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Volume 8 № 3 Special Issue
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Contents - Volume 8 № 3 Special Issue
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Article title
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Contents - Volume 8 № 3 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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Dragoljub Stojanov
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GRADUALISM (INSTITUTIONS BUILDING) AND RADICALISM IN ECONOMICS: REALITY VERSUS IDEOLOGY OR HISTORY VERSUS ILLUSION –THE CASE OF NOT ONLY B&H
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Article title
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GRADUALISM (INSTITUTIONS BUILDING) AND RADICALISM IN ECONOMICS: REALITY VERSUS IDEOLOGY OR HISTORY VERSUS ILLUSION –THE CASE OF NOT ONLY B&H
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Authors
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Dragoljub Stojanov
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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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A 11; O 10; P 20
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Abstract
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Today, the shock therapist have retreated, given the havoc that many feel they wreaked in
Russia,but not only in Russia (see Solzenjicin). Bagwaty (2004) reminds us on Keynes work
in 1933 of the danger of haste, citing the ironically enough the example of Russia moving
towards socialism...» The economic transition of a society is a thing to be accomplished
slowly... We have a fearful example in Russia today of the evils of insane and unnecessary
hate. The sacrifices and losses of transition will be vastly greater if the pace is forced...For
it is of nature of economic processes to be rooted in time. A rapid transition will involve so
much pure destruction of wealth that the new state of affairs will be, at first, worse than
the old, and the grand experiment will be discredited « In this paper we deliberate on topic
gradualism versus radicalism pointing out several historical cases, and B&H transition in
particular. We point out that the choice between speed (radicalism) and wisdoms (gradualism)
is determined more bay the ideology and interest of dominant parties in the world
economy than by the state of economic knowledge.
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Key words
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ideology, interests, knowledge, influence, dominance
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Literature
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Adelamn, I. (2001), Fallacies in Development Theory and Their Implications for Policy, in "Frontiers
of Development Economics", ed. by G. Meier and J. Stiglitz Adelman, I. (1999) THE ROLE OF GOVERNMENT
IN ECONOMIC DEVELOPMENT, Working paper 890, University Berkeley
Agency for Statistics of Republic Srpska (2008).
Bhagwati, J. (2004), In Defense of Globalization, Oxford University Press Central Bank B&H Bulletin,
2007,
Labor Force Survey, Agency for Statistics of B&H (2007).
Panic, M. (1991), Managing Reforms in the East-European Economies: Lessons From the Postwar
Experience of West Europe. Paper presented at Tenth Keynes Seminar. University of Kent.
Panic, M. (1992), The Future of the State in East-Europe. University of Kent.
Pitelis, C., Stojanov, D. (2000), Supply-Side Strategy for Productivity, Competitiveness and Convergence
between the CEECs and (in) the EU. PHARE-ACE project.
Rodrik, D.(1999),The New Global Economy and Developing Countries, ODC.
Rodrik, D. (1997), Has Globalization Gone Too Far, Institute for International Economics.
Sachs, J. (1987), "Trade and Exchange Rate Policy"in Growth Oriented Adjustment Program, the
IMF.
Stojanov, D (1995), "Some Unresolved Macroeconomic Issues of the Transition Process in Former
Socialist Countries. " In Economic Price of the Peace. Paris, 1995.
Stojanov, D. (1996), Macroeconomic Policy Issues Relating to Transition to a Market Economy in
Bosnia and Herzegovina, UNDP.
Stojanov, D, (1997), Economic Development Strategy for B&H, UNDP, team leader and main author
Stojanov, D (2001), B&H Since 1995: Transition and Reconstruction of the Economy, in «International
Support Policies to South-East European Countries-Lessons not) Learned», Open Society Fund B&H.
Stojanov, D (2003), Bosnia and Herzegovina: Economy in the process of Transition, in: ed.C.Solioz
and S.Dizdarevic» Ownership Process in B&H».
Stojanov, D. (2004), Hungary and B&H: A Success and a Failure of Transition, Hungarian Academy
of Science, Institute for World Economics.
Stojanov, D. (2004), «Survey and Analysis of the Debt Structure of a sample of Bosnian Enterprises",
World Bank-DFID study.
Stojanov, D. (2009), Economics of Peacemaking: Lessons from B&H, the Portland Trust, London.
The Silent Majority Speaks, (2007) Oxford Research International, Oxford University
World Bank, European Commission, EBRD (1996), Bosnia and Herzegovina on the Road to Recovery,
World Bank
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Milan Mesaric
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NEOLIBERALISM VS. PLANNING AS A INSTITUTE OF SOCIO-ECONOMIC DEVELOPMENT
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Article title
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NEOLIBERALISM VS. PLANNING AS A INSTITUTE OF SOCIO-ECONOMIC DEVELOPMENT
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Authors
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Milan Mesaric
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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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L52; O20
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Abstract
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This paper discusses the arguments for and against planning needs as the economic institute
of the state regulation. It is criticizes neoliberalism and explains the new role of planning
in terms of the crisis of neoliberal capitalism. It cites opinions of contemporary neoliberalism
critics and highlight the negative consequences of its application. We start from
hipozeze that planning is consistent and reasonable alternative to neoliberal doctrine
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Key words
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Neoliberalism, Planning, Institution, Development
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Literature
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Aburdene, P. (2005), Megatrends 2010: The Rise of Conscious Capitalism, Hampton Roads Publishing
Company, Charlottesville.
Bergstone, R. (2010), "The New Corporate Planning - Complex Business Markets Call for a Dynamic
Approach to Resource Allocation", Information Management Magazine, May-June.
Chossoudovski, M. (2006), The Globalization and the New World Order, Toronto.
Chomsky, N. (2003), Hegemony or Survival, Henry Holt & Co, New York.
Chriastens, G. B. (1993), "What Keynes Really Said to Hayek about Planning", Challenge, July-
August
Drašković, V. (2010a), "The Real Institutionalization as a Condition of the Efficient Economic Politics
and Economic Development of the See States", Facing the Futute of South East Europe, Croatian Institute
of Finance and Accounting, Zagreb.
Drašković, V. (2011), "The Real Institutionalization as a Condition of the Efficient Economic Politics
and Economic Development", Montenegrin Journal of Economics Vol 7, N0 1, pp. 5-20.
Drašković, V. i dr. (2010), Globalizacija u ogledalu razvoja, krize i medija, Elit, Podgorica.
Green, J. (2007), The Coming of the Environmental Crisis; The Failure of the Free Market and the
Fear of the Carbon Dictatorship, New Orleans.
Hansen, J. (2006), Threat to the Planet, New York: Review of Books.
Kueng, H. (1999), Denkwege, Piper Verlag GmbH, Muenchen.
McKibben, B. (1990), The End of Nature, Blumsberry Publishing.
Mesarić, M. (2001), "Uloga države u tržišnom gospodarstvu s osvrtom na aktualno stanje u Hrvatskoj",
Ekonomski pregled 52 (9-10), pp. 985-1033.
Mesarić M. (2007), "Kako promijeniti model globalizacije da ona služi dobrobiti čovječanstva i napretku
ljudske civilizacije – analiza Josepha Stiglitza", Ekonomski pregled 58 (5-6), pp. 347-385.
Mesarić, M. (2010), "Kruži li bauk socijalizma ponovno Evropom i svijetom? (Je li socijalizam alternativa
neoliberalnom kapitalizmu?)", Montenegrin Journal of Economics Vol. 6, N0 12, pp. 5-28.
Mesarić, M. (2011), "Planiranje društveno-ekonomskog razvitka - uvjet prevladavanja civilizacijske
krize izazvane neoliberalnim modelom kapitalizma", Ekonomski pregled, 62 (7-8) pp. 443-480.
Myrdal, G. (1967), Beyond Welfare State: Economic Planning and its International Implications,
Yale University Press, New York.
Stiglitz, J. (2002), Globalization and Its Discontents, W. W.Norton & Company, New York.
Thurrow, L. (1996), The Future of Capitalism: How Today Forces Shape Tomorrow' s World, New
York: Morrow.
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Dusan Zdravkovic, Snezana Radukic
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INSTITUTIONAL FRAMEWORK FOR SUSTAINABLE DEVELOPMENT IN SERBIA
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Article title
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INSTITUTIONAL FRAMEWORK FOR SUSTAINABLE DEVELOPMENT IN SERBIA
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Authors
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Dusan Zdravkovic, Snezana Radukic
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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 20; P 37
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Abstract
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The rapid processes of globalization and economic integration have contributed to raising
awareness of the need for a strategic commitment of all countries to achieve sustainable
development. This new model of development of the global economy is based on the integration
of economic, environmental and social considerations into decision making process
at all levels of management. However, among these so-called three "pillars" of sustainable
development, subsequently was introduced a fourth dimension - institutional component.
To ensure the right of present and future generations on the environment, institutional
support is needed. It is therefore necessary to build new institutional capacities and
adapt existing ones. Thus, all four components should be considered in their mutual interaction
and dependency.
The paper will specifically indicate the adaptation of the institutional framework of Serbia
with international standards, primarily the European Union standards in the field of sustainable
development. It also will point out the importance of integrating the concept of sustainable
development, as a global concept, in the policy process at all levels. Such integration
can be achieved when all levels of management collaborate with each other, taking
into account the different institutional frameworks, cultures and specific circumstances in
the EU member states and candidate countries, such as Serbia. When implementing this
concept, should be use a full range of measures aimed at reconciliation goal of environmental
protection with the goal of economic growth in a rational way to maximize winning
possibilities.
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Key words
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Sustainable Development, Institutions, Economic Growth, Serbia
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Literature
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Akcioni plan za sprovođenje Nacionalne strategije održivog razvoja za period od 2009. do 2017.
godine (13.03.2009), "Službeni glasnik RS", 22/09
Institucionalni okvir za održivi razvoj – stanje i perspektive, Projekat: Podrška sprovođenju Nacionalne
strategije održivog razvoja Republike Srbije, www.ekoplan.gov.rs/en/download-1363/upload-centar
Jovanović, S., Radukić, S., Petrović-Ranđelović, M., Teorijski i institucionalni okvir održivog razvoja,
Ekonomski fakultet Univerziteta u Nišu, Niš, 2011
Nacionalna strategija održivog razvoja Republike Srbije (03.06.2008), "Službeni glasnik Republike
Srbije", 57/2008
Nacionalni program zaštite životne sredine (23.03.2010), "Službeni glasnik RS", 12/10
Radojević, D., Institucionalni okvir za sprovođenje Nacionalne strategije održivog razvoja, Evropski
pokret u Srbiji, jul 2010, http://www.emins.org/sr/publikacije/evropa-plus/ arhiva/ serija3/1007/index.
html#01
Vasić, S., Uloga države u neutralisanju ekoloških eksternih efekata, Ekonomski fakultet, Niš, 2004.
Zakon o izmenama i dopunama Zakona o zaštiti životne sredine, 2009, "Službeni glasnik Republike
Srbije", 36/09
Zdravković, D., Radukić, S. Nacionalni sistem održivog razvoja i zaštite životne sredine u procesu
pridruživanja Evropskoj uniji, Pelikan print, Niš, 2006.
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Danica Drakulic
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DOES SERBIA NEED A NEW TRANSITION?
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Article title
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DOES SERBIA NEED A NEW TRANSITION?
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Authors
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Danica Drakulic
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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 20; P 20
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Abstract
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Starting from the well-recognizable factuality of the social and economic reality of postsocialistic
countries and their historical involution and entropy, the work evaluates development
results of the Serbian economy. This development, in its contemporary times,
passed through the double discontinuity of intensive process of organizational devastation
of the human life from 1991 to 2000 and from 2000 on, with the challenge of the need for
the complete country reconstruction. The unused advantages at the end of the 1980-th,
economic openness, reformist government, balanced economic structure; human resources
with expressed entrepreneurial sensibility were turned to the "lost decade", resulting in
the slow and late transition.
At that time, the realized GDP was $163 billion less in relation to the potential product,
and it was the price of interrupted transition processes started at the end of the 1980-th.
Production capacities were settled to less than 40% of operative capabilities relating to
1989. To stop this long-range trend of declining investment activities, even with good
management and much luck, a very scientific-technological and development policy and
abundant "seed money" were necessary for a complete turnabout in the economy.
What are the results of the second decade that was met with great expectations of the
true transformation of the society to its developmental transformation, as catharsis of the
previous economic collapse? Is it about the "cosmetic changes" or another "lost decade"?
Under effects of many endogenous and exogenous influences, we can say that the Serbian
economy functioned in the first decade under conditions of absolute isolation, and in the
second decade in the circumstances of relative isolation. It caused that the permanent
production of economic weaknesses became constant chaining the development trajectory
on the periphery of modern trends in a very dynamic environment. As an indicator of
unsuccessfulness of reform processes, we can take the fact that GDP fell on 50% in relation
to its level in 1989. This fact shows the synthesis of all consequences of accumulated
difficulties in the previous decade. It is the same in the indicator of the global international
competitiveness of our country, as a synthetic indicator of quality of the overall socio-economic
ambient. Paying tribute to some well-done structural changes in the first years of
transition, some questions were put if progress could go faster and why some steps were
not made to strengthen the institutional frameworks for more powerful support to the
impulses of the started transition. At that moment, almost ten years after the huge beginning
enthusiasm for creating good society and economy that will provide the people a dignified
life, there are more reasons to ask such questions. In the years to come, after
politically and economically critical 2003, the absence of needed political to continue economic
reforms are often quoted.
The work will give the recapitulation of the main weaknesses and negative repercussions
of the former transition way. The author's opinion that prospects for good future and exit
from the existing development can be based on the complete opposite matrix of the economic,
political organizational and cultural transformation through the new way of behavior
and differently seen reality. It is not in the function of evidence or critical previous evaluation,
as it is sometimes done, but just as the key argumentation about it. In addition,
the view of desirable elements for development in this direction will be given.
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Key words
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transition, competitiveness, investment, employment, cooperation, education
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Literature
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1. Drakulić, D.(2007), "Strukturne promene privrede Srbije i rezultati tranzicije", Ekonomske teme,
No 3 (Structural changes of the Serbian economy and transition results)
2. Gligorov,V.,www.pescanik.net/2012/02/ima-li-i-ekonomista-ili-su-svi-samo-srbi/(accessed
22.02.2012).
3. Gligorov, V.,www.pescanik.net/2012/03/dugovi-balkana/ (accessed o5.o3.2012)
4. Ekonomska politika u 2001: početak tranzicije,(2000):Institut ekonomskih nauka, Beograd.
(The economic policy in 2001: Start of transition)
5. Matejić, V.(2007): Ključna dilemma Srbije: odvažno napustiti ili utešno prihvatiti život na razvojnoj
periferiji (The key dilemma of Serbia: Give up bravely or accept with consolation the life on the developmental
outskirts) , Zbornik radova Tehnologija, Kultura i Razvoj, No14,Beograd.
6. Sočan, L.,Medica,P.(2006): The European Union in a Global Context-A Developmental Approach,
University of Ljubljna(research paper).
7. Srića, V.(2010): "Hrvatska 2020",Profil i Delfin,Zagreb.
8. Privredni razvoj- kuda dalje?, Ekonomist magazin, (dodatak)
9. http://www3.weforum.org/docs/WEF_GCR_CompetitivenessIndeksRanking_2011-12pdf
10. www.naslovi.net/tema/237864
11. http://www.fzzpr.gov.ba/dokumenti/aktuelno/lakoća_bav_biz/Doing_business_2011.pdf
12. www.blic.rs/Vesti/Ekonomija/324744/Upozorenje-iz-Evrope-Srbija-najbliza-recesiji (accessed
22.05.2012)
13. www.blic.rs/Vesti/Ekonomija/326017/javni-dug-srbije-presao-zakonsku-granicu-i-nastavice-daraste(
dostupno30.05.2012).
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Anatolii Zadoia, Аnna Pilipenko
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THE INTERACTION MARKET AND GOVERNMENT COORDINATION
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Article title
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THE INTERACTION MARKET AND GOVERNMENT COORDINATION
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Authors
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Anatolii Zadoia, Аnna Pilipenko
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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; P 11
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Abstract
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The co-ordination as process of the mutual sequencing plan economic subject is provided
through operation of specific institutes. Market and government are main ones among
them. In article reasons of the contraposition market and government co-ordination are
considered, theoretical approaches to consideration of their operation in models of the national
economy are analyzed. Need of consideration market and government as equal, interacting
between them and mutually conditioning each other elements of mechanism to
co-ordination is motivated.
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Key words
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Market and government co-ordination, comparability of the co-ordination
forms, the right, the political power, institutes.
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Literature
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[1] Рёпке В. Коренные вопросы хозяйственного порядка // В. Рёпке// Теория хозяйственного
порядка: Фрайбургская школа и немецкий неолиберализм / Пер. с нем. В. Гутника. М.: Экономика,
2002. 482 с.
[2] Фигуровская Н. К. Борьба с буржуазными концепциями плана и рынка в советской эко-
номической литературе 20-х годов // Н.К. Фигуровская // Развитие советской экономической мысли в
период построения социалистической экономики. М.: Наука, 1977. 476 с.
[3] Кондратьев Н. Д. План и предвидение // Н.Д. Кондратьев // Проблемы экономической ди-
намики / Редкол. Л. И. Абалкин и др. М.: Экономика, 1989. 526 с.
[4] На плановом фронте. Избранные произведения. М.: Соцегиз, 1963.346 с.
[5] Сапир Ж. К экономической теории неоднородных систем: Опыт исследования децен-
трализованной экономики // Ж.Сапир / Пер. с фр. Под науч. ред. Н. А. Макашевой. М.: ГУ ВШЕ, 2001.
248 с.
[6] Шумпетер Й. Капитализм, социализм и демократия // Й. Шумпетер / Теория экономиче-
ского развития. Капитализм, социализм и демократия. М.: Эксмо, 2007. 864 с.
[7] Гутник В. Теоретическое обоснование политики хозяйственного порядка и ее основные пр-
инципы // В. Гутник / Социальное рыночное хозяйство: концепция, практический опыт и перспективы
применения в России // http://ecsocman. еdu.ru /text/16210039/
[8] Hayek F. The Principles of a Liberal Social Order. In: Hayek F. Studies in Philosophy, Politics and
Economics. Chicago: University of Chicago Press. 1967.
[9] Гутник В. П. Политика хозяйственного порядка в Германии // Владимир Гутник. М.: ЗАО
«Издательство «Экономика», 2002. – 271 с.
[10] Розмаинский И. К формированию посткейнсианской теории государства. // И.К. Розма-
инский // Terra economicus, 2010. Т. 8 . №1. С.13-26.
[11] Абалкин Л. Роль государства в становлении и регулировании рыночной экономики // Л.
Абалкин // Вопросы экономики, 1997. №6 . С.4-12.
[12] Тевено Л. Организованная комплексность: конвенции координации и структура экономи-
ческих преобразований // Л. Тевено // Экономическая социология: новые подходы к институцио-
нальному и сетевому анализу. М.: РОССПЕН, 2002. С.19-46.
[13] Тевено Л. Множественность способов координации: равновесие и рациональность в сло-
жном мире // Л. Тевено // Вопросы экономики. – 1997. – № 10 – 1997. –С.69-84.
[14] Линдблом Ч. Рыночная система: Что это такое, как она работает и что с ней делать // Ч.
Линдблом /Пер. с англ. Д. Шестакова, Р. Хаиткулова. М.: Изд. Дом ГУ ВШЕ, 2010. 320 с.
[15] Эггертссон Т. Экономическое поведение и институты // Т. Эггертссон. М.: Дело, 2001. 408 с.
[16] Корнаи Я. Бюрократия и рынок // Я. Корнаи // Вопросы экономики. 1989. № 12. 1997. С.69-74
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Vlastimir Leković
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NEOLIBERAL MARGINALIZATION OF SOCIAL COMPONENT IN TRANSITION COUNTRIES
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Article title
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NEOLIBERAL MARGINALIZATION OF SOCIAL COMPONENT IN TRANSITION COUNTRIES
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Authors
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Vlastimir Leković
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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 37
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Abstract
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This paper builds on the premise that the economy should be socially oriented and socially
responsible, in other words, the natural imperative of the economy is to serve mankind. In
this respect, in every economy, it is necessary to develop an efficient system of welfare
and social support in order to empower each individual and help one realize his/her professional
and innovative potential regardless of his/her socio-economic status. After all,
the successful realization of the economic role of government, as well as the creation of
such social policy that would result in greater equality of income distribution, is an essential
condition for the stability and efficiency of the economic system, since greater equality
is not opposed to greater efficiency criterion and more rapid economic growth. However, in
transition countries, due to the prevailing neo-liberal concept of deregulation, liberalization
and privatization, the social development component is completely marginalized. The
consequences of such economic policies have been devastating, and the key social indicators
of such situation are: high unemployment, increased poverty, concentration of wealth
in the hands of a small minority and social insecurity. The mentioned concept failed and
therefore it should be abandoned. In the opinion of the author of this paper, it should be
replaced with the model of social market economy.
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Key words
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neo-liberalism, transition, economic development, social development, social
market economy.
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Literature
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Базылев, Н., Базылева, М. (2003), Социально-ориентированная рыночная экономика и ее
еволюция. Эковест, 3(2)
Цирель, С. (2007), Влияние государственого вмешательства е экономику и социјального нера-
венства на экономический рост. Вопросы экономики, No 5.
Cirn, M. (2003). Upravljanje sa one strane nacionalne države. Beograd, Filip Višnjić.
Chang, H. J. (Ed.). (2003), Rehinking Development Economics. London, Anthem Press.
Drašković, V. (Red.). (2010), Globalizacija u ogledalu razvoja, krize i medija. Podgorica, Elit.
Galbraith, J. K. (1975), Economies of Public Purpose. Middlesex, England.
Kaufman, F. X. (1997), Herausforderungen des Sozialstaates. Frankfurt a. M.
Kolodko, G. (1998), Economic Neoliberalism Became Almost Irrelevent. Transition, 9(3), World
bank, Washington.
Kovačevic, M. (2010), Privatizacija u začaranim krugovima. u Drašković, B. (Red.), Kraj privatizacije,
posledice po ekonomski razvoj i nezaposlenost u Srbiji. Beograd, Institut ekonomskih nauka.
Leković, V. (2008), Komparativni ekonomski sistemi. Kragujevac, Ekonomski fakultet.
Lekovic, V. (2011), An efficient state as a prerequisite for successful economy and entrepreneurship.
In Markovic, M. R. (Ed.). Organizational Behavior, Business and Culture, Globalization and the Changing
Evironment of Organiyations. Sarbruken, Germany: VDM Verlag Dr. Muller GmbH.
Mesarić, M. (2006), Dugoročna neodrživost tržišnog fundamentalizma i neoliberalnog kapitalizma.
Ekonomski pregled, 57(9-10).
Mesarić, M. (2006), Obrisi novog, socijalno pravednog, ekonomski učinkovitog i ekološki održivog
modela. Ekonomski pregled, 57(12).
Mesarić, M. (2011), Neoliberalizam vs. planiranje kao institut društveno-ekonomskog razvitka.
Montenegrin Journal of Economics, 7(2).
North, D.C. (1990), Institutions, Institutional Change and Economic Performance. Cambridge,
Cambridge University Press.
Попов, В. (2007), Шокотерапия против градуализма: 15 лет спустя. Вопросы экономики, No 5.
Полтерович, В. (2008), Стратегии модернизации, институты и коалиции. Вопросы экономики,
No 4.
Stiglic, Dž. E. (2002), Protivrečnosti globalizacije. Beograd, CBM-x.
Thurow, L. C. (1997). Budućnost kapitalizma: kako današnje gospodarske snage oblikuju sutrašnji
svijet. Zagreb, Mate.
Владимирович, К. Е. (2011), Социальная ответственность бизнеса как обьективная закономерность развития общественного производства. Journal of Economic Regulation (Вопросы регулирования
экономики), 2(4).
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Radislav Jovovic
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GLOBAL FINANCIAL CRISIS: ROLE OF INTERNATIONAL INSTITUTIONAL FRAMEWORK, AND LESSONS FOR TRANSITIONAL COUNTRIES
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Article title
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GLOBAL FINANCIAL CRISIS: ROLE OF INTERNATIONAL INSTITUTIONAL FRAMEWORK, AND LESSONS FOR TRANSITIONAL COUNTRIES
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Authors
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Radislav Jovovic
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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 30
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Abstract
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As the global financial system has become increasingly interconnected, the global
institutional framework plays the important role in international financial system
stability. The role of international institutions, first of all IMF have been criticized
as being less than fully effective, too focused on bilateral issues, and not fully accounting
for the risks of contagion that have been seen in the recent crisis. This
paper discusses roles of international institutional framework in helping to avoid a
future global financial crisis.
The following appears to catch particular attention in this paper: a) How to improve
Instituting a macro prudential approach to supervision and assigning a clear
mandate to a systemic stability regulator; b) How to expand the perimeter of financial
sector surveillance to ensure that the systemic risks posed by unregulated
or less regulated financial sector segments are addressed; c) How to ensuring that
prudential regimes encourage incentives that support systemic stability and discourage
regulatory arbitrage, and assure effective enforcement of regulation. The
author expects that this paper will catch attention for finding solutions for above
cited questions.
In this framework the author will try to draw up lessons of the financial crisis for
developing future financial institution architecture, and to analyze impact on transitional
countries.
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Key words
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Financial Crises, Financial Regulations, International Institutions, Global
Economy, Subprime Mortgage
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Literature
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Appelbaum, B., Cho, D. (2010), "Obama's 'Volcker Rule' Shifts Power Away from Geithner." The
Washington Post. 22 January 2010
Boyd, J. H., Giani, N., Loukoianova, E. (2010), "Banking Crises and Crisis Dating: Theory and Evidence."
IMF Working Papers. 10 Jul 2009.
Demirguç-Kunt, A., Detragiache, E. (1997), "The Determinants of Banking Crises in Developing and
Developed Countries." IMF Staff papers 45. Washington, DC.
Friedman, T. (2005), The World is Flat: a Brief History of The Twenty First Country, New York: Basic
book
Group of 30 (2009), "Financial Reform – A Framework for Financial Stability," 15 January 2009
Herszenhorn, D. M. (2010), "Bill Passed in Senate Broadly Expands Oversight of Wall Street." The
New York Times. 20 May 2010. http://www.nytimes.com/2010/05/21/business/21regulate.html?_r=1
Iacono, T. (2008), "Economic Report Summary: Plunging Home Prices and Consumer Confidence"
Seeking Alpha. 29 June 2008. http://seekingalpha.com/article/83073-economic-report-summaryplunging-
home-prices-and-consumer-confidence
Krugman, P. (2011), The Return Of Depression Economics and The Crisis 2008, Penguin Books
Shachmurove., Y. (2011), The Next Fiancial Crisis" Penn Institute for Economic Research Department
of Economics University of Pennsylvania"
Smich, M., D. (2008), The world is curve – Hidden Dangers To The Global World, Penguin Group,
USA.
Stiglitz, J. (2010), Lesson From The Global Financial Crisis of 2008, Seoul Journal of Economics
2010, Vol 23, No. 3)
Stiglitz, J. (2011), Free Fall – America, Free Market, And the Sinking of the World Econmy, Norton
& Company, New York.
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Yuriy Osipov
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NEO-DIRIGISME PLUS NEO-LIBERALISM: ECONOMIC RELEVANCE
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Article title
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NEO-DIRIGISME PLUS NEO-LIBERALISM: ECONOMIC RELEVANCE
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Authors
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Yuriy Osipov
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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 31; B 50
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Abstract
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Modern economics requires optimum combination of recognizing each other neoliberalism
and neo-dirigisme.
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Key words
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economics, state, politics, neo-liberalism, neo-dirigisme
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Literature
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not available
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Aleksa Vucetic
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TOURISM POLICY AND INSTITUTIONAL ECONOMY IN THE FUNCTION OF GROWTH AND DEVELOPMENT OF THE DESTINATION PRODUCT OF MONTENEGRO
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Article title
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TOURISM POLICY AND INSTITUTIONAL ECONOMY IN THE FUNCTION OF GROWTH AND DEVELOPMENT OF THE DESTINATION PRODUCT OF MONTENEGRO
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Authors
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Aleksa Vucetic
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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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L 83; O 17
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Abstract
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Institutions, which directly or indirectly determine the "rules of behavior" in the tourism
sector, represent the Institutional bases for tourism development in Montenegro. They are
tourism policy-makers including other institutions which stimulate or dissimulate development
of the destination product. In that sense, institutions in Montenegro cannot still be
presided for optimization of intuitional norms in the domain of macro decisions important
for functioning of the tourism sector. Reasons for that are numerous institutional rules,
appearing as limitation thresholds for a more effective and efficient development of the
tourism sector. The transitional problems are concerned to which Montenegro is not
immune, as the youngest modern European state. In order to ensure the future healthy
growth and development of the destination product of Montenegro, it is necessary to act
promptly in setting up a stimulating institutional structure, so that future institutional
norms would generate future tourism sector development in Montenegro. Otherwise, the
current institutional framework could become the main obstacle to destination product
development and losing the competitive advantages of the destination in the global tourism
market.
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Key words
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institutional economy, tourism policy, destination product, growth and development,
Montenegro
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Literature
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Geraldi, J. (2007), New Institutional Economics, Retrieved August 12, 2012, from http://www.unisiegen.
de/fb11/ist1/forschung/new_institutional_economics_summary.pdf
Goeldner, C. R. & Ritchie, B. J. (2012), Tourism: Principles, Practices, Philosophies, John Wiley &
Sons, Inc., Hoboken.
Kherallah, M. & Kirsten J. (2001), The New Institutional Economics: Applications for Agricultural
Policy Research in Developing Countries, Retrieved August 12, 2012, from http://www.ifpri.org/sites/
default/files/pubs/divs/mtid/dp/papers/mssdp41.pdf
Klein, P. (1999), New Institutional Economics, Retrieved August 12, 2012, from http://web1.
cenet.org.cn/upfile/67775.pdf
OECD (2011), OECD Studies on Tourism: Italy - Review of Issues and Policies, OECD Publishing,
Paris.
Stevenson, N., Airey, D. & Miller, G. (2008), "Tourism Policy Making:The Policymakers' Perspectives",
Annals of Tourism Research, 35, 732-750.
Unković, M. (2010), Međunarodna ekonomija, Univerzitet Singidunum, Beograd.
VCG. 2012. Vlada Crne Gore. Retrieved August 12.2012, from http://www.gov.me/vlada
Veselinović, P. (2010), Ekonomija, Univerzitet Singidunum, Beograd.
Vučetić, A. (2008), "Impact of Tourism Policy on Development of Selective Tourism", Selective
Tourism, 4-17.
VUČETIĆ, A. 2009. Influence of Travel Agencies on Selective Tourism Development in Montenegro.
Selective Tourism, 7-20.
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Dragan Lajovic
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SOCIAL ENTREPRENEURSHIP – ONE OF THE RESPONSES TO MARKET IMPERFECTIONS
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Article title
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SOCIAL ENTREPRENEURSHIP – ONE OF THE RESPONSES TO MARKET IMPERFECTIONS
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Authors
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Dragan Lajovic
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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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M 13; O 17
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Abstract
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Development of organizations driven by entrepreneurial spirit, but concentrated on social
needs, occurred in many countries with different levels of economic development, different
social policies and legal frameworks. There are several reasons for this, all of which concern
the providers and users of social services. As for the beneficiaries of social services,
in recent years, we can notice expansion of growth and diversity of needs. It was due to the
transformation of the previous social welfare system. On the providers' side, public finance
restrictions and bureaucratic obstacles make the expansion difficult, and even the maintenance
of social services. Social entrepreneurship to a large extent encourages recognition
and solving of social problems.
This paper starts from the hypothesis that in dynamic and modern societies social entrepreneurship
emerges as an important driver of innovation and social transformation of various
activities (health, environment, education, entrepreneurship development, sports, culture,
etc..), which enables it to take over and use the opportunities that others missed, in
order to improve systems, to design and expand new approaches and advanced sustainable
solutions that create social value.
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Key words
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target groups socially vulnerable, social economy, social entrepreneurship
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Literature
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Ascoli, U. and C. Ranci (ed) (2002) Dilemmas of the Welfare Mix - Th e new Structure of Welfare in
an Era of Privatization, Kluwer Academic Plenum Publishers.
Borzaga, C. and Defourny, J. 2001 (eds) The Emergence of Social Enterprise, London and New York:
Routledge.
Borzaga, and C. Spear, R. (2004) (ed.) Trend and Challenges for Co-operatives and Social Enterprises
in Developed and Transitional Countries, University of Trento.
Borzaga, C. and Galera, G (2004) Social Economy in Transitional Economies, Realities and Perspectives,
Discussion Paper, First Meeting of the Scientifi c Group in Social Economy and Social Innovation,
OECD, Centre for Local Development, Trento.
Defourny, J., Nyssens, M. (eds.) (2008) Social Enterprise in Europe: Recent Trends and Developments,
paper EMES Research Network.
Les, E. (1994) Voluntary Sector in Central and Eastern Europe:from Small Circles of Freedom to
Civil Society, Civicus, Washington, DC.
OECD (2002): The Non-profit Sector in a Changing Economy, Paris: OECD.
Kolin, M. Paunovic, Z. (2007) Neprofitni sektor i socijalna preduzeća u Milan Podunavac (ed.) Godišnjak
Fakulteta političkih nauka, Čigoja, Beograd.
Radni materijal Centra za razvoj nevladnih organizacija (CRNVO), 2006.
"Social Entreprises and Turkey" (2012), Needs Analysis Report, Executive Summary.
"Socijalna preduzeća i uloga alternativne ekonomije u procesima Evropskih integracija" (2008),
Evropski pokret u Srbiji, Beograd.
"Socijalna ekonoomija u Crnoj Gori" (2006), Zavod za zapošljavanje Crne Gore, Podgorica.
"Socijalno preduzetništvo" (2010), Elektronski bilten, Grupa 484, Beograd.
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https://www.ashoka.org/fellows;
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Irina Taranenko
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MARKETING INNOVATIONS AT THE FUNCTION OF INSTITUTIONAL DEVELOPMENT: A CASE OF RESOURCE CONSTRAINTS
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Article title
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MARKETING INNOVATIONS AT THE FUNCTION OF INSTITUTIONAL DEVELOPMENT: A CASE OF RESOURCE CONSTRAINTS
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Authors
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Irina Taranenko
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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 043; O 057 ; M 31
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Abstract
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Existing literature gives a considerable significance to the role of innovation capacity and
modern marketing tools as major drivers of firm performance. Marketing, organizational
and technological capabilities often demonstrates high efficiency being complement each
other in achieving strong competitiveness of the enterprise at domestic and world market.
It is well known that a problem of resource constraints is typically faced by majority of enterprises
at transitional economies.
The shares of public funding (central governments, local and regional authorities or international
institutes and funds) in R&D and innovation expenditures as well as number of
public – private partnerships in science, technique and innovation area are considerable
less in transitional economies comparatively with EU, USA and other developed countries.
Taking into consideration scarcity of internal resources under the conditions of global economic
non - stability and permanent crisis symptoms, low interest and weak stimulus to
invest funds into R&D, renovation of technology and new products, the alternative drivers
of enterprises' performance are take on special significance.
The goal of the paper is being based on dataset of Eurostat and Ukrstat (Statistic Service of
Ukraine) to compare the role of technological and non-technological (marketing and organizational)
innovations in EU countries and Ukraine. In additional to this, the problem of
special interest raised in the paper is in which extent technological and non-technological
(marketing and organizational) innovation may substitute each other as drivers of economic
performance. The main attention we pay to the role of marketing innovations.
In conclusion we ground that marketing (and organizational) innovations and technological
innovations may be considered as substitutes under the condition of weak institutional environment,
and as complementary phenomena under the condition of well-developed institutional
environment.
Marketing (and organizational) innovations are the short term effective instrument to: a)
ensure the enterprise performance under the resource constraints caused by global crisis
effects; b) reinforce the competition as a market institute; b) contribute to overcome the
restrictions to growth caused by institutional disbalances and unfavorable institutional environment
at transitional economies. However the institutional reform at transitional and
emergence economies aimed to transform the system of relationship concerning property
rights, for encourage the enterprises to realize the long-term investments in R&D as well in
equipment and technology renovation is of high importance as long-term period measure.
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Key words
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Technological Innovation, Marketing Innovation, Organizational Innovation, Resource
constraints, Institutional environment, Transition Econo
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Literature
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Bhargava, M., Chatterjee, R., Grimpe, Ch., Sofka, W. (2011) Marketing Innovation and R&D Capabilities
– More Than One Way to Innovation Success? Contributed paper to be presented at the 3rd European
Conference on Corporate R&D and Innovation CONCORD-2011, October 6th 2011, Seville (Spain), available
at: http://iri.jrc.ec.europa.eu/concord-2011/papers/Bhargava_Mukesh.pdf
Chen, Y. (2006), "Marketing Innovation", Journal of Economics & Management Strategy, Vol.15, Issue
1, pp. 101 -123.
Davila, T, Epstein, M.J., Shelton, R. (2007), Making Innovation Work: How to Manage It, Measure it,
and Profit from It, Wharton School Publishing.
European Competitiveness Report, 2001. – European Commission, Brussels.
Eurostat, http://epp.eurostat.ec.europa.eu/portal/page/portal/statistics/search_database
Fonotov, A. (2010), Rossia: Innovacii I razvitie, BINOM, Moskva.
Global Innovation Index 2009-2010. INSEAD – 2010, available at: http://www.globalinnovationindex.
org/gii/main/reports/index.cfm
Indikatory innovacionnoy deyatelnosti: 2010: stat. sb., Gosudarstvennyi universitet - Vyshaya shkola
economiki, Moskva.
Ivanova, N. (2009), "Globalnoe innovatsionnoe razvitie", in God Planety: ezhegodnik, Vypusk 2009:
ekonomika, politika, bezopasnost, Baranovskii V.G. (Ed.). Nauka, Moskva, pp 85-102.
Jaruzelski, B., Loehr, J., Holman, R. (2011), "Why Culture Is Key: The Global Innovation 1000", in
Strategy + Business, Issue 65, Reprint number 11404.
Кuzyk, B., Yakovets, Yu. (2009), Civilizazii: teoriya, istoria, dialog, buduschee, T. VI: Perspektivy stanovlenia
globalnoi civilizacii, Institut ekonomicheskich strategii, Мoskva.
Levitt, T. (1962), Innovation in Marketing: New Perspectives for Profits and Growth, McGraw Hill,
New York.
Mensch, G. (1979), Stalemate in Technology – Innovations Overcome the Depression, NY: Ballinger,
New York.
Moore, G. A. (2004), "Darwin and the demon: innovating within established enterprises", Harvard
Business Review, 82 (7/8), pp. 86 - 92.
North, D. (1990), Institutions, Institutional Change and Economic Performance, Cambridge
University Press, Cambridge.
OECD Factbook, 2011, OECD.
Oslo Manual (2005), Guidelines for Collecting and Interpreting Innovation Data, 3rd Edition: OECD.
Reketty, G. (2003), "The regularities of innovation – a marketing perspective", Acta Oeconomica,
53 (1), pp. 45 -59.
Rozmainskiy, I., (2004) Оsnovnye charakteristiki semeino-klanovogo kapitalisma v Rossii na
rubezhe tysyacheletii: institutsionalno-postkeinsianskii podhod, Ekonomichniy Vestnik Rostovskogo gosudarstvennogo
universiteta, Т. 2, №1, pp. 59-71.
Shumpeter, J.A. (1934), The theory of Economic Development, Cambridge, MA: Harvard University
Press.
Taranenko, I., Taranenko, Yu., Metodychni zasady prognozuvannya tendenciy globalizaciinoi ta innovaciinoi
dynamiki, Strategiya rozvytku Ukrainy (ekonomika, sociologiya, pravo), Kyiv: NAU, №5, pp. 63-
69.
The Impact of the Economic Crisis on Innovation (2009), Analysis based on the Innobarometer
2009 survey, available at: http//www.proinno-europe.eu/.. ./EIS_2009_Impact_of_financial_ crisis_on_
innovation.pdf
The 2010 EU Industrial R&D Investment Scoreboard (2010), European Commission Joint Research
Centre, Directorate General Research.
Ukrstat (2010). Naukova ta innovaciina diyalnist v Ukraini. Statystychny zbirnyk, Derzhavnyi komitet
statistiki Ukrainy, Kiyv: DP «Informaciino-analytychne agentstvo».
Vishnevskii, V., Dementiev, V. (2010), Innovacii, Instituty I evolucia, Voprosy ekonomiki. №10., pp.
41-62.
World Economic Outlook. Crisis and Recovery (2009), International Monetary Fund, pp. 103-136.
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Slavo Kukic, Zeljko Maric, Marija Cutura
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THE CREDIT RATING EVALUATION AND ITS CONSEQUENCES (CASE OF BOSNIA AND HERZEGOVINA)
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Article title
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THE CREDIT RATING EVALUATION AND ITS CONSEQUENCES (CASE OF BOSNIA AND HERZEGOVINA)
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Authors
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Slavo Kukic, Zeljko Maric, Marija Cutura
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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 34; G 18; G 28
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Abstract
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The credit rating level is indicator which is created for financial investors (creditors, stockholders
etc.) to be used for risk dispersion and investments profitability evaluation in
certain countries and enterprises. It is so important for transitional countries whose economic
development significantly depends of FDI entrance and creditworthiness on international
financial market.
Bosnia and Herzegovina has experienced the credit rating decreasing on two occasions
during the 2011. The subject of this paper is the consideration about sovereign credit rating
on the example of Bosnia and Herzegovina through the next items: the nature and content
of credit rating, methodology of credit rating evaluation, the importance of certain
credit rating determinants, credibility of agencies for credit rating evaluation and possibilities
for credit rating increment.
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Key words
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credit rating, agencies for credit rating evaluation, determinants and methodology
of credit rating evaluation, Bosnia and Herzegovina.
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Literature
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Kozarić, K., "Kreditni rejting BiH i perspektive njegovog poboljšanja", Zbornik radova, Korporativno
upravljanje: Stanje i perspektive ekonomskog razvoja BiH, Revicon, Dubrovnik 8. i 9. 12. 2011.
Leko, V., Rječnik bankarstva, Masmedia, 1998.
Central Bank of Bosnia and Herzegovina, Annual Report 2010.
Directorate for Economic Planning, The Economic and Fiscal Program for Bosnia and Herzegovina
2012-2014, Sarajevo, January 2012.
Ministarstvo financija i trezora, Informacija o stanju javne zaduženosti Bosne i Hercegovine na dan
31.12. 2011., Sarajevo, 2012.
Internet
http://www.rolandberger.us/news/2012-01-23-european_rating_agency_project.html
http://www.businessweek.com/news/2012-01-16/efsf-loses-aaa-rating-after-s-p-downgradesfrance-
austria.html
http://www.cbbh.ba/index.php?id=549&lang=en
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Dragan Radovic
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STATE REGULATION AS INSTITUTIONAL PRESUMPTION OF MARITIME DEVELOPMENT IN THE WORLD
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Article title
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STATE REGULATION AS INSTITUTIONAL PRESUMPTION OF MARITIME DEVELOPMENT IN THE WORLD
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Authors
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Dragan Radovic
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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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L 52; L 92; R 50
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Abstract
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The maritime industry is a key sector in Europe in terms of employment, creating value
added, innovation and infrastructural development and long term development
strategy. Maritime traffic, transport and transshipment of goods, associated logistical
services and the use of maritime resources are vital for the survival of European
industry. Such position is based on: a) the need to set up an integrated European transport
system, b) the maritime industry's contribution to ecological renovation of economic
system, c) the future importance of maritime sector in an industrial policy
context and d) the fact that the importance of employment policy extends far beyond
Europe's coastal regions.
Development of maritime in the European Union, especially development of the port
sector, is still institutionally dependent on state intervention. Particularly important (or:
significant) practical example is the Chinese challenge. In the future years it may be a
decisive factor in determining the competitive situation, given the immense efforts of
Chinese government to develop shipbuilding and maritime in general.
Aim of this study is to analyze the trends of state regulation of the maritime industry in
Europe and worldwide. Its hypothesis is that the Chinese and European experience in
state regulation of maritime industry may be useful exemplary models for strengthening
the institutional development of Montenegrin maritime assumptions and its adjustment
to the modern world and European trends
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Key words
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State Regulation, Maritime Industry, Economic Institutions, Institutional Pluralism.
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Literature
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Davis, B. (1997), "In Effect, ITC's Steep Tarrifs on Japan Protect U. S. Markers of Supercomputers",
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Drašković, M. (2008), "Ekonomski razvoj Crne Gore i Evropska unija s aspekta kriterijuma konvergencije",
Montenegrin Journal of Economics Vol 4, N0 7, 111–119.
Drašković, V. (2000), »Sprovođenje institucionalnih promjena u Crnoj Gori«, Ekonomist, Vol. 32, br.
4, 121-127.
Drašković, V. (2003), Ekonomija za menadžere, Fakultet za pomorstvo, Kotor.
Drašković, V. (2006), Osnovi ekonomije, Univerzitet Crne Gore, Podgorica.
Drašković, V. (2007), "Individualizam i instituti", Montenegrin Journal of Economics Vol 1, N0 2, 57-
70.
Drašković, V. (2007a), "Imitacije postsocijalističke institucionalizacije", Montenegrin Journal of
Economics Vol 2, N0 4, 49-70.
Drašković, V. (2008), "Kritika odnosa ekonomske politike i institucionalizacije u Crnoj Gori",
Economics-Ekonomija (Zagreb), god. 15, br. 1, 83-100.
Drašković, V., Drašković, M. (2009), "Priority of the Anti-Crisis Economic Policy Based on Innovative
- Institutional Changes", Montenegrin Journal of Economics Vol 5, N0 10, 47–52.
Drašković, V., Drašković, M. (2012), "Neophodnost primjene institucionalnog pluralizma za održiv
privredni razvoj", Institucionalne promene kao determinanta privrednog razvoja Srbije u 2012. godini,
Ekonomski fakultet Univerziteta u Kragujevcu, 1-11.
Drucker, F. P. (1998), Managing in a Time of Great Change, New York.
Eatwell, J. et al. (1995), Transformation and Integration: Shaping the Future of Central and Eastern
Europe, Institute for Public Policy Research, London.
Friedman, Milton & Rose (1996), Sloboda izbora, Global Book, Novi Sad.
Hall, P., Soskice, D. (2001), Varieties of Capitalism, Oxford University Press, Oxford.
Kolodko, G. (1998), "Ekonomski liberalizam postaje gotovo irelevantan", Ekonomika, br. 11–12,
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Drasko Vukoslavcevic
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THE CRISIS OF THE EURO AND NEW EUROPEAN GOVERNANCE: FISCAL UNION AS SOLUTION?
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Article title
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THE CRISIS OF THE EURO AND NEW EUROPEAN GOVERNANCE: FISCAL UNION AS SOLUTION?
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Authors
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Drasko Vukoslavcevic
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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 38
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Abstract
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This paper presents a set of crucial events, arguably deemed to be the cause of the recent
economic crisis, and tries to come up with a connection between the global and euro crisis.
It begins with the presumption that the existing crisis in the euro zone can only be overcome
with appropriate institutions and persistent measures of economic policy. Through a
detailed analysis of existing and announced policy tools, this paper tries to identify ways of
further development, by discussing the necessity of creating a fiscal union in the euro area.
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Key words
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global crisis, euro crisis, economic policy, institutions, new governance, fiscal
union.
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