European Journal of Multidisciplinary Studies, 2016
The paper aims to analyze the influence of the Balassa-Samuleson effect on the competitiveness of... more The paper aims to analyze the influence of the Balassa-Samuleson effect on the competitiveness of Bosniaand Herzegovina. As we know, theBalassa and Samuelson argue that developing economies have an appreciating currency, because they have relatively high inflation due to higher productivity growth in the production of tradable goods. This problem has existed, more or less, in all transitional countries in the EasternEurope, and it was particularly stressed in the countries with a fixed exchange rate. This paper just shows that in Bosnia and Herzegovina, in which monetary policy operates on the principles of "currency board", there is an extremely high influence of theBalassa-Samuelson effect, which leads not only to make a competitive position on the international market worse, but it brings up the question of sustainability of the existing currency board system.
As a consequence of the measures taken to remedy the medical problem, there may be a bigger one e... more As a consequence of the measures taken to remedy the medical problem, there may be a bigger one economically, all over the world. The paper analyzes the consequences of the current economic crisis caused by the COVID-19 virus pandemic. The key economic consequences of the pandemic for companies but also for the economy have been identified. Entrepreneurs, small and medium enterprises, with the smallest liquidity stocks, are expected to feel the greatest consequences of the economic crisis. Taught by the failures of the Great Depression and the relative successes of the crisis in 2008, governments have already announced and launched massive programs to help businesses. At this moment, the supply of liquidity of deficient economic entities is a critical issue. The previous crisis showed that governments have tried and tested mechanisms for supplying liquidity to the financial sector, but transmission mechanisms to end-users were the Achilles' heel of the mechanism. We believe that...
The global financial and economic crisis has caused tectonic disturbances both in the economic sy... more The global financial and economic crisis has caused tectonic disturbances both in the economic systems, and in the political and social systems all over the world. The crisis has revealed numerous drawbacks and shortcomings in the financial system, and imposed, as the priority issue, the revision of the role of regulation. In the short run, the focus was on the system's recovery and its continued functioning. In the long run, this is not enough. What will be needed is a complete redesign of the supervisory functions, especially in terms of facing the issue of systemic risk. The problem of a new regulatory framework is particularly prominent in the European Union, which has suffered the most from the debt crisis, and which, as a supra-national institution, is truly abundant with differences and internal contradictions. The new supervisory framework in the European Union is inevitable, and its success will mostly be reflected in its ability to solve the issue of the scope of contr...
The aim of the research is to address the challenges that may be a constraint on economic growth ... more The aim of the research is to address the challenges that may be a constraint on economic growth and development. In the research, we used the relevant literature and acts that were in front of the delegates at the National Assembly of Republic of Srpska. The research question is: "What are the main characteristics of the Republic of Srpska's debt?" In line with this, the methods employed in this paper are the analysis and synthesis of previous researchs, theoretical findings and publicly accessible documents pertaining to the debt of Republic of Srpska, and an overview of the case studies. The contribution of the paper is reflected in the explained wideness and the possibilities of using different sources of money, and the limits on which the debts can be used in order to achieve sustainability tasks. We have concluded that this year, the Republic of Srpska bill has reached the largest amount of debt – KM 858 million (755 million principal and 103 million interest). ...
The aim of the research is to address the challenges that may be a constraint on economic growth ... more The aim of the research is to address the challenges that may be a constraint on economic growth and development. In the research, we used the relevant literature and acts that were in front of the delegates in the parliaments of the Bosnia and Herzegovina. The main research question is: "What are the main characteristics of the Bosnia and Herzegovina's debt?" In line with this, the methods employed in this paper are the analysis and synthesis of previous researchs, theoretical findings and publicly accessible documents pertaining to the debt of Bosnia and Herzegovina's, and an overview of the case studies. The contribution of the paper is reflected in the explained wideness and the possibilities of using different sources of money, and the limits on which the debts can be used in order to achieve sustainability tasks. In line with the presented evidence, priority should be given to projects that would be financed by advantageous credit arrangements and to rationalize public spending. Despite the usual opinion, we have proven that the debt of the Bosnia and Herzegovina is sustainable-the average interest rate is lower than the GDP growth rate and that, although unpopular, the currency board system corresponds to the position of Bosnia and Herzegovina ie it has fully met expectations regarding a firm budget constraint. However, we have pointed out the danger of stereotype that the public debt of less than 60% necessarily indicates that the country is in a good position.
The aim of the research is to address the challenges that may be a constraint on economic growth ... more The aim of the research is to address the challenges that may be a constraint on economic growth and development. In the research, we used the relevant literature and acts that were in front of the delegates at the National Assembly of the Republic of Srpska. The research question is: "What are the main characteristics of the Republic of Srpska's debt?" In line with this, the methods employed in this paper are the analysis and synthesis of previous research, theoretical findings and publicly accessible documents pertaining to the debt of Republic of Srpska, and an overview of the case studies. The contribution of the paper is reflected in the explained wideness and the possibilities of using different sources of money, and the limits on which the debts can be used in order to achieve sustainability tasks. We have concluded that this year, the Republic of Srpska bill has reached the largest amount of debt – KM 858 million (755 million principal and 103 million interest). In line with the presented evidence, priority should be given to projects that would be financed by advantageous credit arrangements and to rationalize public spending. Despite the usual opinion, we have proven that the debt of the Republic of Srpska is sustainable - the average interest rate is lower than the GDP growth rate and that, although unpopular, the currency board system corresponds to the position of the Republic of Srpska. However, we have pointed out the danger of stereotype that the public debt of less than 60% necessarily indicates that the country is in a good position.
The paper uses publicly available data from stock exchanges of EU member states in the region (Bu... more The paper uses publicly available data from stock exchanges of EU member states in the region (Bulgarian, Croatian, etc.) and from stock exchanges in New York, Frankfurt, and Tokyo from the beginning of 2010 until now, representing a sample of more than 2,700 days of trading in equity securities. The research question is: "Do stock prices significantly increase or fall over specific days on the observed stock exchanges"? The second question is: "Do stock prices significantly (not) vary in certain months or days?" The methods used in the paper are the analysis and synthesis of previous research, the expression of standard deviation, and the analysis of theoretical findings to draw conclusions from the deduction method. The research hypothesis is that there is an effect of "Blue Monday" and "The Halloween Effect" on stock exchanges in the region, as well as on major stock exchanges in the world. In other words, the stock market in the region has a herd effect. The results obtained are useful for the experts and the general public because they throw new light on trading on regional stock exchanges as it compares trends on local stock exchanges with trends in developed markets.
Testiranje anomalija u kretanjima berzanskih indeksa u Bosni i Hercegovni s ciljem ostvarivanja iznadprosječnih prinosa na tržištu, 2020
U radu su korišteni javno dostupni podaci sa Banjalučke i sa Sarajevske berze te sa berzi u Njujo... more U radu su korišteni javno dostupni podaci sa Banjalučke i sa Sarajevske berze te sa berzi u Njujorku, Frankfurtu i u Tokiju od početka 2009. godine do sada što predstavlja uzorak od više od 2.700 dana trgovanja vlasničkim hartijama od vrijednosti. Istraživačko pitanje glasi: „Da li na domaćim berzama u određene dane cijene akcija značajno rastu ili padaju u odnosu na druge dane”? Drugo pitanje je: „Da li u određenim mjesecima ili danima cijene akcija značajno više (ne) variraju?“ Ako je odgovor na postavljena pitanja pozitivan moguće je kreirati strategiju ulaganja koja daje značajno veći prinos od tržišta. Metode korištene u radu su analiza i sinteza prethodnih istraživanja, iskazivanje standardne devijacije i analiza teoretskih nalaza da bi zaključci bili izvučeni metodom indukcije. Istraživačka hipoteza glasi: „Blue Monday Blue” i „The Halloween Effect” postoje i na domaćim tržištima. Drugim riječima, na berzama u regiji je prisutan efekat stada. Dobijeni rezultati su korisni za stručnu i za širu javnost jer bacaju novo svjetlo na trgovinu na regionalnim berzama jer upoređuje trendove na lokalnim berzama sa trendovima na razvijenim tržištima.
European Journal of Multidisciplinary Studies, 2016
The paper aims to analyze the influence of the Balassa-Samuleson effect on the competitiveness of... more The paper aims to analyze the influence of the Balassa-Samuleson effect on the competitiveness of Bosniaand Herzegovina. As we know, theBalassa and Samuelson argue that developing economies have an appreciating currency, because they have relatively high inflation due to higher productivity growth in the production of tradable goods. This problem has existed, more or less, in all transitional countries in the EasternEurope, and it was particularly stressed in the countries with a fixed exchange rate. This paper just shows that in Bosnia and Herzegovina, in which monetary policy operates on the principles of "currency board", there is an extremely high influence of theBalassa-Samuelson effect, which leads not only to make a competitive position on the international market worse, but it brings up the question of sustainability of the existing currency board system.
As a consequence of the measures taken to remedy the medical problem, there may be a bigger one e... more As a consequence of the measures taken to remedy the medical problem, there may be a bigger one economically, all over the world. The paper analyzes the consequences of the current economic crisis caused by the COVID-19 virus pandemic. The key economic consequences of the pandemic for companies but also for the economy have been identified. Entrepreneurs, small and medium enterprises, with the smallest liquidity stocks, are expected to feel the greatest consequences of the economic crisis. Taught by the failures of the Great Depression and the relative successes of the crisis in 2008, governments have already announced and launched massive programs to help businesses. At this moment, the supply of liquidity of deficient economic entities is a critical issue. The previous crisis showed that governments have tried and tested mechanisms for supplying liquidity to the financial sector, but transmission mechanisms to end-users were the Achilles' heel of the mechanism. We believe that...
The global financial and economic crisis has caused tectonic disturbances both in the economic sy... more The global financial and economic crisis has caused tectonic disturbances both in the economic systems, and in the political and social systems all over the world. The crisis has revealed numerous drawbacks and shortcomings in the financial system, and imposed, as the priority issue, the revision of the role of regulation. In the short run, the focus was on the system's recovery and its continued functioning. In the long run, this is not enough. What will be needed is a complete redesign of the supervisory functions, especially in terms of facing the issue of systemic risk. The problem of a new regulatory framework is particularly prominent in the European Union, which has suffered the most from the debt crisis, and which, as a supra-national institution, is truly abundant with differences and internal contradictions. The new supervisory framework in the European Union is inevitable, and its success will mostly be reflected in its ability to solve the issue of the scope of contr...
The aim of the research is to address the challenges that may be a constraint on economic growth ... more The aim of the research is to address the challenges that may be a constraint on economic growth and development. In the research, we used the relevant literature and acts that were in front of the delegates at the National Assembly of Republic of Srpska. The research question is: "What are the main characteristics of the Republic of Srpska's debt?" In line with this, the methods employed in this paper are the analysis and synthesis of previous researchs, theoretical findings and publicly accessible documents pertaining to the debt of Republic of Srpska, and an overview of the case studies. The contribution of the paper is reflected in the explained wideness and the possibilities of using different sources of money, and the limits on which the debts can be used in order to achieve sustainability tasks. We have concluded that this year, the Republic of Srpska bill has reached the largest amount of debt – KM 858 million (755 million principal and 103 million interest). ...
The aim of the research is to address the challenges that may be a constraint on economic growth ... more The aim of the research is to address the challenges that may be a constraint on economic growth and development. In the research, we used the relevant literature and acts that were in front of the delegates in the parliaments of the Bosnia and Herzegovina. The main research question is: "What are the main characteristics of the Bosnia and Herzegovina's debt?" In line with this, the methods employed in this paper are the analysis and synthesis of previous researchs, theoretical findings and publicly accessible documents pertaining to the debt of Bosnia and Herzegovina's, and an overview of the case studies. The contribution of the paper is reflected in the explained wideness and the possibilities of using different sources of money, and the limits on which the debts can be used in order to achieve sustainability tasks. In line with the presented evidence, priority should be given to projects that would be financed by advantageous credit arrangements and to rationalize public spending. Despite the usual opinion, we have proven that the debt of the Bosnia and Herzegovina is sustainable-the average interest rate is lower than the GDP growth rate and that, although unpopular, the currency board system corresponds to the position of Bosnia and Herzegovina ie it has fully met expectations regarding a firm budget constraint. However, we have pointed out the danger of stereotype that the public debt of less than 60% necessarily indicates that the country is in a good position.
The aim of the research is to address the challenges that may be a constraint on economic growth ... more The aim of the research is to address the challenges that may be a constraint on economic growth and development. In the research, we used the relevant literature and acts that were in front of the delegates at the National Assembly of the Republic of Srpska. The research question is: "What are the main characteristics of the Republic of Srpska's debt?" In line with this, the methods employed in this paper are the analysis and synthesis of previous research, theoretical findings and publicly accessible documents pertaining to the debt of Republic of Srpska, and an overview of the case studies. The contribution of the paper is reflected in the explained wideness and the possibilities of using different sources of money, and the limits on which the debts can be used in order to achieve sustainability tasks. We have concluded that this year, the Republic of Srpska bill has reached the largest amount of debt – KM 858 million (755 million principal and 103 million interest). In line with the presented evidence, priority should be given to projects that would be financed by advantageous credit arrangements and to rationalize public spending. Despite the usual opinion, we have proven that the debt of the Republic of Srpska is sustainable - the average interest rate is lower than the GDP growth rate and that, although unpopular, the currency board system corresponds to the position of the Republic of Srpska. However, we have pointed out the danger of stereotype that the public debt of less than 60% necessarily indicates that the country is in a good position.
The paper uses publicly available data from stock exchanges of EU member states in the region (Bu... more The paper uses publicly available data from stock exchanges of EU member states in the region (Bulgarian, Croatian, etc.) and from stock exchanges in New York, Frankfurt, and Tokyo from the beginning of 2010 until now, representing a sample of more than 2,700 days of trading in equity securities. The research question is: "Do stock prices significantly increase or fall over specific days on the observed stock exchanges"? The second question is: "Do stock prices significantly (not) vary in certain months or days?" The methods used in the paper are the analysis and synthesis of previous research, the expression of standard deviation, and the analysis of theoretical findings to draw conclusions from the deduction method. The research hypothesis is that there is an effect of "Blue Monday" and "The Halloween Effect" on stock exchanges in the region, as well as on major stock exchanges in the world. In other words, the stock market in the region has a herd effect. The results obtained are useful for the experts and the general public because they throw new light on trading on regional stock exchanges as it compares trends on local stock exchanges with trends in developed markets.
Testiranje anomalija u kretanjima berzanskih indeksa u Bosni i Hercegovni s ciljem ostvarivanja iznadprosječnih prinosa na tržištu, 2020
U radu su korišteni javno dostupni podaci sa Banjalučke i sa Sarajevske berze te sa berzi u Njujo... more U radu su korišteni javno dostupni podaci sa Banjalučke i sa Sarajevske berze te sa berzi u Njujorku, Frankfurtu i u Tokiju od početka 2009. godine do sada što predstavlja uzorak od više od 2.700 dana trgovanja vlasničkim hartijama od vrijednosti. Istraživačko pitanje glasi: „Da li na domaćim berzama u određene dane cijene akcija značajno rastu ili padaju u odnosu na druge dane”? Drugo pitanje je: „Da li u određenim mjesecima ili danima cijene akcija značajno više (ne) variraju?“ Ako je odgovor na postavljena pitanja pozitivan moguće je kreirati strategiju ulaganja koja daje značajno veći prinos od tržišta. Metode korištene u radu su analiza i sinteza prethodnih istraživanja, iskazivanje standardne devijacije i analiza teoretskih nalaza da bi zaključci bili izvučeni metodom indukcije. Istraživačka hipoteza glasi: „Blue Monday Blue” i „The Halloween Effect” postoje i na domaćim tržištima. Drugim riječima, na berzama u regiji je prisutan efekat stada. Dobijeni rezultati su korisni za stručnu i za širu javnost jer bacaju novo svjetlo na trgovinu na regionalnim berzama jer upoređuje trendove na lokalnim berzama sa trendovima na razvijenim tržištima.
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