Financial market had developed a special instrument to insure the buyers of bonds. This instrument is so called Credit Default Swap (CDS). The CDS price is a kind of insurance premium that the buyer of CDS pays to the seller of CDS in exchange for compensation of possible loss in operation. Paper analyses causality between CDS price and dynamics of bond yields and influence of macroeconomic factors on it in four selected countries during the last financial crisis. Analysis results show that there is no important macroeconomic variable included in the analysis that preceded the CDS prices connected with German government bonds. Sellers of CDS were apparently aware of the systemic nature of the financial crisis in the euro area. In the case of the United Kingdom, Russia and Slovenia we can observe the unemployment rate as the most important macroeconomic variable that preceded the CDS prices for government bonds.
During the economic crisis, Slovenia has transformed from one of the most successful new EU Member States into one of the most problematic ones. The reason for this is largely extensive banking problems, that continue to cause uncertainty on financial markets and adversely affect the rating of the country and consequently also the price of borrowing for both the state and private entities. Slovenia has opted to rehabilitate its banking sector by means of a bad bank (DUTB) that, however, only became operational at the end of 2013. The paper seeks to examine whether a bad bank has indeed proven the most appropriate choice out of possible methods of resolving the banking crisis, based on the most recent findings regarding the suitability of various methods of bailing out banking systems in crisis, taking into consideration key elements required for the successful rehabilitation thereof. The paper finds that, taking into consideration all relevant circumstances, the bad bank has proven to be appropriate solution in the Slovenian case but the delay in rehabilitating the banking system has had significant negative macroeconomic impacts as demonstrated by a comparison to other selected countries that had opted to bail out the banking sector before Slovenia. State ownership of systemic banks and political instability have both greatly contributed to slow action taken.
Rapid growth of health expenditures has fueled discussions about rationalization of the health care. Worldwide, the health care resources are scarce and, therefore, it is necessary to ration them. Large amount of the diseases in developed countries are related to the lifestyle. Therewithal burden on the health-budget is an expanding dilemma. The fact that scarce medical resources are spent on diseases that, could be avoided to some extent through individual lifestyle changes is a paradox of modern medicine. This situation led scientists and politicians to consider whether the principle of personal responsibility for health is relevant and legitimate for prioritizing health care. The main question is whether a claim for health care is less legitimate if the individuals contribute to their illness than if there is no such association established. Academics are just beginning to explore what 'responsibility principle' can mean for health care allocation. This paper researches attitudes of citizens and health care professionals in Croatia regarding differentiation and priority-setting in health care according to lifestyle behaviors. Before presenting the results of the research, a short description of the Croatian health system, reforms and health care rationalization in general are presented.
Rapid growth of health expenditures has fueled discussions about rationalization of the health care. Worldwide, the health care resources are scarce and, therefore, it is necessary to ration them. Large amount of the diseases in developed countries are related to the lifestyle. Therewithal burden on the health-budget is an expanding dilemma. The fact that scarce medical resources are spent on diseases that, could be avoided to some extent through individual lifestyle changes is a paradox of modern medicine. This situation led scientists and politicians to consider whether the principle of personal responsibility for health is relevant and legitimate for prioritizing health care. The main question is whether a claim for health care is less legitimate if the individuals contribute to their illness than if there is no such association established. Academics are just beginning to explore what 'responsibility principle' can mean for health care allocation. This paper researches attitudes of citizens and health care professionals in Croatia regarding differentiation and priority-setting in health care according to lifestyle behaviors. Before presenting the results of the research, a short description of the Croatian health system, reforms and health care rationalization in general are presented.
Europska unija je jedinstvena zajednica europskih zemalja koja ima za cilj unaprijediti život svim stanovnicima u Europi te osigurati mir i sigurnost, poticati međusobnu suradnju i razvoj, gospodarski rast i razvoj te "ujediniti se u različitosti", što je ujedno i glavni motiv Europske unije. S obzirom na svoju viziju i misiju, Europska unija je unikatna organizacija u svijetu. Za ostvarenje ciljeva u Europskoj uniji koristi se kohezijska politika. Ona podrazumijeva ostvarivanje pametnog, održivog i uključivog rasta u svim zemljama članicama EU. Kohezijska politika Europske unije je investicijska politika za promicanje ravnomjernog razvoja država članica i njihovih regija. Ona potiče socijalnu, ekonomsku i teritorijalnu koheziju između razvijenih i nerazvijenih zemalja članica. Donosi se za programsko razdoblje u periodu od sedam godina i ujedno je financijski okvir za projekte u gospodarskoj, teritorijalnoj i društvenoj koheziji. Cilj ovog diplomskog rada je prikazati stanje Varaždinske županije u odnosu na (izabrane) županije Republike Hrvatske te analizirati na koji način Varaždinska županija koristi prednosti, odnosno beneficije kohezijske politike. Ujedno će se voditi računa o institucionalnom okviru EU, ali i nacionalnoj razini, važnoj za djelovanje regionalne politike RH. Kako bi se ostvario navedeni cilj rada, u diplomskom radu će se definirati i analizirati ključni pojmovi, modeli i pristupi regionalne politike Republike Hrvatske s naglaskom na Varaždinsku županiju, te kohezijske politike koju provodi Europska unija. Također prikazat će se praćenje trenda promjena regionalnog rasta županija u Republici Hrvatskoj. ; European Union is a unique community of European countries that aims to improve the lives of all European people, ensure peace and security, encourage cooperation and development, economic growth and development and "unite in diversity", which is also the main goal of the European Union. Given its vision and mission, European Union is a unique organization in the world. Cohesion policy is ...
Europska unija je jedinstvena zajednica europskih zemalja koja ima za cilj unaprijediti život svim stanovnicima u Europi te osigurati mir i sigurnost, poticati međusobnu suradnju i razvoj, gospodarski rast i razvoj te "ujediniti se u različitosti", što je ujedno i glavni motiv Europske unije. S obzirom na svoju viziju i misiju, Europska unija je unikatna organizacija u svijetu. Za ostvarenje ciljeva u Europskoj uniji koristi se kohezijska politika. Ona podrazumijeva ostvarivanje pametnog, održivog i uključivog rasta u svim zemljama članicama EU. Kohezijska politika Europske unije je investicijska politika za promicanje ravnomjernog razvoja država članica i njihovih regija. Ona potiče socijalnu, ekonomsku i teritorijalnu koheziju između razvijenih i nerazvijenih zemalja članica. Donosi se za programsko razdoblje u periodu od sedam godina i ujedno je financijski okvir za projekte u gospodarskoj, teritorijalnoj i društvenoj koheziji. Cilj ovog diplomskog rada je prikazati stanje Varaždinske županije u odnosu na (izabrane) županije Republike Hrvatske te analizirati na koji način Varaždinska županija koristi prednosti, odnosno beneficije kohezijske politike. Ujedno će se voditi računa o institucionalnom okviru EU, ali i nacionalnoj razini, važnoj za djelovanje regionalne politike RH. Kako bi se ostvario navedeni cilj rada, u diplomskom radu će se definirati i analizirati ključni pojmovi, modeli i pristupi regionalne politike Republike Hrvatske s naglaskom na Varaždinsku županiju, te kohezijske politike koju provodi Europska unija. Također prikazat će se praćenje trenda promjena regionalnog rasta županija u Republici Hrvatskoj. ; European Union is a unique community of European countries that aims to improve the lives of all European people, ensure peace and security, encourage cooperation and development, economic growth and development and "unite in diversity", which is also the main goal of the European Union. Given its vision and mission, European Union is a unique organization in the world. Cohesion policy is ...
U ovom diplomskom radu analizira se provođenje ekonomske politike unutar političkog ciklusa, odnosno pokušava se analizirati način primjene ekonomske teorije u stvarnim društvenim okolnostima na primjeru provođenja politike štednje u zemljama članicama EU koje su to postale od 2004. godine. Ekonomska teorija služi kao smjernica za provođenje određene ekonomske politike, no na njezino provođenje utječu različite okolnosti. Kao najvažnija egzogena odrednica (okolnost) može se navesti izborni ciklus gdje, u demokratskim zemljama, političari, koji su zaduženi za provođenje ekonomske politike, moraju biti ponovno izabrani na svoju dužnost. Stoga izbori predstavljaju svakako najvažniju odrednicu u radu određenog političara. Radi toga izborni ciklus služi kao dobra orijentacija za analizu utjecaja društvenih okolnosti na provođenje ekonomske politike prema danoj teoriji. U tu će svrhu biti pružen povijesni pregled razvoja teorije politike štednje, kao i prikaz njezinog provođenja u ekonomskoj politici. Nakon toga će biti dan pregled teorije javnog izbora i političkih ciklusa koji pružaju teorijski okvir za objašnjenje važnosti samih izbora u životu racionalnih ekonomskih agenata. Na osnovu dane analize moći će se provesti ekonometrijska analiza pomoću koje će se pokušati odrediti značaj političkog ciklusa u provođenju politike štednje, posebno u kontekstu razdoblja Velike recesije. Metodološki, panel analiza čini temelj empirijske analize diplomskog rada i bit će provedena nad uzorkom od 11 novih zemalja članica EU u vremenskom razdoblju 2004.-2019. ; This Master's Thesis analyzes the implementation of economic policy within the political cycle, i.e. attempts to analyze the application of economic theory in the condition of real social circumstances by using the example of the implementation of austerity policy in EU member states that have become so since 2004. Economic theory serves as a guideline for the implementation of a particular economic policy, but its implementation is influenced by different circumstances. ...
In this paper we analyse the effectiveness of demand- and supply-side fiscal policies in the small open economy of Slovenia. Simulating the SLOPOL10 model, an econometric model of the Slovenian economy, we analyse the effectiveness of various categories of public spending and taxes during the period 2020 to 2030, assuming that no crisis occurs. Our simulations show that those public spending measures that entail both demand- and supply-side effects are more effective at stimulating real GDP and increasing employment than pure demand-side measures. This is due to the fact that supply-side measures also increase potential and not only actual GDP. Measures which foster research and development and those which improve the education level of the labour force are particularly effective in this respect. Employment can also be stimulated effectively by cutting the income tax rate and the social security contribution rate, i.e. by reducing the tax wedge on labour income, which positively affects Slovenia's international competitiveness. Successful stabilisation policies should thus contain a supply-side component in addition to a demand-side component. We also provide a first simulation of potential effects of the Covid-19 crisis on the Slovenian economy, which is modelled as a combined demand and supply shock.
Europska Unija je savez 27 zemalja članica te broji oko 500 milijuna stanovnika. Začetak Europske Unije smatra se 9. svibnja 1950. godine kada je Robert Schuman predložio osnivanje Europske zajednice za ugljen i čelik. Od tada do danas, EU broji ukupno 6 proširenja. Institucije i tijela Europske unije zajedno surađuju i donose odluke u svrhu formiranja i reguliranja odnosa unutar Unije. Ujedno sudjeluju u kreiranju proračuna koji služi za financiranje raznih politika i projekata u više aspekata (npr. obrazovanje, znanost, poljoprivreda i slično). Države članice europodručja također dijele i zajedničku valutu – euro. Republika Hrvatska najmlađa je članica Europske Unije, a pristupila je 2013. godine nakon nekoliko godina pregovora te niza uvjeta koje je uspješno ispunila na svom putu prema Uniji. Danas je ravnopravni član koji je u prvoj polovici 2020. godine predsjedao Vijećem Europske Unije, a preostaje joj preuzeti službenu valutu Europske Unije i pristupiti schengenskom prostoru. Europska unija ima velike planove za naredno razdoblje i svojim proračunom za budući višegodišnji financijski okvir pokriva puno aspekata koji su u potrebi za razvojem i financijskom pomoći, a radi i na uspješnom zbrinjavanju migranata i tražitelja azila te regulira zakonodavstvo vezano za migrante koji nemaju pravo ostati u EU. Ujedno svim naporima radi na oporavku gospodarstva nakon pandemije korona virusa koja je zadesila svijet početkom 2020. godine. ; European union is an alliance of 27 countries and has around 500 million residents. Birthday of the European union is considered to be May 9th 1950. when Robert Schuman suggested to form an European Coal and Steel Community. From that point on, European union had total of 6 enlargements. Institutions and bodies of European union work together and make decisions in order to form and regulate relationships inside of the Union. They work together to form a budget which will finance all kinds of policies and projects (i.e. education, science, agriculture.) States that are part of the ...
Europska Unija je savez 27 zemalja članica te broji oko 500 milijuna stanovnika. Začetak Europske Unije smatra se 9. svibnja 1950. godine kada je Robert Schuman predložio osnivanje Europske zajednice za ugljen i čelik. Od tada do danas, EU broji ukupno 6 proširenja. Institucije i tijela Europske unije zajedno surađuju i donose odluke u svrhu formiranja i reguliranja odnosa unutar Unije. Ujedno sudjeluju u kreiranju proračuna koji služi za financiranje raznih politika i projekata u više aspekata (npr. obrazovanje, znanost, poljoprivreda i slično). Države članice europodručja također dijele i zajedničku valutu – euro. Republika Hrvatska najmlađa je članica Europske Unije, a pristupila je 2013. godine nakon nekoliko godina pregovora te niza uvjeta koje je uspješno ispunila na svom putu prema Uniji. Danas je ravnopravni član koji je u prvoj polovici 2020. godine predsjedao Vijećem Europske Unije, a preostaje joj preuzeti službenu valutu Europske Unije i pristupiti schengenskom prostoru. Europska unija ima velike planove za naredno razdoblje i svojim proračunom za budući višegodišnji financijski okvir pokriva puno aspekata koji su u potrebi za razvojem i financijskom pomoći, a radi i na uspješnom zbrinjavanju migranata i tražitelja azila te regulira zakonodavstvo vezano za migrante koji nemaju pravo ostati u EU. Ujedno svim naporima radi na oporavku gospodarstva nakon pandemije korona virusa koja je zadesila svijet početkom 2020. godine. ; European union is an alliance of 27 countries and has around 500 million residents. Birthday of the European union is considered to be May 9th 1950. when Robert Schuman suggested to form an European Coal and Steel Community. From that point on, European union had total of 6 enlargements. Institutions and bodies of European union work together and make decisions in order to form and regulate relationships inside of the Union. They work together to form a budget which will finance all kinds of policies and projects (i.e. education, science, agriculture.) States that are part of the ...
New classic macroeconomy stands to prove Keynes' policy and management of demand wrong, and instead focus on economy of supply. Weakening of demand in highly developed countries, especially China, for resources that are exported by developing countries starts to look like classic economic story. World crisis always drops to national economies. Ebb tide of financing and crediting of developing country economies occurs, which further extends global economic crisis. Enterprises are facing with critical hot spots form their surrounding and with critical hot spots in an enterprise itself. Strategies of new growth and crisis exiting strategies are needed in conditions of limited abilities for investing and developing. Identification of potential and controlled future are important assumptions for getiing out of crisis. Risk and uncertainty analysis, and rating of crisis hot spots, represents second step of analyzing potential crisis challengers. Existence of crisis hot spots, by the rule, increases risk and uncertainty and it contributes toward rising discontinuity in enterprise and its surrounding. In this work we will rate crisis hot spots by the probability of their occurrence for certain time and space horizon and by the consequences in case they occur. Because of impossibility of accurate forecasting, there is a need to rely on planning and forecasting, where the accuracy of prognostic will by the rule depend on clarity of defining a problem, quality of information and competency of cadres. ; Nova klasična makroekonomija nastoji da pokaže uzaludnost kejnzijanske politike upravljanja tražnjom i umesto toga fokusira se na ekonomiju ponude. Slabljenje potražnje u visoko razvjenim zemljama, naročito u Kini, za resursima koje izvoze zemlje u razvoju dobija oblik klasične ekonomske priče. Svetska kriza uvek se prelama i na nacionalne ekonomije. Nastupa oseka finasiranja i kreditiranja ekonomija zemalja u razvoju što globalnu ekonomsku krizu produbljuje i produžuje.Preduzeća se suočavaju sa kriznim žarištima iz okruženja i sa kriznim žarištima u preduzeću. Potrebne su, u uslovima ograničenih sposobnosti za investiranjem i razvojem strategije izlaska iz krize i strategije novog rasta. Identifikacija potencijala i kontrolisana budućnost, važne su pretpostavke izlaska iz krize. Analiza rizika i neizvesnosti i ocena kriznih žarišta, predstavlja prvi korak analize potencijala koji mogu izazvati krizu. Postojanje kriznih žarišta po pravilu povećava rizik i neizvesnost i doprinosi rastućem diskontinuitetu u preduzeću i sa okruženjem.U radu ćemo krizna žarišta oceniti prema verovatnoći njihovg nastupanja za odredjeni vremenski ali i prostorni horizont i prema posledicama u slučaju da do njih dođe. Zbog nemogućnosti tačnog predviđanja, neophodnim se pokazuje potreba oslanjanja na planiranje i prognoziranje, gde će tačnost prognoze po pravilu zavisiti od jasnoće definisanja problema, kvaliteta informacija i kompetentnosti kadrova.
National audience Cet article introduces a special edition presenting all aspects of the new dynamic macroeconomy. It is divided into three areas. specification of DSGE models, methods for simulation, estimation and testing of DSGE models, applications of DSGE models. ; National audience Cet article introduit un numéro spécial présentant la totalité des aspects de la nouvelle macroéconomie dynamique. Il est divisé en trois parties : la spécification des modèles DSGE, les méthodes de simulation, d'estimation et de test des modèles DSGE, les applications des modèles DSGE.
In this era of globalisation of financial economies and markets, macroeconomics is necessarily international. Political and economic leaders are concerned about the competitiveness and attractiveness of the national economic area. The liberalisation of capital movements means that each national monetary policy must take utmost account of foreign interest rates and the views of financial markets. The introduction of the euro will further strengthen the internationalisation of financial markets and economic policies. Therefore, we can only welcome the publication of a French-language international macroeconomics manual which, by virtue of its pedagogical qualities, will provide the greatest services to students and teachers, but which will also be of interest to economists and the informed public, because of the highly topical nature of the issues it addresses (.). ; En cette époque de mondialisation des économies et des marchés financiers, la macroéconomie est obligatoirement internationale. Les responsables politiques et économiques se préoccupent de compétitivité et d'attractivité de l'espace économique national. La libéralisation des mouvements de capitaux fait que chaque politique monétaire nationale doit tenir le plus grand compte des taux d'intérêt étrangers et de l'opinion des marchés financiers. La mise en place de l'euro va encore renforcer l'internationalisation des marchés financiers et des politiques économiques. Aussi, ne peut-on que se réjouir de voir publier un manuel de macroéconomie internationale de langue française qui, par ses qualités pédagogiques, rendra les plus grands services aux étudiants et aux professeurs, mais qui intéressera aussi les économistes et le public averti, en raison de la grande actualité des questions qu'il aborde (.).
My review of Ingrao and Sardoni's book paper focuses on its Part II, entitled "From the Neoclassical Synthesis to New Keynesian Economics." My criticisms amount to three. First, I disagree with Ingrao and Sardoni's account of the twists and turns that have occurred in modern macroeconomics. Often, where they see continuity, I see cleavage; where they see cleavage, I see continuity. Second, I put forward that the result of the 2008 recession is that DSGE economists were led to zero in on the hitherto neglected issue of the workings of the financial sector and its integration in their models. Hence, Ingrao and Sardoni's conclusion of failure must be revised. Third, I want to bring out that the internal history of economics can be written in two ways: the approach can be partisan or steer clear of the fray. As I am in favor of the latter, I regret that Ingrao and Sardoni have adopted the former.
This book of 138 pages (including index) is published in the series 'Elgar Advanced Introductions' 1, a specialised presentation of the post-Keynesian economy. It is not intended for neophytes. Those who, like master's students, already have a small idea of the central divisions that exist in economic analysis, and particularly in macroeconomics, will find a useful summary in this book, which can provide them with many points of reference, as it draws up a very constructed inventory of the key themes and issues that are being debated in the post-Keynesian current. ; International audience ; This book of 138 pages (including index) is published in the series 'Elgar Advanced Introductions' 1, a specialised presentation of the post-Keynesian economy. It is not intended for neophytes. Those who, like master's students, already have a small idea of the central divisions that exist in economic analysis, and particularly in macroeconomics, will find a useful summary in this book, which can provide them with many points of reference, as it draws up a very constructed inventory of the key themes and issues that are being debated in the post-Keynesian current. ; Ce livre de 138 pages (index compris) est publié dans la série « Elgar Advanced Introductions »1 il s'agit d'une présentation spécialisée de l'économie post-keynésienne. Il ne s'adresse pas aux néophytes. Ceux qui, à l'instar des étudiants de master, ont déjà une petite idée des clivages centraux qui existent dans l'analyse économique, et tout particulièrement en macro-économie, trouveront dans ce livre une synthèse bien utile qui peut leur apporter de nombreux points de repère car il dresse un inventaire très construit des thèmes essentiels et des questions qui font débat au sein du courant post-keynésien aujourd'hui.
