Ovaj rad se bavi investicijama u investicijske fondove u Republici Hrvatskoj. Za analizu navedene... more Ovaj rad se bavi investicijama u investicijske fondove u Republici Hrvatskoj. Za analizu navedene tematike prvo je analizirana zakonska regulativa koja je preduvjet za razvoj investicijskih fondova u Hrvatskoj, a zatim je provedeno istraživanje ponude i potražnje koja se uspostavlja na investicijskom tržistu. Od 2005 godine do danas može se primijetiti sve izraženiji trend ulaganja u mjesovite i dionicke fondove te lagano smanjivanje razine investicija u obveznicke i dionicke fondove, a s obzirom na raspored uloga u pojedinu vrstu fonda možemo donijeti zakljucke o spremnosti preuzimanja sve veceg rizika u ulagackom obrascu ponasanja hrvatskih ulagaca. Razlog za promjenu nacina ponasanja možemo pronaci u izuzetno dobrim rezultatima s obzirom na visinu prinosa koji su ostvarili dionicki i mjesoviti fondovi tijekom posljednjih godina.
South East European Journal of Economics and Business, 2018
Institutional reforms in the countries of Central Eastern and South Eastern Europe (CESEE) brough... more Institutional reforms in the countries of Central Eastern and South Eastern Europe (CESEE) brought about a redefinition of the role of the state, the market and the business sector. We assess the effects of various dimensions of the institutional environment on the labour productivity of manufacturing firms in selected CESEE countries by employing a multilevel model. Our findings reveal that the curbing of corruption and the provision of inter-industrial externalities through the development of a commercial and professional infrastructure have beneficial effects on firm productivity. At the same time, a stricter political and legal framework and the provision of R&D infrastructure have an adverse effect. Such a finding is typical for producers of standardised products in countries with low levels of legal framework development for which R&D and legal adjustments incur cost disadvantages. The implication is that institutional development should be accompanied by a strengthening of fi...
Development of tourism has often been considered as a positive contributor to economic growth. Th... more Development of tourism has often been considered as a positive contributor to economic growth. The impact of tourism to a country economy is multifaceted. As such, tourism may represent an excellent tool for development. This paper presents preliminary findings using descriptive statistics and spectral analysis. Therefore, the main purpose of this research is to examine the relationship between the cyclical components of Croatian economy for periods 1972-2013. Using spectral analysis the authors compare the cyclical fluctuations of gross domestic product (GDP) and total tourist arrivals. VAR analysis is also applied in order to detect the relationship between analysed cyclical components in Croatia.
The business banks make its decisions in the condition of certainty, risk and uncertainty. The ri... more The business banks make its decisions in the condition of certainty, risk and uncertainty. The risk is a condition when the possibility of every event is known. The risk can be measured with distribution of probabilities. The risk of interest rate is one of the main risks that bank have. They can suffer unfavourable changes of active and passive interest rates. The changes of interest rates have various influences on bank balance statement and on bank market value, so it is necessary to anticipate and to develop the methods to measure the risk and to manage the risk of interest rate. In theory and in practice there are various methods that use small and medium banks to manage the interest rates risk and this paper investigate the methods such are the management of assets and liabilities gap, the analysis of average time deposits, the futures contracts, options on interest rates and interest swap.
This paper investigates and analyses the evolution of monetary theories, from classical theory to... more This paper investigates and analyses the evolution of monetary theories, from classical theory toward the modern monetary theory of monetarism and theory of rational expectations. The most important thesis and conclusions of each theory are explained. The paper researches the relationship of newer theories with previous one, and the possible direction of development of modern monetary theories
The purpose of this paper is to examine whether there are significantly different characteristics... more The purpose of this paper is to examine whether there are significantly different characteristics of the demand for money in Croatia in the period before and during the recession. The paper applies error correction model (ECM) and autoregressive distributed lag (ARDL) approach, estimating model 1 for the period of growth, and model 2 for the period of recession. Structural stability of these models was tested by cumulative sum and cumulative sum of square tests. Comparing the results of the models, the substantial changes in the function of the demand for money has been detected. Namely, the research shows that variables: interest rates (IR), real effective exchange rate (REER) and inflation (CPI) are significant in model 1, while the variable industrial production (IP) is not significant. In model 2 only industrial production (IP) and inflation (CPI) have been found to be statistically significant with the adequate sign.
The paper analyses the effects of implementation of Total Quality Management (TQM) in hotel indus... more The paper analyses the effects of implementation of Total Quality Management (TQM) in hotel industry in the countries in transition – the case of Croatia. The concept of Total Quality Management has gained prominence during the last two decades, both in developed and developing countries. In the age of globalization and turbulent environment Croatian enterprises are forced to implement new management approaches and one of them is TQM in order to achieve world – class competitiveness. The Republic of Croatia is currently going through great changes caused by transition. It is reflected on many fields, especially on hospitality. Structural changes that took place in Croatian's tourist market in recent years caused an imbalance between the existing hospitality demand and the supply. Implementation of TQM in hotel process offers an opportunity to improve the overall quality of the service in difficult market condition. Research methods are selected in accordance with the defined the...
In this paper author applies money multiplier method to assess the determinants of Croatian money... more In this paper author applies money multiplier method to assess the determinants of Croatian money supply. The research shows that with the introduction of recession in Croatia, two components of Friedman – Schwartz equations which are influenced by the behaviour of commercial banks and non-bank public has changed significantly. Because of that, money multiplier falls below 1. Furthermore, the study shows that because of selected exchange rate regime, the high euroisation of the Croatian economy and because of reduced inflow of foreign exchange, monetary authority has difficulties in controlling the monetary base. In order to achieve its main objectives - price stability and stable exchange rate, the Croatian National Bank (CNB) combines intervention in the foreign exchange market with the sterilization measures such as the minimum required foreign currency claims and open market operations and changes in the reserve requirement rate. Recently, because of economic crises in Croatia, ...
The goal of this paper is to exhibit computation of minimal variance portfolio and efficient port... more The goal of this paper is to exhibit computation of minimal variance portfolio and efficient portfolio frontier when there are more than two assets, by using matrix algebra applied on chosen stocks listed on Zagreb Stock Exchange.The research shows that, because of low correlation of underlying assets, it is possible to significantly reduce risks of investments by constructing portfolio of the stocks. It also shows that, if restriction on short selling are imposed this significantly reduces the possibility for diversification.
Tourism contributes significantly, both directly and indirectly, to the increase of the employmen... more Tourism contributes significantly, both directly and indirectly, to the increase of the employment. The aim of this paper is to test a relationship between tourism and employment in Croatia based on quarterly data for the period 2000-2012. The relationships are examined using Granger causality test and Johansen cointegration approach. The empirical research indicates that tourism has a positive effect on employment while co-integration test indicates that there is a long-term correlation between the two variables. Key-Words: Tourist arrivals, Employment, VAR, Granger causality test, co-integration, Croatia
Soon after democratic changes and gaining the independence, Croatian economy found itself in the ... more Soon after democratic changes and gaining the independence, Croatian economy found itself in the stagflation - depressive situation according to the all - relevant indicators. Reasons for such trend could be found in fact that Croatia was in the war, that almost one third of its territory was occupied, that Croatia suffered huge war damages, that Croatian economy is oversensitive to war, that there were many subjective mistakes in the course of the economy transition, as well as the fact that the Croatian Government and the economy were getting almost constantly, unnecessarily and utmost irrationally into debt, both at home and abroad. At this moment, Croatian public debt is estimated to almost US$ 14.55 billion. Nine billion is foreign and five and the half billion domestic public debt. This debt has decelerated and often stopped Croatian social-economic recovery. Yet, economic development is a very important prerequisite for entering Croatia into Euro-Atlantic associations ; there...
Ovaj rad se bavi investicijama u investicijske fondove u Republici Hrvatskoj. Za analizu navedene... more Ovaj rad se bavi investicijama u investicijske fondove u Republici Hrvatskoj. Za analizu navedene tematike prvo je analizirana zakonska regulativa koja je preduvjet za razvoj investicijskih fondova u Hrvatskoj, a zatim je provedeno istraživanje ponude i potražnje koja se uspostavlja na investicijskom tržistu. Od 2005 godine do danas može se primijetiti sve izraženiji trend ulaganja u mjesovite i dionicke fondove te lagano smanjivanje razine investicija u obveznicke i dionicke fondove, a s obzirom na raspored uloga u pojedinu vrstu fonda možemo donijeti zakljucke o spremnosti preuzimanja sve veceg rizika u ulagackom obrascu ponasanja hrvatskih ulagaca. Razlog za promjenu nacina ponasanja možemo pronaci u izuzetno dobrim rezultatima s obzirom na visinu prinosa koji su ostvarili dionicki i mjesoviti fondovi tijekom posljednjih godina.
South East European Journal of Economics and Business, 2018
Institutional reforms in the countries of Central Eastern and South Eastern Europe (CESEE) brough... more Institutional reforms in the countries of Central Eastern and South Eastern Europe (CESEE) brought about a redefinition of the role of the state, the market and the business sector. We assess the effects of various dimensions of the institutional environment on the labour productivity of manufacturing firms in selected CESEE countries by employing a multilevel model. Our findings reveal that the curbing of corruption and the provision of inter-industrial externalities through the development of a commercial and professional infrastructure have beneficial effects on firm productivity. At the same time, a stricter political and legal framework and the provision of R&D infrastructure have an adverse effect. Such a finding is typical for producers of standardised products in countries with low levels of legal framework development for which R&D and legal adjustments incur cost disadvantages. The implication is that institutional development should be accompanied by a strengthening of fi...
Development of tourism has often been considered as a positive contributor to economic growth. Th... more Development of tourism has often been considered as a positive contributor to economic growth. The impact of tourism to a country economy is multifaceted. As such, tourism may represent an excellent tool for development. This paper presents preliminary findings using descriptive statistics and spectral analysis. Therefore, the main purpose of this research is to examine the relationship between the cyclical components of Croatian economy for periods 1972-2013. Using spectral analysis the authors compare the cyclical fluctuations of gross domestic product (GDP) and total tourist arrivals. VAR analysis is also applied in order to detect the relationship between analysed cyclical components in Croatia.
The business banks make its decisions in the condition of certainty, risk and uncertainty. The ri... more The business banks make its decisions in the condition of certainty, risk and uncertainty. The risk is a condition when the possibility of every event is known. The risk can be measured with distribution of probabilities. The risk of interest rate is one of the main risks that bank have. They can suffer unfavourable changes of active and passive interest rates. The changes of interest rates have various influences on bank balance statement and on bank market value, so it is necessary to anticipate and to develop the methods to measure the risk and to manage the risk of interest rate. In theory and in practice there are various methods that use small and medium banks to manage the interest rates risk and this paper investigate the methods such are the management of assets and liabilities gap, the analysis of average time deposits, the futures contracts, options on interest rates and interest swap.
This paper investigates and analyses the evolution of monetary theories, from classical theory to... more This paper investigates and analyses the evolution of monetary theories, from classical theory toward the modern monetary theory of monetarism and theory of rational expectations. The most important thesis and conclusions of each theory are explained. The paper researches the relationship of newer theories with previous one, and the possible direction of development of modern monetary theories
The purpose of this paper is to examine whether there are significantly different characteristics... more The purpose of this paper is to examine whether there are significantly different characteristics of the demand for money in Croatia in the period before and during the recession. The paper applies error correction model (ECM) and autoregressive distributed lag (ARDL) approach, estimating model 1 for the period of growth, and model 2 for the period of recession. Structural stability of these models was tested by cumulative sum and cumulative sum of square tests. Comparing the results of the models, the substantial changes in the function of the demand for money has been detected. Namely, the research shows that variables: interest rates (IR), real effective exchange rate (REER) and inflation (CPI) are significant in model 1, while the variable industrial production (IP) is not significant. In model 2 only industrial production (IP) and inflation (CPI) have been found to be statistically significant with the adequate sign.
The paper analyses the effects of implementation of Total Quality Management (TQM) in hotel indus... more The paper analyses the effects of implementation of Total Quality Management (TQM) in hotel industry in the countries in transition – the case of Croatia. The concept of Total Quality Management has gained prominence during the last two decades, both in developed and developing countries. In the age of globalization and turbulent environment Croatian enterprises are forced to implement new management approaches and one of them is TQM in order to achieve world – class competitiveness. The Republic of Croatia is currently going through great changes caused by transition. It is reflected on many fields, especially on hospitality. Structural changes that took place in Croatian's tourist market in recent years caused an imbalance between the existing hospitality demand and the supply. Implementation of TQM in hotel process offers an opportunity to improve the overall quality of the service in difficult market condition. Research methods are selected in accordance with the defined the...
In this paper author applies money multiplier method to assess the determinants of Croatian money... more In this paper author applies money multiplier method to assess the determinants of Croatian money supply. The research shows that with the introduction of recession in Croatia, two components of Friedman – Schwartz equations which are influenced by the behaviour of commercial banks and non-bank public has changed significantly. Because of that, money multiplier falls below 1. Furthermore, the study shows that because of selected exchange rate regime, the high euroisation of the Croatian economy and because of reduced inflow of foreign exchange, monetary authority has difficulties in controlling the monetary base. In order to achieve its main objectives - price stability and stable exchange rate, the Croatian National Bank (CNB) combines intervention in the foreign exchange market with the sterilization measures such as the minimum required foreign currency claims and open market operations and changes in the reserve requirement rate. Recently, because of economic crises in Croatia, ...
The goal of this paper is to exhibit computation of minimal variance portfolio and efficient port... more The goal of this paper is to exhibit computation of minimal variance portfolio and efficient portfolio frontier when there are more than two assets, by using matrix algebra applied on chosen stocks listed on Zagreb Stock Exchange.The research shows that, because of low correlation of underlying assets, it is possible to significantly reduce risks of investments by constructing portfolio of the stocks. It also shows that, if restriction on short selling are imposed this significantly reduces the possibility for diversification.
Tourism contributes significantly, both directly and indirectly, to the increase of the employmen... more Tourism contributes significantly, both directly and indirectly, to the increase of the employment. The aim of this paper is to test a relationship between tourism and employment in Croatia based on quarterly data for the period 2000-2012. The relationships are examined using Granger causality test and Johansen cointegration approach. The empirical research indicates that tourism has a positive effect on employment while co-integration test indicates that there is a long-term correlation between the two variables. Key-Words: Tourist arrivals, Employment, VAR, Granger causality test, co-integration, Croatia
Soon after democratic changes and gaining the independence, Croatian economy found itself in the ... more Soon after democratic changes and gaining the independence, Croatian economy found itself in the stagflation - depressive situation according to the all - relevant indicators. Reasons for such trend could be found in fact that Croatia was in the war, that almost one third of its territory was occupied, that Croatia suffered huge war damages, that Croatian economy is oversensitive to war, that there were many subjective mistakes in the course of the economy transition, as well as the fact that the Croatian Government and the economy were getting almost constantly, unnecessarily and utmost irrationally into debt, both at home and abroad. At this moment, Croatian public debt is estimated to almost US$ 14.55 billion. Nine billion is foreign and five and the half billion domestic public debt. This debt has decelerated and often stopped Croatian social-economic recovery. Yet, economic development is a very important prerequisite for entering Croatia into Euro-Atlantic associations ; there...
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