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Амерички комитет за помоћ Југославији у борби за наставак економске помоћи Југославији 1947. године

Author(s): Emilija Cvetković / Language(s): Serbian Issue: 2/2019

During the Cold War, economic aid was an indisputably important tool of the US foreign policy. When United Nations Relief and Rehabilitation Administration (UNRRA) lessened its activity in the beginning of 1947, the US side proposed a program of direct economic assistance and sent a post-UNRRA program, the aid to Greece and Turkey, as planned by Truman Doctrine and Marshall plan, being the most important aid program in the forthcoming period. In such a way, US aid had been conditioned by political motives and, to a large extent, determined by quality of relation between the US and the recipient country. In this political context, the aid for Yugoslavia, after the political confrontations during 1946, did not suit current US interests. The exclusion of Yugoslavia from the US assistance program after the completion of the main part of the UNRRA mission, despite the estimate of the international commission whether the aid to Yugoslavia was necessary, may indicate the manifestation of such a policy. The organization of Yugoslav immigrants in the USA, the American Aid Committee for the Yugoslavs, and the Yugoslav Ambassador Sava Kosanović, as factors close to the Yugoslav government, had great roles in the activities with the aim of providing further US aid due to the lesser UNRRA dispatches. Their work had been coordinated from Belgrade. By intensive propaganda in the USA, and contacts with the US officials, The US Committee for the Aid for Yugoslavia intended to occupy attention of the US public to the problem of privation and hunger that affected the population of Yugoslavia. After the official announcement to Yugoslav authorities, that Yugoslavia had not been included in the aid program, it was directed from Belgrade, that all further actions be cancelled. However, the Committee appealed to the US President himself. In spite of the considerable effort of the Committee in providing aid to Yugoslav population, the US decisions had not been changed. The cited case shows that political motives, not objective needs, were the crucial factors for the decisions about the U.S. economic aid. The absence of US aid, when there were serious problems with provisions of basic supplies of the Yugoslav population, influenced a definition of a negative Yugoslav standpoint about the participation in the Marshall Plan.

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PUBLIC INTEREST, PERSONAL DATA PROTECTION AND BANK SECRECY: A BRIEF LOOK AT THE LEGAL SYSTEM OF BOSNIA AND HERZEGOVINA AND FEDERATION OF BOSNIA AND HERZEGOVINA

Author(s): Edina Sudžuka / Language(s): English Issue: 1/2020

The secrecy and confidentiality of information are regulated by different laws. Secrets may be state, official, professional, business, and a law which regulates them determines degree of confidentiality, the scope of the protected rights, and its restrictions. The exercise of economic freedoms, the liberalization of commerce and globalization stimulate the international movement of people and capital, which in some cases, are aimed to escape from tax laws towards tax havens. Unrecorded financial transactions can result in, not only, double non-taxation but also in money laundering and terrorist financing. It is in the best interest of the every state to detect and prosecute organized crime actors and to prevent such activities from recurring. Keeping that in the mind, the emerging requirements aimed at creating global initiatives to combat financial fraud could be seen. In this regard, cooperation between states and the exchange of information on financial transactions and tax matters occur and develop. Bank secrecy stays as a more or less transparent screen in the space between public interest and private rights.

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THE EFFECTS OF SOCIO-ECONOMIC MEASURES IN LOCKDOWN - THE RESPONSIBILITY OF THE STATE

Author(s): Vanya Grigorova,Miroslav Dimitrov,Stefka Primova / Language(s): Bulgarian Issue: 4/2020

The study examines the social responsibility of the state targeting workers and businesses during the state of emergency in Bulgaria. It analyzes the main mechanisms supporting individuals and legal entities, the number of beneficiaries and the allocated public resources, as well as the effect of the measures on the social security rights of employees. A survey polling 221 workers complements the analysis. The aim is to highlight the specifics, advantages and disadvantages of pandemic management in Bulgaria. The study’s findings can be used to increase the efficiency of state intervention during pandemics by making empirically-grounded adjustments to social responsibility.

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ФИСКАЛНАТА ПОЛИТИКА В БЪЛГАРИЯ В ПЕРИОД НА КРИЗА

Author(s): Dimitar Chobanov / Language(s): Bulgarian Issue: 3/2020

Fiscal policy is a key element of the economic policy. It should be targeted at economic stabilization and smoothening of the business cycle. Its significance is even bigger in countries with currency board arrangement, which limits monetary policy responses to external and internal shocks. In this paper the specific measures towards mitigation of the current crisis by the Bulgaria’s government will be examined as well as their impact on country’s economy.

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КАКВО НЕ ОТЧИТА ПРОКУРАТУРАТА ЗА ПРЕДИСТОРИЯТА НА ЗЛАТНАТА КОНЦЕСИЯ В ЧЕЛОПЕЧ

Author(s): Krassen Stanchev / Language(s): Bulgarian Issue: 3/2020

The experience from 1989 to 2003 of seeking state guarantees, financing, and management of gold mining is an attempt to search for foreign capital and technology. This is not just a continuation of the tradition of the late XIX century, but a solution to the problems that arose in the 1980s. By the mid-1990s, many mining companies were among the most inefficient and polluting in the world. Today, in fact since 2006, new technologies were developed, and DPM - Chelopech is among the global leaders in gold mining technologies.

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ВЛИЯНИЕ НА ПАЗАРНИТЕ ПРОМЕНИ ВЪРХУ ПЪРВИЧНИТЕ ПУБЛИЧНИ ЕМИСИИ

Author(s): Petar Atanasov / Language(s): Bulgarian Issue: 3/2020

Publicity is one of the most important events in a company's life cycle. The decision to move from the private to the public sector involves significant and diverse potential costs and benefits. The initial public offering is often the largest single capital issue that a company makes and marks an important transition in terms of regulation, ownership structure and information environment. Theoretically, the capital market should attract, concentrate, and redirect the free financial resource to the business, responding to its preferences for risk and liquidity. The functions and tasks thus defined are sufficiently met by the primary market, the size of which is relatively small compared to the secondary market and the derivatives market. The study of the relationship between market changes and primary public emissions is crucial for the analysis and forecasts of both indicators.

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СТОКОБМЕНЪТ НА БЪЛГАРИЯ

Author(s): Borislav Georgiev / Language(s): Bulgarian Issue: 3/2020

For several decades now, Bulgaria has had a recurring negative balance in trade. This is a structural and strategic problem for our economy. The mirror differences in trade described here are not a diagnosis. They are rather a laboratory analysis, but they are a sufficient and significant reason for a thorough and detailed examination in all possible ways and by all possible means.

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COMPARATIVE ANALYSIS OF APPROACHES TO THE ORGANIZATION OF PUBLIC SERVICES IN DEVELOPED COUNTRIES AND IN THE POST-SOVIET SPACE

Author(s): Elena Petrenko,Sergey Pizikov / Language(s): English Issue: 4/2020

This article attempts to review and comparatively analyze approaches to organizing a public service system in Western countries and the CIS. From the authors point of view, the greatest practical interest is the comparison of approaches to organizing a public service system (and the very concept of “public service”) in the Russian Federation and the Republic of Kazakhstan.

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Е-УСЛУГИТЕ В ПУБЛИЧНАТА АДМИНИСТРАЦИЯ И ПАНДЕМИЯТА COVID-19

Author(s): Desislava Kalcheva / Language(s): Bulgarian Issue: 4/2020

The crisis surrounding the proliferation of Covid-19 is putting to a test the direct delivery of administrative services by central and local government. The need for social distance requires a different approach to the provision of public goods and services. This report aims to present the development of e-services provided by the public administration in Bulgaria and their development as a result of the crisis related to the spread of the virus. The report presents the degree of implementation of the reform of e-government, the new opportunities for remote access to public services that are offered to the local population in Bulgaria. The possibilities for financing the reform and the main problems related to the introduction of e-services and e-government are presented.

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СЪТРУДНИЧЕСТВО ЛИ Е МЕЖДУОБЩИНСКОТО СЪТРУДНИЧЕСТВО БЕЗ „WIN-WIN“ ВЪВ ВЗАИМООТНОШЕНИЯТА?

Author(s): Tihomira Kostova / Language(s): Bulgarian Issue: 4/2020

This article aims to examine the quality of the relation between all participants of the inter-municipal cooperation (IMC) as a key prerequisite for achieving effective results. A major role is given to the theory of games, which serves as the basis within which the development of the inter-municipal cooperation is seen as a common strategic process in which each community's actions are parallel tied strategies. The applied methods include literature analysis, where basic theoretical statements and links related to IMC process are presented and outlined.

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ADAM SMITH’S IDEAS ON THE DIVISION OF LABOR

Author(s): Yuriy Kuznetsov,Petr G. Shchedrovitsky / Language(s): English Issue: 1/2021

Adam Smith’s exposition of the topic of division of labor was not only unoriginal, but also not particularly profound or thoroughgoing. Presenting the matter in the way it is often done in modern works, namely as if “The Wealth of Nations” addressed basically everything that economic and social sciences could say about it, would be a big mistake. The actual significance of the first three chapters of this book for economic and social sciences rather lies in the fact that Smith outlined with “dotted lines”, so to say, a number of key aspects which served as stimuli for and sources of inspiration for several subsequent generations of researchers dealing with issues related to division of labor in one way or another. As such, “The Wealth of Nations”, indeed, played an important role in the history of thought, and continues to play it to this day.

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CENTRAL BANK DIGITAL CURRENCY: WHAT IS THIS AND WHY IS IT IMPORTANT?

Author(s): Dimitar Chobanov / Language(s): English Issue: 1/2021

This paper explores the topic of central bank digital currency, which refers to cryptocurrency issued by the central bank. It could provide more efficiency, bigger share in payments market and respond to the tendency of using fewer physical cash. The key impacts and risks are identified as well as preconditions for successful implementation of CBDC. Overall, CBDC attracts interest among many central banks and researchers but also it could be more significant for retail users.

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POSTMONEY PHENOMENA: CRITICS OF DIMINISHING MARGINAL UTILITY AND VALUE FUNCTION

Author(s): Boyan Ivantchev / Language(s): English Issue: 1/2021

Business relies on a common understanding of money as a means of exchange, a store of value and a mechanism for rewarding employees and investors alike. In a rapidly changing global economy, notions of money may evolve and force us to rethink its purpose in quite fundamental ways. In this paper I will look at the history of money, its role as a simple tool for payments, exchange, and a measure of value. I will then go on to examine the evolution of the concept of Postmoney and Postmoney theory, challenging the validity of diminishing marginal utility of income and wealth and value function psychological perception of money.

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GREECE STATE BANKING INSTITUTIONS AND FINANCIAL SUPERVISION

Author(s): Ioannis Iakovidis / Language(s): English Issue: 1/2021

In this article the author presents a different perspective on the recent economic crisis of Greece, focusing on the history, the creation and the operation of large financial institutions of the country. The financial crisis of 2009-2015 and after is analyses as a phenomenon that affects and was rooted in the administrative dysfunction of Greece’ public governance. The article makes an attempt to collect and examine evidence of the influence of interest groups, an influence that inflated and contributed to the emergence of the foreign debt and banking crises via the means of manipulating the state, economic institutions and policy implementation.

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THE EVOLUTION OF FIGHTING POVERTY AS AN INTERNATIONAL EFFORT

Author(s): Krassen Stanchev / Language(s): English Issue: 1/2021

The 70 plus years of conceptual and institutional evolution of the fight against poverty as an international effort has had its philosophical, economic and institutional foundations, including UN log-rolling between East and West, North and South but resulted in the current policies to end poverty. This article offers a review this history and analyses the contemporary perspectives the efforts of the UN institutions and the World Bank Group to coordinate the reduction of poverty, and discusses the economic factors behind the success of the Millennium Development Goals (MDGs) to halve extreme poverty, revisiting the outcomes for different regions. The understanding of differences between regions helps outlining what worked and what could support the future fight of poverty. It also features the East European countries that in the period between 1990 and 2007 moved from central planning to market economy, some of them eventually becoming new members of the EU and already belong the group of high-income countries. Their case underpins the analyses of the current constellation of factors to fight poverty. Previous optimism of economists and statisticians is questioned through a critical analysis of the external assistance in poverty fighting strategies, the persistence of high extreme poverty shares in countries in Sub-Saharan Africa, by statistical indications of slower pace of poverty reduction in 2018-2019, and, finally, by the negative externalities of the Covid-19 pandemic and the sharp and deep economic slowdown globally. The paper end by an account of policy mixes that could speed up or at least keep the direction and the trend of the poverty reduction world-wide.

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PANDEMIC GOVERNANCE

Author(s): Vesselin Popovski / Language(s): English Issue: 1/2021

From time immemorial the epidemics affected the fate of states and their powers both short-term and long-term. How do leaders approach contagious diseases and protect people is a crucial test of governance: a tyranny can become emboldened during pandemics, increase its central power and control and make people obedient in fear of mass death; but also a democracy can dramatically fail addressing the emergency, letting many people die, and/or lock down businesses and produce long-term negative economic consequences. This article lists five tests that COVID presented, discusses whether democratic states did better, or worse, during the pandemic, and whether female leaders did better than male leaders. It argues that key factors to assess pandemic governance are competence and willingness to listen to scientists, quick and flexible decision-making, capacity and effectiveness of the bureaucratic machinery, and solid trust in the citizenry.

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EKOLOŠKI POREZI I NJIHOVA PRIMJENA U EUROPSKOJ UNIJI

Author(s): Zvonimir Majić,Dragutin Funda,Tomislava Majić / Language(s): Croatian Issue: 2/2020

The intent of this thesis is to research environmental taxes through their theoretical concept and practical realization. Environmental taxes represent a public policy instrument through which human behavior toward environment can be changed and it can be implemented on multiple levels: regional, national and international. This behavior is, primarily, intended to protect and enhance living space. In modern times, preservation and protection of environment has turned into a struggle against various negative byproducts of today’s world: global warming, poor air and water quality, causes of different respiratory diseases etc. Goals of this thesis are to: connect theoretical concepts of environmental taxation and their use in practice; emphasize regulatory and revenue-raising aspects of environmental taxes in modern tax systems; show the use of environmental taxes in practice and tried environmental tax reforms; show the state of environmental taxes in EU.

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Los efectos de la financiarizacion sobre la naturaleza en el contexto de la pandemia COVID-19

Author(s): Gabriel Alberto Rosas Sánchez / Language(s): Spanish Issue: 1/2020

The objective of this paper is to show the repercussions of financialization on the speed and intensity of exploitation of nature. Under an anthropocentric vision, ecosystems reduced to their monetary expression become the object of profitability and speculation. The financial crisis of 2007-2008, whose effects persist and were magnified as a result of the health crisis of COVID-19, creates the conditions to accelerate the process of financialization of the ecological system by becoming a means of short-term profitability. The risk of the pandemic lies in the deepening of the ecological financialization mechanisms as a way out of the economic and climate crisis based on the rules and operational objectives that govern the operation of the main international agreements on environmental matters.

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Prikaz

Author(s): Laura Crnić / Language(s): Croatian Issue: 01/2020

The review of: Alberto Alesina, Carlo Favero, Francesco Giavazzi, Austerity: When It Works and When It Doesn’t, Princeton University Press, Princeton i Oxford, 2019, 276 str.

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Sustainability of Current Account Deficit in Turkey

Author(s): Özcan Karahan / Language(s): English Issue: 2/2020

Purpose: This study aims to examine the sustainability of the current account deficit in Turkey for the quarterly data between 2003 and 2018. Besides, some policy implications are made to ensure the sustainability of the current account deficit in Turkey’s economy. Design/methodology/approach: The dynamics related to the sustainability of the current account deficit is analysed within the framework of the “intertemporal budget constraint approach” developed by Husted (1992). The long-term dynamics are empirically investigated using the Johansen cointegration test. Econometric analysis is also expanded within the framework of the Vector Error Model to reveal the short-term dynamics. Findings: The results of Johansen cointegration analysis suggest that current account income and expenses are integrated with the cointegrating coefficient less than 1, implying that Turkey has a weak form of current account deficit sustainability. Findings of the Vector Error Correction model confirm the results of long-run analysis and indicates that the deviations from the long-term equilibrium are corrected at a rate of 78% every quarter term. Research limitations/implications: The “intertemporal budget constraint approach” developed by Husted (1992) focuses on the equilibrium between current account income and expenses to analyse the sustainability of the foreign balance. However, the sustainability of the foreign deficit is also closely related to what kind of capital inflows is used to finance the foreign deficit. Therefore, the implications made regarding the sustainability of the current account deficit in Turkey based on the Husted model should be accepted with some reservations. Originality/value: Since external imbalances are a key challenge for most of the developing countries to provide full integration into the world economy, many empirical studies are examining the current account sustainability. The majority of these studies focus on the long-run dynamics of the current account imbalances. Unlike most of the previous studies, this paper also focuses on the short-run dynamics of the current account balance. Thus, the difference of this study from other studies stems from the examination of the dynamics of current account sustainability not only in the long term but also in the short term.

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