THE RELATIONSHIP OF PENSION FUNDS WITH FINANCIAL MARKETS DEVELOPMENT

This paper empirically explores the impact of pension funds on market development. The goal of the paper is to link the credit rating of a country and the development of the financial market. At the same time, we will make a link between the structure and size of pension funds and the development of financial markets across countries. The development of the market is expressed with the help of the FD index, the size of pension funds as a size related to GDP, the structure of pension funds, as a participation of shares or bonds in relation to total assets and in relation to GDP, and the size of funds is expressed in relation to the GDP of the country. The research question states: “Does the size and structure of pension funds influence the development of the financial market in the country”? The methodology applied consists of qualitative research techniques, such as analysis, comparative analysis, correlation between the two observed variables and synthesis. Thus, this research was provided during the summer of 2019. The selected group of countries was based on two criteria based on data from 2018: OECD countries and the others. Methodology used is based on some previous research related to the financial development index. The research refers to looking for answers to the question of what is the dependence like between the structure and size of pension funds on one hand, and the development of the financial market on the other. The contribution of the paper is reflected in the explanation of the possibilities that pension funds with their structure and size offer to the development of the financial market in the country. The result shows that pension funds can provide a significant support for financing the development of the country, local communities, but that between certain phenomena, such as the size and structure of funds and the size of the economy and the development of the financial market, there is only a poor determination. This paper has intentions to offer a special strategy for creating a portfolio and it is an initial step towards further analysis and directions on the portfolio management

CERTAIN MANIFESTATION FORMS AND PROVING MONEY LAUNDERING IN THE EMERGING MARKET

Money laundering, in its almost 90-year-long history, has attracted the attention of the scientific, professional, but also the general public. Throughout the entire period, the manifestations of this criminal phenomenon, its typology, etiological factors, etc., have changed, but the essence has remained the same: the transformation of illegally acquired money into legal financial flows. Emerging markets are particularly burdened, which is the subject of this paper: identifying, monitoring and proving the process of money laundering with the aim to reduce it in developing countries. In addition, what can be observed in these markets is that money laundering operations are mainly related to those activities where most of the payments are made in cash. Their specificity, that is, the basic motive for execution, is not just a profit, but the aspiration to introduce “dirty” money into legal flows. The aim of this paper is to use the method of description to explain and describe scientifically the money laundering process and to combat this phenomenon with a focus on the characteristics of the money laundering process. In addition, the paper describes the models and weaknesses of this process, while at the same time it respects the standards and specifics of business operations in emerging markets. The result of the paper is that it provides an overview of money laundering in the 21st century in small and open economies, including proposals to prevent and combat this negative phenomenon

Optimizing Linear Correctors: A Tight Output Min-Entropy Bound and Selection Technique

Post-processing of the raw bits produced by a true random number generator (TRNG) is always necessary when the entropy per bit is insufficient for security applications. In this paper, we derive a tight bound on the output min-entropy of the algorithmic post-processing module based on linear codes, known as linear correctors. Our bound is based on the codes' weight distributions, and we prove that it holds even for the real-world noise sources that produce independent but not identically distributed bits. Additionally, we present a method for identifying the optimal linear corrector for a given input min-entropy rate that maximizes the throughput of the post-processed bits while simultaneously achieving the needed security level. Our findings show that for an output min-entropy rate of $0.999$, the extraction efficiency of the linear correctors with the new bound can be up to $130.56\%$ higher when compared to the old bound, with an average improvement of $41.2\%$ over the entire input min-entropy range. On the other hand, the required min-entropy of the raw bits for the individual correctors can be reduced by up to $61.62\%$

Possibility of applying the multicriteria analysis method when selecting a conveyance system in a lead and zinc mine

High costs of conveyance, as well as the need of taking into account other criteria, impose the application of other modern methods when selecting an optimal conveyance system in mines. This problem is especially obvious in metallic mineral raw material mines. This Paper deals with possibilities of applying the multi-criteria analysis method when selecting an optimal conveyance system in a lead and zinc mine

The role of pre-accession assistance in the process of joining the European Union

This paper primarily analyzes the classification of international organizations according to different criteria to see the specificity of the EU as a sui generis international organization. The authors specifically examine the legal order of the EU and the process of achieving full membership. They are interested in the EU accession process, particularly for countries in the Western Balkans like Bosnia and Herzegovina, which is covered by the Stabilization and Association Agreement. Candidate countries have access to various EU funds, which the authors analyze as pre-accession assistance. The study assesses Bosnia and Herzegovina’s status in European integration and delves into the use of IPA funds in the country, including its withdrawal, scope, and limitations. The authors emphasize the importance of IPA funds for Bosnia and Herzegovina

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The subject of this paper is to analyse utilization of cryptocurrencies in international business. The objectives of the research are to provide the scientific and professional public, researchers and practitioners with an overview of current research on blockchain technology in the economy and to determine the impact of the wider use of cryptocurrencies in international business and their impact on the future of financial markets. The research was carried out by using the method of description, literature analysis and research conducted. The selected examples present the possibility for earning, buying and storing cryptocurrencies, paying with crypto-money and investing in them. The research will offer an answer to the research question “What are the advantages and disadvantages of using cryptocurrencies in international payments and what are the security measures of using cryptocurrencies in the future?” In the answer, this paper will present the direction in which the use of crypts will develop in the future. The contribution of the paper is reflected in the presentation of the scope and restrictions on the use of cryptocurrencies in international business, banking and financial markets. Results have shown that blockchain technology has a bright perspective, even though it would not be known today if bitcoin had not gained in popularity. The conclusions suggest that, as long as the transaction costs are lower than the costs of payment transactions, the rational behaviour of legal and natural persons requires encouraging the use of cryptocurrencies in order to reduce the costs of transactions and to overcome the existence of an intermediary.??????? ???? ????? ??????? ???????? ???????????? ? ???????????? ?????????. ?????? ??????????? ?? ?? ?? ??????? ? ???????? ????????, ????????????? ? ????????????, ????? ??????? ????????? ??????????? ???????? ??????????? ? ?????????, ?? ?? ?????? ?????? ???? ???????? ???????????? ? ???????????? ????????? ? ????? ?????? ?? ????????? ???????????? ???????. ??????????? ?? ?????????? ??????? ?????????, ??????? ?????????? ? ??????????? ???????????. ?? ????????? ?????????? ????????? ?? ?????????? ?? ???????, ???????? ? ?????? ????????????, ??????? ?????????????? ? ??????? ? ???. ??????????? ?? ???????? ??????? ?? ???????????? ??????: „???? ?? ????????? ? ????????? ???????? ???????????? ? ???????????? ???????, ?? ????? ?? ????????? ???????? ???????????? ? ???????????” ??????? ?? ???????? ? ????? ?????? ?? ?? ????????? ????????? ????????????. ???????? ???? ?????? ?? ???? ???????????? ?????? ? ?????????? ????????? ???????????? ? ???????????? ?????????, ?????????? ? ?? ???????????? ?????????. ????????? ??????????? ???????? ?? ???????? ???????????, ???? ?? ?? ????? ?? ???????? ?? ??????? ???? ?????? ???????????, ??? ???????? ???????????. ???????? ??????? ?? ?? ??, ????? ??? ?? ???????? ??????????? ???? ?? ???????? ??????? ???????, ?????????? ???????? ??????? ? ???????? ???? ?????? ?? ?????? ???? ????? ?? ???????? ????????? ???????????? ? ????? ?? ???????? ??????? ????? ???????? ??????????? ? ????????? ????????? ??????????. ?????? ??????: ????????, ??????????? ???????, ???????????, ????????? ??????

The Role of the International Monetary Fund in the Post-War Reconstruction of Bosnia and Herzegovina

The specifics of international organizations stated in the paper contain a particular reference to global financial institutions. It refers to the support of the development of countries in transition. It also states their reconstruction under the patronage of subjects of international law. The authors indicate the importance of the foundation and historical development of international financial institutions, especially the International Monetary Fund, along with its connection with its growing influence in the field of project financing, both regionally and globally. In the second part of the paper, the focus is on the participation of the International Monetary Fund in the reconstruction and revitalization of Bosnia and Herzegovina from the end of the war conflicts in 1995 until today. The comparative review points to the most significant areas that had the support of the International Monetary Fund in the financing of projects but also draws attention to the political side of this support through the imposition of conditions for financial resources to be approved. Through an overview of stand-by arrangements, the authors analyze the connection between the approval of projects by international financial organizations and their relation with the insistence on the implementation of specific reforms in Bosnia and Herzegovin

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From a small number of corporate bonds issued since the founding of the Banja Luka Stock Exchange to date, it is obvious that the domestic corporate bond market is in the initial stage of its development. The subject of this paper is to define the assumptions and limitations, i.e. possibilities of the development of the corporate bond market in the Republic of Srpska. The successful development of the bond market, in addition to the institutional and legal assumptions, is largely conditioned by the willingness of companies to emit bonds. On the other hand, it is the obligation and commitment of investors to invest in these securities. The aim of the research is to examine the potential supply and (potential) demand in next three years. The research was conducted using a two-part sur-vey. In the first part, managers in institutional investors in the domestic market were interviewed: investment funds, insurance companies and banks, 42 of them. In the second part, we examined the most significant joint-stock companies on the Banja Luka Stock Exchange, those that were part of the BIRS index and those that paid dividend, 66 of them. The results of the survey show the number of companies willing to finance their operations by issuing bonds and the number of investors willing to invest in these instruments. In addition, we will point to obstacles to the development and deepening of the market and the actual number of institutional investors willing to invest in corporate bonds.?? ????? ????? ?????????? ????????????? ????????? ?? ???????? ????????? ????? ?? ?????, ????????? ?? ?? ?? ?????? ??????? ????????????? ????????? ? ???????? ???? ???????. ??????? ???? ???? ?? ?????????? ???????????? ? ??????????, ??????? ?????????? ??????? ??????? ????????????? ????????? ? ????????? ???????. ???????? ?????? ??????? ?????????, ???? ???????????????? ? ????????? ??????????????, ? ??????? ????? ?? ???????? ?????????? ?????????? ???????? ?? ??????? ?????????. ? ????? ??????, ????? ?? ? ?????????????? ??????????? ?? ????? ? ?? ??????? ?? ???????????. ??? ??????????? ?? ?? ???????? ???????????? ?????? ? (????????????) ???????? ? ??????? ?? ??????? ??? ??????. ??????????? ?? ????????? ??????? ???????? ?????????? ? ??? ??????. ? ????? ?????? ?????????? ?? ???????? ? ???????????????? ????????????? ?? ??????? ???????: ???????????? ???????, ????????????? ??????? ? ?????, ??? 42. ? ?????? ?????? ?????????? ??? ????????????? ??????????? ??????? ?? ?????????? ?????, ??? ???? ?? ???? ? ??????? ??????? BIRS ? ??? ???? ?? ??????????? ?????????, ??? 66. ????????? ??????????? ???????? ???? ???? ?????????? ???????? ?? ??????? ?? ????????? ????? ????????? ?????????? ?????????, ?? ???? ???? ??????????? ?? ?????? ? ?? ???????????. ???? ???? ????????? ?? ???????? ??????? ? ???????????? ??????? ?? ?? ??????? ???? ???????????????? ??????????? ???? ?? ?????? ? ???????????? ?????????

SPECIFIČNOSTI BOSNE I HERCEGOVINE KAO ODREDNICE DIREKTNIH STRANIH INVESTICIJA

U radu smo predstavili reakcijuzaposlenosti, plata, cijena, industrijske proizvodnje,domaće valute i plata u Bosni i Hercegovini na šokod jedne standardne devijacije koji su izazvaledirektne strane investicije. Koristili smo modelvektorske autoregresije sa znakovnim restrikcijamasprovedenim kroz Uligovu penalizirajuću funkciju.Rezultati pokazuju da posmatrani agregati imajuočekivanu reakciju. Investicije, s obzirom na njihovuprirodu, imaju makroekonomski logične učinke.Potrošnja se nameće kao očigledan kanal preko kogase ostvaruje pozitivna reakcija zaposlenosti, odnosnoplata, koje mogu uslovno da se dovedu u vezu sproduktivnošću rada

Possibilities for reducing the negative impact of the number of conveyors in a coal transportation system

Trakasti transporteri se obično primjenjuju u transportu ugljena, bilo da se koristi u rudnicima ili od rudnika do najbližeg potrošača. Ovi sustavi transporta često imaju veliki broj transportnih jedinica, što može imati negativan utjecaj na pouzdanost sustava i okoliš. U ovom radu se razmatraju mogućnosti za smanjenje broja transportera u sustavu transporta ugljena, povećavanjem duljine transportera i uz mogućnost primjene horizontalnih lukova transportera.Belt conveyors are usually applied in coal conveyance, whether the reference is made to conveyance in mines themselves or from mines to the nearest consumers. These conveyance systems have often a large number of transporting units, which may have a negative impact on the system reliability and the environment. This paper deals with the possibilities for reducing the number of conveyors in a coal conveyance system by maximizing the conveyor length and the possibility of applying horizontal bend conveyors