The Global Financial Crisis and the Behaviour of Short-Term Interest Rates International and Serbian Aspects

Throughout the current global financial crisis the market has continued to fall due to a lack of confidence of those banks that are not yet prepared to lend on the interbank money market. For instance, the negative repercussions of the crisis onto the Serbian financial sector have created a number of issues including a significant increase in lending rates, a difficulty, or impossibility, for the corporate sector to use cheap cross-border loans and a reduction in the supply of foreign exchange on that basis. The inability of the National Bank of Serbia to follow the aggressive reduction of the key interest rate that has been implemented by central banks in developed countries, partly explains the lack of a decline in short-term interest rates by the Serbian banking industry. The first section of the paper focuses on the effects of the financial crisis through the behaviour of short-term interest rates in the US and Europe, while the second section gives an estimation of the effects of the global financial crisis on interest rates in the banking industry in Serbia.World, Financial crisis, Short-term interest rates, International and domestic aspects

Analysis of Effects of Foreign Bank Entry on Credit Interest Rate Behavior in Serbia

Following foreign bank entry, credit interest rates have been extremely high in Serbia compared with a reference group of countries: Croatia, Bulgaria and Romania. This is connected with monetary authorities poor predictions regarding the behavior of those banks in setting interest rates, creating an illusion that competition, per se, would rapidly result in decreasing interest rates; as well as undertaking monetary policy measures- such as an extreme increase in the reserve requirements rate--that contributed to unchanged or increased credit interest rates. The final outcome of poor predictions and measures undertaken by the National Bank of Serbia is limited to periodical appeals by its highest officials to citizens to consider the conditions under which they borrow from banks. However, under conditions of fully inelastic demand for bank credit and a cartel presence in the banking sector, such appeals are ineffective, merely reflecting an attempt to avoid responsibility for a possible wave of bankruptcies in the household sector. Only increasing competition among banks can lead to a significant decrease in credit interest rates in Serbia in the medium term. Empirical analysis shows that competition should be most intensive on the mortgage loan market.Interest rate, Foreign banks, Serbia

Razvijanje sistema ekonomske diplomatije u cilju unapređenja razvoja i konkurentnosti privrede Republike Srbije

Razvijen sistem ekonomske diplomatije podrazumeva strateški pristup u sprovođenju aktivnosti čiji je cilj ostvarenje državnih ekonomskih interesa. Aktivnosti ekonomske diplomatije posebno su značajne za zemlje nižeg i srednjeg nivoa dohotka kao i tranzicione zemlje kakva je Srbija. Razvijen sistem ekonomske diplomatije bi trebalo da doprinese povećanju izvoza, privlačenju investicija, unapređenju bilateralnih ekonomskih odnosa sa drugim državama i uspostavljanje kvalitetnije ekonomske saradnje sa međunarodnim organizacijama. Cilj ovog rada je da utvrdi kakav je trenutni institucionalni okvir za sprovođenje aktivnosti ekonomske diplomatije Republike Srbije i šta je potrebno učiniti da bi se on unapredio. Da bi se to učinilo potrebno je utvrditi: da li postoje strateški prioriteti u sprovođenju ekonomske diplomatije, ko su ključni akteri u tom procesu i na koji način oni sarađuju i da li su dosadašnje aktivnosti dale odgovarajuće rezultate. Radi utvrđivanja preporuka za razvoj odgovarajućeg sistema ekonomske diplomatije izvršićemo analizu aktivnosti ekonomske diplomatije u zemljama okruženja i razvijenim zemljama EU. Konačan rezultat ovog rada trebalo bi da ukaže kakav sistem ekonomske diplomatije bi trebalo Srbija da sprovodi u narednom periodu

Error estimates of gaussian-type quadrature formulae for analytic functions on ellipses-a survey of recent results

This paper presents a survey of recent results on error estimates of Gaussian-type quadrature formulas for analytic functions on confocal ellipses

Inventarisation of bryophyte collection in Croatian herbarium (Herbarium Croaticum-ZA)

Zbirka mahovina Hrvatskog herbarija ZA bila je potpuno nesređena i zapuštena, stoga je izvršeno popisivanje i analiziranje herbarskog materijala. Tako će zbirka postati dostupna i pretraživa. Ukupno je popisano 2845 herbarijska lista mahovina, od toga 14 Anthocerophyta, 616 Marchanthiophyta i 2146 Bryophyta. 69 svojti je s nerazriješenom nomenklaturom. Nomenklatura mnogih vrsta je zastarjela, stoga je bilo potrebno izvršiti nomenklaturnu reviziju. Analizom geografske rasprostranjenosti utvrđeno je da najveći broj mahovina potječe iz Hrvatske, a od ostalih zemalja prevladavaju europske zemlje: Češka, Austrija, Slovenija, Njemačka i Švicarska. Mahovine potječu čak i sa drugih kontinenata: Amerike, Azije i Afrike. Najstarija herbarizirana mahovina Bartramia pomiformis Hedw. potječe iz 1802. godine , a posljednja prikupljena Sphagnum cymbifolium var. compactum (Lam. & DC.) Schultz je iz 1983. g. Najveći broj mahovina prikupio je dr. I.Horvat, a velikim brojem sakupljenih mahovina ističu se i: L.Rossi, J.Podpĕra i I. Pevalek.Bryophyte collection in Croatian herbarium ZA was totally unsettled and neglected, therefore the catalogization and analysis of the herbarium material was carried out. Thus, the collection will be available and searchable with the total of 2845 registered moss in herbarium, consisting of 14 Anthocerophyta, 616 Marchanthiophyta and 2146 Bryophyta. For 69 species there was not enough data. The nomenclature of many species is outdated, so it was necessary to do nomenclatural revision. The analysis of geographical distribution showed that the majority of mosses originate from Croatia, while the rest originate from European countries such as Czech Republic, Austria, Slovenia, Germany and Switzerland. Mosses come even from other continents: America, Asia and Africa. The oldest moss in herbarium is Bartramia pomiformis Hedw from the 1802 and the last collected, Sphagnum cymbifolium var. compactum (Lam. & DC.) Schultz, is from 1983. The largest number of mosses was collected by dr. I.Horvat, followed by L.Rossi, J.Podpĕra and I. Pevalek

MEDIUM-TERM CLOUDINESS VARIATION WITHIN THE AREA OF THE CITY OF DUBROVNIK - processes in the period from 1987. until 1997.

Medium-term cloudiness variations in the area of the city of Dubrovnik point out that in the period from 1987 until 1997 the cloudiness was reduced by about 15%. The climatic average is 4, 6 and the medium-term one is 4,0 measured in tenths. In the first five-year period from 1987 until 1991 the cloudiness was 3, 8 and during the second from 1992 until 1997 it was 4,2. In the course of seven years the cloudiness was below medium-term climatic average, during one year above medium-term (below climatic) and for two year above the climatic average. Reconsidering observations of the annual, seasonal and daily cloudiness and precipitation values, the area of the city of Dubrovnik can be determined as a stable and a dynamic one

Some Legal Questions Concerning Loans and Legal Disputes in the Roman and Medieval Commercial Navigation

The paper describes basic financial elements of commercial navigation during the Roman and medieval period. These primarily include the persons who financed the voyage, as well as other partners as determined by law. The legal regulation in question concerns maritime loan, a deposit used as an instrument of security for the return of loan ever since the Ancient times by the Phoenicians, Greeks, Romans, and other maritime nations in the Eastern Mediterranean. The oldest legal regulations related to maritime loan can be found in the Roman law, the Rhodian Law on Jettison of Cargo, and the Rhodian Sea Law (Lex Rhodia). The paper analyses elements related to maritime litigation as well as other relevant issues such as maritime flags. In addition, the paper explores the extent of the influence that these regulations have had on the resolution of certain legal issues connected with maritime navigation

Error estimates of gaussian-type quadrature formulae for analytic functions on ellipses-a survey of recent results

This paper presents a survey of recent results on error estimates of Gaussian-type quadrature formulas for analytic functions on confocal ellipses

LEXEMES OF GERMAN ORIGIN IN THE »SERBIAN COOKBOOK« FROM 1855 AND THEIR LINGUISTIC ADAPTATION

The investigation field was very severely limited: SERBIAN COOKBOOK Edited 1855. The analysis has shown that 54 lexemes make the separate terminological culinary corpus. The corpus consists of two groups. One of them is built by the translating model\u27s equivalents, substantives, which were masculine and remain, except one, all masculine. The other group consists of five subgroups, which are -for the most part -substantives. The models are partly masculine, partly neuter and partly feminine, but the equivalents art all either masculine or feminine. The number of these two was increased, as there is no neuter in equivalents. The lexical influence between languages is the most simple way of influence. In accordance with the phonological and morphological principles the colloquial way is the easiest one for loanwords as words are easy movable