Influence of bank centric financial system on transition country

Large number of facts and data during previous decades are bringing to conclusion that level of financial system development is very important for economic growth of one national economy. Subject of this chapter is development level of financial system of transition countries, as well as its influence on economy development. All transition countries banking systems had accelerated growth of credit offer until global financial crisis. Main disorders, which are caused by first crisis wave, are in most of transition countries, especially in Serbia, manifested trough currency and credit risk increase. Goal of this chapter is to point out on all effects which bank centric system had, before and after, crisis on economy of these countries

Role of insurance company as institutional investitors

Insurance company as institutional investor is very important participant in financial market, especially in Capital Market. They have very important role in contribution to make stronger competition on financial market, stimulating financial innovation, to make stronger corporative governance, to affect in integration in market, on supporting to regulative. In European financial market insurance company are the largest institutional investor with e 8,5 trn. of assets under management as of 31 December 2012. Structure of these assets in 2011 was: 64% government or high-rated corporate bonds and 15% were equities. Investment strategies and asset allocations depend on: prudential regulation, taxation, collateral rules for derivatives. On other hand, investment is core to the provision of insurance products: protection products, life products with investment features, annuities and other products, products with profit-sharing provisions. Aim of this work is to show how insurance companies make their investment strategy and how they make investment decision. This work wants to prove that a range of regulatory developments have the potential to create framework conditions that affect insurers’ ability to continue providing long-term funding to the economy

Organizational Change and Improvement Performance of Companies

Changes are now a reality faced by all organizations, wherever they were, and no matter which activity dealt with. Changes are only a certain constant in all business activities of today's enterprises. Modern organizations must be empowered to develop specific competencies for quality change management, because only in this way, organizations can improve their business performance and stay "in the game" at all on a turbulent global market. The main research objective of this paper is to demonstrate how change management process can affect the performance improvement of business operations and thus make the company competitive. Competitive advantage is the most important competitive advantage of each company, and its achievement, in terms of global change significantly conditioned by creating appropriate models of change management. This work is, in essence, and deals with issues of organizational change, in response to the changes that come from the environment, or by creating an appropriate model of change management as an important prerequisite to improve the business performance of enterprises, which are the guarantee of the survival of the company in a dynamic and turbulent global market

The impact of global financial crisis on Serbian banking sector: the NBS response

This paper presents a set of measures and instruments which National Bank of Serbia has taken to prevent or at least ease the effects of global financial crisis on national financial system and support confidence in Serbian banking sector during the last two years. It describes the main drivers of global financial crisis and recognize their indirect impact on Serbian economy. Our aim was to recognize effectiveness of NBS monetary policy in maintaining financial stability as one of the potential guidelines and guarantees for the further development of Serbian banking sector. We found out that NBS activated both conventional and non-conventional measures and instruments of policy under Vienna Initiative and in relation to the arrangement with IMF. All these measures were very successful if we take in consideration that NBS was running last five years anti-cyclical policy and given that there were no serious liquidity problems and capital adequacy ratio for whole banking system is beyond required minimum even under performed stress tests

Perspectives of development of private banking in transition countries and European Union

Private banking is related to the individual wealth growth, although the financial crisis has slowed down the growth of GDP in many countries, we cannot ignore the fact that private banking has realized a significant income in the period of financial crises. The globalization process, mergers and acquisitions that follow the financial sector, bring this type of banking services to countries in transition. The goal of this paper is to present a processes growth in private banking sector, in the world and in those parts of Europe where only traditional banking services was used. Started from the analysis of wealth growth, regulatory changes and changes in the desire of wealthy clients in a manner of services and prices, the authors of this study indicate that private banking has the potential for growth also in transition countries because of potential growth of individual wealth

Regional policy funds: how prepared is Serbia to access European Union regional policy funds?

Bearing in mind that Serbia is dealing with serious and challenging development issues, especially scarce of financial resources, it is extremely important to establish institutional and legal framework for drawing financial means from European Union regional policy funds. The importance and potential support of these funds for Serbia is visible through the fact that European Union financial capacity for the purposes of the equal regional development is more ten times bigger than Serbian yearly GDP. One of basic prerequisites for stable and continuous social and economic development is equal regional growth of all parts of country and as one of basic European values should contribute to planning and application of development policy. As of 2010 Serbia has 5 statistical regions with strong multilevel disparities. One of the key challenges in the future will be to find the way to mitigate differences and European Union regional funds will play inevitable roll. The authors are trying to identify, to analyze and to emphasize decisive obstacles in drawing and exploiting recourses from regional funds. These obstacles are particularly present in facilitating development of under- and undeveloped areas, old and mainly devastated infrastructure, ecological policy matters and extremely low employment rates

Health Care Expenditures in Croatia, 2000–2013: Is Primary Health Care in the Right Position?

The research was undertaken to determine the trends in the amount and the structure of the health care expenditures in Croatia from 2000 to 2013. It is based on routinely collected and publicly available data, The Annual Reports of the Croatian Health Insurance Fund and OECD data. The income of Croatian Health Insurance Fund (CHIF) increased by 66.9%, while total expenditures increased by 62.1%. The fastest growth of expenditure is noticed in expenditures on health care. The hospital and specialist-consultant services have the highest expenditures. Furthermore, the fastest growth is that of other expenses, from 7% of total health care expenditures in 2000, to 26.7% in 2013; which can partly be interpreted as part of hospital care expenses. In the contrast, total expenditures for primary health care decreased, from 22% in 2002, to 13.1% in 2013. The publicly available data are not sufficient enough to drown up any specific conclusions about the underlying reasons for such distribution of the costs