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Monetary policy is a very important segment of an allencompassing economic policy. Monetary policies can prevent money becoming the most important source of economic disturbances. In spite of the theoretical dilemmas of opposing schools of thought, monetary policy is a powerful medium for monetary authorities in directing real economic processes. Serbia adopted the regime of inflation targeting in September 2006, as its commitment to monetary policy management. The assessment of the fulfillment of conditions necessary for implementing the inflation targeting regime states that Serbia has made good progress. However, two elements can be distinguished as potential limiting factors of the range of new monetary policy. The first factor represents the undeveloped financial markets either regarding the number of financial instruments available to trade or the scope of transactions making fine tuning of monetary policy in Serbia impossible to expect. The second factor is the internalization of the banking sector. Over 70% of the banking system in Serbia is owned by foreign banking groups. Considering the possibility of credit options abroad and recapitalizations by their centrals, some limitations can appear in the range of channels of interest rates by weakening the main instrument of monetary policy. According to our opinion two other motives should be considered for introducing channels of interest rates as nominal anchors of monetary policy in Serbia. The experience of countries that adopted the regime of inflation targeting states that the implementation of this concept of monetary policy stabilized inflation and its expectations, which was all of great importance because of increased investment activities of large foreign investors. Monetary authorities in Serbia desired to enable a transparent insight into monetary movements in this way, but also to create a climate of stable inflation expectations and stable inflation, to ensure the best condition for continuing and increasing investment activities in Serbia. Another argument contributing to the motives for change of nominal anchors is the expense of national currency in the process of disinflation. This paper tries to answer the question of what Serbia gained and lost by applying the regime of inflation targeting as the monetary policy framework. The results show some positive changes and stabilization of certain macroeconomic variables and, on the other hand, a lower average rate of economic growth.
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During the eighties and nineties, the International Monetary Fund (IMF) and World Bank (WB) imposed extensively structural changes on emerging and transition economies. Conditionality regarded loan approval and also their success in the implementation of structural adjustment programs aimed at countries being efficient and competitive in the global environment. The real purpose of these arrangements was that the countries in transition and developing countries allow entry of foreign investors. This was achieved by imposing free-market measures, including privatization of state-owned enterprises, removal of restrictions on foreign investors, removal of import barriers and the like. The original objective of the International Monetary Fund and other similar financial institutions was to preserve global financial stability by regulating the so far unregulated global financial markets as well as to prevent the emergence of crises and intervene in case they should emerge.
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Dan Ariely, Predvidljivo iracionalninevidljive sile koje upravljaju našim odlukama. Zagreb: V.b.z. d.o.o., 2009 Gordana Đorđević, Informacione tehnologije u digitalnoj ekonomiji. Beograd: Beogradsko trgovaĉko društvo-BTO, 2011 Berys Gaut, A Philosophy of Cinematic Art. (Cambridge University Press, 2010)
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Internal auditing should establish performance metrics and related measurement criterion appropriate to its environment/organization to measure the degree (including quality) of achievements of objectives for which the internal audit activity is established. The case study of the performance of small internal audit activities in Serbia reveals that high level of regulation contributes to the establishment of objectives which enhance credibility of internal audit activities, although they do not fully comply with the international auditing sta ndards.
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As a proven factor of growth and prosperity, entrepreneurship is irreplaceable in economies at different levels and degrees of development. The hallmark of entrepreneurship is doing business in conditions of rapid change, uncertainty and risk, which requires new approaches to business, new business orientations and new strategies. In these conditions the best results are achieved if entrepreneurs and businesses foster entrepreneurial management. Developed economies at the beginning of this century entered into a phase of constant changes. From the century of information technology they entered into a century of knowledge, and the global knowledge-based economy as the leading and irreplaceable factor of development. Developing countries and developed economies are now in a continuous transition period. Entrepreneurship is a factor that can significantly accelerate growth and mitigate the effects of changes in economic structures through self-employment and job creation. Being an engine of development, entrepreneurship is interesting for all economies undergoing transition processes. Entrepreneurship is a feature of both developed and market economies, and it achieves the best results in such a business climate and environment. However, entrepreneurship reaches its full reaffirmation in countries returning to an open market eco nomy.
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The research on the history of pharmaceutics and medicine in the Hungarian town of Sopron has already a long precedent. The complementary, interlocking threads of medical history, town history and social history research have a special area focusing on pharmacists and pharmacies. The fact that in 1625 there were already two pharmacies and later, at the middle of the 17th century three pharmacies were functioning in town, while their number increased to four up to 1676 also emphasized the important role pharmacists had in the urban and rural society. Our source offers a glimpse into the life and living circumstances of Jeremiás Östereicher, pharmacist of the „Arany Oroszlánhoz” (“To the Golden Lion”) pharmacy from the middle of the 17th century. In spite of the fact that he activated for a short while in the town of Sopron, we have a lot of information on his career due to his personal documents kept in the Archives of Sopron. Östereicher was born in the town of Strela near river Elba and he became a citizen on the 21st of February 1656. He died in October, in the same year beinga victim of the plague. His belongings were inventoried on the 8th February 1657. On the following pages I will publish this source – except the bibliography - in a word by word variant and in a transcription adequate to the generally accepted transcription rules in order to give a hand for the future interdisciplinary researches.
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The study, based on archival research covering a period of two centuries, concerned the settlement and social integration of Jewish families in towns of the Danube-Tisza region. The author attempted to present the history of these predominantly rural towns by an analysis of human interaction, that is, of changes in social structure. He conceives of historical place and time as a system, a network of mutual impacts. In addition to historical conditions, possibilities and requirements, it is essential to consider the spatial, economic, social characteristics of these settlements as well as those Jewish families which were first separate and alien groups, then gradually became members of these local communities. Rethinking his original hypothesis, he now contends that the following factors gave rise to the internal and external conflicts of the Jewish social group: 1. Their separate culture and religion. 2. The absence of legal equality. 3. The activities of a social group departing from their peripheral position and characterised by compulsion and tradition to fill a specific public need. 4. The responses and confusion of the integrating society. He addressed the following issues in the course of his research in regional social history: 1. The historical conditions of specific settlements. 2. Conditions of Jewish settlement: characteristics of their reception, their geographic mobility. 3. Size, occupation, household structure, property holdings of the Jewish population. 4. Other characteristics of lifestyle: housing conditions, marriage patterns. 5. Assimilation issues and statistical data. 6. Conflicts, anti-Semitism.
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The Lutheran orphanage in Sibiu/Hermannstadt owed its existence to the craftsman Georg Thays who, after all his children died, decided in 1753 to spend a part of his fortune improving the life of protestant orphans. Thays intended to create an institution like the orphanage in Halle/Saale established by the pietistic priest August Hermann Franke (1663-1727). Due to the unexpected death of Thays it lasted for some years until the institution opened its doors. The parentless children had to be educated as good Christians but also were trained in a profession. About thirty years from its opening the orphanage functioned due to the brotherly love of the community. Then, during the reign of the emperor Joseph II ecclesiastical institutions were object of secularization and the traditional charity became lost. The orphanage went through a difficult time. Conditions improved from 1858 onwards and a whole series of lucky events made it possible for the community to build between 1882 and 1883 a modern complex. It included an orphanage, a day-care centre and a church. Being build on unstable base, structural damage appeared a few years later and in 1910 the complex had to be demolished. The community decided to rebuild the complex which was inaugurated in 1912. Until 1948, when it was nationalized, the so called “Lutherhaus” existed because of the responsibility and determination of the local protestant community and due to generous pecuniary legacies.
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