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Monetary policy is a very important segment of an allencompassing economic policy. Monetary policies can prevent money becoming the most important source of economic disturbances. In spite of the theoretical dilemmas of opposing schools of thought, monetary policy is a powerful medium for monetary authorities in directing real economic processes. Serbia adopted the regime of inflation targeting in September 2006, as its commitment to monetary policy management. The assessment of the fulfillment of conditions necessary for implementing the inflation targeting regime states that Serbia has made good progress. However, two elements can be distinguished as potential limiting factors of the range of new monetary policy. The first factor represents the undeveloped financial markets either regarding the number of financial instruments available to trade or the scope of transactions making fine tuning of monetary policy in Serbia impossible to expect. The second factor is the internalization of the banking sector. Over 70% of the banking system in Serbia is owned by foreign banking groups. Considering the possibility of credit options abroad and recapitalizations by their centrals, some limitations can appear in the range of channels of interest rates by weakening the main instrument of monetary policy. According to our opinion two other motives should be considered for introducing channels of interest rates as nominal anchors of monetary policy in Serbia. The experience of countries that adopted the regime of inflation targeting states that the implementation of this concept of monetary policy stabilized inflation and its expectations, which was all of great importance because of increased investment activities of large foreign investors. Monetary authorities in Serbia desired to enable a transparent insight into monetary movements in this way, but also to create a climate of stable inflation expectations and stable inflation, to ensure the best condition for continuing and increasing investment activities in Serbia. Another argument contributing to the motives for change of nominal anchors is the expense of national currency in the process of disinflation. This paper tries to answer the question of what Serbia gained and lost by applying the regime of inflation targeting as the monetary policy framework. The results show some positive changes and stabilization of certain macroeconomic variables and, on the other hand, a lower average rate of economic growth.
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During the eighties and nineties, the International Monetary Fund (IMF) and World Bank (WB) imposed extensively structural changes on emerging and transition economies. Conditionality regarded loan approval and also their success in the implementation of structural adjustment programs aimed at countries being efficient and competitive in the global environment. The real purpose of these arrangements was that the countries in transition and developing countries allow entry of foreign investors. This was achieved by imposing free-market measures, including privatization of state-owned enterprises, removal of restrictions on foreign investors, removal of import barriers and the like. The original objective of the International Monetary Fund and other similar financial institutions was to preserve global financial stability by regulating the so far unregulated global financial markets as well as to prevent the emergence of crises and intervene in case they should emerge.
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Dan Ariely, Predvidljivo iracionalninevidljive sile koje upravljaju našim odlukama. Zagreb: V.b.z. d.o.o., 2009 Gordana Đorđević, Informacione tehnologije u digitalnoj ekonomiji. Beograd: Beogradsko trgovaĉko društvo-BTO, 2011 Berys Gaut, A Philosophy of Cinematic Art. (Cambridge University Press, 2010)
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Internal auditing should establish performance metrics and related measurement criterion appropriate to its environment/organization to measure the degree (including quality) of achievements of objectives for which the internal audit activity is established. The case study of the performance of small internal audit activities in Serbia reveals that high level of regulation contributes to the establishment of objectives which enhance credibility of internal audit activities, although they do not fully comply with the international auditing sta ndards.
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As a proven factor of growth and prosperity, entrepreneurship is irreplaceable in economies at different levels and degrees of development. The hallmark of entrepreneurship is doing business in conditions of rapid change, uncertainty and risk, which requires new approaches to business, new business orientations and new strategies. In these conditions the best results are achieved if entrepreneurs and businesses foster entrepreneurial management. Developed economies at the beginning of this century entered into a phase of constant changes. From the century of information technology they entered into a century of knowledge, and the global knowledge-based economy as the leading and irreplaceable factor of development. Developing countries and developed economies are now in a continuous transition period. Entrepreneurship is a factor that can significantly accelerate growth and mitigate the effects of changes in economic structures through self-employment and job creation. Being an engine of development, entrepreneurship is interesting for all economies undergoing transition processes. Entrepreneurship is a feature of both developed and market economies, and it achieves the best results in such a business climate and environment. However, entrepreneurship reaches its full reaffirmation in countries returning to an open market eco nomy.
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A considerable number of economists are bitterly opposed to liberalism which they label neoliberalism in the queer belief that such a deprecating term will more accurately convey its alleged despicable features. It turns out that their general idea of liberalism, which they consistently fail do define, is mistaken and far off the mark. For some of them (neo)liberalism is synonymous with application of terror and violence in international relations which is why they are prone to identify it with a peculiar type of imperialism, the recent one and adjusted to contemporary geopolitical circumstances. Others identify it with what they believe to be the Washington Consensus (WC), a pattern of economic policies forcefully imposed by international financial organizations and the most developed countries and, as such, responsible for massive economic failures in a large number of countries in which it had been applied; notice not being taken of the fact that the IMF, with the WC recipes, is invited after the counties have played havoc in their economies by their own policies. The third group of economists believes that (neo)liberalism is appropriately defined by making it synonymous with whatever is being done in and by the United States, particularly in relation to other less powerful and by various crises adversely affected countries. They seem to be unaware of the fact that the US have utterly abandoned the liberal ideals. The three groups of economists are too numerous to make it feasible to engage in polemics with all of them. Fortunately there is one who as it were assembles all three unfavorable interpretations of liberalism and acts as a sort of protagonist among those who energetically reject and devalue liberalist view of the world. It is to his writing that this polemical text is addressed. A number of critical comments is here addressed to the logical foundations of the antiliberal (ANL) thinking, primarily to their failure to define clearly the concepts which they use and thus to follow the rules of correct reasoning. Their overestimation of the significance of the knowledge and the ideas is also criticizes, whereby it is pointed out that the interests rather than the perceptions of the world have the decisive influence on the behaviors at different levels o social organization. The important fact of low or nonexistent correlation between the stock of economic knowledge and developmental performance of the countries is brought out: the US, the country with the most advanced economic science, is not the most rapidly growing economy, and China, seemingly the most successful one regarding the speed of development is far from being in the forefront of economic science. The assertion of the ANL that the econo my of Serbia has gone through a breakdown i
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In this paper, sport is considered from the viewpoint of sports ethics and morality. Sport is individual and collective social activity which, due to its strategic importance for the development of the younger generations and the maintenance of public health, is regulated by the Law on sport. In addition to laws and by-laws, the behavior of athletes and other sporting event participants, has, since the first Olympic games, been regulated by a codex of ethical and moral standards that is applied universally to all athletes, sports organizations and sporting events, both for amateurs and professionals and sports fans as well. The difference between personal ethical standards and the morality of athletes, groups and collectives, particular communities including sports clubs, sports organizations and groups of sports fans, has always existed and will continue to exist in the future. Unethical and immoral behavior has always existed in sport, and this is the type of behavior that deviates from the athletes’ethical code and the morality of the social environment. Unethical and immoral behavior in sport destroys the noble meaning of sport and endangers other sporting event participants as well as the environment.
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Modern business and new economy impose the necessity of implementation of information technology to business s ystems to facilitate the implementation of business processes in a network environment, rapid response to customer requirements, effective business process changes caused by changes in the business environment. In these circumstances, digital information is becoming the most important asset in business, management, decision-making, communication. The greatest amount of »valuable« information is located in the business documents that are often in paper form. Using modern approach to managing documents and information, organizations translate their documents into the digital world. Implementation of the system for electronic document management provides an effective way of their digitization, storage, search and reuse. Downloading data from these documents, the implemented system creates a database and knowledge base that become a powerful support in a turbulent and competitive market.
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During the last decades of the 18th century and at the beginning of the 19th century, phanariot princes from the two Romanian Principalities created, in their own name, as good Christians, or in the name of the state, as good administrators, a lot of charitable establishments. Charitable organizations have always been seen as one of the most important sides of a good administration and, during the 19th century, as a sign of progress and a proof of patriotism. Actions benefiting the poor express the social solidarity vision of the upper class. As in other parts of Europe where a debate took place about the integration of the poor in society, authorities do not accept practices such as begging and they try to impose a working obligation for all able poors. Beginning with the second half of the 18th century, several prince acts forbade the begging. Disabled poors are either sent to monasteries or they are payed for staying out of the street. In 1775, the Department of the public guardian (Departamentul Epitropiei Obşteşti) was created. It was the first public institution in charge with poors, orphans, schools and other municipal problems in Bucharest. The 19th century has witnessed of an attempt to reorganize, rationalise and improve the social measures initiated during the 18th century. Public pensions for the poors (especially for widows) are still available and efforts to forbid the begging have never stopped. Beggars with a family were also receiving a pension but they were forbidden to beg on the streets or in churches. Beggars with no family were confined to a special establishment. Begging was clearly associated to an illicit job. In 1832, an institution (Eforia caselor făcătoare de bine şi de folos obştesc) was created by the Organic Acts in order to deal with all these problems. This institution was also in charge with orphans (or abandoned children). Until 3 years old, children were raised by a nanny paid by the state. After that, children were supposed to be sent in an establishment meant to be built in the meantime. This establishment was ment to accommodate 200 children. As the establishment for children was always associated with the one for beggars, it never got the chance to be created. In practice, children over 3 years old were also raised by nannies and they were sent in training schools or in public schools. Following the Organic Acts, 120 beggars were receiving help from the state. 70 of them were accommodated in the establishment and 50 were receiving a pension. In reality l, it was very difficult to put these measures in practice. The compromise solution chosen by the authorities was to send beggars to monasteries. Since 1835, the Beggar Houses from Plumbuita and Malamucu, in Walachia, recceived public subsidies. Beginning with 1841-1842, Walachia public subsidies also covered the expenses of the Establishment for insane people and beggars from Mărcuţa.
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The study approaches the ways in which the charity societies from Cluj and Oradea, during the period between the two world wars, have come to help the persons and those categories of people affected by the poverty and diseases. In these two cities from Transylvania, the communities have founded support associations or societies with charity purposes. Their big number that exists in all ethnic groups – Romanian, Hungarian, and Israeli – proves, on one hand, the reality of some serious issues concerning the individual and group existence and, on the other hand, the benevolent involvement of the persons eager to help those in need. There were used documents from the county departments of Bihor and Cluj-Napoca of the National Archives, as well as information from the journals of the two cities.
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Social assistance is a system of material assistance for people unable to work and who do not have the means to live. The attitudes and roles of the towns in this system varied from one period to another. During the Principality towns of Transylvania, town communities were the administrators coordinating social assistance work, although they did not have a preestablished program to do so yet. Towns constantly mind that institutions doing social assistance are well run and the financial support for them is provided. Town leadership is also keen on problems regarding social assistance to be solved. The leadership finds financial and human resources able to implement decisions of the town council. Social assistance work is burdened more and more on the shoulders of the almshouses which will gradually become centers of social assistance. Planning social assistance was the prerogative of the town leadership, while implementation was the task of the master of the almshouse. Sources of the period inform us of four almshouses in Oradea, three for a short period of time in Cluj, two in Braşov, Sibiu, Bistriţa, Sighişoara, Mediaş, Timişoara and one in each of the following towns: Târgu-Mureş Râşnov, Teiuş, Turda, Aiud, Feldioara, Crainimăt, Alba Iulia, Satu- Mare, Baia Mare, Ineu, Lipova. Treatment of diseases gradually becomes a specific activity of physicians, chemists, barbers and bath masters. Therefore social and medical assistance start to become different activities, each having its own development.
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The research on the history of pharmaceutics and medicine in the Hungarian town of Sopron has already a long precedent. The complementary, interlocking threads of medical history, town history and social history research have a special area focusing on pharmacists and pharmacies. The fact that in 1625 there were already two pharmacies and later, at the middle of the 17th century three pharmacies were functioning in town, while their number increased to four up to 1676 also emphasized the important role pharmacists had in the urban and rural society. Our source offers a glimpse into the life and living circumstances of Jeremiás Östereicher, pharmacist of the „Arany Oroszlánhoz” (“To the Golden Lion”) pharmacy from the middle of the 17th century. In spite of the fact that he activated for a short while in the town of Sopron, we have a lot of information on his career due to his personal documents kept in the Archives of Sopron. Östereicher was born in the town of Strela near river Elba and he became a citizen on the 21st of February 1656. He died in October, in the same year beinga victim of the plague. His belongings were inventoried on the 8th February 1657. On the following pages I will publish this source – except the bibliography - in a word by word variant and in a transcription adequate to the generally accepted transcription rules in order to give a hand for the future interdisciplinary researches.
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The study, based on archival research covering a period of two centuries, concerned the settlement and social integration of Jewish families in towns of the Danube-Tisza region. The author attempted to present the history of these predominantly rural towns by an analysis of human interaction, that is, of changes in social structure. He conceives of historical place and time as a system, a network of mutual impacts. In addition to historical conditions, possibilities and requirements, it is essential to consider the spatial, economic, social characteristics of these settlements as well as those Jewish families which were first separate and alien groups, then gradually became members of these local communities. Rethinking his original hypothesis, he now contends that the following factors gave rise to the internal and external conflicts of the Jewish social group: 1. Their separate culture and religion. 2. The absence of legal equality. 3. The activities of a social group departing from their peripheral position and characterised by compulsion and tradition to fill a specific public need. 4. The responses and confusion of the integrating society. He addressed the following issues in the course of his research in regional social history: 1. The historical conditions of specific settlements. 2. Conditions of Jewish settlement: characteristics of their reception, their geographic mobility. 3. Size, occupation, household structure, property holdings of the Jewish population. 4. Other characteristics of lifestyle: housing conditions, marriage patterns. 5. Assimilation issues and statistical data. 6. Conflicts, anti-Semitism.
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The Lutheran orphanage in Sibiu/Hermannstadt owed its existence to the craftsman Georg Thays who, after all his children died, decided in 1753 to spend a part of his fortune improving the life of protestant orphans. Thays intended to create an institution like the orphanage in Halle/Saale established by the pietistic priest August Hermann Franke (1663-1727). Due to the unexpected death of Thays it lasted for some years until the institution opened its doors. The parentless children had to be educated as good Christians but also were trained in a profession. About thirty years from its opening the orphanage functioned due to the brotherly love of the community. Then, during the reign of the emperor Joseph II ecclesiastical institutions were object of secularization and the traditional charity became lost. The orphanage went through a difficult time. Conditions improved from 1858 onwards and a whole series of lucky events made it possible for the community to build between 1882 and 1883 a modern complex. It included an orphanage, a day-care centre and a church. Being build on unstable base, structural damage appeared a few years later and in 1910 the complex had to be demolished. The community decided to rebuild the complex which was inaugurated in 1912. Until 1948, when it was nationalized, the so called “Lutherhaus” existed because of the responsibility and determination of the local protestant community and due to generous pecuniary legacies.
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