STIGLICOVA TEORIJA RAZVOJA I ULOGE DRŽAVE U RAZVOJNIM PROCESIMA

Author(s): Jadranka Petrović / Language(s): Serbian Issue: 8/2014

The political framework of the "Washington Consensus", created between the International Monetary Fund, the World Bank and the U.S. Treasury, emphasized minimizing the role of government, deregulation, liberalization and privatization. Its policy has, according to some of the renowned economic theorists such as the Nobel Prize winner Joseph Stiglitz, played an important role in the failure of transition to a market economy in Russia and other countries in transition and considerably contributed to the recession and stagnation in Latin America. The aim of this paper was to present an alternative concept of development and modern role of the state, to analyze some of the successful examples of the development in the world and explore the role of public policy in the development of these countries. The paper presents Stiglitz’s critique of the Washington consensus development strategy and Stiglitz’s alternative theory of development and the role of the modern state in the development process. Then it analyzes the successful example of the East Asia development and the role of the public policies in the rapid growth of these countries. At the end a case study of a public institution for export promotion was presented. The results showed that the economic success of East Asia was built on effective state interventions which have been implemented in an unusually disciplined manner. The quality of public administration and the mechanisms of technocrat’s isolation from political influence had a major role for success of these interventions

BAZELSKI SPORAZUM 3 U FUNKCIJI JAČANJA STABILNOSTI BANKARSKIH SISTEMA NA GLOBALNOM NIVOU

Author(s): Siniša Đerić / Language(s): Serbian Issue: 8/2014

Complex business conditions urge financial sector supervisors to modify existing or create new standards, whose application in financial operations should be positively reflected on the stability of the business. Accordingly, the objective of this paper is to highlight the importance of continued efforts of the competent authority for the supervision of banks in terms of maintaining the stability of the banking system, because only stable banking systems can contribute to the overall prosperity. The paper will consider the last Basel 3 framework, where special attention is paid to the guidelines and recommendations designed to improve the banking system capability. It is true that the Basel Agreement was created during the global economic crisis, but it can be said with certainty that it had not been created only by the influence of the crisis, but is also the result of continuous efforts of the authorities responsible for the supervision.

MODELI OCJENE KREDITNOG BONITETA PREDUZEĆA

Author(s): Borka Popović ,Zvjezdana Gavrilović / Language(s): Serbian Issue: 8/2014

The assessment of creditworthiness is based on a detailed analysis of financial reports of the company. The most common models of creditworthiness evaluation used by the companies are the traditional method, the Altman Z-score and Kralicek quicktest. A detailed analysis of the financial reports of a company was made in this work and creditworthiness was evaluated using these three models. The assessment of creditworthiness is essentially the assessment of business risk and if it is continuously carried out it may help the company to avoid the danger of getting into crisis. It is especially important that the companies which have impaired balance, which are not liquid, which are in debt and unprofitable, notice problems in time and solve them because the impairment of performances in the long term leads to insolvency and then to the bankruptcy of a company. Therefore, the emphasis in this work is put on the application of traditional, Altman Z-score and Kralicek QuickTest in the process of measurement of company performances in order to determine its financial strength and to recognize the early warning signals of a possible crisis.

THE IMPACT OF INTEGRATED MARKETING COMMUNICATIONS ON THE POSITION OF TOURIST DESTINATION – EXAMPLE OF BOSNIA AND HERZEGOVINA

Author(s): Biljana Rađenović Kozić,Simonida Vilić / Language(s): Serbian Issue: 8/2014

The paper entitled „The impact of integrated marketing communications on the position of tourist destination – example of Bosnia and Herzegovina“ strives to show the importance of integrated marketing communications in modern management of a tourist destination and how much they can contribute to its position on the international market. It analyzes the specific character of integrated marketing communications in tourism and its effects on the economic and wider social and political position of a destination. The paper tries to find out whether the current position of Bosnia and Herzegovina on the tourist market is the result of the state in which integrated marketing communications are. For this purpose, we conducted a survey on the state of integrated marketing communications in tourism of Bosnia and Herzegovina. Based on the results of primary studies and the insight into the theories related to this field it is possible to make conclusions for a specific, observed destination and also conclusions, which, after being slightly modified, can be applied to every tourist destination.

FORENZIČKA REVIZIJA NASUPROT TRADICIONALNOJ EKSTERNOJ REVIZIJI

Author(s): Miroslava Grujić Kalakan / Language(s): Serbian Issue: 8/2014

The profession of forensic auditors has begun to expand in recent years, alongside the profession of external auditors. This paper explains the concept of forensic audit, based on the comparison of definitions by different authors. The definition of forensic audit is related to fraud, fraud prevention and investigation of fraud. Forensic versus traditional auditing are compared and contrasted. It describes the goals, objectives and purpose of the forensic audit. Finally, this paper analyzed several different models of implementing forensic audit for public interest entities, and the perspectives of implementing forensic audit in our audit practice.

THE FED MONETARY POLICY, THE CAUSES AND CONSEQUENCES OF THE WORLD ECONOMIC CRISIS GENESIS

Author(s): Dražen Marjanac / Language(s): Serbian Issue: 8/2014

The world economic crisis originated in 2008, seriously undermining the world financial instrument markets, capital and money markets, supply and demand for products and goods. Influence of the crisis can be perceived even today in a real sector or economy, labour market. A lot of measures undertaken to neutralize effects of the crisis, manifested themselves as wrong and ineffective. Federal Reserve System, as a central monetary authority in the US, represents significant factor whose activities and wrong decisions directly affected the emergence and development of the crisis.

OGRANIČENJA I MOGUĆNOSTI RAZVOJA DUŽNIČKIH INSTRUMENATA U REPUBLICI SRPSKOJ – OBVEZNICA KAO ALTERNATIVA KREDITU

Author(s): Saša Stevanović,Miloš Grujić / Language(s): Serbian Issue: 8/2014

One of the possible ways to obtain funding from external sources is issuing bonds. It is a classic credit relationship between the issuer and the purchaser of bonds. When comparnig bonds turnover with total turnover on the Banja Luka Stock Exchange, it can be seen that the bonds became increasingly important market material. Furthermore, compared to the risk of investing in shares, bonds are less risky. Accordingly, it is expected to have further interest in this kind of investment and fundraising. In addition, banks as issuers of bonds can provide long-term sources of funds to finance their long-term projects. Issuance of bonds in the future will provide an additional stimulus to the growth of the domestic capital market.

UVOĐENJE MERA PROTIV CENOVNE DISKRIMINACIJE U UGOSTITELJSKIM OBJEKTIMA

Author(s): Tamara Gajić,Aleksandra Vujko / Language(s): Serbian Issue: 8/2014

The price discrimination is the business practice of selling the same goods to different customers at different prices. When it comes to tourism, price discrimination is commonly seen in bars and restaurants, and it depends on the country where the customer comes from, namely if it is a domestic or foreign tourist. Such policies of the restaurants pose a threat not only to the image of the destination, but also to the entire country. The starting point of the study was the hypothesis that price discrimination exists in some restaurants in the area of Fruška Gora Mountain. The study conducted on a sample of 365 domestic and foreign tourists confirmed the hypothesis and implied certain conclusions, of which the most important one was that the standardization of service is one of the most important measures that needs to be introduced to put an end to price dualism.

UTICAJ SKORING MODELA NA TAČNOST I BRZINU PROCJENE KREDITNOG RIZIKA MALIH I SREDNJIH PREDUZEĆA

Author(s): Ljiljana Sorak / Language(s): Serbian Issue: 8/2014

In order to make a credit decision of a good quality and thus decrease the credit risk, banks have started to develop and use statistical models for evaluation of the credit risk. These models turn knowledge of experts into statistical-mathematical model, based on function derived from accounting and market variables. A classic credit analysis turned out to be insufficient for managing credit risks, so in the last 20 years new techniques have emerged. This paer researched the influence of the scoring model on adequate credit risk assessment of small and medium enterprises. The purpose of the scoring model introduction is to increase the accuracy and speed of credit risk assessment to which the bank is exposed when financing small and medium enterprises. In this way borrowing costs are reduced and the accuracy of the creditworthiness is improved.

INSTITUCIONALNE PRETPOSTAVKE ZA PRIVLAČENJE STRANIH DIREKTNIH INVESTICIJA U BOSNU I HERCEGOVINU

Author(s): Ljubiša Ševkušić / Language(s): Serbian Issue: 8/2014

The importance of foreign direct investments for growth in transition economies is significant. Foreign direct investments provide new technologies, increase of export, better firm's management, faster economic growth and development. However, in order to attract foreign direct investment it is necessary to provide institutional assumptions. In my work I will analyze the institutional assumptions in Bosnia and Herzegovina and offer specific recommendations for improvement

THE CAPITAL PRICE INFLUENCING FACTORS IN THE REPUBLIC OF SRPSKA

Author(s): Dijana Sredić,Tajana Serdar / Language(s): English Issue: 8/2014

Focus of the paper is on the capital price in the Republic of Srpska, which is composed of the price of shareholder capital and the price of debt. The purpose of the research is to compare the capital price before and after beginning of the financial crisis, that corresponds to the comparison of the interest rates levels before and after the establishment of development funds. The two hypotheses are going to be proven. The first one is that market share of developing funds has a tendency of increasing as the growth rate of the country is decreasing. The second hypothesis is that with introducing the development funds the average interest rate decreases and furthermore the lowest interest rate boundary in the economy is moved down. In conclusion, we are going to display the results of proving hypothesis and give the overview of loans conditions and capital price structure in the country.

Around the Bloc: NATO Members Call for Bastion in the East as Putin Plans Serbia Visit

Author(s): Ky Krauthamer ,Mane Grigoryan,Ioana Caloianu,Madeleine Stern / Language(s): English Issue: 07/29/2014

Plus, Ukraine may prosecute Russian officials and oligarchs for aiding rebels, and international donors pledge billions in Balkan flood relief. Around the Bloc is TOL's daily digest of the important, the trivial, the tragic, the weird, and the sober from its coverage region.

Society: What’s in a Number?

Author(s): Uffe Andersen / Language(s): English Issue: 07/29/2014

It's been 12 years since Macedonia conducted a census, but it could still be too soon to contemplate.

Around the Bloc: Ukrainian, Bulgarian Governments Fall

Author(s): Ky Krauthamer ,Mane Grigoryan,Ioana Caloianu,Madeleine Stern / Language(s): English Issue: 07/29/2014

Plus, Europe’s top rights court slams Poland over CIA renditions and two more anti-Putin protesters receive long prison sentences. Around the Bloc is TOL's daily digest of the important, the trivial, the tragic, the weird, and the sober from its coverage region.

Around the Bloc: Russia Hit With Massive Yukos Judgment, Georgia Charges Saakashvili With Abusing Office

Author(s): Mane Grigoryan,Barbara Frye,Ioana Caloianu / Language(s): English Issue: 07/29/2014

Plus, a Macedonian archeologist is jailed in smuggling case and a Bosnian leader decries flood donors’ mistrust. Around the Bloc is TOL's daily digest of the important, the trivial, the tragic, the weird, and the sober from its coverage region.

Around the Bloc: Soccer Stars in Donetsk Mutiny, Poland Challenges EU Tobacco Rules

Author(s): Ky Krauthamer ,Mane Grigoryan,Ioana Caloianu,Madeleine Stern / Language(s): English Issue: 07/29/2014

Plus, opposition leader’s lawyer arrested in Tajikistan and Bosnia mourns victims of 1992 massacre. Around the Bloc is TOL's daily digest of the important, the trivial, the tragic, the weird, and the sober from its coverage region.

Society: Lost in the Flood

Author(s): Mariana Ionova / Language(s): English Issue: 07/29/2014

Shoddy, illegal settlements and more frequent weather catastrophes make the Balkans’ Roma communities increasingly perilous places.

Around the Bloc: Russia Shrugs off Sanctions, Czech Government Falters Over Gas Tax

Author(s): Piers Lawson,Ioana Caloianu / Language(s): English Issue: 07/29/2014

Plus, tensions rise still further in Nagorno-Karabakh and bad weather traps hundreds of climbers in Kyrgyzstan. Around the Bloc is TOL's daily digest of the important, the trivial, the tragic, the weird, and the sober from its coverage region.

Wooden language and cultural identity in writing journalistic titles in the Romanian and German press in pre- and post-communist Romania

Author(s): Adriana Dănilă / Language(s): English Issue: 2/2014

L’ethos ou la construction de l’identité dans le discourse

Author(s): Georgiana Burbea / Language(s): French Issue: 2/2014