Impact of global financial crisis on insurance industry in selected Western Balkan countries

The chapter analyses the effects of the global financial crisis on the insurance market of selected Western Balkan countries, taking into account their characteristics, the achieved level of development, frameworks within which they function, and emerged tendencies on the world insurance market. The impact of the crisis is considered with respect to both business and investment side of the insurance company results. In addition to identifying existing problems of insurers during the crisis, warns of upcoming issues expected in the post-crisis period are indicated and possibilities for overcoming them suggested. Useful recommendations for further conduct and development of insurance operations are provided on the basis of comparative analysis of the insurance industry performances in time segments before and after the onset of the crisis

Industrial policy for economic development: the perspectives for Serbia

This paper argues that industrial policy, defined as a conscious effort on the part of government to encourage and promote a specific industry or sector, is an indispensable tool for economic development. Serbia is experiencing a process of de-industrialisation since 1990s. During the period 2001-2012 its industry has been growing at an average annual rate of 0.2%, but it however still did not reach the output of the late 1989. The share of industry in GDP has been decreased, as well as the share in the labour productivity. Moreover, employment in industry has sharply decreased. Serbian exports are dominated mostly by primary and labour- and resource-intensive products making unfavourable export structure. This paper argues that devastated industry of Serbia cannot recover without conscious efforts on the part of government

Novi podsticaji agroindustrijskom sektoru i njihovi doprinosi uravnoteženom razvoju

U ovom radu pokušaćemo da dijagnostikujemo stanje agroprivrede (agroindustrije), koje je neminovno uslovljeno određenim istorijskim izborima, kao i misijom pristupanja Republike Srbije Evropskoj Uniji. Imajući u vidu ozbiljne društvene i ekonomske promene sa kojima je zemlja suočena u poslednjih par decenija, dolazi se do urgentne potrebe za stvaranjem adekvatnih rešenja za što efikasnije funkcionisanje svih učesnika na tržištu. Uvažavajući pravce transformacije poljoprivrede inicirane tranzicijom zemalja CIE, ukazaćemo na zemlje koje su primenile dobre prakse, koje bi mogle biti implementirane i kod nas u cilju uravnoteženog i održivog razvoja. Posebnu pažnju u radu usmerićemo na potencijale porodičnih gazdinstava u Srbiji i mogućnostmai njihovog udruživanja u zadruge, proizvodnju organski gajene hrane, uz dodatne sadržaje kulturnoturističkog, eko-turističkog i edukativnog karaktera, koje bi uticale na (lokalni i regionalni) razvoj i migraciju prema ruralnim područjima

Aktuarski efekti prevremenog raskida ugovora o osiguranju života

Predmet analize ovog rada je merenje aktuarskih efekata prevremenog raskida ugovora o osiguranju života. Cilj rada je da se ukaže na negativne efekte raskida ovih ugovora, kako sa aspekta osiguranika, tako i sa aspekta osiguravača. Rizik prevremenog odustajanja od životnog osiguranja, koji je posebno izražen u nepovoljnim ekonomskim uslovima, narušava svrhu životnog osiguranja i ugrožava finansijski položaj osiguravača. Negativni efekti odustajanja od životnog osiguranja, koji su u radu prikazani na primeru mešovitog osiguranja kapitala, su utoliko vei u prvim godinama trajanja ugovora o osiguranju. Pouzdana statistika osiguranja, kao i realnost vrednosti relevantnih parametara makroekonomskog ambijenta u kome se odvija poslovanje životnih osiguravača, uslovljavaju pouzdanost prognoze broja raskida ugovora o osiguranju života, kao i obima njihovih negativnih efekata

Shaping tradition into cultural-economic goods in order to achieve sustainable development: case of Serbian silk production

The main goal of the paper is to answer the question: How to use traditional knowledge in order to create cultural-economic goods? This is topical because the connection of real tradition and crafts with responsible forms of entrepreneurship represent a real direction to achieve sustainable development goals, with a revitalization of culture that is related to real historical facts. This paper represents a continuation of work that relies on our previous research findings (related to key phenomena: silk production, silk roads, proto-industrialization, cultural political economy etc.). Theories we rely on (such as the cultural political economy, sustainable development, common goods, social and cultural entrepreneurship, cultural tourism) have enabled to summarize the facts that are related to our key phenomena. We used our previous research data which implied strong historical approaches, archive data and field research. This allowed us to strengthen universal findings and conclusions we came to about each element. In confirming mentioned conclusions our specific previous studies helped a lot (Serbia, Calabria cases), as well as the examples of other authors. Moreover, this helped us create a possible solution for a revitalization of silk production as multi-layered heritage that can contribute to sustainable development

Upravljanje rizicima unit-linked životnog osiguranja

Osnovna karakteristika unit-linked životnog osiguranja ogleda se u specifičnosti ulaganja sredstava, koje je direktno vezano za vrednost investicione jedinice određenog investicionog fonda. Prednost unit-linked osiguranja, sa aspekta osiguravača, sastoji se u prenošenju rizika investiranja na osiguranika. Sa aspekta osiguranika, ovo osiguranje omogućuje, sa jedne strane, slobodu izbora nivoa zaštite, a sa druge strane, slobodu ulaganja sredstava rezerve, odnosno izbor investicionog fonda u koji će ta sredstva biti investirana, u skladu sa stepenom averzije prema riziku. Iako unit-linked osiguranje može doneti veće prinose u odnosu na tradicionalne proizvode životnog osiguranja, pri nepovoljnoj investicionoj klimi mogu biti ostvareni značajni gubici. Iz navedenih razloga, veoma je važno sagledati prednosti i nedostatke ovog vida osiguranja, sa aspekta politike investiranja, posebno u uslovima globalne finansijske krize. Tema dobija na aktuelnosti izmenom Zakona o osiguranju, kojom se omogućuje uvođenje navedenog novog proizvoda životnog osiguranja u Srbiji. Stoga je veoma značajno blagovremeno identifikovati rizike koji su povezani sa ovim vidom osiguranja, kako bi bile definisane adekvatne metode upravljanja tim rizicima

Doprinos analize pokazatelja finansijskih performansi osiguravača identifikovanju rizika nesolventnosti

Predmet istraživanja ovog rada je ocena finansijskog položaja osiguravajuće kompanije. Cilj rada bio je da se ukaže na prednosti primene pokazatelja rejting agencije Moody’s, koji omogućuju celovitu finansijsku i aktuarsku analizu. Praćenje kretanja vrednosti ovih pokazatelja u dužem vremenskom periodu obezbeđuje blagovremeno identifikovanje rizika koji ugrožavaju finansijski položaj osiguravajuće kompanije i koji mogu dovesti do njenog bankrotstva. Stoga je efikasno upravljanje ovim rizicima od ključnog značaja za očuvanje solventnosti osiguravača. U radu je, po prvi put na primeru konkretnog osiguravača koji posluje u Srbiji, obrazložen način obračuna i interpretacije vrednosti pokazatelja rejting agencije Moody’s. Dobijeni rezultati upućuju na moguću ugroženost adekvatnosti kapitala rastućim rizicima osiguranja, što je važna smernica za poboljšanje finansijskog položaja kompanije

Achieving food security through sustainable agricultural transformation in Serbia

This paper should give us first view to diagnose the state of agro-industry, which is inevitably conditioned by certain historical choices, as well as a mission of Serbia's accession to the European Union. Keeping in mind serious social and economic changes that the country has faced in the last few decades, it leads to uregent need to create appropriate solutions for the efficient functioning of all market participants. Once recognized, the trends in the transformation of agriculture initiated by the transition of CEE, will help us to point out the countries that have implemented best practices that could be implemented in Serbia as well, with the aim of balanced and sustainable development. Special attention will be focused on the work potential of family farms- small producers in Serbia and possibilities of their association in cooperative production of organically grown foods, keeping permacultural aproaches and ethics as a leading idea, which could affect the (local and regional) development and migration to rural areas

Partnership as a strategy to achieve optimal participatory governance and risk mitigation (of cultural and natural heritage)

In addition to the scientific public this paper may be of interest also to wider public, professionals, and all potential initiators of changes. The term participatory governance may be interpreted as a process that allows shared responsibility of management models, wherein the responsibility is shared and decisions are taken by communities rather than by individuals. It is already wide spread trend to participate in community values by different sector actors, and various forms partnerships. In this paper, in addition to relevant institutions (cultural institutions, tourism organizations, civil organizations, NGOs, public companies such as the National Parks), we propose possible alternative ways of integrative management and PG. We emphasized the importance of local community involvement (thru ecocultural tourism, and other ways of participation by creation of new jobs), but also private sector (such as insurance companies, infrastructure etc.) in the managing and important questions about natural and cultural heritage. The cultural, touristic, heritage, natural issues, should be treated interdisciplinary and by multisectoral approach