Montenegrin Journal of Economics

Volume 4 № 7

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Vladimir Kašćelan,Boško Radulović

INSURANCE COMPANIES IN THE FINANCIAL MARKET IN THE REGION

Article title	INSURANCE COMPANIES IN THE FINANCIAL MARKET IN THE REGION
Authors	Vladimir Kašćelan,Boško Radulović
Category	Economics
Article type	Science Article	JEL Classification	G22
Abstract	Insurance is today one of the most developed activities in the world, with immense financial capacities and funds. If we exempt Slovenia and Croatia we can conclude that the insurance market of the region is behind the developed European countries. In contrast to neighbouring countries, insurance market in Montenegro is rather undeveloped and demands urgent reforms. Apart from life and voluntary pension insurance, the development of other insurance products is expected and this should improve the position of insurance companies in the financial market and enable further development of insurance and the region in general.
Key words	insurance, premium, life and nonlife insurance, financial market, securities.
Literature	1. Dr Kašćelan Vladimir, Mr Novović Milijana, "Komparativna analiza tržišta osiguranja u regionu", "Preduzetnička ekonomija" Ekonomski fakultet Podgorica 2006 god. 2. Dr Kašćelan Vladimir, Mr Novović Milijana, "Osiguranje u svijetu sa osvrtom na Crnu Goru", "Preduzetnička ekonomija" Ekonomski fakultet Podgorica 2005 god. 3. Dr Kočović Jelena, Dr Šulejić Predrag, Beograd 2002., '' Osiguranje'' 4. Dr Marović Boris, D. Mrkišić D., Novi Sad 1996 ''Osiguranje i reosiguranje'' 5. Dr Marović Boris i Žarković Nebojša, DDOR Novi Sad 2002. '' Leksikon osiguranja'' 6. Mr Novović Milijana, "Izvori finansiranja i plasman sredstava osiguravajućih kompanija", Magistarski rad, Ekonomski fakultet Beograd, 2005 god. 7. Mr Novović Milijana, "Perspektive razvoja tržišta osiguranja Crne Gore", Vrnjačka Banja, jun 2007 god. 8. Časopis "Svijet Osiguranja", Zagreb 9. Časopis "Sigma", Swiss-re 10. Zbornik radova Ekonomski fakultet Beograd, 2003, "Privatizacija i perspektive osiguranja u zemljama u tranziciji" 11. Zbornik radova Ekonomski fakultet Beograd, 2005, "Mogućnosti i ograničenja plasmana sredstava osiguravajućih kompanija u svetlu novog Zakona o osiguranju" 12. www.capitalmarket.ba (Portal tržišta kapitala u BiH) 13. www.hanfa.hr (Hrvatska agencija za nadzor osiguranja) 14. www.dzs.hr (Državni zavod za statistiku Republike Hrvatske) 15. www.nbs.yu ( Narodna banka Srbije) 16. www.webrzs.statserb.sr.gov.yu (Republički zavod za statistiku Srbije) 17. www.cb-mn.org (Centralna banka Crne Gore) 18. www.vlada.cg.yu (Ministarstvo finansija Crne Gore) 19. www.stat.gov.mk (Državni zavod za statistiku Republike Makedonije)
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Ljiljana Kašćelan, Biljana Rajković

BUSINESS INTELLIGENCE MODEL FOR CUSTOMERS ANALYSIS FOR A SALES COMPANY

Article title	BUSINESS INTELLIGENCE MODEL FOR CUSTOMERS ANALYSIS FOR A SALES COMPANY
Authors	Ljiljana Kašćelan, Biljana Rajković
Category	Economics
Article type	Science Article	JEL Classification	M21
Abstract	This paper defines a theoretical framework for developing business intelligence support systems for customers analysis for a sales company. It will contribute significantly to the quality of analysis of certain segments of the market and to efforts to make best decisions in this area. This paper represents a theoretical basis for a practical implementation of all system components. A concrete company example shows that the suggested business intelligence model is producing expected results.
Key words	business intelligence systems, data warehouse, data mart, star schema, customer analysis, custommer segmentation, etl, olap, oracle tools.
Literature	[1] Balaban N., Ristić Ž.: 'Poslovna inteligencija', Ekonomski fakultet, Subotica, 2006 [2] Chenoweth T., Luis R., Schuff D., 'A method for developing Data Marts', Communications of the ACM, Dec. 2003, Vol46. No.12 [3] Kašćelan, Lj., 'Kreiranje OLAP modela u Oracle Discoverer-u ', INFO-M, Br. 13/2005, str. 18-22 [4] Pendse, N., 'What is OLAP? ', OLAP Report, 1998, http://www.olapreport.html/FASMI.HTM [5] Oracle Warehouse Builder User's Guide 10g Release 1 (10.1), PDF version, http://download.oracle.com/docs/pdf/B13916 _04.pdf , Oct 2005 [6] 'Rječnik marketinga', 1993, Masmedia, Zagreb.
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Božidar Roca, Ružica Žnideršić

COMUNICATION EFFECTS IN RETAIL THROUGH CONSUMERS SOCIAL NETWORK

Article title	COMUNICATION EFFECTS IN RETAIL THROUGH CONSUMERS SOCIAL NETWORK
Authors	Božidar Roca, Ružica Žnideršić
Category	Economics
Article type	Science Article	JEL Classification	D01; D11
Abstract	Social environment is doing social shaping of individual through his behavior and attitudes, as well as through information process and communication network, created between consumers themselves, in their purchase decision process, use of the product, and aftersale evaluation. Business globalisatiopn process and information tehnology have become parameters of market performance, thus enabling aplication of marketing principles. Further more they are bringing with them a whole set of hew elements, which can shift business deciosions. Comunication with and within business environment trough consumers social network in retail is a framework for influencing consumers decisions at the purchasing point. These networks, in adittion, are giving insight in available methods for influencing changes in consumer behavior.
Key words	Communication Network, Reference Group, Social Facilisation and Social Inhibition, Social Influencing, Social Comunication.
Literature	1. G. Antonides and W.F.van Raaij, Consumer Behavior A European perspective, Wiley, 1998. 2. G. R. Foxall and R.E. Goldsmith, Consumer Psychology, International Thomson Business, Press, 1997. 3. T. Kesić, Ponašanje potrošača, opinio d.o.o., Zagreb, 2006. 4. B. Maričić, Ponašanje potrošača, Savremena administracija, Beograd, 1999. 5. S. Salai, I.Hegediš, Tržišno komuniciranje, Subotičke novine, 1994. 6. J. M. Sneth, B. Mittal, B.I. Newman, Customer Behavior Consumer and Beyond, The Dryden Press, 1999. 7. J. P. Peter, J.C. Olson, Consumer Behavior and Marketing Strategy, Irwin, 1996.
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Radislav Jovović, Veselin Drašković

KNOWLEDE PROCESSES INOVATION – DYNAMIC APROACH TO CHANGES OF ENTERPIRSE IN THE KNOWLEDGE ECONOMY

Article title	KNOWLEDE PROCESSES INOVATION – DYNAMIC APROACH TO CHANGES OF ENTERPIRSE IN THE KNOWLEDGE ECONOMY
Authors	Radislav Jovović, Veselin Drašković
Category	Economics
Article type	Science Article	JEL Classification	D83; M21; A10, O32
Abstract	This article provides an introduction to fundamental issues in the development of knowledgebased enterprise. After placing emergence of the new science discipline - knowledge based economy in historical perspective and proposing a theoretical framework, the authors deal with improvement of knowledge processes in a enterprise. They go on to deal with some of the major issues concerning the dynamic models of knowledge; and its integration into business processes. We will present our research based on the latest literature and our insight.
Key words	knowledge, information, codification, intellectual property, externalization, internalization
Literature	Brown, J.S. & Duguid, P. (1998), "Organizing Knowledge", California Management Review (40)3, pp. 90-111. Caron, J.R., Jarvenpaa, S.L. & Stoddard, D.B. (1994), "Business reengineering at CIGNA corporation: experiences and lessons learned from the first five years", MIS Quarterly (18)3, pp. 233- 250. Carayanis, E. (1999), Fostering Synergies between Information Technology and Managerial and Organizational Cognition: the Role of Knowledge Management , Technovation, 19 ,pp. 219-231 Charles, D. & Daniele, C. (Eds.) (1999), "Knowledge Horizons: The Present and the Promise of Knowledge Management", Butterworth-Heinemann. Cypress, H.L. (1994), "Reengineering - MS/ OR imperative: make second generation of business process improvement mode work", OR/MS Today (21)1, pp. 18-29. Davenport, T.H. (1993), "Process Innovation: Reengineering Work through Information Technology", Boston, MA: Harvard University Press. Davenport, T.H., Jarvenpaa, S.L. & Beers, M. C. (1996), "Improving Knowledge Work Processes", Sloan Management Review (37)4, pp. 53-65. Davenport, T.H., De Long, D.W. & Beers, M.C. (1998), "Successful Knowledge Management Projects", Sloan Management Review (39)2, pp. 43- 57. Davenport, T.H. & Prusak, L. (1998), Working Knowledge: "How Organizations Manage what they Know", Boston, MA: Harvard Business School Press. Despres, C. & Chauvel, D. (1999), "Mastering Information Management: Part Six – Knowledge Management", Financial Times (8 March), pp. 4-6. Dixon, N.M. (2000), "Common Knowledge", Boston, MA: Harvard Business School Press. Drucker, P.F. (1995), "Managing in a Time of Great Change", New York, NY: Truman Talley. Earl, M. & Scott, I. (1998), "What on earth is a CKO?", Survey IBM. London Business School. Edvinsson, L. (1996), "Developing a model for managing intellectual capital", European Management Journal, Vol 14, N 4, August, pp 356-364. Gartner Group (1998), "Knowledge Management Scenario", conference presentation, Stamford, CN, presentation label SYM8Know- Man1098Kharris. Georgakopoulos, D., Hornick, M. & Sheth, A. (1995), "An Overview of Workflow Management: From Process Modeling to Workflow Automation Infrastructure", Distributed and Parallel Databases (3)2, pp. 119-153. Hedlund, G. (1994), "A model of Knowledge Management and the N-Form Corporation", Strategic Management Journal, pp. 73-90. Hammer, M. (1990), "Reengineering Work: Don't Automate, Obliterate", Harvard Business Review, pp. 104-112. Hammer, M. & Champy, J. (1993), "Reengineering the Corporation: A Manifesto for Business Revolution", New York, NY: Harper Business Press. Inkpen, A. & Dinur, A. (1999), "Knowledge Management Processes and International Joint Ventures", Organization Science, 9(4), pp. 454-468. Leavitt, H.J. (1965), "Applying organizational change in industry: structural, technological and humanistic approaches", in: J. March (Ed.), Handbook of Organizations Chicago, IL: Rand Mc- Nally. Nissen, M.E. (1998), "Redesigning Reengineering through Measurement-Driven Inference", MIS Quarterly (22)4, pp. 509-534. Nissen, M.E. (1999), "Knowledge-Based Knowledge Management in the Reengineering Domain", Decision Support Systems (27), pp. 47-65. Nissen, M.E. & Espino, J.P. (2000), "Knowledge Process and System Design for the Coast Guard", Knowledge and Process Management Journal (7)3, pp. 165-176. Nissen, M.E., Kamel, M.N. & Sengupta, K.C. (2000), "Integrated Analysis and Design of Knowledge Systems and Processes", Information Resources Management Journal (13)1, pp. 24-43. Nissen, M.E. (2001), "Toward a Program of Research on Knowledge Flow in the Very-Large Enterprise", Monterey, CA; Naval Postgraduate School NPS Technical Report NPS-GSBPP-01-003. Nissen, M.E. (2002), "An Extended Model of Knowledge Flow Dynamic", Communications of the Association for Information Systems, Vol. 8, pp. 251-266. Nonaka, I. (1994), "A Dynamic Theory of Organizational Knowledge Creation", Organization Science (5)1, pp. 14-37. O'Leary, D. E. (1998), "Enterprise Knowledge Management", Computer (31)3, pp. 54-61. Oxendine, E. & Nissen, M. E. (2001), "Knowledge Process and System Design for the Naval Battlegroup", Journal of the KMCI (1)3, pp. 89-109. Snowden, D. (1998), "The ecology of a sustainable Knowledge Management Program". Knowledge Management, 1(6), pp. 26-35. Teece, D.J. (1998), "Research Directions for Knowledge Management", California Management Review (40)3, pp. 289-292. Turban, E. & Aronson, J. (2001), Decision Support Systems and Intelligent Systems (Fifth Edition), Upper Saddle River, NJ: Prentice-Hall. Van Buren, M. (1999), "A Yardstick for Knowledge Management , Training & Developmen" v 53(5), pp. 71-78, May. Von Krough, G., Ichijo, K. & Nonaka, I. (2000), "Enabling Knowledge Creation: How to Unlock the Mystery of Tacit Knowledge and Release the Power of Innovation", New York, NY: Oxford University Press. Wiig, K. (2003), "Knowledge Management Foundations", Schema press – Knowledge Board 20- Nov.
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Nenad Vunjak, Tamara Antonijević

MANAGEMENT STRATEGY OF BANK CREDIT PORTFOLIO

Article title	MANAGEMENT STRATEGY OF BANK CREDIT PORTFOLIO
Authors	Nenad Vunjak, Tamara Antonijević
Category	Economics
Article type	Science Article	JEL Classification	G21; G24
Abstract	Credit portfolio includes a credit group that is structured by bank management team according to credit users. Realizing the key targets of credit portfolio management imply the analysis of: (1) volume of credits, (2) portfolio structure, (3) credit services, (4) payment of credits, (5) credit price (interest rate), (6) realized profit. The credit portfolio modeling is the top management competence. Performance of credit portfolio depends from expect risks and returns estimate, having insight approved and realized credits. Monitoring, like a credit portfolio following process, applies to individual and all credits in the bank credit portfolio. Endogenous factors (economy conditions) and exogenous factors (for example business philosophy) have a special impact on the bank credit portfolio. Model ZETA represents the analysis model, using for credit users monitoring. Appling the ZETA analysis model it is possible to make a different between successful and unsuccessful credit users, having insight the future business of theirs.
Key words	Bank portfolio, Investment bank, Credit portfolio, Credit Risk, Interest rate risk, Credit scoring system
Literature	Altman I. Edward: Managing the Commercial Sending Process (Handbook for Banking Strategy, Edited by: Richard C. Aspinwall and Robert A. Eisenbeis, John Wiley & Sons, New York, 1995.) Ćurčić, U. (2003), Portfolio Menadžment banke (Strategijsko upravljanje rastom i portfolio performansama banke), Loznica: Mladost Holding i Color Print. Gradby B. D. and Austin, H. (1990), Managing Commercial Banks – Community, Regional and Global, New Jersy: Prentice – Hall, Englewood Cliffs. Munn G. G. and Garcia F. L. (1993), Encyclopedia of Banking and Finance, Eighth Edition, Revised and Expaded, Boston: Bankers Publishing Company. Sinkley F. J., Jr. (1999), Comercial Bank Financial Menagement in the Financial Services Industry, New York: MacMillan Publishing Company Vunjak, N. (2005), Finansijski menadžment (Knjiga 5 – Poslovne finansije), Bečej- Subotica: Proleter i Ekonomski fakultet, Vunjak, N., Kovačević, Lj. (2006), Bankarstvo (Bankarski menadžment), Bečej- Subotica: Proleter i Ekonomski fakultet.
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Milenko Popović

THEORETICAL AND METHODOLOGICAL FRAMEWORK FOR ANALYSIS AND REGULATION OF SPATIAL PROCESESS IN MONTENEGRO

Article title	THEORETICAL AND METHODOLOGICAL FRAMEWORK FOR ANALYSIS AND REGULATION OF SPATIAL PROCESESS IN MONTENEGRO
Authors	Milenko Popović
Category	Economics
Article type	Science Article	JEL Classification	R00; R13; R38
Abstract	Relatively large level of foreign direct investment in real estate, that Montenegro has experienced in last few years, and rapid real estate development that has followed is obvious sign of new long run cycle in spatial development of Montenegro. In this article we, first, outlined some basics of spatial and urban economics necessary to understood ongoing processes in Montenegro. Then, we give brief description of those processes and problems that we have experienced so far in Montenegro.
Key words	Market arbitrage, Spatial equilibrium, Spatial dynamics, Construction work, Corruption
Literature	1. Alonso, W. (1964): Location and Land Use, Harvard Universitz Press. 2. Backer, G.S.: A theory of the Allocation of Time, Economic Journal, Vol 75, No 299, pp. 493-517. 3. Glaeser, E.L. (2007): The Economics Approach to Cities, NBER Working Paper Series, NBER, Working Paper 13696, p. 39. 4. Eliminisanje barijera za razvoj preduzetništva u Crnoj Gori, Direkcija za razvoj malih i srednjih preduzeća, Vlada Republike Crne Gore, 2007, p. 30. 5. Illes Ivan (2006): Scenarios of Economic and Regional Development in Europe, European Integration Studies, Vol5, No 1, pp.119-138. 6. Jacobs, J. (1969): The Economy of Cities, Random House, New York. 7. Kranjčević Jasenka: Proces pridruživanja europskoj uniji i prostorno uređenje Hrvatske, pp.223- 240. 8. Krugman, P. (1995): Development, Geography and Economic Theory, MIT Press. 9. LeRoy, S., Sonstelie, J.: Paradise Lost and Regained: Transportation Inovation, Income and Residental Location, Journal of Urban Economics, No 13, pp. 67-89. 10. Mills, E.S. (1967): An Aggregative Model of Resource Allocation in a Metropolitan Area, Amereican Economic Review, Vol 57, No 2, pp.197-210. 11. Muth, R. (1969): Cities and Housing, University of Chicago Press. 12. Popovic, M.(2005a): Ekonomsko značenje korupcije; u Radovanovic D., Bulatovic A., (ed), Korupcija, Center for Management; Institut za krinimološka i sociološka istraživanja, Beograd, pp. 183-218. 13. Popovic, M. (2005b): Vrste korupcije i njihovi ekonomski efekti; u Radovanovic D., Bulatovic A., (ed), Korupcija, Center for Management; Institut za krinimološka i sociološka istraživanja, pp. 219-242. 14. Popovic, M.(2005c): Mala korupcija; u Radovanovic D., Bulatovic A., (ed), Korupcija, Center for Management; Institut za krinimološka i sociološka istraživanja, Beograd, pp. 243-268. 15. Popovic, M. (2006): Korupcija i tranzicija; u Draskovic, B. (ed): Stanje i perspektive privrede Srbije, Beograd, pp. 359-394. 16. Prostorni plan republike Crne Goire do 2020 godine: Nacrt plana, Ministarstvo za ekonomski razvoj, Podgorica, 2006, p. 192. 17. Rauch, J.E. (1993): Productivity Gains from Geographic Concentration of Human Capital: Evidence from the Cites, Journal of Urban Economics, Vol 34, No 3, pp. 380-400. 18. Roback, J.(1982): Wages, Rents, and Quality of Life, Journal of Political Economy, Vol 90, No 4, pp. 1257-1278. 19. Rosen, S. (1979): Wage-Based Indexes of Urban Quality of Life, u Mieszkowski, P., Straszheim, M. (ed): Current Issues in Urban Economics, John Hopkins University Press. 20. Stiglitz, J.E. (2004): Ekonomija javnog sektora, Ekonomski fakultet Beograd, p. 844. 21. Zakon o planiranju i uređenju prostora, Sl. list RCG, br. 16/95, 22/95, 10/00. 22. Zakon o izgradnji objekata, Sl. list RCG, br. 55/00. 23. Zakon o građevinskom zemljištu, Sl. list RCG, br. 55/00.
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Sofija Adzic

THE SMALL BUSINESS CREDIT MARKETIN THE TRANSITION COUNTRIES – THE CASE STUDY OF SERBIA

Article title	THE SMALL BUSINESS CREDIT MARKETIN THE TRANSITION COUNTRIES – THE CASE STUDY OF SERBIA
Authors	Sofija Adzic
Category	Economics
Article type	Science Article	JEL Classification	G21, L21; O57
Abstract	The paper discusses the specific aspects of development of the small business credit market in the transition economies, through case study of Serbia. Topics elaborated in the present paper are focused on the problem: "How to create an efficient social and economic environment, which would secure collection of credits from small businesses?" The institutional solutions in Serbia are enabling the small businesses to obtain credits pursuant to three sorts of guarantees: real estate property, movable property and their own reputation. However, implementation of such solutions encounters significant difficulties. The records on ownership over the real estate property are to a large extent inadequate and incomplete. It shall take a relatively long period of time that the appropriate records, harmonized with the European regulations, are formed. The area of collateralized credits for small business is relatively new and faces the problem of a difficult realization of a lawful and timely judicial protection of creditors' interests. However, the basic impediment to establishment of an efficient credit market is the low business reputation of the small businesses. The basic characteristic of small businesses in Serbia is works in the transitional area between the official and the "shadow" economy, which assumes furtherance of a large portion of economy and monetary transactions through unofficial markets. The author's ground thesis is that solutions should be sought not in strict regulations, stern laws and all-inclusive state interventionism, but in self regulation, based upon the development of the culture of mutual trust. It is therefore, in the author's opinion, that the issue of development of the small business credit market in Serbia should be discussed within the chain of three phenomena: creation, improvement and security of the mutual interest of banks and small businesses in course of realization of the following activities: (1) promotion and development of business culture, wherein performance of all financial obligations in a timely fashion plays a key role, (2) completion of the legal and institutional infrastructure for implementation of the infrastructure for implementation of collateralized credits for equipment and reproduction material, (3) promotion and development of new techniques for evaluation of creditworthiness of small businesses pursuant to precise and clear standards, (4) identification of new solutions for (high risk) financing of export projects, pursuant to generating and implementation of high technologies and (5) promotion of new forms of credits for transfer of private property.
Key words	Transition, Small business, Credit market, Self regulation, Trust.
Literature	Adžić, S. (1998). Prestruktuiranje preduzeća u uslovima nerazvijenog finansijskog tržišta. Ekonomski anali, Tematski broj, Decembar, 281-290. Adžić, S. (2001). Eksterno finansiranje malih i srednjih preduzeća – fikcija ili realnost?. Ekonomski anali, Tematski broj, Jul, 119-127. Adžić, S. i Popović, D. (2005). Fiskalni sistem i fiskalna politika – njihov doprinos unapređenju konkurentnosti privrede: Slučaj Srbije. Ekonomija/ Economics, br 1, 173 – 200. Čupić, V. (2007). Kreditno finansiranje investicija. Kopaonik biznis forum 2007: Rast institucionalnog kapaciteta i investicionih mogućnosti: Glavni izazovi za Srbiju u 2007, 95-119. Jeremić, Z. (2007). Performanse i strategija banaka u Srbiji. Kopaonik biznis forum 2007: Rast institucionalnog kapaciteta i investicionih mogućnosti: Glavni izazovi za Srbiju u 2007, 147-160. Knežević, G. (2006). Bankocentričnost privreda u tranziciji, Miločer 2006: Evropski prioriteti i regionalna saradnja, 283-305. Studija (2004). Plan za podsticanje razvoja malih i srednjih preduzeća i preduzetništva 2005-2007. godine. Ministarstvo privrede, Beograd Study (2005). Izveštaj o malim i srednjim preduzećima i preduzetništvu 2004. Ministarstvo privrede, Republički zavod za razvoj i Republička agencija za razvoj MPS i preduzetništva, Beograd. Fourthly, in order to create conditions for efficient functioning of the small business credit market, the banks that wish to operate on such market must significantly improve the appropriate services and introduce new techniques for evaluation of credit rating. The foundation thereof should encompass continuous efforts to educate potential users for application of practical skills in elaboration of business plans, and provision of conditions for efficient evaluation of viability thereof. Study (2006). Nacionalna strategija privrednog razvoja Srbije 2006-2012. Republički zavod za razvoj, Beograd. Study (2006). Development Problems of Small Entrepreneurs in Serbia and Proposed Solutions. Union of Employers, Beograd. Study (2006). Report of Small Enterprises in the Republic of Serbia According to European Commission Questionnaire for 2005. European Charter for Small Enterprises. Uzelac, V. (2006). Mogućnosti i ograničenja razvoja finansijskog tržišta Srbije do 2012. godine. Kopaonik biznis forum 2006:Srbija 2006-2012: Razvoj, finansijski sistem i konkurentnost, 288-300. Collection of paper (2000). Transformacija preduzeća i finansijska tržišta. (red. Kočovič, J., Janković, M. i Hanić, H.), Ekonomski fakultet i Savezna komisija za hartije od vrednosti i finansijsko tržište, Beograd. Živković, B. (2006). Miločer 2006: Evropski prioriteti i regionalna saradnja, 270-282. Živković, B. (2006). Finansijski sektor Srbije: ponašanje institucija, troškovi i konkurentnost. Kopaonik biznis forum 2006:Srbija 2006-2012: Razvoj, finansijski sistem i konkurentnost, 165-179.
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Valeriy Malishev

ON POSSIBLE CHANGE-OVER REPRODUCTION PROCESSIN RUSSIAN ECONOMY

Article title	ON POSSIBLE CHANGE-OVER REPRODUCTION PROCESSIN RUSSIAN ECONOMY
Authors	Valeriy Malishev
Category	Economics
Article type	Science Article	JEL Classification	P20
Abstract	In the article on an example of economy of Russia the opportunity of transition to a new estimation of activity of manufacturers is considered: with habitual for market economy of an estimation of process of reproduction as reproduction of products of the manufacture, determined limitation of this process by selling of a product of manufacture (criticized still K. Marx), on process of reproduction of resources of manufacture. The process overcoming this limitation, due to inclusion in process of reproduction of consumption of the made product as resource of manufacture. Association in one process of reproduction of two functions of the same products – in the first case as result, in the second – as expenses, will form a gnosiological basis of creation of uniform economic space in borders of the certain territorial formation (for example, a country).
Key words	Reproduction of resources of manufacture, reproduction of products of manufacture, privatezation, liberalization, the manufacturer of products of manufacture. Effect of consumption, having poured resources of manufacture, the price of products of manufacture, competitive balance
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Zdenka Đurić

THEORY BASIS IN STOCKS VALUE AND PRICES ESTIMATES

Article title	THEORY BASIS IN STOCKS VALUE AND PRICES ESTIMATES
Authors	Zdenka Đurić
Category	Economics
Article type	Science Article	JEL Classification	G11; G12; G14
Abstract	In paper are presented short reviewed theories and concepts in astimated - analysis stocks values and prices or reviewed the concept of efficient market, behaviour finance, Markowitz portfolio theory, the asset pricing model or CAPM and multifactor models of risk and return. The aim of this paper is not confirm or refute its, but only, its afirmation as a basis of actual models and techincs in analysing stock value and price in the contemporary priactice.
Key words	theory, value, prices, stocks.
Literature	Berber, B. , Odean, T. (1999), "Trading bihavior of individual investitor", Financijal Journal 55, No. 4. Brown, G. (1998), "Volatility, sentiment nad noicse trades", Financial Analysts Journal 55. No. 3. Fama, E. F. (1970), "Efficient capital market: A review of theory and emprical work", Journal of finance 25, No. 2. _________ (1991), "Efficient capital market II", Journal of Finance 46, No. 2. Fremin, H. (1999), "Beyond greed and fear: Undarstanding behavioral finance", Harvard Business School Press. Đurić, Z. (2006), Berze i berzansko poslovanje, Banja Luka: Fakultet poslovne ekonomije. _______ , Investicije, akcionarstvo i portfolio menadžment, rukopis knjige. Huberman, G. (1997), "Market efficiency and value lines record", Journal of business 63, No. 2. Litner, J. (1964), "Security, prices, risk and maximal gains for diversification", Journal of Finance 20, No. 4. Markowitz, H. (1952), "Portfolio selection", Journal of Finance 7, No.1. __________ (1959), Portfolio selection – Efficient diversification of investment, John and Willey. Mullins, D. (1982), "Does the capital asset pricing model work?", Harvard Business Review, january-february. Olsen, R. A. (1998), "Behavioral and its implications for stock-price volatility", Finance Analysis Journal 54, No. 2. Relly, F. K., Brow, K.C. (2005), Investement analysis and portfolio management, Willey and sons, Ray, B. (1995), "The theory of stock market efficiency: Accomplishements and limitations", Journal of Aplied Corporate Finance 8, No. 1. Ross, S. (1976), "The arbitrage theory of capital asset pricing", Journal of Economic Theory, 13, No.4., Sanjiv, B. ()1995, Managing assets for individual investitors, Association for investment management and research. Sharpe, J. (1963), "Capital asset prices: A theory of market equilibrium under conditions of risk", Journal of Finance 19, No. 4. _______ (1994), "A theory of market equilibrium under condition of risk", Journal of Finance 19, No. 4. Stephen, R. (1977), "The capital asset pricing model-Short sale restricitions and related issues", Journal of Finance 32.
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Aleksandar Grubor

SERVICE MARKETING COMPETITIVENESS IN THE NEW ECONOMY

Article title	SERVICE MARKETING COMPETITIVENESS IN THE NEW ECONOMY
Authors	Aleksandar Grubor
Category	Economics
Article type	Science Article	JEL Classification	G11; G12; G14
Abstract	In the new economy the basic characteristics of services determine service consumption, just as customer relationship management impacts on the approach to services marketing. Contemporary service customers perceive service quality in service encounters and in ongoing relationships as well. The perception of service quality may be presented as a basic model of perception, known in service marketing reference sources as The Perceived Service Quality Model. Service marketers and marketing managers in the new economy have a real need for instruments for measuring service quality, in order to identify the characteristics and determinants of service quality. The SERVQUAL model is based on attribute approach to service quality, and describes five basic determinants of service quality: tangibles, reliability, responsiveness, assurance and empathy. Competition in the contemporary service business is intensifying, and it is now increasingly important for service companies to understand service quality as a factor of marketing competitiveness. Therefore, service quality should be viewed as a distinctive approach to service competition in the new economy. Competitive service strategies may be different, but they should be based on service quality, considering variance in servicing customers' needs, purchasing behaviour and consumption patterns. Service companies in the new economy need to focus their efforts on developing and improving service quality in order to satisfy the customers they can serve best. This means that service companies should conduct internal, market and competitor analyses. The results of suggested analyses show that service quality is an ongoing factor of marketing competitiveness in the new economy.
Key words	service marketing competitiveness, new economy, service quality.
Literature	1. Gronroos, Christian: Service Management and Marketing, a Customer Relationship Approach, second edition, John Wiley & Sons, Ltd, 2006. 2. Nitin, Seth; Deshmukh, S.G. and Prem, Vrat, Service Quality Models: A Review, International Journal of Quality & Reliability Management, Vol. 22, No. 9, 2005. 3. Zeithaml, Valarie A., Bitner Mary Jo, and Gremler Dwayne D.: Services Marketing, fourth edition, Mc Graw Hill, International Edition, 2006 4. Lovelock, Christopher and Wirtz, Jochen: Services Marketing, People, Technology, Strategy, sixth edition, Pearson Prentice Hall, Upper Saddle River, New Jersey, 2007. 5. Kasper, Hans, Van Helsdingen, Piet and Gabbott, Mark: Services Marketing Management, a Strategic Perspective, second edition, John Wiley & Sons, Ltd, 2006. 6. Hoffman, K. Douglas and Bateson, John E. G., Services Marketing, Concepts, Strategies & Cases, Thomson Higher Education, 2006. 7. Ljubojević, Čedomir, Marketing usluga [Services marketing], Stylos, Novi Sad, 2002. 8. Veljković, Saša, Marketing usluga [Services marketing], Centar za izdavačku delatnost Ekonomskog fakulteta u Beogradu, 2006.
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Mimo Drašković

ECONOMIC DEVELOPMENT OF MONTENEGRO AND EUROPEAN UNION FROM THE ASPECT OF CONVERGENCY CRITERION

Article title	ECONOMIC DEVELOPMENT OF MONTENEGRO AND EUROPEAN UNION FROM THE ASPECT OF CONVERGENCY CRITERION
Authors	Mimo Drašković
Category	Economics
Article type	Science Article	JEL Classification	R10; F02; O57
Abstract	Integration processes are result of globalisation and phenomenon which include a lot of social – economics aspects. Montenegro is in position to do a direct crossing from transition to integration, and it has to do nominal, actual and structual convergency. This papper analysing economic, institutional, and social developing of Montenegros convergency criterion, looking trough prism and conditioning from Copenhagen of joining EU. Also, this papper trying to define basic characteristics of modern general and special economic position of Montenegro in joining process to EU. This papper point to two facts: 1.) direct conditioning between speed of joining EU and resoluting in realisation reforms, in reference to satisfy all europian requirements and 2.) posibility of alternative developing strategies.
Key words	European Union, Montenegro, Copenhagen Criteria, Convergence
Literature	Agenda Ekonomskih reformi Crne Gore 2005-2007. Bilas, V. (2005), "Konvergencija tranzicijskih zemalja prema Europskoj uniji", Ekonomski pregled br. 56 (3-4), 221-238. Bulletin of the European Union (1997), "The Copenhagen Criteria", Supplement 5/97, 39- 47. Drašković, V. (2001), "Kočioni mehanizam YU tranzicije", Ekonomist br. 2, Vol. 34, 67-73. Družić, G. (2007), "", Ekonomija br. 1, god. 14, 1-37. Emerging Markets Outlook II (2004), Deka Bank. European Central bank (2000), "Convergence Report 2000", www.ecb.int. Growth, Competitiveness, Employment (1993), The Challenges and Ways Forward into the 21 st Century, White Paper, Luxembourg: Commission of the European Communities, Supplement 6/93. Prokopijević, M. (2005), Evropska unija: uvod, Beograd: Službeni glasnik. Supić, N. (2007), "Regionalni izazovi proširenja EU", Anali Ekonomskog fakulteta u Subotici br. 18, 25-37. Svjetski privredni forum, Izvještaj o globalnoj konkurentnosti 2006-2007, New York: Palgrave MacMillan. Vedriš, M. (2007), "Hrvatska i Evropska Unija: Kopenhaški kriterijumi konvergencije i nacionalna konkurentnost", Ekonomija br. 1, God. 14, 79-105. http://www.vlada.cg.yu/Agenda Ekonomskih reformi Crne Gore 2005-2007. http://www.statsavjet.cg.yu http://www.ijf.hr/EU/mihaljek.pdf http://www.hnb.hr
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Jelena Žugić

THE FOREIGN DIRECT INVESTMENT IN FUNCTION OF IMPROVEMENT COMPETITIVENESS COMPANY FROM TRANSITION COUNTRIES

Article title	THE FOREIGN DIRECT INVESTMENT IN FUNCTION OF IMPROVEMENT COMPETITIVENESS COMPANY FROM TRANSITION COUNTRIES
Authors	Jelena Žugić
Category	Economics
Article type	Science Article	JEL Classification	F21; F31; P20
Abstract	Foreign direct investments (FDI) are developmental chance of companies from transition countries and the best way to increase production, employment and living standard for the long term. This form of international movement of capital is authentic generator and accelerator of globalization, it improves international competitiveness of companies in transition countries and it is in corelation with the export aspect of some countries. In this moment, FDI is the biggest developmental chance of companies from transition countries. Precisely, it is the only form of international movement of capital which could move the production, open the door abroad, increase employment and raise the living standard in Central and Eastern Europe. In today's business conditions, it is necessary to rely upon those FDI that would contribute to the restructuring towards the production of products that are competitive at the international market.
Key words	foreign direct investment, transition,competitiveness
Literature	Centralna banka Crne Gore, Izvještaj glavnog ekonomiste, Podgorica, 2007. Centralna banka Bosne i Hercegovine, Godišnji izvještaj, Sarajevo, 2007. Čičić M., Brkić N. (2002), "Transition in Central and Eastern Europe-Challenges of 21st Century", Sarajevo, International Conference of the Faculty of Economics. Hrvatska narodna banka, Statistika inozemnih izravnih ulaganja, Zagreb, 2007. HINA, "Ruski naftni gigant Lukoil objavio veliku akviziciju i novo nalazište", Moskva, 25. 1. 2000. Narodna banka Republike Makedonije, Godišnji izvještaj, Skoplje, 2007. Ministarstvo vanjske trgovine i ekonomskih odnosa BiH, Sarajevo, 2005. United Nations Conference on Trade and Development, World Investment Report 2005. www.agrokor.hr www.investromania.ro, "Greenfield Romania", November 15, 2005. www.investromania.ro, "Romania's Tiriac Bank merger with BA-CA concluded", September 6, 2005. www.worldbank.org, "Transition -The First Ten Years, Analysis and Lessons for Eastern Europe and the Former Soviet Union", 01. 01. 2002.
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Ivana Cerović

RISK MANAGEMENT IN ELECTRONIC BANKING

Article title	RISK MANAGEMENT IN ELECTRONIC BANKING
Authors	Ivana Cerović
Category	Economics
Article type	Science Article	JEL Classification	G24; D81
Abstract	The subject of this paper is review of banking risk in electronic banking. We consider ALMconcept as a new approach to managing assets and liabilities of the bank, which can create correlation between risk and profitability of banking products.
Key words	risk management, banking risks, electronic banking. (JEL
Literature	Bazel II, Međunarodna saglasnost o merenju kapitala (2007), Beograd: Jugoslovenski pregled. Bjelica, V. (2001), Bankarstvo, Novi Sad: Stylos. Ćirović, M. (2001), Bankarstvo, Beograd: Bridge Company. Ćurčić, U. (2003), Portfolio Menadžment banke (Strategijsko upravljanje rastom i portfolio performansama banke), Loznica: Mladost Holding i Color Print. Đukić, Đ. (2007), Upravljanje rizicima i kapitalom u bankama, Beograd: Beogradska berza. Oxford Dictionary of Finance and banking (2005), Oxford: Oxford University Press. Vunjak, N. (2005), Finansijski menadžment (knjiga 5–Poslovne finansije), Bečej-Subotica: Proleter- Ekonomski fakultet. Vunjak, N., Đurasinović, J. (2007), "Strategija ALM - koncepta banke", Anali ekonomskog fakulteta u Subotici br. 17, 185-190. www.ise.ac.uk/collections/carr/pdf/disspap er16/pdf (The Invention of Operational Risk, Michael Power, jun 2003). www.bis.org/publ/bcbs35.pdf (Risk Management for Electronic Banking and Electronic Money Activities, Basle Committee on Banking Supervision, mart 1998).
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Dragan Radović

RISC IN PROJECT MANAGEMENT

Article title	RISC IN PROJECT MANAGEMENT
Authors	Dragan Radović
Category	Economics
Article type	Science Article	JEL Classification	D81
Abstract	From the aspect of project management, this paper treats the relevance of research, analysis, identification, control and management of risk, recognizing it as a constant threat to daily market business, due to the extremely high changeability of the environment. It is based on the hypothesis that a successful contemporary business based inter alia on project management, is not possible without risk estimation, quantification, its control and management.
Key words	risk, uncertainty, project, project management.
Literature	Bessis, J. (2007), Risk Management in Banking, London: John Wiley and Sons. Bobera, D. (2003), Projektni menadžment, Subotica: Ekonomski fakultet. Drašković, V. et al. (2006), Uvod u projekt menadžment sa primjerima, Kotor: Fakultet za pomorstvo. Kačalov, R. M. (2002), Upravlenie hozjajstvennim riskom, Moskva: Nauka. ___________ (2006) "Operacionalnij podhod v isledovanii ekonomičeskogo riska", Montenegrin Journal of Economics No 1, Vol. 1,. 151-157. Krasulja, D., Ivanišević, M. (2005), Poslovne finansije, Beograd: Centar za izdavačku delatnost Ekonomskog fakulteta. Malešević, E., Soldat, D. (2002), Analiza rizika investicionih projekata sa ocenom tehničkih faktora profitabilnosti, Privredna izgradnja br. 1-2. Mishkin, F. S. (2006), Monetarna ekonomija, bankarstvo i finansijska tržišta, Beograd: Data status. Najt, (1994), "Ponjatije riska i neopredelennosti", THESIS, Vip. 5, 12-28. Vujasinović, R. (2007), Procjena i upravljanje rizicima investicionih projekata– magistarski rad, , Zagreb: Sveučilište u Zagrebu. Vunjak, N. (2005), Finansijski menadžment, (knjiga 5 – Poslovne finansije), Bečej-Subotica: Proleter - Ekonomski fakultet.
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Ljiljana Vujošević

STRATEGIC IMPORTANCE OF BUSINESS FUNCTIONS FOR DEVELOPMENT AND INVESTMENT

Article title	STRATEGIC IMPORTANCE OF BUSINESS FUNCTIONS FOR DEVELOPMENT AND INVESTMENT
Authors	Ljiljana Vujošević
Category	Economics
Article type	Science Article	JEL Classification	D20; L10
Abstract	All business functions have very important role in the creation of strategic position of the company i.e. in formulation and realization of its development strategy. With their research, ideas and statements they provide information as a vital strategic contribution to longterm plan, profile of growth and development. By researching potentials and structure of the product market and material resources, capacity and location, technology, financial and human resources, these functions enable company management to evaluate atractivity of different developing i.e. investment alternatives. In this paper we put emphases on the businesss functions role and importance stresing out those that have strategic relevance for development and investment.
Key words	business functions, development, investments, strategy of growth and development
Literature	Burgelman, R., Desingns for corporate entrepreneurship in establishted firms, California Management, Review, No. 3, 1984. Deming, W.E., Nova ekonomska nauka, Poslovni sistem ,,Grmeč'', Beograd, 1996. Godiwalla, G.N., W.A. Meinhartt and W.D. Warde, Corporate Planing - LRP, October 1978 Grupa autora, Strategijski menadžment, Institut za tržišna istraživanja, Beorad, 2000. Jovanović, P.; Upravljanje razvojem preduzeća, Beograd, 1992. Kotler, Ph.; Marketing Management, Prentice Hall, 1984. Lancaster, G.; Massingham L.; Menadžment u marketingu, PS ,, Grmeč'', Beograd, 1997. Levitt, T.; Innovation in Marketing, Pan Books Ltd, 2nd printing, 1971. Steiner, G.; Top Management Planning, The Mac Millan Company New York, 1969.
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