Journal of Central Banking Theory and Practice, 2020
This paper analyses the impact of macroeconomic conditions on non-performing loans and financial ... more This paper analyses the impact of macroeconomic conditions on non-performing loans and financial stability in Bosnia and Herzegovina`s banking sector. The aim of this paper is to identify the effects of macroeconomic conditions on non-performing loans and the banking sector`s financial stability. To that end, data for the period 2006-2017 have been used. In order to detect the correlations between analysed variables, we performed the correlation analysis through Pearson coefficient of correlation. Results have confirmed the assumption about correlation between macroeconomic conditions, non-performing loans, and financial stability. Further, regression analysis was applied on data divided into two models: the impact of macroeconomic conditions on non-performing loans and the impact of macroeconomic conditions on the banking sector`s financial stability. Those two models point to the significance of macroeconomic environment for non-performing loans control and financial stability mai...
Until the appearance of financial crisis, share of non-performing loans in bank portfolio for mos... more Until the appearance of financial crisis, share of non-performing loans in bank portfolio for most of the countries were satisfactory. Since then, average asset quality has sharply decreased which caused a lot of turmoil in financial stability of countries. This chapter investigates causation of non-performing loans, from macroeconomic variables such as real GDP growth rate, inflation, and unemployment. Accordingly, we try to identify differences in this causality between selected Balkan countries. For that purpose, quarterly data about non-performing loans, GDP rate, inflation, and unemployment for Croatia, Serbia, and Bosnia and Herzegovina for the period 2006–2015 were collected. The aim of this research is establishment of causality model between non-performing loans and macroeconomic factors, as well as analysis of differences in intensity of influence between countries covered by this research. Then by applying Vector Error Correction Model examines whether there is a causalit...
Everyday news reports reveal incidents and even largescale scandals in the business world related... more Everyday news reports reveal incidents and even largescale scandals in the business world related to improper information security handling. Despite available and existing relevant information security standards, incidents which could lead to real problems were not proactively prevented for numerous of reasons. One of the first and most important reasons was not implemented and observed relevant information security standards such as ISO 27001. This standard defines requirements for an organisation’s Information Security Management System (ISMS). Implementation of the ISMS is only the tip of the iceberg in managing information security since all system parts have to be well monitored and adjusted to prevent or minimize security risks. This process of monitoring and upgrading takes most of the resources dedicated to every ISMS. Standard such as ISO 27004:2009 which defines what has to be monitored also belongs to ISO 2700 series of standards. The ISO 27004:2009 standard does not defi...
2012 Proceedings of the 35th International Convention MIPRO, 2012
In last decade information security standards became well documented starting with ISO 27001:2005... more In last decade information security standards became well documented starting with ISO 27001:2005 which defines requirements for a organisation's Information Security Management System (ISMS). Other standards such as ISO 27004:2009, 27003, and 27005 are published later too. Organisational ISMS can be certifies for ISO 27001:2005 certificate and it adopts Plan-Do-Check-Act (PDCA) life cycle of constant system improvements. To be able to improve operations and information security ISO 27004:2009 standard has to be used to create useful Key Performance Indicators (KPI) in order to achieve constant improvements of the ISMS. During phase of maintenance every system needs infrastructure to collect data, analyse data and then to create KPI for constant improvements. In this paper is presented information security measurement infrastructure for KPI visualisation based on practical experience from production system in financial surrounding.
Journal of Central Banking Theory and Practice, 2012
Working in a financial crisis environment is one of the most stressing tasks for a central banker... more Working in a financial crisis environment is one of the most stressing tasks for a central banker. In order to diffuse a financial crisis, preventive policies, are of vital importance yet they cannot remove all disruptions that could lead to a crisis. Therefore, when a crisis emerges, risk management is of crucial importance. Risk management requires the utilisation of all available monetary policy instruments, as well as many unconventional instruments that would otherwise be considered as unacceptable in normal times. The paper discusses which actions a central bank should take at a down of a crisis, including the instruments from the “psychological arsenal” such as crisis PR and deposit insurance.
The purpose of this paper is to research financial soundness indicators in Bosnia and Herzegovina... more The purpose of this paper is to research financial soundness indicators in Bosnia and Herzegovina banking sector, their interconnections, causality and influenced factors. Therefore the subjects of analysis are core financial indicators. For that purposes data from International Monetary Fund for period 2008 – 2013th as well as data from state agencies and central bank were used. In order to gain research goal different scientific methods were used. Therefore, correlation and regression analysis were employed in order to reveal connectivity and causality between those factors. Results have shown that banks in Bosnia and Herzegovina still have to pay attention on non-performing loans as one of the main threats to their liquidity and stability.
Journal of Central Banking Theory and Practice, 2012
... UDC: 336.1:336.71 Kemal Kozarić*, Nikola Fabris** Monetary policy at crisis times ... During ... more ... UDC: 336.1:336.71 Kemal Kozarić*, Nikola Fabris** Monetary policy at crisis times ... During 20th century, lessons on the separation of the real from the mon-etary sector were learnt (Arestis and Sawyer, 2004), thus hyperinflations have become extremely rare. ...
In last decade information security standards became well documented starting with ISO 27001:2005... more In last decade information security standards became well documented starting with ISO 27001:2005 which defines requirements for a organisation's Information Security Management System (ISMS). Other standards such as ISO 27004:2009, 27003, and 27005 are published later too. Organisational ISMS can be certifies for ISO 27001:2005 certificate and it adopts Plan-Do-Check-Act (PDCA) life cycle of constant system improvements. To be able to improve operations and information security ISO 27004:2009 standard has to be used to create useful Key Performance Indicators (KPI) in order to achieve constant improvements of the ISMS. During phase of maintenance every system needs infrastructure to collect data, analyse data and then to create KPI for constant improvements. In this paper is presented information security measurement infrastructure for KPI visualisation based on practical experience from production system in financial surrounding.
Everyday news reports reveal incidents and even largescale scandals in the business world related... more Everyday news reports reveal incidents and even largescale scandals in the business world related to improper information security handling. Despite available and existing relevant information security standards, incidents which could lead to real problems were not proactively prevented for numerous of reasons. One of the first and most important reasons was not implemented and observed relevant information security standards such as ISO 27001. This standard defines requirements for an organisation’s Information Security Management System (ISMS). Implementation of the ISMS is only the tip of the iceberg in managing information security since all system parts have to be well monitored and adjusted to prevent or minimize security risks. This process of monitoring and upgrading takes most of the resources dedicated to every ISMS. Standard such as ISO 27004:2009 which defines what has to be monitored also belongs to ISO 2700 series of standards. The ISO 27004:2009 standard does not defi...
Journal of Central Banking Theory and Practice, 2020
This paper analyses the impact of macroeconomic conditions on non-performing loans and financial ... more This paper analyses the impact of macroeconomic conditions on non-performing loans and financial stability in Bosnia and Herzegovina`s banking sector. The aim of this paper is to identify the effects of macroeconomic conditions on non-performing loans and the banking sector`s financial stability. To that end, data for the period 2006-2017 have been used. In order to detect the correlations between analysed variables, we performed the correlation analysis through Pearson coefficient of correlation. Results have confirmed the assumption about correlation between macroeconomic conditions, non-performing loans, and financial stability. Further, regression analysis was applied on data divided into two models: the impact of macroeconomic conditions on non-performing loans and the impact of macroeconomic conditions on the banking sector`s financial stability. Those two models point to the significance of macroeconomic environment for non-performing loans control and financial stability mai...
Until the appearance of financial crisis, share of non-performing loans in bank portfolio for mos... more Until the appearance of financial crisis, share of non-performing loans in bank portfolio for most of the countries were satisfactory. Since then, average asset quality has sharply decreased which caused a lot of turmoil in financial stability of countries. This chapter investigates causation of non-performing loans, from macroeconomic variables such as real GDP growth rate, inflation, and unemployment. Accordingly, we try to identify differences in this causality between selected Balkan countries. For that purpose, quarterly data about non-performing loans, GDP rate, inflation, and unemployment for Croatia, Serbia, and Bosnia and Herzegovina for the period 2006–2015 were collected. The aim of this research is establishment of causality model between non-performing loans and macroeconomic factors, as well as analysis of differences in intensity of influence between countries covered by this research. Then by applying Vector Error Correction Model examines whether there is a causalit...
Everyday news reports reveal incidents and even largescale scandals in the business world related... more Everyday news reports reveal incidents and even largescale scandals in the business world related to improper information security handling. Despite available and existing relevant information security standards, incidents which could lead to real problems were not proactively prevented for numerous of reasons. One of the first and most important reasons was not implemented and observed relevant information security standards such as ISO 27001. This standard defines requirements for an organisation’s Information Security Management System (ISMS). Implementation of the ISMS is only the tip of the iceberg in managing information security since all system parts have to be well monitored and adjusted to prevent or minimize security risks. This process of monitoring and upgrading takes most of the resources dedicated to every ISMS. Standard such as ISO 27004:2009 which defines what has to be monitored also belongs to ISO 2700 series of standards. The ISO 27004:2009 standard does not defi...
2012 Proceedings of the 35th International Convention MIPRO, 2012
In last decade information security standards became well documented starting with ISO 27001:2005... more In last decade information security standards became well documented starting with ISO 27001:2005 which defines requirements for a organisation's Information Security Management System (ISMS). Other standards such as ISO 27004:2009, 27003, and 27005 are published later too. Organisational ISMS can be certifies for ISO 27001:2005 certificate and it adopts Plan-Do-Check-Act (PDCA) life cycle of constant system improvements. To be able to improve operations and information security ISO 27004:2009 standard has to be used to create useful Key Performance Indicators (KPI) in order to achieve constant improvements of the ISMS. During phase of maintenance every system needs infrastructure to collect data, analyse data and then to create KPI for constant improvements. In this paper is presented information security measurement infrastructure for KPI visualisation based on practical experience from production system in financial surrounding.
Journal of Central Banking Theory and Practice, 2012
Working in a financial crisis environment is one of the most stressing tasks for a central banker... more Working in a financial crisis environment is one of the most stressing tasks for a central banker. In order to diffuse a financial crisis, preventive policies, are of vital importance yet they cannot remove all disruptions that could lead to a crisis. Therefore, when a crisis emerges, risk management is of crucial importance. Risk management requires the utilisation of all available monetary policy instruments, as well as many unconventional instruments that would otherwise be considered as unacceptable in normal times. The paper discusses which actions a central bank should take at a down of a crisis, including the instruments from the “psychological arsenal” such as crisis PR and deposit insurance.
The purpose of this paper is to research financial soundness indicators in Bosnia and Herzegovina... more The purpose of this paper is to research financial soundness indicators in Bosnia and Herzegovina banking sector, their interconnections, causality and influenced factors. Therefore the subjects of analysis are core financial indicators. For that purposes data from International Monetary Fund for period 2008 – 2013th as well as data from state agencies and central bank were used. In order to gain research goal different scientific methods were used. Therefore, correlation and regression analysis were employed in order to reveal connectivity and causality between those factors. Results have shown that banks in Bosnia and Herzegovina still have to pay attention on non-performing loans as one of the main threats to their liquidity and stability.
Journal of Central Banking Theory and Practice, 2012
... UDC: 336.1:336.71 Kemal Kozarić*, Nikola Fabris** Monetary policy at crisis times ... During ... more ... UDC: 336.1:336.71 Kemal Kozarić*, Nikola Fabris** Monetary policy at crisis times ... During 20th century, lessons on the separation of the real from the mon-etary sector were learnt (Arestis and Sawyer, 2004), thus hyperinflations have become extremely rare. ...
In last decade information security standards became well documented starting with ISO 27001:2005... more In last decade information security standards became well documented starting with ISO 27001:2005 which defines requirements for a organisation's Information Security Management System (ISMS). Other standards such as ISO 27004:2009, 27003, and 27005 are published later too. Organisational ISMS can be certifies for ISO 27001:2005 certificate and it adopts Plan-Do-Check-Act (PDCA) life cycle of constant system improvements. To be able to improve operations and information security ISO 27004:2009 standard has to be used to create useful Key Performance Indicators (KPI) in order to achieve constant improvements of the ISMS. During phase of maintenance every system needs infrastructure to collect data, analyse data and then to create KPI for constant improvements. In this paper is presented information security measurement infrastructure for KPI visualisation based on practical experience from production system in financial surrounding.
Everyday news reports reveal incidents and even largescale scandals in the business world related... more Everyday news reports reveal incidents and even largescale scandals in the business world related to improper information security handling. Despite available and existing relevant information security standards, incidents which could lead to real problems were not proactively prevented for numerous of reasons. One of the first and most important reasons was not implemented and observed relevant information security standards such as ISO 27001. This standard defines requirements for an organisation’s Information Security Management System (ISMS). Implementation of the ISMS is only the tip of the iceberg in managing information security since all system parts have to be well monitored and adjusted to prevent or minimize security risks. This process of monitoring and upgrading takes most of the resources dedicated to every ISMS. Standard such as ISO 27004:2009 which defines what has to be monitored also belongs to ISO 2700 series of standards. The ISO 27004:2009 standard does not defi...
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Papers by Kemal Kozaric