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Volume 8 № 2 Special Issue
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Contents - Volume 8 № 2 Special Issue
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Article title
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Contents - Volume 8 № 2 Special Issue
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Authors
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Contents
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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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Contents
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Abstract
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Contents
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Key words
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Contents
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Literature
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Contents
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Alojzy Nowak, Yochanan Shachmurove
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ECONOMIC INSTITUTIONS AND THE EURO
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Article title
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ECONOMIC INSTITUTIONS AND THE EURO
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Authors
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Alojzy Nowak, Yochanan Shachmurove
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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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F 00; F 01; F 33;
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Abstract
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This paper describes and analyzes the impacts of economic institutions on the Euro. It
analyzes the impact of economic institutions for countries joining the European Union.
In order to depict and explain Europe's role in the world economy, this study provides a
detailed analysis of the Eurozone trade with the world. The study offers potential solutions
to the Financial Crisis of the European Union and details their advantages and
disadvantages, with an emphasis on the role and importance of economic institutions.
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Key words
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European Union; Eurozone; Harmonized Index of Consumer Prices; Portugal,
Ireland, Greece and Spain (PIGS); Fiscal Union; Financial Crises; Maastricht Criteria;
Maastricht Treaty; Exchange Rate; Euro.
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Literature
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Anderton, Alain (1977). Economics. Patparganj, Delhi: Pearson Education.
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Does it Work? (3rd ed) (Oxford, England: Oxford University Press, 2012). ISBN 978-0-19-957080-5 and
ISBN 0-19-957080-9.
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Cambridge: Cambridge University Press.
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Countries Sharing A Common Currency Closer Together?" (ECB Research Paper Series – Working Papers)
(Germany, European Central Bank). Frankfurt. Retrieved January 29, 2012, from http://papers.ssrn.com/
sol3/papers.cfm?abstract_id=691864
De Grauwe, P. (2009). Economics of monetary union. Oxford: Oxford University Press.
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2012 from http://www.voxeu.org/article/politics-maastricht-convergence-criteria
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28, 2012, from http://www.bankofgreece.gr/BogEkdoseis/Paper2009102.pdf
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European Central Bank. (2012) European Central Bank Interest Rates-Annual Data. ECB Statistical
Data Warehouse. Retrieved February 26, 2012, from
http://sdw.ecb.europa.eu/home.d
European Central Bank. (2012). Euro area HICP statistics. ECB Statistical Data Warehouse. Retrieved
February 26, 2012, from http://sdw.ecb.europa.eu/home.do
European Commission. (2012) "Economic and Financial Affairs" Retrieved from:
http://ec.europa.eu/economy_finance/euro/adoption/who_can_join/index_en.htm
Eurostat. Euro/ECU Exchange Rates- Monthly Data (Rep.). (2012, February 22). Retrieved February
27, 2012, from:
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Eurostat. Your Key to European Statistics. (n.d.). Retrieved January 29, 2012, from
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Feaster, Seth W., Nelson D. Schwartz, Tom Kuntz (2011-10-22). "It's All Connected-A Spectators
Guide to the Euro Crisis". New York Times (Nytimes.com). Retrieved 2012-05-14.
Kenen, P. (1969). 'The Theory of Optimum Currency Areas: An Eclectic View' in Monetary Problems
of the International Economy, R. Mundell and A. Swoboda (eds.), (Chicago: University of Chicago Press) 41-
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June 13, 2012". Finance.yahoo.com. Retrieved 2012-07-07.
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26, 2012, from http://www.nytimes.com/2011/01/16/magazine/16Europe-t.html?pagewanted=all
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Nauk. Wydziału Zarządzania Uniwersytetu Warszawskiego.
Nowak, A. Z., & Tchorek, G. (2007). European economic integration: Chances and Challenges.
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from http://www.project-syndicate.org/commentary/stiglitz125/English
Szyszka A. (2012, March). Economic and Behavioral Aspects of the Euro Crisis.
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Weisbrot, Mark and Juan Montecino. (February 2012). "More Pain, No Gain for Greece: Is the Euro
Worth the Costs of Pro-Cyclical Fiscal Policy and Internal Devaluation?" Center for Economic and Policy
Research. Retrieved September 6, 2012 from http://www.cepr.net/index.php/publications/reports/morepain-
no-gain-for-greece
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Victor Polterovich
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REFORM DESIGN: HOW TO SEARCH FOR INTERIM INSTITUTIONS
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Article title
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REFORM DESIGN: HOW TO SEARCH FOR INTERIM INSTITUTIONS
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Authors
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Victor Polterovich
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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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D 02; E 02; P 21; H 75; L 85;
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Abstract
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Institutional reform is defined as a feasible sequence of interim institutions in an
appropriate institutional space; the sequence "connects" an initial institution (or a system
of institutions) with final one which is considered as desirable by reform designers. Interim
institutions are necessary since direct one-step transition ("shock therapy") is usually very
costly or even not feasible at all due to cultural, institutional, resource, technological or
political constraints. Interim institutions soften these obstacles for the reform step by step
so that the whole sequence, leading to the final desirable institution, turns out to be feasible
and efficient.
Saying it by another way, each interim institution softens reform constraints to
increase efficiency of transformation of its predecessor into its follower. The main reform
design problem is to find the feasible and most efficient sequence of interim institutions.
The concept of interim institution was introduced in Polterovich (2001, 2007, in
Russian). In this paper, a classification of interim institutions is suggested. Sometimes,
interim institutions can be built by a development of institutions that already exist in the
reforming country. Another case occurs when interim institutions are new inventions. The
third, the most important case for developing countries, takes place when interim institutions
are transplanted from more advanced systems. I illustrate these concepts analyzing a
number of reforms: price liberalization, international trade liberalization and privatization
in Russia and China, as well as the unification of Europe. The role of regional and sectored
institutional experimentation for finding of interim institutions is underlined. I describe also
a methodology of institutional transplantation, and its application to the problem of creation of mass mortgage credit system in transition economies. In this connection, results of
an experiment in one of Russian regions are presented.
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Key words
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Institutional reform, Institutions, Interim institutions.
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Yochanan Shachmurove
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FINANCIAL CRISES AND ECONONOMIC INSTITUTIONS AN INSTITUTIONAL ACCOUNT OF THE USA FINANCIAL CRISIS
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Article title
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FINANCIAL CRISES AND ECONONOMIC INSTITUTIONS AN INSTITUTIONAL ACCOUNT OF THE USA FINANCIAL CRISIS
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Authors
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Yochanan Shachmurove
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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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G 01; B 52;
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Abstract
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This paper uses the framework of institutional economics to explain the recurring phenomena
of financial crises. How do various institutions fail in predicting, responding to and
reducing the burden of the crises? How do they further contribute to the domino effects
that nearly led to the collapse of financial institutions worldwide? Institutional economics
holds that a country's institutions – its political, educational, and social systems – determine
and characterize its economy. Institutional environments shape the way people perceive
economic relations. The interdependence of economics, law and morality characterize
the ability of institutions to act on unforeseen circumstances and to adapt to changes.
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Key words
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Institutional Economics; Financial Crisis; Law and Economics; Interdependence;
Behavioral Economics; Behavioral Finance; Hume; Veblen; Coase.
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Economic Review 100, June: 673–690.
Williamson, Oliver E. (2009), "Opening the Black Box of Firm and Market Organization: Antitrust," In
The Modern Firm, Corporate Governance and Investment, ed. Per-Olof Bjuggren and Dennis C. Mueller, 11–
42. Northampton, MA: Edward Elgar.
Williamson, Oliver E. (2003), "Examining Economic Organization through the Lens of Contract,"
Industrial and Corporate Change, 12(4): 917–42.
Williamson, Oliver E. (2002), "The Theory of the Firm as Governance Structure: From Choice to
Contract," Journal of Economic Perspectives, 16(3): 171–95.
Williamson, Oliver E. (2000), "The New Institutional Economics: Taking Stock, Looking Ahead," Journal
of Economic Literature, 38(3): 595–613.
Williamson, Oliver E. (1996), The Mechanisms of Governance, Oxford: Oxford University Press.
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Yellen, Janet L. (2009), "A Minsky Meltdown: Lessons for Central Bankers," Federal Reserve
Bank of San Francisco, April 16,
Access at http://www.frbsf.org/news/speeches/2009/0416.html Access on September 3, 2012.
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Svetlana Kirdina
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FROM MARXIAN SCHOOL OF ECONOMIC THOUGHT TO SYSTEM PARADIGM IN ECONOMIC STUDIES: THE INSTITUTIONAL MATRICES THEORY
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Article title
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FROM MARXIAN SCHOOL OF ECONOMIC THOUGHT TO SYSTEM PARADIGM IN ECONOMIC STUDIES: THE INSTITUTIONAL MATRICES THEORY
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Authors
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Svetlana Kirdina
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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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B 24; B 25; P 20; P 51;
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Abstract
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The paper discusses some theoretical-methodological basis for the institutional change
analysis in transitional countries. First, the paper shows the specific approach of the
Marxian school of economic thought to the analysis of social and economic institutions.
Second, the most general features of the system paradigm in economic theory (Kornai,
1998) are presented. Third, the institutional matrices theory, or IMT (Кирдина, 2001;
Kirdina, 2001, 2010, etc.), developing Marxian approach and systemic ideas, is presented.
An explanatory power of IMT is shown by the analysis of post-soviet reforms in Russia
and East-European countries.
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Key words
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institutions, economic systems, Marxian approach, institutional matrices
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Literature
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articles of the Russian Economy Congress participants. M: IE RAS, 2009, In Russian).
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Bagrat Yerznkyan
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PLURALISTIC INSTITUTIONAL SOLUTIONS OF THE PROBLEM OF EXTERNALITIES
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Article title
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PLURALISTIC INSTITUTIONAL SOLUTIONS OF THE PROBLEM OF EXTERNALITIES
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Authors
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Bagrat Yerznkyan
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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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B 52; D 23; P 48; Q 53;
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Abstract
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In this paper, the evolution of institutional forms of taking account and controlling
externalities is analyzed. Theorizing is based on the pluralistic from the institutional
viewpoint concepts of 'transaction' and mode of coordination'. That is to say, the three
types of transaction (managerial, bargaining, and rationing) indicated by John Commons
which structure state-economy-society interaction and corresponding institutional setups
(government regulation, Coase's market bargaining, and relational contracting with emphasis
on the idea of corporate social responsibility, CSR) which structure contractual
agreements. The choice of the transaction types and institutional arrangements depends
on their relative efficiency. The paper includes a characterization of the Russian institutional
setup and an analysis of advantages and disadvantages of the different forms of institutional
arrangements designed for solving the problem of externalities.
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Key words
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Externalities, Institutional Pluralism, Contractual Arrangements, Types of
Transaction.
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Literature
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Draskovic, V. (2011), "The Institutional Pluralism as a Condition of Economic Development", Zhurnal
Ekonomicheskoj teorii, No 4, pp. 7–17.
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Yerznkyan, B. (2006), "Specificity of 'Contractual' Relations of Government and Business in Russian
Fuel and Energy Sector", Montenegrin Journal of Economics), Vol. 2. No 3, pp. 139-150 (in Russian).
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Institutional Reforms in Russia", Collection of scientific works, ed. by B.H. Yerznkyan, Issue 17, Moscow:
CEMI Russian Academy of Sciences, pp. 140–149.
Zadeh, L. A. (1965), "Fuzzy Sets", Information and Control, Vol. 8, pp. 338–353.
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Milica Uvalic
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SERBIA'S TRANSITION TO MARKET ECONOMY: WHY HAS THE MODEL NOT DELIVERED?
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Article title
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SERBIA'S TRANSITION TO MARKET ECONOMY: WHY HAS THE MODEL NOT DELIVERED?
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Authors
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Milica Uvalic
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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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P 21; P 30;
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Abstract
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The paper discusses the transition to a market economy in Serbia, a country that until the
early 2000s was one of the principal laggards in the transition region. The paper tries to
explain why Serbia, which had a relatively good starting position in 1989, has encountered
substantial delays in carrying forward the main objectives of the transition to a market
economy. Despite political stabilization and many positive economic achievements, the
post-2001 transition strategy has not delivered the expected results. The strategy was
based on the hyper-liberal model which placed emphasis on liberalization, stabilization
and privatization, in line with the recommendations of the "Washington consensus",
neglecting many other important areas of reform. With the new post-2000 turn towards
the market mechanism, the essential role of the state and of state institutions was underestimated,
which contributed to various long-run failures.
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Key words
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Transition, Market Economy, Serbia.
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Literature
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Arandarenko, M. (2009), "Zaposlenost izmedju tranzicije i ekonomske krize" in B. Cerovic and M.
Kovacevic (eds), Tranzicija u Srbiji i globalna ekonomska kriza (Beograd: Ekonomski fakultet).
Cerovic, B. (2009), "Srbija u tranziciji i krizi", in B. Cerovic and M. Kovacevic (eds), Tranzicija u Srbiji
i globalna ekonomska kriza (Beograd: Ekonomski fakultet).
Estrin, S. and M. Uvalic (2008), "From Illyria towards capitalism: Did labor-management theory
teach us anything about Yugoslavia and transition in its successor states?", Comparative Economic Studies,
50th Anniversary Essay, 50, 663-696.
European Bank for Reconstruction and Development (EBRD) (2010), Transition Report (London:
EBRD) and previous issues.
European Bank for Reconstruction and Development (EBRD), www.ebrd.com
Kekic, L. (1996), "Assessing and measuring progress in the transition", in Economist Intelligence
Unit, Country Forecast - Economies in Transition – Eastern Europe and the former Soviet Union – Regional
Overview, 2nd quarter 1996, (London: Economist Intelligence Unit), pp. 5-22.
Kolodko, G. W. and D. M. Nuti (1997) "The Polish alternative – Old myths, hard facts and new strategies
in the successful Polish economic transformation", UNU WIDER Research for Action Series, 33.
Nuti, D. M. (2009), "The impact of the global crisis on transition economies", UNU WIDER conference
Reflections on Transition: Twenty Years after the Fall of the Berlin Wall, Helsinki, 18-19 September.
Nuti, D. M. (2012), "Did we go about transition in the right way?", Essay prepared for P. Hare and G.
Turley (eds), The Economics and Political Economy of Transition (Routledge Handbook, forthcoming 2012).
Stamenkovic, S., M. Kovacevic, V. Vuckovic and M. Busatlija (2009), Model ravnoteze mora da se
menja (Beograd: Ekonomski Institut).
Svejnar, J. and M. Uvalic (2012), "Why development patterns differ: the Czech and Serbian cases
compared" in M. Aoki (ed) (2012), Institutions and Patterns of Economic Development (in print).
Uvalic, M. (2010), Serbia's Transition. Towards a Better Future (Basingstoke: Palgrave Macmillan).
Williamson, J. (1990), "What Washington means by policy reform", in J. Williamson (ed), Latin
American Adjustment: How Much Has Happened? (Washington DC: Institute for International Relations).
World Bank, Doing Business Indicators, Washington DC, www.doingbusiness.org.
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Ljubomir Madzar
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QUANDARIES OF PRIVATIZATION IN A MARKET ADVERSE ENVIRONMENT − MAJOR INCONSISTENCIES IN THE TRANSITION STRATEGY OF SERBIA
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Article title
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QUANDARIES OF PRIVATIZATION IN A MARKET ADVERSE ENVIRONMENT − MAJOR INCONSISTENCIES IN THE TRANSITION STRATEGY OF SERBIA
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Authors
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Ljubomir Madzar
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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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O 17; P 30;
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Abstract
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Deeply rooted traditional values, specific and long drawn collective memories, ethnic
heterogeneity and the egalitarian syndrome make Serbia a particularly inimical environment
for privatization and other undertakings meant to transform the system into a market
economy. Both political elites and the broad public have their – though distinct and
evidently separate – reasons to oppose privatization. At the same time, political pressures
from abroad and the declaratory effect of pronouncements for modernization make it attractive
to produce the semblance of a determination to change the structure of ownership
and allegedly to modernize the society. The resulting set of interacting forces is quite
complex. The actual resistance to privatization manifests itself in obligating the buyers to
adopt additional duties in the form of so called social and investment programs. These
programs proved to be quite effective in complicating the privatization and slowing it
down. The insoluble problem of finding the trade-offs between the purchasing price and
each of these programs arose. It turned out that the state and its bureaucracy – true,
contractually – took it upon themselves to determine how much should be invested in
each privatized company. The government has neither the motivation nor expertise, and
not even incentives to acquire the needed knowledge, for a proper carrying out of these
functions. Had the government been able to play successfully the roles of manager, investor,
innovator and the entrepreneur, privatization itself would not be necessary and would
in fact be counterproductive.
A further area covered by the paper is the set of economic and social factors underlying
the opposition towards privatization and making it slower in relation to how it unfolded in
the comparable countries in transition. Such are, among other, aging population and
almost unbearable magnitude of the fiscal burden, the inclination of the elites to preserve
the collectively held enterprises as their power base, the exceptionally high share of the
grey economy, the entropy approaching the virtual break-up of the financial system, with
unbelievably high amount of arrears, and prolonged appreciation of the national currency
which impaired exports heavily and wiped out a number of material production sectors
because of the unjustifiably tough competition on the part of imports. A number of comments
were made on the sad state and low level of economic science which, rather than
clarifying the perilous consequences of the described policies, has uncritically endorsed
them.
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Key words
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privatization, additional obligatory programs, the impediments in ownership
change, resistances to privatization, maximanda in political processes, patterns of bureaucratic
behavior, inadequacy of economic science.
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Literature
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Cerović, Božidar and Milica Uvalić (2011), "Predgovor", B. Cerović and M. Uvalić, eds., Kontroverze
ekonomskog razvoja u tranziciji – Srbija i zapadni Balkan, a collection of papers from the scientific conference
held May 7, 2011 under the same name by the Scientific Society of Economists with Academy of
Economic Sciences and the Faculty of Economics in Belgrade, at the Faculty of Economics in Belgrade, published
by this Faculty, Belgrade: Faculty of Economics in Belgrade, 1-5.
Downs, Anthony (1957), An Economic Theory of Democracy, New York: HarperCollinsPublishers.
Drašković, Božo (2010), "Kraj privatizacije i posledice po razvoj", B. Drašković, ed., Kraj privatizacije
– Posledice po ekonomski razvoj i nezaposlenost u Srbiji, Beograd: Institut ekonomskih nauka, Beogradska
bankarska akademija i Savez samostalnih sindikata, 3-40.
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Mihailović, Srećko (2010), "Priča o tranziciji ili naracija o našim beskrajnim menama", S. Mihailović,
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Prokopijević, Miroslav (2012), Liberalizam, a paper presented to the Conference of the Academy of
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zur Wechselwirkung von Wirtschafts- und Rechtsordnung am Beispiel von Glaebigerschutz und Kredit, u
štampi.
Schotter, Andrew (2001/2000/), Microeconomics, Boston: Addison Wesley Longman.
Sekulović, Marko (2004), Ogledi o tranziciji, Niš: Ekonomski fakultet u Nišu.
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Winiecki, Jan et al. (2001), An Inquiry Into the Composition of the Private Sector in Selected Post-
Socialist Economies, Warsaw: Earhart Foundation-Sponsored Research Project.
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Evgeny Popov
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TRANSACTIONS & INSTITUTIONS
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Article title
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TRANSACTIONS & INSTITUTIONS
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Authors
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Evgeny Popov
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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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D 23;
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Abstract
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Theoretical positions which characterized self dependence of elements of system "transactions
– costs – institutions" was elaborated. It was shown that the economical transactions
may be divided into transactions for information search, market analysis, law defense,
defense from opportunism and production promotion. The transactional costs classification
is possible by the description as the nonproduction costs and on the base of the enterprise
market potential structure. The transactional costs on the creation and development
of the stable norm of interaction between economic agents may be determined as the cost
estimation of the economic institutions. The empirical measured results of academic
organizations mobility dependences from transaction costs were shown as the practice
illustration for present research.
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Key words
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transactions, transaction costs, institutions, transaction function.
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Literature
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Oleg Sukharev
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INSTITUTES OF SOCIAL DEVELOPMENT AND THEIR EFFICIENCY ESTIMATION
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Article title
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INSTITUTES OF SOCIAL DEVELOPMENT AND THEIR EFFICIENCY ESTIMATION
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Authors
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Oleg Sukharev
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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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D 02; E 02; I 15; I 25; O 12;
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Abstract
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Estimation problems of social development institutes' efficiency, such as educational
system and human capital are considered in the article. A number of social efficiency criteria
is introduced together with the known approaches, models which expand interpretation
of social efficiency and help consider institutional features and the effects of separate
social systems organization, and, in particular, education, etc. are offered. The problems of
social development are considered in terms of academic aspects, the author mentioning
the stands which are considered poorly within the limits of certain criteria. Efficiency criteria
of institutional systems are suggested and social effect estimation of innovative development
is given.
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Key words
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institutes, development, social system, efficiency, education, innovations.
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Literature
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Solow, R. A. (1956), "Contribution to the Theory of Economic Growth", Quarterly Journal of Economics,
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Suharev, O. S. (2004), Social Issue: Institutes, Innovations and Economic Policy, Economic Literature,
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Suharev, O. S. (2004a), Theoretical Bases of Investments into a Person and Innovations, EEC RAS,
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Suharev, O. S. (2009), Economy Efficiency Theory, Finance and Statistics, Moskow.
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Second Drukerovsky Readings under the Editorship of R.M.Nizhegorodtseva, Dobroye Slovo, Moskow.
Von Weizsaecker, E., Lovins, A. B., Lovins, L. H. (1999), Factor Four. Doubling Wealth - Halving
Resource Use, New Postindustrial Wave in the West, Academia, Moskow.
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Balázs Hámori, Katalin Szabó,
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THE GREAT TRANSFORMATION -- WITHOUT A TECHNOLOGICAL REVOLUTION. THE CASE OF HUNGARY
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Article title
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THE GREAT TRANSFORMATION -- WITHOUT A TECHNOLOGICAL REVOLUTION. THE CASE OF HUNGARY
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Authors
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Balázs Hámori, Katalin Szabó,
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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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O 17; O 30;
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Abstract
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The study examines the question of why the Hungarian economy is drifting twenty years
after the change of regime into similarly critical situations, than it had directly before the
change. Why the indebtedness has not been stopped, why the consolidation of the
economy was not successful, and why the undealyable reforms were not set on their way?
The authors mark the "one-sidedness" of the change of the regime as one of the reasons of
this, meaining that the institutional changes unfolding at the end of the 80's, the political
transformation and the foundation of the fundamental institutions of the market economy
were not based on a technological transformation in the 90's. The variously colored
governments remained equally insensitive to the necessity of the IT revolution, and to its
consequences. For example, while an information technology ministry had already been in
place in the United Kingdom in 1985, in Hungary the various economic plans, documents,
governmental programs before and after the change of regime were based on an
economic world view that was oriented towards the most traditional market economy. The
regime-changers up to date have hardly taken any note of the fact that time had already
past over the traditional market economy. The authors connect the deficiencies of the
technological background of the change of the regimes with the perceptible (and growing)
lagging of our competitiveness in several areas, and that the knowledge economy -
compared even with countries starting from similar position – remained vestigial, or it has
been growing extremely unevenly in the different areas.
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Key words
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Great Transformation, Technological Revolution, Hungary.
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Literature
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Csaba, László (1994): Az összeomlás forgatókönyvei. Figyelő Kiadó, Budapest.
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regionális sajátosságai. Napvilág Kiadó, Budapest, 225 o.
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Comission, Brussels
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Ivan Ribnikar, Marko Kosak
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MONETARY AND BANKING SYSTEMS TO HELP (OR HINDER) ECONOMIC DEVELOPMENT OF TRANSITIONAL ECONOMIES
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Article title
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MONETARY AND BANKING SYSTEMS TO HELP (OR HINDER) ECONOMIC DEVELOPMENT OF TRANSITIONAL ECONOMIES
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Authors
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Ivan Ribnikar, Marko Kosak
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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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D 23;
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Abstract
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In this article we analyse how different monetary arrangements, i.e. money, central bank,
exchange-rate regime, monetary policy and banks, have been influencing economic performance
in the countries of former Yugoslavia. The countries for various reasons opted for
different monetary arrangements and we were interested predominantly in whether the
central banks have had enough monetary autonomy to prevent damaging overvaluation of
their domestic currencies due to inflow of capital originating from sale of business enterprises
to foreign investors. The connection between changes in international monetary
reserves and monetary circulation is investigated. Further we discuss the capability and
willingness of the central banks to purchase foreign exchanges in sterilized way, what
impact have had monetary arrangements on the banking systems, how the countries have
got used to 'live above their means', and how to change it.
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Key words
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monetary regime, exchange-rate policy, central bank, banks, sterilised interventions
on the foreign exchange market.
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Literature
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Bofinger, P., 2001, "Monetary policy: goals, institutions, strategies, and instruments", Oxford Univ.
Press, 454.
Cohen, D., 2012, "Quels remèdes pour la France", Le Nouvel Observateur, no. 2478, 64-66.
Johnson, H., 1977, "The monetary approach to the balance of payments; A non-technical guide",
Journal of International Economics", 7, 251-268.
Kay, J.,2003, "The truth about markets", Allen Lane, 479 p.
Mundell, 2001, "Money and sovereignty of the state", A. Lejonhufvud (editor), Monetary Theory and
policy Experience", Palgrave, 291-337.
Ribnikar, I., 1993, "Ukidanjeq društvenog včasništva (općenito i u Sloveniji)", Društvena istraživanja,
Zagreb, vol. 2., no. 2, 31- 49.
Ribnikar, I., 2004, Exchange rate regimes and monetary arrangements", Zbornik radova Ekonomskog
fakulteta u Rijeci, vol. 22, no. 2, 9-23.
Ribnikar, I., 2011, "Monetarna politika kod slobodnog kretanja kapitala između država", Ekonomija/
Economics, Zagreb, 18, no. 3, 677-696.
Ribnikar, I., 2011a, "Capitalism, advanced and 'transitional', unfolded during the financial crisis",
Proceedings of Rijeka Faculty of Economics, Journal of Economics and Business, vol. 29, no. 1, 109-132.
Visser, H., 1993, "Modern monetary theory", Edward Elgar, 199.
Walters, A. & S. H. Hanke, 1992, "Currency boards", The New Palgrave Dictionary of Money &
Finance", 1, Macmillan, 558-561.
Yeager, L. B., 1976, "International monetary relations: theory, history and policy", 2nd ed., Harper &
Row, 667 p.
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Veselin Draskovic, Mimo Draskovic
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INSTITUTIONAL NIHILISM OF THE POST-SOCIALIST TRANSITION
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Article title
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INSTITUTIONAL NIHILISM OF THE POST-SOCIALIST TRANSITION
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Authors
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Veselin Draskovic, Mimo Draskovic
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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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B 52; O 17; P 30;
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Abstract
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Private initiative in an environment of well protected property rights and a good legal
system, high quality performance of institutions, clear rules of the game, consensus building
capacity of the society regarding the importance of economic freedom can bring in
significant differences in economic development between particular countries. During the
period of the post-socialism transition, the whole system of inhibiting institutional and
other factors has caused the disfunctional conglomerate system. The effect was
synergetic, destructive, and anti-development. Two decades of intense crisis, with all the
accompanying events, has not been sufficient warning to holders of (vulgarised neoliberal)
economic policy in the post-socialism states that something is wrong and that the antidevelopment
model ultimately needs to be changed.
This paper discusses the causes and conditions that have disabled the pluralistic and even
monistic acting of economic institutes in the practice of transitional countries and have led
to their objective substitution by the quasi-institutes and meta-institutes of a sociopathological
nature. It emphasizes the primary significance of institutionalization for economic
policy, as well as the negative effect of pseudo-institutes on economic policy and the valorisation
of economic resources. In addition, the article provides evidence that monistic
pseudo-market reforms in the period of post-socialist transition have not succeeded in
compensating for a vast institutional vacuum, and that they have even led to its spreading
and turning into a quasi-institutionalization, and institutional nihilism. The paper explains
that the institute of civil society as an instrument of people protection from the government
doesn't work universally. It's denied by variety of national, corporate and informal
groups ("elites"), which are superior in wealth and power and limiting the individuals.
Uncontrolled power centers abuse Institute of state regulation and, paradoxically and
ironically, preach and conduct marauding ideology of neoliberalism as an institutional
monism.
We start from the hypothesis that the institutional nihilism is the main cause of unsuccessful
postsocial transition and anti-development and vulgarized neoliberal economic policy.
We also start from hyphotesis that the neoliberal myth about "mini" state was the interest
cover by privileged individuals for their promotion and choice implementation, which
reduced the choice of the vast majority of people, and therefore denied their (propagated)
economic freedom, competion, private property and entrepreneurship as a mass phenomenon.
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Key words
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Economic Institution, Institutional Pluralism, Institutional Monism, Neoliberalism,
Transition Economies.
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Literature
|
Aburdene, P. (2005), Megatrends 2010: The Rise of Conscious Capitalism, Charlottesville:
Hampton Roads Publishing Company.
Domazet, T. (2010), "Facing the Future of Economic Policy- Causes of the Crisis from the Political
Econmomy Point of View", in Facing the Future of South East Europe, pp. 7-70, Zagreb: Croatian Institute of
Finance and Accounting.
Drašković, M. (2009), "Globalna finansijska kriza i neoliberalna dogma", Ekonomija/Ekonomist,
god. 16, br. 1, 127-148.
Drašković, V. (1994), Razvoj sovjetske ekonomske misli, Beograd: Ekonomika.
Drašković, V. (1995), Tranzicija i mješovita ekonomija, Beograd: Ekonomika.
Drašković, V. (2003), "Značaj institucionalizacije i njena ograničenja u periodu postsocijalističke
tranzicije", Ekonomska misao, No 1-2, 143-151.
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Primoz Dolenc, Andraz Grum, Suzana Laporsek
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THE EFFECT OF FINANCIAL/ECONOMIC CRISIS ON FIRM PERFORMANCE IN SLOVENIA – A MICRO LEVEL, DIFFERENCE-IN-DIFFERENCES APPROACH
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Article title
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THE EFFECT OF FINANCIAL/ECONOMIC CRISIS ON FIRM PERFORMANCE IN SLOVENIA – A MICRO LEVEL, DIFFERENCE-IN-DIFFERENCES APPROACH
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Authors
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Primoz Dolenc, Andraz Grum, Suzana Laporsek
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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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D 02;
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Abstract
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The aim of the paper is to assess the effect of the financial/economic crisis on firm performance
across different industry sectors in Slovenia. We employ unusually reach data
set: in the analysis we include micro level accounting data on all Slovenian firms in the
period from 2003 until 2010 (data for 2011 was not yet available). The analysis of the
impact of financial/economic crisis on industry sectors in Slovenia is based on selected
financial performance measures with the application of difference-in-differences approach.
This is a quasi-experimental technique that measures the effect of a treatment at a given
period in time. "Treatment" in our case is financial/economic crisis, which tend not to have
a significant effect on some industries (i.e., control group) and have evident effect on other
industries (i.e., treatment group). We find that the financial performance of firms was
significantly poorer in treatment groups, confirming the negative effect of the financial/
economic crisis. Besides control group (industry sector A - Agriculture, forestry and fishing)
for which we assumed to be less affected by the financial/economic crisis or not be
affected at all, the industry sector B (Mining and quarrying) and financial indicator EBITDA
margin seem not to be affected much from the financial/economic crisis. But for most
industry sectors and financial indicators the effect of the crisis was evident/statistically
significant. According to the results of the analysis, the financial/economic crisis had the
most evident effect on return on equity and employee value added, and on industry sectors
Electricity, gas, steam and air conditioning supply (D), Water supply, sewerage, waste
management and remediation activities (E), and – of course – Construction (F).
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Key words
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financial/economic crisis, firm performance, micro level data, Slovenia.
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Literature
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Chaston, I. (2012). Recession and Family Firm Performance: An Assessment of Small U.K. Family-
Owned Hotels. Journal of CENTRUM Cathedra, 5(1): 60-69.
Claessens, S., Djankov, S., and Xu, L.C. (2000). Corporate Performance in the East Asian Financial
Crisis. World Bank Research Observer, 15(1): 23-46
Erkens, D. H., Hung, M. and Matos, P. (2012). Corporate Governance in the 2007–2008 Financial
Crisis: Evidence from Financial Institutions Worldwide. Journal of Corporate Finance 18(2): 389-411.
Fassler, K. W. (2007). Macroeconomic Crisis and Firm Performance. Rotterdam: Erasmus Research
Institute of Management.
Gertler, P. J., Martinez, S., Premand, P., Rawlings, L. B. and Vermeersch, C. M. J. (2011). Impact Evaluation
in Practice. Washington, D.C.: The World Bank.
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Recession on Retail Firms' Strategy using DuPont Method: 2006-2009. Journal of Finance and
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Factor and Firm Characteristics on Small Firm Performance during Economic Downturn. African Journal of
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Sufian, F. and Habibullah, M. S. (2010). Assessing the Impact of Financial Crisis on Bank Performance.
Empirical Evidence from Indonesia. ASEAN Economic Bulletin,27(3), 245-262.
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Ana Popa, Laura Vasilescu
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ECONOMIC POLICIES IN ROMANIAN TRANSITION TOWARDS THE MARKET ECONOMY
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Article title
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ECONOMIC POLICIES IN ROMANIAN TRANSITION TOWARDS THE MARKET ECONOMY
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Authors
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Ana Popa, Laura Vasilescu
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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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P 21; P 30;
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Abstract
|
This paper underlines several positive and negative aspects generated by the public economic
policies from Romania after 1989, when the communist era ended. The transition
to the market economy brought major changes to the decision process, coordinated and
implemented by the public authorities with many errors and delays, but also with the acceptance
of the idea of changing and improving.
First of all, it is analyzed the complexity of elaboration an economic policy, under the pressure
of rapid establishment of a political democracy, but without creating an institutional
framework and without an experience of the economic democracy. The most serious
aspect is the perception of a corrupt capitalism despite the potential of a free market
economy.
Secondly, the economic policy components have different approaches and evolutions.
The concept of an economic policy in Economic and Monetary Union is based on three pillars:
monetary, fiscal and structural. In Romania, the monetary pillar was the fastest adopted,
the fiscal one is still in discussion, and the structural problems are difficult to be changed.
The most difficult aspect is linked to the issues of planning and democracies, as long as
there are not settled up clear and correct directions and objectives. This equates to a chaos,
favorable to corruption and to internal and external speculators.
On the third row, it is interesting to analyze the merger of the interest specific to the public
sector with the private sector one, subordinated finally to the interest of civil society. To all
of these are added the effects of the European integration and globalization. The
experience of Romania was deeply affected by the overlap between transition and world
financial instability, getting to the complex problems of the current international crisis.
The conclusion of this article refers to the fact that the development and effectiveness of
economic policies depends on a combination of dynamic rules, actions, resources, incentives
and behaviors that involve the public sector, the private sector, the civil society, but on
an area extended internationally.
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Key words
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Romania, transition, economic policy, correlations.
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Literature
|
[1] Brinkerhoff Derick W., Crosby Benjamin, Managing Policy Reform: Concepts and Tools for
Decision-Makers in Developing and Transitioning Countries, Kumarian Press, 2002.
[2] Dăianu Daniel, Când finanţa subminează economia şi corodează democraţia, Editura Polirom,
Iaşi, 2012.
[3] Fotopoulos Takis, Development or Democracy? Society & Nature, Vol. 3, No.1 (issue 7), 1995
[4] Ionita S., Nutu O., Stefan, L. Mungiu-Pippidi A., Beyond perception. Has Romania's governance
improved after 2004?, The Romanian Journal of Political Science (PolSci) http://www.sar.org.ro/polsci/
?p=573
[5] Koveos Peter and Yourougou Pierre , Public–Private Partnerships in Emerging Markets,
QFINANCE, http://www.qfinance.com/financing-best-practice/publicprivate-partnerships-in-emergingmarkets
?full
[6] Popa A. Giurca Vasilescu L, The Binomial Democracy-Sustainable Development between Macro
and Micro Decisions, Annuaire de l'Universite de Sofia "St. Kliment Ohridski", Journal of the Faculty of Economics
and Business Administration, volume 6, 2007.
[7] Racovita M., Europeanization and Effective Democracy in Romania and Bulgaria, The Romanian
Journal of Political Science (PolSci) , nr.11/2011 http://www.sar.org.ro/polsci/?cat=34
[8] Zhan James, Partnering Public and Private Investment for Development, Multi-year Expert Meeting
on Investment for Development, Third session, Geneva, 2-4 February 2011.
[9] Raport Credit Suisse, http://www.econtext.ro/finante-banci/bani/romania-are-16528-demilionari-
in-dolari-in-schimb-averea-medie-a-romanului-este-de-13987-de-dolari.html
[10] Government of Romania, ANRMAP, Sinteza Raportului anual de activitate, 2011.
[11] Government of Romania, National Development Plan –NDP 2007-2013, December 2005,
http://discutii.mfinante.ro/static/10/Mfp/pnd/documente/pnd/NDP2007_2013.pdf
[12] Government of Romania, http://discutii.mfinante.ro/static/10/Mfp/ pnd/documente/
pnd/NDP2007_2013.pdf
[13] National Bank of Romania, Isărescu M., Probleme ale politicii monetare intr-o tara emergenta.
Cazul Romaniei, Speech at the Royal Academy of Economics and Finance, 21 February 2008, Barcelona,
http://www.bnro.ro/Studii-4010.aspx
[14] National Institute of Statistics, Romanian Yearbooks 1991-2011.
[15] World Bank – Romania Partnership Program Snapshot, April 2012, http:// siteresources.
worldbank.org/INTROMANIA/Resources/Romania_Snapshot.pdf
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Tihomir Domazet
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SEE NEED NEW MODEL WITHIN NEW ECONOMIC SYSTEM BASED ON THE KNOWLEDGE
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Article title
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SEE NEED NEW MODEL WITHIN NEW ECONOMIC SYSTEM BASED ON THE KNOWLEDGE
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Authors
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Tihomir Domazet
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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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E 22; F 01; G 01;
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Abstract
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The excellent idea within EU Lisbon strategy - knowledge (based) economy – unfortunately,
failed. In addition, the Lisbon strategy is failed because knowledge is failed. There are a
number of diagnoses of current world crisis called the Great recession that hit western
hemisphere economies, however, knowledge economy failure is one of the main causes of
the crisis. Mostly, knowledge economics is moved from West to Far East. On the other
hand the SEE, South East European countries have been hit hard by the global economic
downturn, which started in 2008. SEE economies now practically all of them had a lower
development level compared to EU than in 1989. Let's stress again: knowledge economy
failure is the main causes of those economies contraction.
SEE economies are facing solving current crisis and to establish economic system with
growth and sustainable development. A challenge for the economics has been to find metrics
to gauge the extent to which society has become more dependent on knowledge production.
Although there is wide recognition of the importance of knowledge and intangible
capital in fostering economic growth and social change, devising useful measures of these
assets has been difficult. To establish new economic model within new economic system
is primarily task of each SEE economy though need to put theory into practice by moving
sustainable development into mainstream economics where that knowledge creates relations
across sectors and institutions.
The new model and new economic system would not discuss extreme relations between
market and state and similar relations and not to design regulation on some ideal of what
a market should be rather than provides a mechanism through which conduct can be regulated
and certain problems of resource allocation can be solved. Like all policy instruments,
the use of free markets should be contested and assessed in the same way as democratic
societies would assess tax policy, legislation, and economic subsidies. Also there
are some dangers of "cyberbalkanization" in US, EU and elsewhere. Yet structural change
is a key: as the Great Depression was part of the transition of the economy from agriculture
to manufacturing, the Great Recession is part of the transition from manufacturing to a
service-sector economy. However, knowledge is a main tool.
Developing, sustaining, and governing knowledge commons will also require significant
investment in education and knowledge that is indeed new economics and development
paradigm, which would prevailing the global society in the time ahead.
In order to achieve wealthier status by all the people of each SEE country it is necessary to
leave current economic model and to establish the new one as the new economic paradigm,
the key element of that model would be knowledge, education, innovation as a third
factor in production factor and balance between saving and investment (S – I). Economic
growth as one part of new economic model should be at least 5% of GDP annually in long
term. One of the precondition to achieve some of mentioned is competitiveness products
that should be realized by regional cooperation.
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Key words
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SEE countries, economic crisis, new paradigm of economics, new economic
model, knowledge economy.
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Literature
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economy point of view, Symposia organized by Croatian institute of finance and accounting, Zagreb, 2010
Drašković, Veselin, Globalisation in the mirror of development, crises and media, Montenegro,
Podgorica, 2010,
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Jacques, International Critical Thought, Vol. 1, No. 1, March 2011,
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Sofija Adzic, Mirko Marjanovic, Jasminka Adzic
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INSTITUTIONAL FRAMEWORK FOR STRATEGIC MANAGEMENT OF SPATIAL DEVELOPMENT - THE CASE STUDY OF SERBIA
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Article title
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INSTITUTIONAL FRAMEWORK FOR STRATEGIC MANAGEMENT OF SPATIAL DEVELOPMENT - THE CASE STUDY OF SERBIA
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Authors
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Sofija Adzic, Mirko Marjanovic, Jasminka Adzic
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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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O 14; O 18; L 23;
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Abstract
|
The presented taxonomy for determining institutional framework for strategic management
of spatial development in Serbia is based on three theses. The first is that the
methodology for determining institutional framework for this purpose must rely on the
concept and elements defined in the key document for the Europeanization of spatial
development - ESDP (European Spatial Development Perspective: Toward Balanced and
Sustainable Development of the EU). Second, its task is to create conditions for the
implementation of active strategies of versions of reindustrialization of Serbia, with a focus
on creating an enabling surrounding for the export business and private investments in
mid and high technology industry in every part of the national territory. Third thesis is theirs
the key mission is the application of models of endogenization results of technological
progress in the institutional structure, as the basic condition for inclusion of Serbia in the
development of new global production system. In the context of these hypotheses, analysis
of the relationship between the management of spatial development and implementation
of the model of endogenization of technological development in the institutional structure
is based on their role in the revitalization of developmental functions of three basic production-
organizational models of modern industry (industrial districts, clusters, poles of
generic growth) in Serbia. Exposed material, in addition to an introduction and conclusion,
is divided into three parts. The first part analyzes the methodology and results of current
characteristics of the national production-organizational system. The focus is on determining
key factors that block or open the space for reindustrialization in accordance with the
European concept of endogenous, auto-propulsive and self-sustainable development based
on scientific knowledge. In the second part, the emphasis is on exploring the link between
scientifically valid defined objectives for reindustrialization and content of institutional
reforms and policies for their implementation, primarily in terms of creating conditions for
the spatial development of Serbia in the framework and elements defined in the ESDP
document. The focus of the third part is the concretization of the determinants of the institutional
framework for managing spatial development from national to local levels to the
realization of the strategy of reindustrialization of Serbia.
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Key words
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Serbia, Reindustrialization, Management of spatial development, ESDP Institutional
framework.
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Literature
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Adžić, S. (2006), Privredni sistem i ekonomska politika/Economic System and Economic Policy,
Faculty of Economics, Subotica.
Adžić, S. (2006), Kreativno društvo, inovativna privreda i tranzicija – Studija slučaja za Vojvodinu/
Creative Society, Innovative Economy and Transition - A Case Study of Vojvodina, Proceedings: "Socijalni
kapital i društvena integracija/Social capital and social integration", pp. 315-339, University of Novi Sad,
Department of Sociology, Novi Sad.
Adzic, S. (2007), Kako poboljšati izvozne performanse preduzeća u institucionalno neuređenom
okruženju?/How to Tmprove the Export Performance of Enterprises in Unregulated Institutional Surrounding?,
Proceedings: "Institucionalne promene kao determinanta privrednog razvoja Srbije/Institutional
change as a determinant of economic development of Serbia", pp. 118-131, Faculty of Economics,
University of Kragujevac.
Adzic, S. (2008), Regionalna politika i evropska integracija Vojvodine Regional Policy and European
Integration of Vojvodina, Prometheus, Novi Sad.
Adzic, S. et. al. (2009), Reindustrijalizacija Vojvodine i ekonomska politika: Periculum in
mora/Reindustrialization of Vojvodina and Economic Policy: Periculum in mora, Faculty of Economics,
Subotica.
Adzic, S. (2009), Reindustrijalizacija, teorija endogenog razvoja i dobro regionalno i lokalno poslovno
okruženje/Reindustrialization, The Theory of Endogenous Development and Good Local and Regional
Business Surrounding, Proceedings: "Ekonomska politika Srbije u 2009. godini i izazovi svetske ekonomske
krize/The economic policy of Serbia in 2009. year and the challenges of the global economic crisis",
pp. 93-106, Scientific Society of Economists with the Academy of Economic Sciences and Economics,
University of Belgrade.
Adzic, S. (2010), Povratak industrije u Srbiju – Realnost ili utopija/Return of the industry in Serbia -
Reality or utopia, Proceedings: "Nova strategija razvoja privrede Srbije: Izazovi ekonomske politike u
2011/The new development strategy of the Serbian economy: Challenges for economic policy in 2011",
pp. 263-283, Scientific Society of Economists with the Academy of Economic Sciences and Economics,
University of Belgrade.
Adzic, S. (2010), Reindustrialization, Balanced Spatial Development and Financial Industry, Monograph:
"Economic Growth and Development of Serbia New Model", pp. 285-309, Banking Academy, Faculty
for Banking, Insurance and Finance, Belgrade.
Adzic, S. (2011), Reindustrijalizacija Srbije i strukturna politika/Reindustrialization of Serbia and
Structural Policy, "Economija/ Economics", 17, No. 2, pp. 301-326.
Adzic, S. (2011), Regionalna ekonomija Evropske unije/Regional Economy of the European Union,
Faculty of Economics, Subotica.
Adzic, S. (2011), Povratak industrije u Srbiju – između želja, mogućnosti i iluzija/Return of the
Industry in Serbia - Between the Desire, Opportunity and Illusion, "Economija/Economics", 18, No. 2, ss.
403 – 466.
Adzic, S. and Birovljev, J. (2011), Visoko obrazovanje i reindustrijalizacija Srbije: Između želja,
mogućnosti i iluzija/Higher Education and Reindustrialization of Serbia: Between the Desire, Opportunity
and Illusion, Proceedings of " XVII Skup Trendovi razvoja: TREND 2011 EVROPA 2020 - Društvo zasnovano
na znanju/XVII Meeting Trends: TREND 2011th EUROPE 2020 - Society based on knowledge", pp. 48-51,
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& D for Industrial R & D Location, Proceedings: "Universities, Knowledge Transfer and Regional Development:
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inicijative/Kopaonik Business Forum 2009 - Growth in the global recession and financial crisis: (Un) conventional
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Yescombe, E. R. (2007), Public-Private Partnerschip: Principles of Policy and Finance, Ltd. Elseiver.
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Slobodan Lakic
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CORPORATISM AS A TOTALITARISTIC FOUNDATION AND PRACTICISM
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Article title
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CORPORATISM AS A TOTALITARISTIC FOUNDATION AND PRACTICISM
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Authors
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Slobodan Lakic
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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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F00;
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Abstract
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Based on the liberal concept of management and generating profit, capitalism disappeared
from the world economic and political scene during the Great Economic Crisis. The
expansion of mega corporations, primarily from the USA, was enabled by Anglo-Saxon
fascist political-economic world order and state favoring – global control mechanism. The
fascist order was in propulsion owing to a combination of leftist economic and political
foundations and rightist oppressive practicism. As a foundation of functioning of the
world corporate system, corporatism is positioned as a unity of corporative supremacy
and state power. Globalization is identified as a geopolitical super-control. The key resource
for the transfer of wealth has become global control, along with conspiracy. The current
world financial crisis – banking, currency and debt – represents an effort of forced
reforming and a more concise restoration of fascism, along with an obvious enhancement
to the maintenance of totalitaristic manners of corporate management. The theoretical
foundation of the leading world scientists has contributed to a constant distortion,
manipulative modeling and conscious covering up of national and globalist economic
systems and policies.
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Key words
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Corporatism, Totalitarianism, Fascism, Capitalism, Globalization, Control,
New World Order, Financialisation.
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Literature
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and Social Order, New York: Monthly Review Press.
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Kastendiek, H. (2007) "Neokorporativizam? Teze i koncepti analize u zapadnonemačkoj diskusiji i
internacionalnoj debati o korporatizmu", Beograd.
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Winkler, J. T. (1976), "Corporatism", Archives Europeennes de Sociologie No 1, 100-136.
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Slobodan Acimovic
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INCONSISTENCIES IN THE CREATION OF REGULATIORY BODIES AS IMPORTANT ECONOMIC INSTITUTIONS IN TRANSITION COUNTRIES: EXAMPLE OF SERBIA
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Article title
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INCONSISTENCIES IN THE CREATION OF REGULATIORY BODIES AS IMPORTANT ECONOMIC INSTITUTIONS IN TRANSITION COUNTRIES: EXAMPLE OF SERBIA
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Authors
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Slobodan Acimovic
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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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O 14, M 20; M 21;
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Abstract
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Independent regulatory bodies are important economic institutes, which take on a part of
classical state affairs, which generally need particular, i.e. specialized knowledge, which
does not exist in state management. European countries have different experiences when
it comes to bearers of public authorization, representing intermediaries between the state
on one hand, and companies and citizens on the other. In those countries with a
traditionally big state apparatus, there are few agencies and vice versa, where there is a
large portion of state affairs decentralized, small governments, supported by a modest
central state apparatus are established. In the countries of Central and Eastern Europe,
along with the process of transition, there occurred the process of «agencification». Serbia
is maybe the worst example, with large coalition governments, which have established
almost 200 different independent institutions. The causes of independent public body
boom in Serbia are to be sought in a too liberal understanding of laws regulating this area,
which has created the possibility of political feudalism. Also it has created an inappropriate
autonomy of institutions (inappropriate for Serbian conditions, especially when it comes
to finance), with a clear debalance of quality of employees in those bodies and the system
of their compensation compared to contribution given by their work. Recent political changes,
«new waves» of global economic crisis and large crisis of state financing are making
boom problem solving quicker, and also are putting under control the behavior of bearers
of public authorization in Serbia. However, it seems that this process still lacks good and
impartial methodology and argumented atmosphere for making political decisions.
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Key words
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regulatory bodies, agencies, funds, transition, Serbia.
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Literature
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Aleksić, D. (2012), «Agencification of Serbia», a special supplement to the Macroeconomyc
Analysis and Trends, Institute of Economics, Belgrade, page 36, available at: http://www.ecinst.org.rs/
sites/default/files/ mat-kratki/temamesecaagencifikacijasrbije.pdf;
Anders, L. , Pedersenb, L. , Sørensena, E. and Olsenc, O. (2004), «The Framework For European Regulatory
Agencies: A Balance Between Accountability And Autonomy», working paper, available at:
http://sessa.eu.com/documents/wp/D73.1-Larsen.pdf;
Beblavy, M. (2002), "Understanding the Waves of Agencification and the Governance Problems
They Have Raised in Central and Eastern European Countries", OECD Journal on Budgeting, 2(1);
Beljanski, S. (2008), RRegulatory and control bodies in the Republic of Serbia, Pregled Republika
Srbija (2/2008), Javna ustanova Jugoslovenski pregled, Belgrade;
Coleman, R. (2004), «Regulatory Agencies And The European Union», working paper, Queen's
Universuty Belfast and Institut of Governance Public Polisy and Socioal Research;
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on September 2, 2012);
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2, 2012);
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termination", UCD Geary Institute Discussion paper series;
Official Gazette of the Republic of Serbia, No.: 18/2005, 24/2005, 61/2005, 79/2005, 81/2005,
83/2005, 62/2006, 63/2006, 115/2006, 64/2007, 67/2007, 101/2007, 116/2008, 54/2009,
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», available athttp://www.naled-serbia.org/documents/download/Studija%20o%20parafiskalnim%20
nametima% 20na%20privredu.pdf;
Weiner, J. (2008), «Issues In The Comparison Of Regulatory Oversight Bodies», working paper,
OECD Working Party.
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Zdravko Todorovic, Igor Todorovic
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COMPLIANCE WITH MODERN LEGISLATIONS OF CORPORATE GOVERNANCE AND ITS IMPLEMENTATION IN COMPANIES
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Article title
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COMPLIANCE WITH MODERN LEGISLATIONS OF CORPORATE GOVERNANCE AND ITS IMPLEMENTATION IN COMPANIES
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Authors
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Zdravko Todorovic, Igor Todorovic
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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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G 30; G 34; G 39;
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Abstract
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Corporate governance is a key element for improvement of investors' confidence, increase
of competitiveness and improvement of economic growth. Corporate governance is on
the top of agenda for international development as stated by James Wolfensohn (1998)
that "the governance of the corporation is now as important in the world economy as the
government of countries". Modern legislations of corporate governance is based on vast
experiences from good practices and corporate scandals from many countries and presents
standards for governance of companies accepted by investors, governments, companies
and other stakeholders. Compliance with modern legislations of corporate governance
is important for every company and government in order to grow, develop, attract
investors, lower risks and avoid corporate scandals and lawsuits. In the paper it will be
discussed about the compliance of legislations of the Republic of Srpska with modern
legislations of corporate governance. Moreover, the paper will analyze implementation of
corporate governance principles and legislations in companies in the Republic of Srpska.
The results of implementation of the principles of corporate governance in companies in
the Republic of Srpska will be presented using the Scorecard analysis for evaluation of
the implementation of (good) practices and principles of corporate governance in companies
which are listed on the Official market of the Banja Luka Stock Exchange.
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Key words
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Corporate Governance, Economic Growth, Republic of Srpska.
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Literature
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External Finance. Journal of Finance 52, 1131-1150.
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Governance, IFC, Frankfurt, Available On: http://www.ifc.org/ifcext/corporategovernance.
nsf/AttachmentsByTitle/Strenger%2Bon%2Bthe%2BGerman%2BCorGov%2BScorecard.pdf/$FILE/ Strenger%
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Aleksandra Prascevic
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INSTITUTIONAL UNDERDEVELOPMENTS AS THE OBSTACLE TO THE ECONOMIC GROWTH: RENT SEEKING SOCIETY IN SERBIA
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Article title
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INSTITUTIONAL UNDERDEVELOPMENTS AS THE OBSTACLE TO THE ECONOMIC GROWTH: RENT SEEKING SOCIETY IN SERBIA
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Authors
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Aleksandra Prascevic
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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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D 72; E 62; H 62
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Abstract
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The paper deals with the rent seeking preferences of the economic policymakers in Serbia
which define their opportunistic motives in economic policymaking. Bearing in mind that,
in broadest sense, rent seeking concept implies actions of individuals or interest groups on
changing the public policy so that the income would directly or indirectly be distributed to
their benefit, this in macroeconomics gives politicians the opportunity to collect rents for
themselves or their close associates, using primarily the fiscal policy. Depending on conditions
and characteristics present in an economy, rents can occur in different forms, such
as salaries and other types of incomes of state officials or funds used for financing political
parties. Since the process of rent seeking involves using political process, by individuals
or groups, for the purpose of obtaining a share of other people's wealth, the motivation
for rent seeking is directly related to the easiness with which the political process can be
used for making profit on other people's account. Simultaneously, rent seeking is also influenced
by general social and economic terms of existing corruption and monopole privileges,
which provide the politicians with vast opportunities to obtain different forms of
rent. Exactly these characteristics are present in Serbia and for this reason the incumbents'
in Serbia can be considered "rent seeking" politicians; they are interested not only
in winning the elections, but in getting tangible rents for themselves when they are reelected
and when they can exploit their political power. It is possible to notice certain significant
episodes in the pre-electoral use of economic policy in Serbia since 2000. Elements
of political motives can even be observed in the model of economic growth that has
been applied, which has been based on the aggregate demand, and on one of its components
- domestic demand. The socio - economic conditions in Serbia, including underdevelopment
of the institutions that enable rent seeking activities are the key obstacle for the
achieved economic growth.
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Key words
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rent seeking, new democracy, corruption.
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