare

Author(s): Anca Ionaș / Language(s): Romanian Issue: 1-2/2009

Because of the world economic crisis, more and more EU member states tend to use protectionist measures in order to keep a satisfactory level of employment. A year ago, these states were known as supporters of a globalized and liberalized world trade. Faced with the crisis, the International Monetary Fond (IMF) proposed as a radical measure the adoption of the Euro even by the non-EU countries from Eastern Europe. But the European Central Bank and the Euro countries were against this proposal. The problem is that the financial aid given by EU states to their banks and private companies is sometimes going against the rules of the EU legislation regarding fair-competition in trade.

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KONCEPCIJA INSTITUCIONALNE GRANICE I NJENI ANALITIČKI DOMETI U ISTRAŽIVANJU PRIVREDNOG RASTA

Author(s): Boris Begović / Language(s): Serbian Issue: 1/2019

The goal of the paper is to explore the concept of institutional frontier and examine its analytical capacity in considerations of economic growth. There is no unequivocal answer to the question of the best economic institutions for economic growth as the answer depends on the level of development. The concept of institutional frontier cannot resolve the problem of control of influence of culture on economic outcomes, as it is evident that culture is, together with institutions, a significant factor of economic growth. It is demonstrated that specifying a single institutional frontier is not desirable; instead this should be done at the level of the economic institutions themselves or their groups. Measuring the institutional frontier is linked to substantial methodological challenges. The analytical capacity of the institutional frontier concept is rather limited, but its exploration provided numerous unintentional side benefits related to the understanding the mechanics of economic growth.

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Poland and the Euro Zone.

Author(s): Marta Götz,Bartłomiej E. Nowak,Witold M. Orłowski / Language(s): English Issue: 3 (87)/2018

The Euro zone has undergone profound institutional changes since the occurrence of its 2010 crisis. The EU countries which, due to different reasons, have not entered to the EMU, must rethink their calculus. Standard economic analysis should be now supplemented with political-institutional dimension. Under these circumstances the article sketches three possible scenarios for Poland, which should be taken into account by decision-makers: (a) fast accession to the euro zone. (b) laggard ‘fence sitting’, and (c) ‘shutting the door’. Each of them raises important economic and politico-institutional consequences. The text argues that in overall assessment, the longer the accession to the euro area is delayed, the stronger the risk of Poland’s peripherization in the EU. Therefore the comprehensive analysis of costs and benefits under new circumstances should be done fast.

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Regional Policy and Barriers to Access to EU Funds for the SME Sector in 2007–2013

Author(s): Przemysław Dubel / Language(s): English Issue: 3 (87)/2018

The main goal of this article is to present an analysis of the implemented actions supporting the increase of competitiveness of the SME sector within the framework of regional development policy in 2007–2013, with particular emphasis on barriers in access to EU funds by this sector of the economy. The described barriers have been identifi ed on the basis of the interviews carriedout. The obtained results confirm the most frequent opinions about problems with access to EU funds that entrepreneurs have, such as: poor information about application rules and procedures, too extensive bureaucracy and unclear guidelines regarding, among others, eligibility of expenditure.

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On the UN Reforms

Author(s): Zhuang Maocheng / Language(s): English Issue: 3-4/2005

This study stresses the need for the United Nations of a more active role at international level and institutional reform in order to respond to the demand of a new and more balanced political and economic order. The reform should rely on multilateralism and take into account a stronger voice of the Asian and African countries in the UN Security Council. However, China has disapproved Japan’s request for permanent membership in the UNSC.

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EFFICIENT USE OF COMMON RESOURCES IN CONDITIONS OF SUSTAINABLE DEVELOPMENT

Author(s): Aleksandra Kordonska,Ihor Hurnyak / Language(s): English Issue: 11/2018

Many of the challenges facing humankind, such as climate change, water scarcity, inequality and hunger, can be resolved not only at a global level by promoting sustainable development but, first of all, at local level. Local communities in many countries have been seeking to improve sustainability. They are policy makers and catalysts of change that unify the global goals with their own local ones. In the light of the theoretical background it was made an attempt to extend the analysis of effective managing a commons proposed by Elinor Ostrom basically on the example of Ukraine by introducing the obstacles and opportunities for local communities functioning in the direction of sustainable development. Considering the experience of European states, the basis for the transformation in conditions of sustainable development is a citizen as an individual, guided by his own “taste to life” in accordance to the right guaranteed by the state and the community to choose its place in life. In the relevant conditions it is expedient to look for effective tools of influence on central and local governments and possibilities of the transformation the whole system of public administration by focusing on the role of community and its opportunities for the effective use of shared resources. The duplication of the process of consolidation without development of a social state only destroys the remnants of local self-governance and, as a consequence, all other branches of power in general.

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