Czynniki behawioralne i fundamentalne a stopy zwrotu z akcji rynków wschodzących

Author(s): Tomasz Schabek / Language(s): Polish

Praca jest poświęcona zagadnieniu kształtowania się stóp zwrotu z akcji na rynkach wschodzących Polski i Brazylii. Zastosowano w niej holistycznie podejście do tematu. Oprócz czynników tradycyjnie uznawanych za ważne z punktu widzenia finansów neoklasycznych sprawdzono, w jakim stopniu czynniki behawioralne (pochodzące także z rynku amerykańskiego) oddziałują na stopy zwrotu z akcji. Ważnym elementem opracowania są empiryczne testy modeli stóp zwrotu - zarówno klasycznych, jak i wzbogaconych o zmienne behawioralne oraz makroekonomiczne. Całości towarzyszy bogaty przegląd literatury dotyczącej rynku kapitałowego i najnowszych badań z zakresu finansów behawioralnych.

Ocena transportowych inwestycji infrastrukturalnych współfinansowanych z funduszy Unii Europejskiej

Author(s): Tadeusz Dyr,Paweł R. Kozubek / Language(s): Polish

Stopa procentowa jako kanał transmisji polityki pieniężnej Systemu Rezerwy Federalnej

Author(s): Dominika Brózda-Wilamek / Language(s): Polish

In this monograph, the attention is focused on the role of interest rate in monetary policy. Interest rate policy is important both for the context of the national policy and from the point of view of international finance. The internationalisation of financial markets has led to the stronger impact of Fed’s monetary policy, not only on the U.S. economy, but also on the global economy. However, the scale and the strength of this impact are still the subject of many studies. The aim of the monograph is to investigate the mechanism and effectiveness of the interest rate as the Federal Reserve System’s monetary impulses transmission channel in the years 1984-2015. It also attempt to synthesize theoretical views of the role and importance of interest rate influence on economic processes and present the Fed’s monetary policy objectives and strategies in the last thirty years. The detailed study on the monetary policy transmission mechanism indicates in the one hand a reduced effectiveness of Fed’s monetary policy since the mid-90s of the twentieth century and in the other hand the relatively high efficiency of the Fed’s anti-crisis monetary policy. Between 2008-2015 forward guidance policy and quantitative easing policy have provided additional economic incentives, which have had favourable effect on economic activity of the U.S. economy. // Publikacja dotyczy współczesnych finansów międzynarodowych, ze szczególnym uwzględnieniem polityki stóp procentowych i mechanizmu transmisji impulsów polityki pieniężnej. Ma charakter unikatowy, stanowi wartościowe, kompleksowe, a zarazem oryginalne opracowanie naukowe podejmujące istotny i aktualny problem oddziaływania stopy procentowej Systemu Rezerwy Federalnej na poziom cen oraz przebieg realnych procesów gospodarczych w Stanach Zjednoczonych. Jest adresowana do studentów kierunków ekonomicznych, a także do czytelników chcących pogłębić wiedzę z zakresu finansów międzynarodowych, zainteresowanych zmianami zachodzącymi w sposobie prowadzenia i realizacji polityki pieniężnej w gospodarce globalnej. Może stanowić cenną lekturę dla specjalistów w dziedzinie finansów, bankowości oraz osób zajmujących się zawodowo polityką makroekonomiczną.

Pożyczkodawca ostatniej instancji w strefie euro. Nowa rola Europejskiego Banku Centralnego

Author(s): Ewa Stawasz-Grabowska / Language(s): Polish

During the global financial crisis, major central banks of the world undertook a number of actions, including non-standard ones, aimed at the stability of the financial system. In this context, the discussion on the hierarchy of objectives of central banks, in particular on where the responsibility for the stability and safety of the financial system lies, was resumed. This issue has also become of interest to Polish economists. According to the pre-crisis theoretical consensus, the best way in which the central bank could contribute to ensuring financial stability was to maintain price stability. This belief found practical expression in the direct inflation targeting strategy, which since 1990s has been gradually accepted by successive developed countries and then emerging economies. The basic premise of this strategy is the recognition of price stability as the main objective of monetary policy. The central bank applying this strategy may seek to achieve other goals, such as supporting general economic policies of the government, provided that it does not restrict the implementation of the main objective. It should be noted, however, that price stability is not always at the top of the hierarchy of the objectives of central banks. Even in the case of the first central banks, the reason for the founding of the majority of these institutions was the establishment of a lender of last resort (LOLR) to the banking system. The Federal Reserve System, which was established in 1913 in response to recurring periods of panic in the American banking system, is an example. The choice of this particular topic of the book is a result of the following three premises. First, the concept of LOLR is poorly explored and described in the Polish literature. Secondly, arrangements for the LOLR in the euro area tend to be not very transparent. Thirdly, the actions of the ECB during the crisis in the context of the LOLR in the euro area are a current research problem.

Nadzór korporacyjny a stabilność finansowa banków

Author(s): Emilia Klepczarek / Language(s): Polish

The stability of financial sector entities is a prerequisite for the undisturbed functioning of economies in the modern world. It was strongly disturbed, however, during the global financial crisis in 2008-2010 and the inefficiencies of corporate governance institutions are often mentioned as the important reasons for this destabilization. At the same time, the impact of corporate governance standards on the stability of banks seems to be under-explored in the literature and this book attempts to fulfill such a research gap. Its main objective is to assess, if the particular corporate governance standards influence the financial stability of banks listed on the Warsaw Stock Exchange during the 2005-2015 period. The theoretical and empirical analysis presented in the book identify the key corporate governance standards that may affect the security of banks listed on the Warsaw Stock Exchange. And the research conducted by the author allows assessing the selected mechanisms of corporate governance in the banks listed on the WSE in 2005-2015 as well as the stability measured with the capital adequacy ratio. Finally, the econometric models identify the corporate governance standards determining the stability of public banks during the period under study.

Efektywność funkcjonowania szpitali publicznych w Łodzi

Author(s): Katarzyna Miszczyńska / Language(s): Polish

The health care sector, as a part of the economy, is extremely important in shaping the economic development of the country. Health needs play a fundamental role in healthcare policy. In order to satisfy them, it is necessary to effectively operate health care units, which should result in the provision of medical services of appropriate quality and time accepted by the patient. Conducting an economic analysis of the functioning of entities in the health care sector is extremely important and useful from the point of view of management decisions. On the other hand, the inclusion of this analysis in a broad, multi-aspect range may positively influence the decisions made, and in the longer term on shaping the state’s health policy. The aim of this monograph was to assess the efficiency of selected hospitals in the city of Łódź according to the criteria concerning five areas of their activity: financial, patients and the market, internal processes, development and stakeholders, and identification of factors causing hospital indebtedness. What is more, a ranking, due to the efficiency of their functioning, was also constructed. // Co wpływa na zadłużenie szpitali? Jakie czynniki determinują jakość i poziom świadczonych w nich usług? Autorka w swej książce odpowiada na te i inne pytania dotyczące łódzkich szpitali oraz ich efektywności. Stosując podejście wielokryterialne oraz ujmując zarówno sferę finansową, jak i niefinansową, tworzy ranking szpitali.Wyniki badań zaprezentowane w publikacji będą szczególnie przydatne dla członków zarządów szpitali, organów założycielskich, a także praktyków zajmujących się efektywnością zarządzania tego rodzaju podmiotami leczniczymi.

Corporate Governance in the Banking Sector

Author(s): Piotr Urbanek / Language(s): English

The scientific editor and co-authors of this book have undertaken a very ambitious and difficult task. It is not easy to examine developments in the banking and financial sectors from the holistic perspective, which combines the approach of institutional and law economics. The co-authors of the book have undertaken this task in a highly commendable manner. The result is an excellent monograph, the contents of which constitute a very important voice in the debate on regulation of the banking sector and corporate governance. The advantage of the book is that it was prepared in English, which is an important factor in promoting the works of the co-authors abroad. The book makes for thought-provoking, useful reading, both for researchers and students of economics, as well as lawyers dealing with regulations in the financial sector, policy-makers, and journalists. The book that we would like to recommend to you refers to current developments observed in both the Polish and global economy. It is one of the first titles on the Polish market dedicated to assessment of the role of mechanisms of corporate governance in the banking sector.

INSTYTUCJE POLITYCZNE I PROCES BUDŻETOWY. Przeciwdziałanie tragedii wspólnych zasobów fiskalnych

Author(s): Michał Możdżeń / Language(s): Polish

Autor przedstawia czynniki, które wpływają na politykę budżetową w państwach rozwiniętych, w tym w Polsce. Wykorzystuje koncepcje z obszaru ekonomii politycznej, odnoszące się do działania podmiotów sfery publicznej, uzupełniając je narzędziami nowoczesnej analizy instytucjonalnej. Tak ukształtowany warsztat badawczy pozwala mu odpowiedzieć na pytanie, w jakim stopniu instytucje polityczne oraz reguły fiskalne są w stanie oddziaływać na podmioty uczestniczące w procesie budżetowym i ograniczać generowaną przez nie, zgodnie z koncepcją „tragedii wspólnych zasobów fiskalnych”, presję na zwiększanie wydatków publicznych. Analiza potwierdza, że tego rodzaju instytucje mają do odegrania niebagatelną rolę w kontrolowaniu wydatków budżetu państwa. Książkę oceniam bardzo wysoko (…). Wnosi ona wartościowy wkład w badania nad rolą instytucji w kształtowaniu polityki fiskalnej. Problem wspólnych zasobów jest jednym z kluczowych zjawisk wpływających na negatywne postrzeganie polityki fiskalnej, mających ważne konsekwencje makroekonomiczne.Z recenzji dr. hab. Michała Mackiewicza, prof. UŁ Analiza przeprowadzona w książce pomaga lepiej zrozumieć kształtowanie się wydatków publicznych w Polsce w okresie transformacji oraz pozwala na wyciągnięcie wniosków, które mogą i powinny być wykorzystane do wzmocnienia finansów publicznych. Niesie ona istotną wartość poznawczą zarówno dla osób odpowiedzialnych za politykę gospodarczą, jak i ekonomistów.Z recenzji dr. hab. Andrzeja Rzońcy, prof. SGHMichał Możdżeń – ekonomista, politolog, doktor nauk ekonomicznych, adiunkt w Katedrze Administracji Publicznej Uniwersytetu Ekonomicznego w Krakowie, prowadzi badania osadzone w nurcie nowej ekonomii instytucjonalnej. Analizuje uwarunkowania polityki fiskalnej, rolę administracji publicznej w funkcjonowaniu nowoczesnego państwa, zdolności podmiotów sektora publicznego do koordynacji działań zbiorowych.

Wybrane zjawiska i procesy wpływające na rozwój polskiej gospodarki w pierwszej połowie XXI wieku. Projekcje na podstawie systemu modeli makroekonomicznych

Author(s): Waldemar Florczak,Michał Przybyliński,Iwona Świeczewska,Łucja Tomaszewicz,Joanna Trębska / Language(s): Polish

The publication presents the results of research undertaken as part of the National Science Centre project, “Determinants of the Development of the Polish Economy in the 21st Century: An Empirical Analysis and Projections Based on the Macroeconomic Models System” („Determinanty rozwoju polskiej gospodarki w XXI wieku. Analiza empiryczna i projekcje na podstawie systemu modeli makroekonomicznych”). Basic phenomena and processes that have emerged in the 21st-century Polish economy have been described and supplemented with projections showing their possible influence on the future economic development of Poland. The authors have focused on the effects of the projected changes on the demographic structure, technological progress, the accumulation of knowledge capital in the economy, further globalization manifesting itself as variations in the intensity and structure of the Polish foreign trade, and structural changes of cross-sector connections in financial markets. The simulation scenarios in the book describe possible fluctuations on the labor market, shifts in the structure and value of aggregate demand, changes in the generation and flow of income in the economy, and variations in the demand for financial instruments and their supply on the financial markets.Since the Polish economy exhibits the typical features of developed European economies, the analysis of phenomena and processes it undergoes has a universal character.

Dobrowolne ujawnienia informacji finansowej

Author(s): Ewa Śnieżek,Michał Wiatr / Language(s): Polish

The study attempts to present solutions for improving voluntary disclosures of financial information in business entities’ reports. It therefore shows their significance in the 21st-century business report, and thus indicates the need to shape a new reporting model as the basic carrier of information about a company. The study covers a multifaceted presentation of the issues of improving contemporary financial reporting through solutions for additional, voluntary disclosures of information considered in the context of modern trends in business reporting of a financial situation, achievements, as well as business development opportunities of a company. The first chapter discusses the issue of voluntary disclosures in business reports in the light of criticism of modern financial reporting. Theoretical aspects of voluntary disclosures and related communication gaps as well as determinants of their development have been presented here. This chapter also introduces research on voluntary disclosures of both financial and non-financial information. It also presents results of an empirical study on shaping and visualizing financial and non-financial information. The study is a review of users’ needs to improve annual reports here. The second chapter discusses balance sheet theories as the foundation for creating modern models of financial reporting, focusing not only on the assumptions of a balance sheet theory by an entrepreneur Wilhelm Osbahr, but also on C. Sganzini’s and E. Schmalenbach’s works, as well as on the theories by E. Walb and E. Kosiol. This chapter also presents the concept of repetitive operational cash flows as part of a business report. The third chapter introduces solutions for extra voluntary disclosures of a balance sheet, a profit and loss account, as well as a cash flow statement, while the last chapter presents the results of the survey of respondents’ opinions on solutions for additional voluntary disclosures in enterprises’ annual reports. The chapter ends with recommendations regarding the future of extra voluntary disclosures and their role as an element of multifaceted communication in the context of challenges for the modern enterprise accounting system.

Държавните разходи за социално подпомагане в противодействие на бедността в България

Darzhavnite razhodi za sotsialno podpomagane v protivodeystvie na bednostta v Bulgaria

Author(s): Kornelia Filipova / Language(s): Bulgarian

The book is devoted to the problems of social assistance expenditures on reducing the risk of poverty and social exclusion in Bulgaria. It is based on an assessment of current trends in social assistance provision against the main policy challenges in the country compared with the international experience in Central and Eastern Europe. It reviews the recent literature on poverty and considers some different conditions of social benefits spending like: education, health, labor market, housing, etc. In the empirical analysis, it has been proved that the determinants that have the strongest impact on the risk of poverty in Bulgaria include the share of long-term unemployed and education expenditures. Moreover, a moderate to significant relationship has been established for the indicators of economic development and standard of living, represented by GDP per capita, number of primary school graduates, and total income from regular transfers from other households. The remaining independent variables (total wage income, self-employment income, property income and health care expenditure) have a rather local impact on individual areas in the country. These findings suggest that increasing social assistance budgets are not a major stimulus for the social integration of the able-bodied population among the vulnerable, but must be accompanied by essentially other policy measures to combat poverty.

Информационни аспекти на финансирането на системата за национална сигурност

Author(s): Iliya Tsenov / Language(s): Bulgarian

Revealed is the main role of economics and the key importance of finances for security. Exhibited are the planning methods, normative basis and organisational structure of the national security system. Observed are the national values and interests, as well as their role in forming a national ideal. We explore financing as ground for the functioning of the state, firms and the private individual, presented as one universally human creation, by which the essence and logic of governing money is revealed.We observe the organisation of the budget process, resource provision of the Armed forces, financial management and the main events under the defence-mobilisational readiness of the state. Special attention is paid to collective defence within the frames of NATO and the EU and the need for adequate decisions in aligning the armed forces with the requirements and standards of our allies.Focus is then placed on the informational provision of financing to the national security system, with the main problems and underlying reasons - highlighted. A special mention is paid to the rearmament- and modernization projects, which will cause an increase in the financial control requirements.The main goal of the research is to reveal convincing arguments to the advantages of this new financing model, based on the successes of economics and informational technology, which will lead to quality changes in the financing of the defence sector and maximal efficacy in investing the financial resources.

Loan and Guarantee Funds. Development – Performance – Stability

Author(s): Halina Waniak-Michalak,Jan Michalak,Maciej Turała / Language(s): English

The monograph is scientifically valuable, innovative and brings the high potential for application. The discussed topics are up to date and significant for both theory and economic practice. The literature review presented herein is of high academic quality, as is the rich empirical part which covers the stages of development of loan and guarantee funds, provides a comparison of their functioning in different countries and analyses their financial standing in the context of regional development.The monograph may be addressed to representatives of the economic practice as well as academics, in particular those specialising in public finance, local government finance, accounting and management of corporate finance.All in all, it is a valuable publication, not only on the Polish publishing market.

Регулаторен провал с 500 милиарда последствия

Author(s): Krasimira Naydenova / Language(s): Bulgarian

The well-developed financial system gives savers, investors and issuers the opportunity to choose between different asset classes, projects and sources of capital, but this is only possible if there is diversification of risk, liquidity and information. By mediating the effective allocation of limited economic resources, the developed financial system provides benefits not only for citizens and companies, but also for societies. Bulgaria - still a new economy and democracy - suffers all the effects of the underdeveloped financial system. The capital market has an extremely modern regulatory and institutional framework, but it does not work well enough. The market capitalization is huge, but most stocks are illiquid. The banking system boasts strong European investors, but the structure of banks' assets includes almost no risky financial instruments. In addition, they do not issue new securities, which does not help to offer quality assets. Bulgaria is part of the European Union, every business, including investment, is regulated by European directives and regulations, but integration remains incomplete due to different national currency. The tasks set by the society have not been fulfilled, despite the introduced institutions and rules and this is a regulatory failure. The study does not examine the national financial system of Bulgaria as a whole system, but to identify only some of the mistakes made in its creation and development, as well as some of the effects of these failures, especially on the capital market. Introduced as foreign experience or promising innovations, some government initiatives represent a regulatory failure. Such are the administratively forced listing on the Bulgarian capital market, the ongoing full transposition of the latest and restrictive regulatory framework for this market, keeping the capital market and institutional investors away from government projects through lack of securitization, extremely strong market presence of banks, concentrated banking ownership and the refusal of full integration into the European financial system by postponing accession to the euro area. The overall effects are theoretical, just possible, and represent the scale rather than the sum of the damage. The figures show a loss of national income of BGN 545 billion according to the method of the Keynesian investment multiplier and BGN 523 billion, calculated alternatively by the relative theory of the time value of money. These huge figures, five times the gross product of Bulgaria, are result of regulatory failures. The non-functioning capital market is a consequence of this failure, but it is also one of the reasons that led to the loss of national income. The lack of alternatives for investors, savers and issuers, provided at this stage of development of world civilization only by the capital market, is a direct consequence of the regulatory failure.

Europeizacja prawa finansowego. Wybrane zagadnienia

Author(s): / Language(s): Polish

A selection of examples of Europeanisation in Polish financial law. The authors – young scientists from different Polish academic centres – consider in their analyses the influence of the current crisis on the process of changes in the financial sphere of economy. The texts discuss various economic, legal, social and political issues connected with building a single European financial market, unifying the tax system and tackling the current economic crisis at a European level.

Nowoczesne metody zarządzania sprawami publicznymi w mieście

Author(s): Magdalena Wiśniewska / Language(s): Polish

Cities are specific organizations that face particular challenges included both in management processes and management tools. The monograph is a compedium of modern methods of public affairs management in the city. The instruments presented are in line with the concept of public value, which enables efficient management in cities. The monograph may be a handy reference for teachers and scientists. Public management practitioners can also find it interesting. The author’s deliberations are partly instructional, which increases the value of the monograph from the point of view of city managers. The methods employed have been selected according to their modernity and appropriateness in the light of contemporary management conditions in cities.

Partnerstwo publiczno-prywatne – dzieląc się wiedzą i doświadczeniem

Author(s): Magdalena Załęczna,Katarzyna Olbińska,Anna Wojewnik-Filipkowska,Joanna Węgrzyn,Agata Kozłowska / Language(s): Polish

Public-private partnership is both a fascinating and frustrating area of research. PPP is not a simple recipe for financial shortages experienced by public entities; it is a complicated mechanism that requires meeting many conditions to function efficiently. The authors present their thoughts and conclusions against the background of the existing state of knowledge about PPP and assess the level of institutional maturity of PPP in the context of public support for this formula in Poland. The monograph consists of six chapters. The first and second chapters constitute the theoretical foundation, describe the genesis and institutional conditions of public-private partnership, its subject, specificity, significance, and financing of PPP. The next chapter presents the state of the PPP market and the requirements for its development; it starts with an international framework to analyze the number, value, and areas of PPP application, then describes the situation in Poland against this background. The authors also investigate the success factors of public-private partnership projects. The fourth chapter is devoted to the issues of regeneration. The authors synthesize it and then present the historical conditions for developing PPP in regeneration in Great Britain to deliver Polish solutions and problems in this field. Chapter five, describing transport solutions in the PPP formula, has a similar practical dimension. The authors focus on the road, transport projects, and transport-related infrastructure, referring to British and Polish solutions. An extensive summary of the considerations carried out in work can be found in chapter six. The monograph ends with a synthetic conclusion.

Decentralizacja fiskalna jako ograniczenie zjawiska Lewiatana

Author(s): Beata Guziejewska / Language(s): Polish

This monograph examines fiscal decentralisation and its constraining influence on the expansion of the public sector known as Leviathan with respect to J.M Buchanan’s Leviathan hypothesis of decentralised public finance structures. Fiscal decentralisation processes are discussed in the wide context of economic, political, administrative, sociological, and spatial factors. The analysis heavily draws on the achievements of the fiscal federalism theory.The purpose of the monograph is to expand the theoretical knowledge of fiscal decentralisation as a mechanism constraining and inhibiting the threats of Leviathan. It contains a review of previous empirical studies and presents evidence in support of the following research hypotheses:1. Fiscal decentralisation founded on the qualitative premises of the doctrine improves the efficiency of the public sector while constraining Leviathan.2. Decentralisation and fiscal decentralisation can be instrumental in constraining Leviathan in the face of tendencies to centralise the State released by post-crisis responses to the impacts of the pandemic.3. The multifaceted character of fiscal decentralisation causes that its constraining effect on Leviathan is not empirically confirmed for all areas and periods of time.4. Fiscal decentralisation is a significant element in defining a new paradigm of sustainable finance for post-pandemic years. The monograph addresses modern challenges faced by fiscal decentralisation, including the ESG concept (Environmental-Social-Governance) and the impacts of the pandemic. Its interdisciplinary deliberations conclude with a proposal for fiscal decentralisation processes to be incorporated into a new paradigm of sustainable finance.

Kako nabavljaju crnogorske opštine?

Author(s): Jovana Marović,Stevo Muk / Language(s): Montenegrine

Jednogodišnje istraživanje o rizicima za korupciju u postupcima javnih nabavki u crnogorskim opštinama sprovedeno je u okviru projekta Korupcija na lokalnom nivou – nulta tolerancija. Projekat, između ostalog, obuhvata monitoring lokalnih akcionih planova za borbu protiv korupcije u 14 opština, kao i izradu studija praktične politike u šest oblasti visoko rizičnih za korupciju. Analiza Kako nabavljaju crnogorske opštine? je istovremeno nastavak istraživačke djelatnosti Instituta Alternativa u oblasti javnih nabavki tokom koje je izrađeno više prijedloga praktične politike, a u pravcu unaprijeđenja zakonodavnog i institucionalnog okvira i prevazilaženja problema u praksi, kao i vodič za efikasniji nadzor javnih nabavki od strane Skupštine Crne Gore. Pregled stanja u javnim nabavkama u Crnoj Gori, sa posebnim akcentom na lokalni nivo, tokom 2012. i 2013. godine, sačinjen je na osnovu zvaničnih izvještaja o radu nadležnih institucija zaduženih za sistem javnih nabavki, zaključaka Vlade, izvještaja o analitičkom pregledu usklađenosti zakonodavstva sa pravnom tekovinom Evropske unije u poglavljima 5 Javne nabavke i 23 Pravosuđe i temeljna prava, kao i izvještaja Evropske komisije o napretku Crne Gore u 2013. godini. Ovaj dio je praćen kriterijumima za transparentno sprovođenje javnih nabavki koji su primijenjeni na crnogorske opštine, sa posebnim osvrtom na lokalne samouprave obuhvaćene projektom. Dio podataka je prikupljen i na osnovu zahtjeva za slobodan pristup informacijama. U pravcu dobijanja relevantnih informacija o kapacitetima lokalnih samouprava za sprovođenje javnih nabavki i percepciji rizika za korupciju u ovoj oblasti, pripremljen je upitnik za službenike/ce za javne nabavke. Pitanja su formulisana na način da pruže osnovu za procjenu kapaciteta službi za javne nabavke, tenderskih komisija i procesa planiranja nabavki na (više)godišnjem nivou. Upitnik je poslat službenicima/cama za javne nabavke u 14 lokalnih samouprava, kao i službenicima/ cama za javne nabavke u javnim ustanovama i preduzećima čiji su osnivači ove opštine. Odgovori koji su dostavljeni od strane 35 službenika/ce su osnov iznijetih i identifikovanih problema u sprovođenju Zakona o javnim nabavkama na lokalnom nivou koji su predstavljeni u okviru poglavlja 4.4 U skladu sa identifikovanim problemima u pravcu transparentnog sprovođenja i održivog planiranja javnih nabavki na lokalnom nivou, na kraju analize su ponuđene i preporuke za unaprijeđenje postojećeg stanja.

Procurement in Montenegrin municipalities

Author(s): Jovana Marović,Stevo Muk / Language(s): English

A yearlong research on the risks of corruption in public procurement procedures in Montenegrin municipalities was conducted within the project Corruption at the Local Level- Zero Tolerance. Among other things, the project entails monitoring of local action plans for fight against corruption in 14 municipalities, as well as development of a study of practical policies in six areas of high risk for corruption. The analysis Procurement in Montenegrin municipalities represents both a continuation of the research activities of the Institute Alternative in the field of public procurement during which several practical policy proposals have been made in the light of improving the legal and institutional framework and overcoming the problems in practice, as well as a guide for a more effective monitoring of public procurement by the Parliament of Montenegro. The overview of the situation in the field of public procurement in Montenegro, with special emphasis at the local level, during 2012 and 2013 has been made on the basis of the official reports on the work of relevant institutions responsible for public procurement system, conclusions of the Government, reports on analytical overview of harmonization of legislation with the EU Acquis for the Chapter 5 Public Procurement and Chapter 23 Judiciary and Fundamental Rights, as well as Montenegro 2013 Progress Report of the European Commission. This section is followed by the criteria for transparent implementation of public procurement which have been applied to Montenegrin municipalities, with a special reference to local self - governments covered by the project. A part of information was obtained through requests for free access to information. In order to obtain relevant information on the capacity of local self - governments for the implementation of public procurements and perception of the risk of corruption in this area, a questionnaire was prepared for civil servants responsible for public procurement. The questions have been formulated in such a manner so as to provide basis for assessment of the capacity of services for public procurement, tender committees and process of multiyear procurement planning. The questionnaire was sent to public procurement officers in 14 local self-governments, as well as to civil servants responsible for public procurement working in public institutions and enterprises founded by these municipalities. Based on responses received from 34 civil servants the problems have been indentified in implementation of the Law on Public Procurement at the local level, which are presented in Chapter 4 - analysis. In line with the identified problems in the direction of a transparent implementation and sustainable planning of public procurement at the local level, at the end of the analysis a set of recommendations for improvement of the current situation has been offered.