Article Abrstract:

Tokom poslednjih 20 godina, neravnoteže teku?eg bilansa bogatih zemalja su se neprestano pove?avale. Iako deficit teku?eg bilansa SAD dominira brojevima i vestima, i druge zemlje, posebno u okviru evrozone, tako?e beleže veliki deficit. Deficiti ovih zemalja se razlikuju od deficita latinoameri?kih zemalja sa po?etka osamdesetih godina ili meksi?kog deficita sa po?etka devedesetih godina. Deficiti koje beleže bogate zemlje uglavnom odražavaju odluke o privatnoj štednji i investicijama, a fiskalni deficiti ?esto imaju marginalnu ulogu; deficiti se uglavnom finansiraju putem akcija, stranih direktnih investicija i obveznica u sopstvenoj valuti, pre nego putem bankarskih pozajmica. Ipak, ?ini se da ove zemlje u velikoj meri dele zabrinutost u vezi sa veli?inom deficita i eventualnom neophodnoš?u državne intervencije. Svrha mog predavanja jeste da se ispita logika tog argumenta. Postavljam slede?e pitanje: pretpostavimo da deficit odražava odluke o privatnoj štednji i investicijama. Tako?e, pretpostavimo da pojedinci i firme imaju racionalna o?ekivanja. Da li vlada treba da interveniše, i ako treba kako to da uradi? Da bih odgovorio na pitanje, utvrdio sam jednostavnu polaznu ta?ku. U toj polaznoj ta?ki, prvi ishod je i najbolji i nema potrebe niti opravdanja za intervenciju vlade. Potom uvodim jednostavne poreme?aje na tržištima robe, rada ili finansijskim tržištima, i u svakom slu?aju karakterišem ravnotežu. Izvodim optimalnu politiku i implikacije po teku?i bilans. Pokazujem da optimalna politika može ali i ne mora dovesti do manjih deficita teku?eg bilansa. Ovaj model i njegova proširenja posmatram kao prvi krug istraživanja. Jasniji zaklju?ci zahtevaju bolje razumevanje ta?ne prirode i stepena poreme?aja, a to nam nedostaje. Me?utim, radi unapre?enja kvaliteta teku?e debate, potrebno je da bolje shvatimo ove aspekte.

Article Abrstract:

En formalisant une dynamique à effets de seuil, les modèles à équilibres multiples enrichissent le paradigme de la croissance endogène; l’objectif de cet article est de montrer qu’ils renforcent également la responsabilité de la politique économique. En effet, dès lors que les conditions initiales sélectionnent l’équilibre de long terme, l’histoire de la politique publique d’investissement (au sens large) devient déterminante. Par ailleurs l’intervention publique peut permettre la sortie de la trappe de pauvreté. Sur la période 1970-1995, nous testons l’hypothèse d’effets de seuil en liaison avec le niveau initial du stock de capital (au sens large) développé par l’État. Nos résultats empiriques suggèrent un rôle pour la politique publique dans la différenciation des régimes de convergence de sorte que la relation entre la croissance et la politique économique n’est pas nécessairement linéaire.

Article Abrstract:

Serbia is considered as "an unfinished state" with a rather "undefined Nation" and as such approaching the European Union. This raises the question to what extent these circumstances will influence the success of Serbia’s EU-integration process, since nation identity and statehood are in this article seen as constitutional parts of the concept of Europeanness. Thus this paper focuses on Europeanness and the identity behind it. It further gives an overview of the Serbian identity, first by presenting its dichotomy and then by highlighting the main factors, which have primarily shaped the identity of Serbia. Finally this paper shows why a clearly defined national identity would facilitate Serbia’s access to the EU.

Article Abrstract:

More than two decades after the beginning of the financial revolution globalization of capital flows still attracts considerable attention, from both practitioners and academics. The aim of this paper is to contribute to understanding of some aspects of the global capital scene, as well as to emphasize certain developments which might illustrate its changing profile. Several fundamental perspectives profile the global capital market. A quantitative review provides a sense of sheer volumes, trends, origins and destinations of capital flows; an assessment of the global capital market’s degree of integration follows. The emergence of new (types of) actors is another important aspect of the global processes, while illustrations of new market products and emerging segments may add new perspectives on the profile of the global capital market. Finally, the paper concludes with a brief overview of digitalization of the financial supply chain.

Article Abrstract:

Central bank can apply different kinds of monetary strategies. This paper analyses monetary strategy from the perspective of intermediate objectives. Right strategy should help to fulfill targeted goals. However, it is not easy to choose right strategy in right moment under certain economic conditions. This paper summarizes basic principles, advantages, and disadvantages of four main strategies. Thus, it should simplify choice of the optimal one. Some practical aspects are explained through experience of several central banks and especially through example of the National Bank of Slovakia that applied gradually different strategies. These modifications were influenced by specific evolution of Slovak economy that has been typical for countries in transition. Thus, its experience can serve other countries that are in the beginning of transition process.

Article Abrstract:

A professional and competent public administration is necessary for successful transition from a socialist, centrally planned economy to a functioning market democracy. The difficulty lies in building an organized and effective civil service sector. This paper gives a brief overview of formal bureaucratic reasoning, beginning with Niskanen’s theory, followed by the principal-agent model. The "Weberian state hypothesis", which provides an alternative view of bureaucracies in less developed countries, is subsequently explored. Finally, the currant state of Serbian public administration is described, along with a discussion of challenges to be addressed in the future.

Article Abrstract: