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Volume 5 № 10
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Yurij Gavrilic, Yurij Ofman
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MODELING THE INTER-REGIONAL MARKET ACTING INDEPENDENTLYOF THE LABOR RESOURCES INTERCHANGE
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Article title
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MODELING THE INTER-REGIONAL MARKET ACTING INDEPENDENTLYOF THE LABOR RESOURCES INTERCHANGE
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Authors
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Yurij Gavrilic, Yurij Ofman
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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C62
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Abstract
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This paper is the extension of exploring the characteristics of economic equilibrium at the simple mathematical models in which during the process of market functioning two variables can be changed: intensity of working activity and number of employed citizens, parallel to the changes in customers' demand.
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Key words
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Literature
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[1] Булгаков В.К., Булгаков О.В., Моделирование динамики обобщающих показателей развития
региональных экономических систем России//Экономика и математические методы, 2006(1).
[2] Гаврилец Ю.Н., Модель равновесного функционирования экономики с переменной структурой
населения//Экономика и математические методы. 1994. Т. 30. № 2.
[3] Гаврилец Ю.Н., Соизмерение интересов и ценовое регулирование экономики с переменной
структурой населения (модельный анализ)//Экономика и математические методы. 1996. Т. 32. № 1.
[4] Гаврилец Ю.Н., Ананьева Р.И., Кластерная модель экономического равновесия с подвижной
социальной структурой Труды Международной юбилейной сессиинаучного семинара «Многомерный
статистический анализ и вероятностное моделирование реальных процессов». Москва, ЦЭМИ РАН, 2009.
[5] Гранберг А.Г., Суслов В.И., Коалиционный анализ многорегиональных систем: теория, методология,
результаты анализа (СССР накануне распада). Научный доклад//Новосибирск – 1993.
[6] Гранберг А.Г., Суслов В.И., Суспицын С.А., Экономико-математические исследования
многорегиональных систем//Регион: экономика и социология. 2008. Т. 2.
[7] Иодчин А.А., Эконометрическое моделирование межрегиональной конвергенции в России.
Диссертация на соискание ученой степени кандидата экономических наук. – Москва, 2007.
[8] Никайдо Х., Выпуклые структуры и математическая экономика. – М: Мир, 1972.
[9] Lipshitz G., Raveh A. Socio-economic Differences among Localities: A New Method of Multivariate Analysis//
Regional Studies, Vol. 32.8, 1998.
[10] Crizaky Dario. An Econometric Model for Development Level Assessment with an Application to Municipality
Development Classification//Fifth International Conference on "Enterprise in Transition", 2003.
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Milenko Popović
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EDUCATION, ECONOMIC GROWTH, AND EFFICIENCY OF INVESTMENT IN EDUCATION IN MONTENEGRO
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Article title
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EDUCATION, ECONOMIC GROWTH, AND EFFICIENCY OF INVESTMENT IN EDUCATION IN MONTENEGRO
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Authors
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Milenko Popović
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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I21; O15; O40
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Abstract
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In this paper, following usual practice, we first present sources of groeth analysis for Montenegrin economy – first and second section. In the first section global factor productivity and contribution of engaged labor and capital is analysed. Results are different from that for similar countries in the sense that the influence of global factor productivity is nigligable. In the second section we present analysis and measurement of influence og education as well as influence of applied knowledge on economic growth. Contribution of education is very significant, but it mainly present the influence of those efort that have been made in order to sustain existing level of education of increasing labor force. Contribution of applied knowledge is insignificant and it contradict to relatively high level of labor force education. We explored this and some other paradox of Montenegrin education. In third section we present macroeconomic and microeconomic analysis of efficiency of investment in education. The rate of returns are very high for all levels of education. They are especialy high for university level graduates. We stressed the fact that such high level of rate of return had been possible because of the existence of broader "Yugoslavian" labor market, which was able to absorbe excess production of our University and, in that way, reduce pressure on domestic labor market. Now that Montenegro is independent state, it is higlhly doubtfull that something like that will be possible, even if we assume acces to EU labor market. In the forth section an effort has been made to stress importance of education for development of some other, apart from skill, abilities that are important for the growth of nation. Also we stressed the fact that education has influence on some other sources of welbeing that are not captured by GDP. Finally, in the last section we presents sets of measures that might help education to become driving force of Montenegrin development.
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Key words
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Growth rate, Education, Human capital, Rate of return
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Veselin Drašković, Mimo Drašković
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PRIORITY OF THE ANTI-CRISIS ECONOMIC POLICY BASED ON INNOVATIVE-INSTITUTIONAL CHANGES
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Article title
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PRIORITY OF THE ANTI-CRISIS ECONOMIC POLICY BASED ON INNOVATIVE-INSTITUTIONAL CHANGES
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Authors
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Veselin Drašković, Mimo Drašković
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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P24; P36
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Abstract
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The combination of a global and local factors gives the modern financial and economic crisis a specificity and uniqueness. The aim of this paper is to point to the urgent need of the consistent anti-crisis economic policy creation, which must take into account local and global crisis and risks factors. This article discusses the influence of real institutionalization on the quality and efficiency of the economic policy. It points out at a primary significance of institutionalization on economic policy as well as on a destructive effect of pseudo-institutes on economic policy and valorisation of economic resources. Departs from the hypotheses that the creation efficient anti-crisis economic policy requires a correct and timely identification of the problems and crisis process, formulating their monitoring, defining the necessary measures and creating a development approach, which should be based on innovative-institutional modeling.
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Key words
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Global Crisis, Anti-crisis Economic Policy, Inovations, Institutes, Economic Growth and Development,
Transition Economies.
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ekonomijai institucionalna konvergencija", Ekonomski
pregled, 60 (3-4), 168-195.
Drašković, M. (2009), "Globalna finansijska kriza
i neoliberalna dogma", Ekonomist (Zagreb) br. 1, god.
16, 127-148.
Drašković, V. (2007), "Kritika odnosa ekonomske
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Primacy of Institutions over Geography and Integration in
Economic Development", Journal of Economic Growth, 9 (2),
131-165.
"Vijesti" od 29.07.2009 i 31.07.2009
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Zoran Bogetić, Slobodan Aćimović
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ECR STRATEGY - CONCEPT AND TOOLS FOR TIMES OF ECONOMIC RECESSION
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Article title
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ECR STRATEGY - CONCEPT AND TOOLS FOR TIMES OF ECONOMIC RECESSION
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Authors
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Zoran Bogetić, Slobodan Aćimović
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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L81, M21, M31, R11
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Abstract
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The following presentation sublimates the results of extensive studying on the causes of traditional marketing channels and supplying inefficiency and non-competitiveness and developing strategic solutions, contained in the logic of efficient consumer response. Given the recessive economic situation, as well as the current moment and the necessity of developing efficient business models, among contemporary theorists and practitioners matured awareness about necessary deeper understanding of efficient consumer response strategy, including factors of affirmation of such a business approach, as well as the elements and expected ECR effects. Economies in the Balkans, especially in the Western Balkans, in recessive times, finding themselves in phase of transition and in searching for more effective business models, and faced with European integration and intensifying competitive game, have a special need for sustainable business models that mean continuity, profitability and development. Hence the need for deeper understanding of supply chain management strategy, effective in approach of efficient response to consumers. Particular emphasis is on business philosophy, strategy and tactical steps of implementation of efficient consumer response, as a new paradigm of competitive games with successful players of the Western business world.
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Key words
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supply chain management, efficient consumer response, economic crisies.
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Literature
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1. Blackwell R.D., From Mind to Market - Reinventing The Retail Supply Chain, HarperBusiness, New York, 1997.
2. Chopra S. and Meindl P., Supply Chain Management-Strategy, Planning and Operation, Pearson/ Prentice Hall, New Jersey,
2004.
3. Christopher M., Logistics and Supply Chain Management- Creating Value-Adding Networks, Prentice Hall/ Financial Times,
Edinburgh, 2005.
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Consulting Group, 1994.
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York, 2005.
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and Wholesalers, Joint Industry Project on Efficient Consumer Response, 1995.
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ECR Technology Guide – An ECR Best Practices Report, Joint Industry Project on Efficient Consumer Response, 1995.
10. Kuglin F.A., Customer Centered Supply Chain Management - A Link-by-Link Guide, AMACOM, NY, 1998.
11. Kurt Salmon Associates,Inc., Efficient Consumer Response – Enhancing Consumer Value in The Grocery Industry, Produced
for Uniform Code Council,Inc., Grocery Manufacturers of America, Food Marketing Institute, National Food Brokers
Association and American Meat Institute, 1993.
12. Leenders R.M., Johnson F.P., Flynn E.A. and Fearon E.H., Purchasing and Supply management, McGraw-Hill/ Irwin,
New York, 2006.
13. Martin A., Infopartnering - The Ultimate Strategy for Achiving Efficient Consumer Response, John Wiley & Sons, Inc., NY,
1994.
14. Nielsen Co., Category Management Workshop, Delphy Symposium ″Partnership″, 1994.
15. Taiichi O. ,Toyota Production System″, Productivity Press, 1978.
16. The Partnering Group and Goland Berger & Partner, Category Management Best Practices Report, ECR Europe, 1997.
17. Varley R., Retail Product Management - Buying and Merchandising, Routledge, London & NewYork, 2001.
Weeks D.J., Craford F.A.,˝Efficient consumer response: a mandate for food manufacturers?˝, Food Processing, 1994, Vol. 2.
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Martina Basarac
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ESTIMATION METHODS AND PREDICTIVE POSSIBILITIES OF CORE INFLATION: PRIMJER HRVATSKE
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Article title
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ESTIMATION METHODS AND PREDICTIVE POSSIBILITIES OF CORE INFLATION: PRIMJER HRVATSKE
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Authors
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Martina Basarac
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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E31; E37
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Abstract
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This paper analyses different core inflation estimation methods in the case of the Republic of Croatia. Namely, monitoring and controlling of inflation are extremely important because of the long run consequences they have on the economy as a whole. Hence, it is necessary to predict the future movements of inflation with certainty, in order to react in time. Many predictors of future inflation, including experts of central banks, use core inflation rate as an indicator of future trend of headline inflation. With regard to core inflation, CPI inflation will be under higher influence of
temporary changes in relative prices (because food and energy prices are less stabile than other inflation components). Thereby, this paper implements calculation of core inflation which tries to remove these transitory fluctuations and price level changes by computing limited-influence estimators – the trimmed mean and the median. Furthermore, predictive possibility of core inflation measures, computed as trimmed mean and median, are based on regression models and their errors of prediction. The results of econometric analysis show that trimmed mean inflation is statistically justified, because it has the best indicators of forecast error statistics, which refer to the conclusion that creators of economic policy could improve the quality of decision making based on forecasting model of inflation.
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Key words
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core inflation, consumer price index, methods for estimating core inflation, forecasting, Croatia
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Literature
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Álvarez, Luis J. i Maria de los Llanos Matea (1999) Underlying Inflation Measures in Spain, Banco de España
Working Papers.
Aoki, Kosuke (2001) Optimal Monetary Policy Responses to Relative-Price Changes, Journal of Monetary
Economics, Vol. 48, Issue 1, str. 55-80.
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Roman Kachalov
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INDUSTRIAL ENTERPRISES UNDER CONDITIONS OF UNCERTAINTY AND RISK:EMPIRICAL INVESTIGATION IN RUSSIA AT 2005-2007
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Article title
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INDUSTRIAL ENTERPRISES UNDER CONDITIONS OF UNCERTAINTY AND RISK:EMPIRICAL INVESTIGATION IN RUSSIA AT 2005-2007
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Authors
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Roman Kachalov
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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Abstract
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Results of correspondence interrogation of a representative sample of the Russian industrial enterprises by the uniform questionnaire are considered. Revealing of the relation of heads of the Russian enterprises to an economic risk management problem was the purpose of this empirical research. The formulation of questions of the questionnaire was based on the operational theory of the economical risk management.
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Key words
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industrial enterprises, economical risk management, operational theory of the economical risk management
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Literature
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[1] Knight F.H. Risk, Uncertainty and Profit.
Boston: Hougton Mifflin Co, 1921
[2] Kloman H.F. Global risk management standards
and definitions. // Risk management report. 2000.
#9. p. 7-9
[3] Kachalov R.M., Sushko E.D. The Attitude of
the Russian Management Towards the Economic Risk
Management: Empirical Research. / Working paper
#WP/2008/245. – Moscow, CEMI Russian Academy of
Sciences, 2008 – 75 p. (Rus)
[4] Kleiner G.B. System and Integration Theory
of Firm (Системно-интеграционная теория пред-
приятия). // Montenegrin Journal of Economics, 2005,
December, Vol. 1, № 2 (www.mnje.com)
[5] Kachalov R.M. Management of Economic
Risk. – M.: Nauka, 2002. – 192 p. (Rus) (Качалов Р.М.
Управление хозяйственным риском. – М.: Наука, 2002.
192 с.) http://www.ecsocman.edu.ru/db/msg/210210.
html
[6] Kachalov R.M. Operational Approach to
Economic Risk Research (Операциональный подход в
исследовании экономического риска). // Montenegrin
Journal of Economics, 2005, v.1, №1. p. 151-157
(www.mnje.com)
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Dragoljub Janković
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APLICATION OF THE CAPM FOR PRICING THE ASSETS AT MONTENEGRIN CAPITAL MARKET
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Article title
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APLICATION OF THE CAPM FOR PRICING THE ASSETS AT MONTENEGRIN CAPITAL MARKET
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Authors
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Dragoljub Janković
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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E44; O16; P34
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Abstract
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CAPM is, despite all own limitations, often applied model for pricing assets at capital market. It`s application served for research in pricing of choosen set of shares of companies and funds, as well as market portfolio represented by stock indices at emerging Montenegrin capital market from it`s begining up to nowdays of the five years transition period. Findings from the research could be useful, with other influencing factors, while investors formulate the strategy of investing for at capital market.
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Key words
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CAPM (Capital Alocation Assets Model), coefficient beta, expected yield and risks, required rate of
return.
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Literature
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Black, F., M. C. Jensen and M. Scholes 1972, "The Capital Asset Pricing Model: Some Empirical Tests", u
Study in the Theory of Capital Market, Michael (Jensen/ed), New York, Praeger 1972
Foley, B. J. (1998), Tržišta kapitala, Mate, Zagreb: Mate.
Sengupta, C. (2004), Financial modeling – Using Excel and VBA, Hoboken, New Jersey : John Wiley & Sons, Inc.
Šoškić, D. (2007), Hartije od vrijednosti, Upravljanje portfoliom i investicionim fondovima, Beograd: Ekonomski fakultet.
Janković, D. (1998), Tržište akcija i restrukturiranje privrede, Podgorica: Agencija Crne Gore za prestrukturiranje
privrede i strana ulaganja i Montenegroberza.
Hegstrom, R. G. (2006), Voren Bafet za sva vremena – principi stari, ekonomija nova, Beograd: Plato, Cardea.
Bodie, Z., Kane, A., Marcus, A. J. (2006), Počela ulaganja, Zagreb: Mate i Zagrebačka škola ekonomije i menadžmenta.
Web sajtovi: NEX berza, Montenegroberza, investicioni fondovi, kompanije.
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Slobodan Lakić
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INSTITUTIONS OF THE NEW FINANCIAL ARCHITECTURE:HEDGE FUNDS
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Article title
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INSTITUTIONS OF THE NEW FINANCIAL ARCHITECTURE:HEDGE FUNDS
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Authors
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Slobodan Lakić
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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G21; G24
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Abstract
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Crucial institutions of the new "financial superstructure" have lately determined functioning and evaluation of financial flows in an unscrupulous manner. The established domination of the New Wall Street system was not just a dominant strategic idea aimed at facing problems of the American economy, but was rather directed towards
simultaneous gaining of enormous profits of selected institutions and "sophisticated" individuals, i.e. maintaining the hegemony of American "capitalism". "New participants, new practices and new dynamics" inaugurated debt, imposed leverage and leisurely redirected responsibility. The dominant theoretical hypothesis of the efficient market has not withstood the trial of time. Unprecedented expansion of the balance sheet is the result of participation of investment managers in the activities of the speculative bubble. Speculative activities of hedge funds - the so-call big players - have had negative consequences to the market
liquidity again. Intentional inadequate regulation of hedge funds, followed by extremely aggressive strategies, seems to represent an institutional model in the existing risky environment. Otherwise, the purpose of existence of highly leveraged institutions will be lost by abolishing the constructed model.
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Key words
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new financial architecture, efficient market hypotesis, shadow banking system, instituional investors,
financial intermediation, highly leveraged institutions, hedge funds, leverage, financial crisis
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Literature
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Adrian, Tobias (2007), «Measuring Risk in the
Hedge Fund Sector», New York: Federal Reserve Bank of
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(March/April).
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Bhattacharya, Sudipto, Arnoud W. A. Boot and
Anjan V. Thakor (2004), Credit, Intermediation, and the
Macroeconomy, Oxford: Oxford University Press.
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New Left Review 50 (March/April).
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on the Crisis of 2007-2008», Remarks for Conference
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Banking», Santiago (November).
Borla, Simone and Denis Masetti (2003), Hedge
Funds – A Resource for Investors, Chicester: John Wiley &
Sons, Inc.
Brunnermeier, Markus K. (2009), «Dechipering
the Liquidity and Credit Crunch 2007-08», Journal of Economic
Perspectives 23(1).
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for Effectively Regulating the U.S. Financial System
to Avoid Yet Another Meltdown", Amherst: University of
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C. Wheelock (2009), «Systemic Risk and the Financial
Crisis: A Primer», St. Louis: Federal Reserve Bank of St.
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the Collapse of Long-Term Capital Management", Journal
of Economic Perspectives No. 2 (Spring), 189-210.
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Investor Protection Regulation", Atlanta: Federal Reserve
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Risk in Fixed-Income Hedge Fund Styles", Journal of Fixed
Income (August).
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"Hedge Funds Benchmarks: A Risk-Based Approach",
CFA Institute, Financial Analysts Journal No. 5 (September/
October), 65-80.
Garbaravicius, Tomas and Frank Dierick (2005),
«Hedge Funds and Their Implications for Financial
Stability», Frankfurt am Main: European Central Bank,
Occasional Paper No. 34 (August).
Gorton, Gary (2009), "Slapped in the Face by
the Invisible Hand: Banking and the Panic of 2007", Prepared
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New Left Review 55 (Jan/Feb).
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brojevi.
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Systemic Risk», New York: Federal Reserve Bank of New
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(2003), Hedge Funds – Definitive Strategies and Techniques,
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Global Financial System», Washington, DC: Bureau of
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(May).
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Radislav Jovović
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THE ROLE OF LEARNIG ORGANIZATION FOR KNOWLEDE CREATION
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Article title
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THE ROLE OF LEARNIG ORGANIZATION FOR KNOWLEDE CREATION
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Authors
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Radislav Jovović
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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D80; I20
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Abstract
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Yet, while individual learning is indeed a key building block of organizational effectiveness, it is not sufficient. Over the last fifty years, we have built a deeper understanding of how the dynamics of groups and the structures of organizations can create a context in which learning may flourish, or indeed where it may decline. In this paperr we take a closer look at what we know about these contexts for learning, and at how organizations succeed or fail to use learning and knowledge as key resources for innovation, productivity, and ultimately competitiveness.
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Key words
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learning organization, knowledge, innovation, competitiveness.
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Literature
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Argyris, C. (1991), Teaching Smart People To
Lern, Harvard Bussines Review 69, 99-108.
Brown, J.S. & Duguid, P. (1998), "Organizing
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Caron, J.R., Jarvenpaa, S.L. & Stoddard, D.B.
(1994), "Business reengineering at CIGNA corporation:
experiences and lessons learned from the first five years",
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Carayanis, E. (1999), Fostering Synergies
between Information Technology and Managerial and
Organizational Cognition: the Role of Knowledge Management
, Technovation, 19, 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, 18-29.
Davenport, T.H. (1993), "Process Innovation:
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Boston, MA: Harvard University Press.
Davenport, T.H., Jarvenpaa, S.L. & Beers, M. C.
(1996), "Improving Knowledge Work Processes", Sloan
Management Review (37)4, 53-65.
Davenport, T.H. & Prusak, L. (1998), Working
Knowledge: "How Organizations Manage what they
Know", Boston, MA: Harvard Business School Press.
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Great Change", New York, NY: Truman Talley.
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Inkpen, A. & Dinur, A. (1999), "Knowledge
Management Processes and International Joint Ventures",
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Leavitt, H.J. (1965), "Applying organizational
change in industry: structural, technological and humanistic
approaches", in: J. March (Ed.), Handbook of Organizations
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through Measurement-Driven Inference", MIS
Quarterly (22)4, 509-534.
Nonaka, I. (1994), "A Dynamic Theory of Organizational
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(5)1, 14-37.
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Battlegroup", Journal of the KMCI (1)3, 89-109.
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Knowledge Management Program". Knowledge
Management, 1(6), 26-35.
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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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Marko Malović
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INTERNATIONAL FINANCIAL CRISIS, G-20 AND GLOBAL POLICY RESPONSE
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Article title
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INTERNATIONAL FINANCIAL CRISIS, G-20 AND GLOBAL POLICY RESPONSE
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Authors
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Marko Malović
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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F33; G01
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Abstract
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Gauged against despair of global recession just weeks before the G-20 gathering, the London summit appeared a spectacular, historically unifying and «full-figured» success in modern international finance. However, this paper strives to take a closer look at the backstage nature and true measurements of the announced reforms as well as beef-up
funds earmarked in the G-20's London communiqué. Through the process of differentiating between finally achieved and -God-willing- yet to be arranged treatment of the global financial crisis, article exposes arguably remarkable superficiality of the IFIs' reform thus far, in both financial and essential sense. On the other hand, global(ised) economy,
more than ever before, is crying out for globally coordinated management & regulation. Even though it became evident that policy measures which mitigated -what now seems as slowly dissipating- financial crisis and worldwide recession were at least 70 years old economics, having next to nothing worth reaping from recent financial crises literature or indeed (re)actions of multilateral financial guardians, still neither full recovery nor regaining control over globalisation could
dawn without reform of international financial architecture. Hence, a fundamentally upgraded economic trigonometry among the IMF, (followed by the largely neglected) World Bank and BIS is put forward as a hopefully more able and further reaching proposal for policy oriented responsibility sharing. In concluding remarks, once again, an attempt has been made to depart from the normative analysis in order to sketch the likely outcomes for the crisis-struck global economy, with particular emphasis on critical lessons in retrospect as well as the couple of caveats ahead.
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Key words
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international financial crisis, London summit, G-20, quota reform, ILOLR, tax heavens, protectionism, SDR creation, Bretton-Woods 2.0, the IMF stigma, the purpose of the BIS , the World Bank's repositioning,
global policy response, the world economy, caveats ahead.
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», April 11th-17th, pp. 63-65, passim.
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about International Financial Architecture», IMF
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Congress», Congressional Research Service Report,
Washigton, DC, (May 14th).
Stiglitz, J. (2002), «Globalization and its Discontents
», Chapter 8, Penguin Books, London.
Swagel, P. (2009), «Financial Crisis: An Inside
View», Brooking Papers on Economic Activity,
Washigton, DC.
Subramanian, A. (2009), «The G-20 Comunique:
Tomorrow's Another Day?», Peterson Institute for International
Economics, mimeo.
Sy, A. (2009), «The systemic Regulation of Credit
Rating Agencies and Rated Markets», IMF Working Paper
129.
Tarullo, D. (2007), «Reforming Key International
Financial Institutions for the 21st Century», Policy paper
prepared for the US Senate, Subcommittee on Security
and International Trade and Finance, Washington, DC.
Tarullo, D. (2008), «Banking on Basel: The Future
of International Financial Regulation», Peterson Institute
for International Economics, Washington, DC, pp.
225-258 .
Weisbrot, M. (2009), «IMF shouldn't get Money
without Reform»; Center for Economic and Policy Research,
Washington, DC, mimeo.
Williamson, J. (2009), «The 'Washington consensus':
Another Near-Death Experience?», Realtime Economics
Issues Watch, Peterson Institute for International
Economics.
Williamson, J. (2009*), «Understanding Special
Drawing Rights», Policy Brief No.11, Peterson Institute
for International Economics, Washington, DC.
Wolf, M. (2009), «Fixing Bankrupt Systems is
just the Beginning», The Financial Times, (April 28th).
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Milovan Grdinić
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VALUTATION FLEET
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Article title
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VALUTATION FLEET
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Authors
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Milovan Grdinić
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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L91
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Abstract
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Special procedure of assessing ship's value usually precedes ship insurance for the sake of determining price of insurance. Comparing to goods insurance, where value of the insurance object is rather easily determined, as the invoicing price is taken for its basis, ship insurance in most cases is not possible unless previous valuation of amount to
which the insurance applies has been assessed . In this way, the interests of insured party in respect of ship are protected. This previous procedure is called ship valuation or valuation of ship owners' fleet.
Assessment of ship's value in current conditions is one of the most controversial and practically most complex issues as far as conclusion of contracts on ship insurance is concerned. This is to a great extent influenced by instability of world maritime market with great fluctuations relating to market values of ships. It relates to world maritime market and
inevitably reflects on our maritime market. Value of ships on market does not solely depend on costs of their construction but also on the level of viability in dealing with maritime entrepreneurship, opportunity to be employed on board ship, expenses of its exploitation and a range of other circumstances. In consequence, there is a substantial disparity
between invested funds for ship acquisition on one side and their market value on the other. Adequate valuation of ship's value is of prime importance for operation of insurance in conditions of sudden depreciation of currency in which insurance is concluded in relation to currencies which can be freely exchanged on the money market. Also, there is big impact of inflation which reflects on the growth on ship construction prices as well as on repair costs. In these conditions only periodical correction of insured amounts, depending on inflation rate, may tackle the need for insured amount to keep real value of interests at risk. Bigger inflation leads to more frequent corrections of value. Despite of such practice, it is almost impossible to adequately maintain insurance in its basic economic function. What is the real value of insurance compensations in domestic currency for sustained loss of one thing if in such case acquisition of the same or similar thing on the market is not covered by such compensation? Don't these aspects make
every discussion on valuation of ship's value superfluous? Answer is negative. In every and even in above elaborated situation principles confirmed in practice are to be obeyed. The aim of this paper is to explain these principles and experiences.
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Key words
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Shiping services, currency fleet, excess liabilitis, average disbursement, valued policy.
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Literature
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A. E. Schumacher, Hull Valuation for Purpose of
Insurance Hull Claims Analysis br. 10/1987.
Arnoulds Law of Marine Insurance and Average,
London, 1987.
D. Pavić, Brod kao osigurani predmet, Osiguranje i
privreda br. 4/1988.
Norveški Marine Insurance Act
Institute Time Clauses, Hulls – 1/10/83
Institute Container Clauses – Time, 1/1/87
Allgemeine Deutsche, Seeversicherungs – Bedingungen,
1909.
Švedski Insurance Act 1927.
Zakon o pomorskoj i unutrašnjoj plovidbi
Marine Insurance Act (1906)
Institute Dual Valuation Clause (1/5/61)
Disbursements Warranty Clause (Institute Time Clauses
– Hulls 1/10/83)
Hans-Joachim Enge, Hull Valuation and Insurance,
IUMI, Conference, Firenca, 1983.
Kaj Pineus, Ship's Value, London 1986.
Institute Mortgages Interest Clauses – Hulls (3/5/86)
K. Blixt, Insurance Value of Ships IUMI Conference,
Firenca 1983.
A.E. Schumacher, H. J. Ottaway Ship Valuations Hull
Claims Analysis br. 1/1987
Ritter, Das rechtder seeversicherung, Hamburg 1967.
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Drago Pupavac
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FEEDER SERVICE AND BLOCK TRAINS –THE VITAL LINKS TO PROMOTE RIJEKA'S TRANSPORT ROUTE
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Article title
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FEEDER SERVICE AND BLOCK TRAINS –THE VITAL LINKS TO PROMOTE RIJEKA'S TRANSPORT ROUTE
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Authors
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Drago Pupavac
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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L92; M55; R40
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Abstract
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The reorganization process of the European logistics systems which is changing from a national to an international network is still going on. The aim of this scientific work is to prove that Port of Rijeka as logistic platform provides for involving the Republic of Croatia, parts of Middle Europe and Southeast European countries into contemporary world – traffic flows. Beside the infrastructure and equipment of the container terminal, feeder and block trains represents the most significant services for development and good standing Port of Rijeka. Accordingly, the working hypothesis is set: feeder services and block trains represent the vital links in the func tion to promote Rijeka transport route. Scientific methods applied in confirming this hypothesis are based on a detailed analysis of concrete statistical data.
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Key words
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Port of Rijeka, feeder service, block train, transport route.
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Literature
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[1] Žuvela, I.: Koncepcija i strategija razvitka pomorskog gospodarstva Hrvatske, Pomorski zbornik, Društvo
za proučavanje i unapređenje pomorstva Republike Hrvatske, Knjiga 38, Rijeka, 2000.
[2] Mencer, I., Črnjar, M.: Prilog gospodarskoj strategiji razvitka Republike Hrvatske – Riječki prometni pravac,
Ekonomski pregled, Hrvatsko društvo ekonomista, 51, 2000., 9-10.
[3] The Times, Italy wants to act as great jetty for trade in Europe, 07.09.2004.
[4] Trupac, I., Kolenc, J.: Port of Koper as Key Company of the Slovenian Transport Logistic Cluster, Promet-
Traffic-Traffico, Fakultet promentih znanosti Zagreb, Vol 16, no. 3, 2004., pp. 125-132.
[5] Rodrigue, J.P.: The Geography of Transport Systems, Hofstra University, Hempstead, NY, 11549 USA,
available on http://people.hofstra.edu/geotrans.
[6] Rudić, D., Hlača, B.: Feeder servis u funkciji revitalizacije kontejnerskog prometa u jadranskim lukama, Collection
of Papers, Volume 1, 3rd European Transport Congress, Transport Linking of the European North and South,
22.-23. April, 2004., Opatija, Croatia.
[7] Pupavac, D.: Feeder servis i kontejnerski vlak – logistička potpora luci Rijeka, Željeznice 21, Stručni časopis
inženjera i tehničara Hrvatskih željeznica, Hrvatske željeznice, Vol. 4, No. 3, Zagreb, rujan 2005.
[8] Pupavac, D., et.al.: Optimalization of Management Logistics System – Challenge to Manage with Demand
Fluctuations, ISEP 2005., 13th International Symposium on Electronics in Traffic, Ljubljana, Slovenia, 2005., U 6.
[9] Kobak, D.: Ulaganja u razvoj kombiniranog transporta, Željeznice 21, Stručni časopis inženjera i tehničara
Hrvatskih željeznica, Hrvatske željeznice, Vol. 2, No. 2, Zagreb, 2003.
[10] Wiegmans, W., et. al.: Intermodal Freight Terminals: An Analysis of the Freight Terminal Market, Research
Memorandum 1998-55, Vrije Universiteit, Amsterdam, 1999.
[11] www.ci-online.co.uk
[12] www.iicl.org
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Mimo Drašković
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THE ROLE OF LOGISTICS IN PERFORMANCE MANAGEMENT
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Article title
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THE ROLE OF LOGISTICS IN PERFORMANCE MANAGEMENT
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Authors
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Mimo Drašković
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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M11; M39
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Abstract
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Apart from the proven and significant role of logistics in integrating marketing and management systems of a company, the position on the connection between the logistics and institutional (top) level of a business strategy in contemporary literature and business practice is being acknowledged. The mentioned position implies the implementation of performance management. In this way, the earlier opinion and praxis of connecting logistics with operations and provisional functioning in the area concerning a degree of integrations of business functions are being surpassed. The relationship between performance management and logistics can be considered from two aspects: a) role of logistics in enhancement of performance management and b) roles of measuring and analysis in enhancing the logistics performances themselves. This paper explains the mentioned dual relationship through the prism of acquirement of key competences and competitive advantages of an organization through enhancement of certain performances.
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Key words
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Performance Management, Logistics, Logistics Competencies.
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Literature
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Abrahamsson, M. et al. (2003), "Logistics Platforms for Improved Strategic Flexibility", International Journal of
Logistics: Research & Applications 6 (3), 85-106.
Afuah, A. (2004), Bussiness Models – A Strategic Management Approach, McGraw-Hill Irvin.
Andersen, B., Rolstadås, A., and Fagerhaug, T. (1998), "Practical Productivity Measurement", Proceedings from
10th Working Seminar on Production Economics, Innsbruck/Igls, Austria..
Beggs, J., Kime, T. and Jones, M. (2007), Performance-Based Logistics, (http://www.boozallen.com/ media/file/
performance-based-logistics-commercial-participants.pdf, 22.01.2009)
Drašković, M. (2008), Integrisana marketing logistika u sistemu menadžmenta Luke Bar, Kotor: Fakultet za pomorstvo.
Fagerhaug, T. (1999), A New Improvement Oriented Method and Model forSelf-Assessment for Business Excellence (doctoral
dissertation, Norwegian University of Science and Technology (NTNU), Trondheim.
Ferreira, J. et al. (2007), "Configurations of Logistics Activities across Life-Cycle of the Firms and Performance:
Proposal of a Conceptuall Model", MPRA Paper No. 1362, 1-16.
Kihlén, T. (2007), Logistics-based Competitionn – A Business Model Approach, Linköping: Linköping University.
Lawrence, F. B., Logistics Performance Metrics & Measurements In Supply Chain Management
(http://supplychain.tamu.edu/academics/242/PerformanceMetrics.ppt, 22.01.2009).
Mentzer, J. et al. (2004), "Toward a Unified Theory of Logistics", International Journal of Phisycal Distribution &
Logistics Management 34 (8), 606-627.
Moseng, B. and Bredrup, H. (1993), "A Methodology for Industrial Studies of Productivity Performance",
Journal of Production Planning and Control, 4 (3).
Pulakos, E. D. (2004), Performance Management: A Roadmap for Developing, Implementing and Evaluating Performance
Management Systems, SHRM Foundation (http://www.shrm.org/foundation/1104Pulakos.pdf, 10.01.2009).
Roca, B. (2004), Marketing logistika, Bački Petrovac: Kultura.
Sergejev, V. (2005), Korporativnaja logistika – 300 otvetov na voprosi profesionalov, Moskva: Infra-M.
Tikkanen, H. et al. (2005), "Managerial cognition, action and the business model of the firm", Management Decision
43 (6), 789-809.
http://www.datainitwales.gov.uk
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Vinko Nikić
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FREE ZONES AS DEVELOPMENT OPPORTUNITY OF MONTENEGRO ON TRANSITION PROCESS
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Article title
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FREE ZONES AS DEVELOPMENT OPPORTUNITY OF MONTENEGRO ON TRANSITION PROCESS
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Authors
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Vinko Nikić
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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E23; F15; F21
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Abstract
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In this work, author will try to point out the role and importance of the free zones for development of our economy. As the process of recovery of domestic economy upon the sanctions imposed by European Community is underway and as our economy is in the process of transition and local enterprises and companies do not have enough
capital to introduce new production technologies that match contemporary technical standards, free trade zones would be given a completely new role in order to match the standards demanded by today's global market. Contemporary free zones shall be production and export oriented zones which would, by attracting and utilizing foreign investments and benefits, enhance the development of the national economy, increase the employment rate and foster development of local
and international transport. The a.m. would be the basic reasons why I decided to work on this topic.
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Key words
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free zones, transition, competitiveness, privatization, liberalization
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Literature
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Agenda ekonomskih reformi 2002-2007, (2005),
Podgorica: Vlada Republike Crne Gore.
Dunning, J. (2003),''Making Globalization
Good'', Oxford University Press,
Đurić, Z. (1993), "Slobodne carinske zone u privredama
koje su u tranziciji sa osvrtom na jugoslovenske
slobodne zone", Međunarodna konferencija "Dunav-reka
saradnje", Subotica, Institut za međunarodnu politiku i
privredu, 57-69.
Forein Direct Investment and Development (2002),
OECD.
Gaptara, R. (1990), "Zajednička ulaganja sa zapadnim
partnerima:kako ih učiniti funkcionalnima", Zbornik
Povratak privrede tržištu i vlasništvu, II tom Beograd, 73-85.
Ivanović, P. (2008), "Uloga stranih direktnih
investicija u zemljama tranzicije, Tranzicija i posle u regionu
nekadašnje Jugoslavije", Miločerski ekonomski forum, 109-
123.
Kojović. M. (1997), "Slobodne zone – spoljnotrgovinski
i privredni činilac i nacionalni interes", Market-
Money-Capital, 37-45.
Kovač, O. (1996), "Slobodne zone u svijetu",
Ekonomski anali, 31-43.
Mitrović, M. (1990), "Osnovne karakteristike
zakonskog regulisanja stranih ulaganja", Zbornik Povratak
privrede tržištu i vlasništvu, Beograd.
Nešić, B. (1994), Slobodne carinske zone u Jugoslaviji
i svijetu sa zakonskim komentarom, Beograd.
Nikić, V. (2002), "Ekonomske perspektive razvoja
našeg regiona kao slobodne zone u prelaznom periodu",
Ekonomist br. 2, Vol. 37, 269-275.
________ (2004), Slobodne zone kod nas i u svijetu,
sa posebnim osvrtom na slobodnu zonu u Baru, Magistarski rad,
Podgorica: Ekonomski fakultet.
________ (2007), "Competitiveness development
perspective of Montenegro as of a free zone in the
proces of globalization", International Conference Business
and globalization, OhRID, 93-107.
Strategija podsticaja izvoza (2006), Ministarstvo za
ekonomske odnose sa inostranstvom i evropske integracije,
Podgorica: Vlada Republike Crne Gore.
www.vlada.cg.yu
www.oecd.gov
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Albina Kecman
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TENDER PRIVATIZATION IN REPUBLIC OF SERBIA SALE PROCEDURE AND RESULTS
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Article title
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TENDER PRIVATIZATION IN REPUBLIC OF SERBIA SALE PROCEDURE AND RESULTS
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Authors
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Albina Kecman
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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P26
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Abstract
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Companies of strategic interest, primarily because of the importance for the economy, the number of employees and size of the subject of privatization, are privatized through public tender. Generally, larger companies that can find a strategic partner are privatized through public tender. In tender privatization, in addition to the first important element which is the sale price, the other two elements which are used to evaluate the investor's offers are the investment and social program. Tender results of privatization can be viewed in relation to the achieved sales price, social and investment program. The public tender is the method of privatization, or sale, 70% of the socially-owned or state-owned capital by public collection of bids from potential buyers in accordance with established terms of sale. Privatization (sale) by public
tender includes preparation, submission and receipt of bids, opening and evaluation of bids and concluding contracts of sale.
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Key words
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Privatization, Tender, Due Diligence, Public Announcement, Investment Program, Transaction
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Literature
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1. Zakon o Agenciji za privatizaciju (Službeni glasnik RS, 38/2001 i 135/2004)
2. Zakon o privatizaciji (Službeni glasnik RS, 38/2001, 18/2003, 45/2005 i 123/2007)
3. Uredba o metodologiji za procenu vrednosti kapitala i imovine (Službeni glasnik RS, 45/2001 i 45/2002)
4. Uredba o prodaji kapitala i imovine javnim tenderom (Službeni glasnik RS, 45/2001, 59/2003, 110/2003,
52/2005, 126/2007, 96/2008 i 107/2008)
5. Republički zavod za statistiku (2006), Efekti privatizacije na privredni razvoj Srbije
6. Cerović B (ed.) (2006), Privatization in Serbia: Evidence and Analyses, Centar za izdavačku delatnost Ekonomskog
fakulteta u Beogradu, Beograd
7. Cerović B., Kovačević M. (red.) (2009), Tranzicija u Srbiji i globalna ekonomska kriza, Naučno društvo ekonomskih
nauka sa Akademijom ekonomskih nauka i Ekonomski fakultet u Beogradu
8. http://www.priv.rs
9. http://www.srbija.gov.rs
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