VAŽNOST SUSTAVNOG RIZIKA ZA FUNKCIONIRANJE FINANCIJSKOG SUSTAVA

Prije globalne financijske krize 2008./2009. godine sustavni rizici nisi bilu u fokusu znanstvenika i istraživača. Nakon velike disrupcije na svjetskim financijskim tržištima, dolazi do značajnih promjena u percepciji važnosti sustavnog rizika. Cilj promatranja sustavnih rizika je uočavanje i sprečavanje moguće krize te ublažavanje njezinih efekata ukoliko nastupi njena materijalizacija. Financijske sustave proteklih godina obilježili su procesi globalizacije, financijske liberalizacije i integracije te sve brži tehnološki napredak. Upravo financijska liberalizacija je postala jedan od izvora sustavnog rizika, dok je integracija povećala njezin doseg, a tehnološki razvoj i novi financijski proizvodi njezino širenje. Sustavni rizik definiran je na mnogo načina. Sve definicije imaju isti nazivnik da prikazuju sustavne rizike kao niz nepovoljnih pojava koje mogu uzrokovati nestabilnosti u financijskom sustavu. Najveći utjecaj na širenje sustavnih rizika imaju sustavno važne financijske institucije, a mjerimo ih pomoću čitavog niza indikatora i indeksa koji su konstruirani na različitm modelima. Sustavno važne financijske institucije važne su jer se poteškoće u njihovom poslovanju mogu „preliti“ na ostale financijske i nefinancijske institucije, a samim time i na cjelokupno gospodarstvo. U ovom radu prikazani su modeli i vrednovanja sustavnog rizika s posebnim osvrtom na financijske sustave Sjedinjenih Američkih Država i Europske unije, što uključuje i regulativne okvire uspostavljene kao posljedica promjena nastalih u financijskim sustavima. Ocjenjeno je trenutno stanje po pitanju materijalizacije sustavnog rizika u Republici Hrvatskoj kao važne determinante efikasnog funkcioniranja financijskog sustava.

PRIVREDNI RAZVOJ I INSTITUCIONALNA TRANZICIJA ZEMALJA ZAPADNOG BALKANA

Zemlje zapadnog Balkana imaju iza sebe deceniju urušavanja svojih privreda i dve decenije presporog oporavka. Ma kakvo da je istorijsko nasleđe zemalja Zapadnog Balkana (dezintegracija jedinstvenog jugoslovenskog tržišta, vojni sukobi, hiperinflacija, ekonomske sankcije, NATO bombardovanje), najvažnija je efikasnost ekonomskih politika ovih zemalja i izgradnja zdravog institucionalnog ambijenta koji će podsticati privredni rast. U radu se testira hipoteza da bez razvojnih stabilnih institucija nisu moguće visoke stope privrednog rasta koje će voditi ka održivom razvoju i efikasnom sistemu obrazovanja, kao i obrnuto da bez visokih stopa privrednog rasta nije moguće izgraditi stabilne institucije. Privredni razvoj ovih zemalja posmatramo kroz dva perioda, od 2000-2008. godine, i period nakon izbijanja svetske finansijske krize od 2009-2019. godine. U radu smo došli do zaključka da su ekstraktivne institucije podrivale ekonomski rast zemalja Zapadnog Balkana. Institucionalna nerazvijenost i korupcija u zemljama Zapadnog Balkana povezani su sa nižim nivoima obrazovanja, zdravstva, socioekonomskog razvoja i “odlivom mozgova“.

STRATEGIC PRIORITIES IN INTERACTION BETWEEN EDUCATIONAL SERVICES AND AGRO-INDUSTRY LABOR MARKET

The paper considers the strategic priorities of the interaction between the labor market and the educational services market aimed at correcting the imbalance in the labor market in the field of agriculture. The study was conducted on the basis of a set of general scientific methods using strategic and sociological analysis. The main strategic priorities of interaction between the labor market and the educational services market in order to improve the competitiveness of graduates of the vocational education system in the modern labor market have been identified. The paper highlights the role of informal education in ensuring human development as a subject of labor.

JOINT PROJECTS AND DEVELOPMENT ACTIVITIES IN THE FIELD OF DIGITAL ECONOMIES AND INNOVATION OF SERBIA AND RUSSIA

This paper conducts the analysis of bilateral cooperation between Serbia and Russia in the field of digital economy and innovation. At a meeting in Moscow in 2018, the Serbian Minister for Innovation and Technological Development and the Deputy Prime Minister of the Russian Federation for Digital Economy, Transport and Communications agreed on cooperation in the field of industry digitization, innovation, the Internet of things, big data technology and cyber security. Descriptive, comparative, assay, and synthesis methods were used for this research. The paper describes a Russian digital economy project that excess $24.5 billion, of which $ 15 billion is planned to come from the Federal Budget. The project, which ends in 2024, envisages funding for education in the fields of information technology, digital literacy and artificial intelligence. Russia, together with Serbia, will implement a digital pilot project to assist in the movement of people and access to information for citizens of Serbia in Russia and citizens of Russia in Serbia. The projects "Boiling Point" and "Smart City" are also described and analyzed, as well as the international exhibition "Russian Digital Cooperation at Universities", held at the end of October 2019 in Belgrade. The exhibition presents educational programs and promising projects in the field of digital economy that are being implemented at several Russian universities. The first digital dialogue between Serbia and Russia, as part of President Vladimir Putin's visit to Serbia on January 17, 2019, concluded that innovation and the digital economy will play a key role in the development of Serbia-Russia relations in the future.

ANALYSIS OF THE WORK STATUS STRUCTURE OF THE GRADUATE STUDENTS OF THE ECONOMIC FACULTY OF BRČKO

The paper analyzes satisfaction with both educational and scientific research services of the Faculty of Economics Brcko. The analysis is based on the results obtained in 2018 from a scientific research project titled: "A Survey of the Graduate Students Satisfaction with the Services of the Faculty of Economics Brcko". The subject of the research is the work status structure of the Faculty of Economics Brcko graduates. The research was based on the sample created on the basis of the population recorded in the database of the Faculty’s Student Service for the period from 1979 to 2017. The aim of the research was to establish the work status of the respondents, and to compare it with the average situation in Bosnia and Herzegovina. The obtained results of the analysis indicate the positive market positioning of the diplomas of the Faculty of Economics Brcko. They pointed out the fact that the Faculty of Economics in Brcko continues to produces adequately educated and skilled staff both for the private (real) sector and the public sector as well.

THE APPLICATION OF INTERNATIONAL EDUCATION STANDARDS IN THE ACCOUNTING EDUCATION SYSTEM IN BOSNIA AND HERZEGOVINA

The accounting profession is facing high standards in the context of complex business transactions, internationalization of business, application of new information technologies and frequent changes in accounting regulations. In order to respond to many challenges, the accountants must go through quality education, a sound foundation of accounting knowledge, skills and continuous training. International Accounting Standards, International Financial Reporting Standards, and International Education Standards set the benchmarks for designing an initial accountant education program and a continuing learning and professional development program for the accounting profession. The aim of this paper is to investigate and analyze the necessary conditions for obtaining a certificate and license to perform accounting operations in Bosnia and Herzegovina. The analysis of the regulatory framework, the study programs of higher education institutions and the characteristics of the education process, which are related to the acquisition of knowledge and skills for future professional accountants, shows that there are differences in formal education, continuing professional education and training for accountants. The adopted education rules in Bosnia and Herzegovina have created the preconditions for the quality development of future accountants. A high level of expertise and competence is one of the basic conditions and prerequisites for quality accounting performance. The method of analysis and comparison of study programs discovered significant differences in the process of reducing the examinations for acquiring accounting professional titles at higher education institutions in Bosnia and Herzegovina. It was concluded that it is necessary to standardize the system of formal education for professional accountants by developing, adopting and implementing international standards of education by prescribing requirements for entry into professional accounting education programs, initial professional development and continuing professional development of future accountants.

PRISTUP SEKTORA MALIH I SREDNJIH PREDUZEĆA IZVORIMA FINANSIRANJA: PERSPEKTIVA FEDERACIJE BOSNE I HERCEGOVINE

Ovaj rad istražuje problem malih i srednjih preduzeća (MSP) vezane za pristup izvorima finansiranja uFederaciji Bosne i Hercegovine (FBiH). Fokus istraživanja je na analiziranju potreba MSP za eksternimfinansiranjem, karakteristikama nedavno dobijenih eksternih izvora finansiranja te preprekama zadobijanje finansijskih izvora, kao i da se pomogne u razumijevanju budućih potreba MSP i finansijskeklime. Kako bi se procijenila adekvatnost pristupa finansiranju MSP u FBiH, istraživanje je provedenokorištenjem SAFE metodologije Evropske centralne banke, i to na uzorku MSP u FBiH. Podaci suprikupljeni u 2016. godini, a uzorak je činilo 80 MSP. Adaptirani upitnik za ovo istraživanje kreiran jena način da analizira percepcije MSP u FBiH u pogledu dostupnosti i adekvatnosti finansijskihproizvoda/usluga, koje nude banke i druge finansijske institucije. Očekuje se da će istraživanje pružitiinformacije o identifikaciji problema iz perspektive MSP prilikom traženja eksternih finansijskih izvorai može se koristiti kao smjernica za poboljšanje postojećeg institucionalnog okvira u FBiH radi boljegpristupa finansijama za MSP.

FINANCIAL LITERACY AND CONDITIONS FOR ITS IMPROVEMENT

In this paper we explain the notion of financial literacy and its importance for citizens,financial institutions and society as a whole. Low level of financial literacy andinsufficiently organized institutional framework can create many problems forindividuals and financial institutions as a whole. In Bosnia and Herzegovina, a very smallnumber of people are financially literate. There is no strategy for raising the level offinancial literacy. Bosnia and Herzegovina is a country that, in relation to itssurroundings, at least strives to raise the level of financial awareness and literacy ofcitizens. If it is not possible to adopt a national strategy for raising the level of financialliteracy in B&H, it would be necessary to use the existing institutional capacity toincrease the level of literacy of all structures and groups of the population.

ANALIZA EFIKASNOSTI TRGOVINSKIH PREDUZEĆA U SRBIJI

Vrlo je aktuelna i kontinuirano se istražuje problematika efikasnosti i totalne faktorske produktivnost u svimprivrednim sektorima, što znači i u trgovinskom. Pri tom se u novije vreme sve više koristi DEA analiza, DEAprozor analiza, DEA Malmquist indeks produktivnosti, Fuzzy Topsis metoda i drugi matematički modeli i metode,pored statističke analize. Imajući to u vidu, u ovom radu se istražuje dinamika efikasnosti i totalne faktorskeproduktivnosti trgovinskih preduzeća u Srbiji po pojedinim regionima primenom DEA prozora analize i DEAMalmquist indeksa produktivnosti. Dobijeni rezultati istraživanja pokazuju da je znatno veća efikasnost iproduktivnost trgovinskih preduzeća u regionima Srbija – Sever, Beogradski region, i Region Vojvodine nego uostalim posmatranim regionima (Srbija – Jug, Region Šumadije i Zapadne Srbije i Region Južne i Istočne Srbije).U svim, a posebno u regionima Srbija – Jug, Region Šumadije i Zapadne Srbije i Region Južne i Istočne Srbije,potrebno je preduzeti odgovarajuće mere, pre svega što veća primena novih koncepata upravljanja troškovima,i informacione i komunikacione tehnologije u cilju unapređenja efikasnosti i produktivnosti trgovinskihpreduzeća u budućnosti..

CHALLENGING EDUCATIONAL PROCESS IN MODERN ENVIRONMENT

The paper gives theoretical and practical approach to challenging educational process in modern environment.In first part of paper, present theoretical aspects of educational process through history and time, by leadingauthors in the field of education. Educational process comes from traditional form of teaching to integratedlearning process, which includes information technology platforms, modern holistic marketing approach,modern approach to presentation in class room, interactive discussion with students, and use of mobileplatforms and new concept of relationship with students, based on dialogue. Also, business environment haschanged and has impacted educational process. In second part of paper, is presented theoretical aspects ofstudent’s behavior through time, from traditional concept of listening lectures, to the interactive learningprocess and dialogue with colleagues and professors. Also, changing business environment bring to educationalprocess new topics, new professions. There is emphasizing that new generation need integrated approach,based on both traditional knowledge methodologies and information technologies platforms. Younggenerations love to share knowledge, educational experiences and have strong feeling for connection withothers, to learn more, to travel, to get experiences. Young generations are mobileand in looking for knowledgeand nontraditional professions. Professors have to follow these educational and business changes. In third partof paper, is presented empirical research about student’s behavior in modern educational process and newbusiness environment. Empirical research includes questionnaire and focus group by students about their newneeds, wishes and feelings in modern educational process in modern environment. Empirical research presentswhat drives students in education, in getting knowledge..