Government guarantees and public debt in Croatia

Government financial and performance guarantees have been issued in Croatia since 1996, to support funding and ensure favourable borrowing conditions in the financial market for companies in majority state ownership. However, government guarantees have rarely been part of defined strategies and goals of public debt and risk management. Despite their steady growth, the structure of active guarantees and their influence on Croatian public debt are still unknown. This paper analyses the amount and structure of state guarantees, their maturities and the authority and accountability for their management, and it compares the structure of guarantees in terms of economic sectors. The main objective of the paper is to determine the influence of government guarantees on the public debt growth.government guarantees, maturity, management, public debt, Croatia

Measuring the efficiency and productivity of the Croatian banks with Malmquists index of change of total factor productivity

In the literature that deals with the empirical measurement of relative technical efficiency and change in the productiveness of banks over time the Malmquist index of change of total factor productivity has become the most often-used analytical tool. It has been shown that the Malmquist index helps both central and commercial bank analysis to monitor trends within the banking sector, and that it can be used as assistance in controlling the system and in strategic planning. This investigation is directed at the relative comparison of banks within the banking sector of Croatia in the period from 2000 to 2003, and is the first paper in which the Croatian banking sector has been analysed with the application of the Malmquist index of change in total factor productivity. The scientific contribution deriving from this is heightened by the interdisciplinarity that informs the paper. The primary objective of the investigation is the monitoring of relative trends of banks inside the very dynamic Croatian banking sector. Focus is placed on the need for the development of additional models to cover alternative and above all off-balance-sheet indicators.Malmquist TFP index, banking performance

Determinants of sovereign risk premia for European emerging markets

This paper analyses the determinants of the changes in sovereign bond spreads in emerging European markets before and during the recent global financial crisis. In particular, these determinants are associated with changes in market sentiment and in domestic macroeconomic fundamentals. The model was estimated on panel ata for eight central and eastern European countries between Q1:2000 and Q2:2010, using least squares and controlling for serial correlation. The results show that the dynamics of spreads can be explained by both market sentiment indicators and macroeconomic fundamentals. In particular, the external imbalances did not exert any discernible effect on spreads prior to the crisis, but became increasingly significant as the crisis broke out.sovereign bond spreads, emerging markets, central and eastern Europe, global financial crisis, market sentiment, macroeconomic fundamentals

Usporedba TV žanrova u promociji proizvoda

Proizvodi se promoviraju preko oglasa u raznim medijima – od televizije, radija, Interneta i tiskovina. Na televiziji se oglašavaju preko TV reklama koje su po duljini trajanja kratke, a po sadržaju originalne, efektne i zabavne da bi ih potencijalni kupac zamijetio i zapamtio, jer je krajnji cilj TV reklama da ostanu u podsvijesti gledatelja. S druge strane, novinarski prilog kao televizijska forma je po duljini trajanja duži od TV reklame, te daje objektivno više informacija o samom proizvodu ili usluzi koja se promovira. U ovom radu primjer oglašavanja je primijenjen na autoindustriji – izrađeni su primjeri za navedene televizijske žanrove, pomoću kojih je provedena analiza utjecaja na potencijalne kupce. Cilj analize je istražiti i zaključiti koji od navedenih televizijskih žanrova ima više utjecaja na odluku i akciju potencijalnog kupca / gledatelja

Matizaciones sobre la figura del donaire.

Sin resume

Long gamma-ray bursts as binary-driven hypernovae - analysis within the induced gravitational collapse paradigm

The central engine of long gamma-ray bursts (GRBs) is still under debate. The (currently) prevailing theoretical understanding is referred to as the standard fireball model. Here, the prompt emission is attributed to the internal shocks and the afterglow emission is attributed to the external shocks. The GRB outflow contains a wide range of bulk Lorentz factors. When a fast-moving portion overtakes the slower one, an internal shock is generated. On the other hand, the external shocks are caused by the interaction between the outflow and the circum-burst medium. However, data that was accumulated in the last 25 years challenges the overall picture. Some of the observed properties can not be explained within the standard framework. For example, the immense isotropic energy requirements of GRBs can be considerably reduced if one assumes the outflow is collimated. As a consequence, an achromatic break should appear in the afterglow light-curves. However, for the majority of GRBs the break is not achromatic, if present at all. In addition, the model itself does not deal with the exact mechanism of this initial energy release, but only its consequences. space{0.5cm} One of the alternatives to the fireball model is the fireshell model. Its origins can be traced back to the idea which revolves around the energy extraction from a charged black hole. During the years, with the implementation of new available data, the fireshell model evolved into the induced gravitational collapse (IGC) paradigm. This theory emphasizes the importance of binary system interaction for the GRB production mechanism, offering additional channels to study the role these systems have in GRB formation. In it, all GRBs originate from binary systems. Different observational properties are a direct consequence of a wide spectrum of acceptable binary system parameters. According to these observational properties, long and short GRBs are divided into nine different sub-classes. GRBs belonging to the type-I binary driven hypernova (BdHNe-I) class are of main interest in this thesis. The name is referring to GRBs with energies above $sim 10^{52}; m erg$ that originate from a collapse of a neutron star into a black hole. This collapse is initiated by the supernova explosion of its binary companion. space{0.5cm} In the work presented here, the theoretical framework of the IGC paradigm was tested on twelve GRBs. From these, only GRB 160829A is a member of the short GRB class. The remaining ones are long bursts, classified as BdHNe-I on the account of their energetics and GeV emission. Two main tools were put to use in order to analyze and interpret the data: the erb|rmfit| software and the simulation of the fireshell propagation that is available on our group's server. All of the GRBs were detected with the GBM detector onboard the extit{Fermi} satellite. Time-integrated and time-resolved analysis was carried out for each GRB in order to determine their isotropic equivalent energy and to possibly identify the P-GRB signature. The latter is expected to occur in the beginning of the prompt emission and to have a spectrum that shows a presence of thermal signatures. From 11 BdHNe-I, five had an identified P-GRB associated emission: GRB 100728A, GRB151027A, GRB 090618, GRB 110731A and GRB 141028A. A black body component was found in six GRBs. For three of them, the component did not exhibit the expected P-GRB spectral and temporal properties and it was therefore rejected as a possible P-GRB. GRB 110731A, GRB151027A and GRB 090618 were further interpreted within the fireshell model. Average values of circum-burst medium density inferred from the simulations are $sim0.03; m cm ^{-3}$, $sim15; m cm ^{-3}$ and $sim1; m cm ^{-3}$, respectively. Therefore, these bursts occurred in different environments. The averaged value of this sample, $sim$1 baryon per $; m cm ^{3}$, is consistent with previous findings. Baryon load and the relativistic Lorentz gamma factor at transparency point were also consistent with long GRBs, although we find that GRB 110731A shared some of these values with short bursts. In the case of short GRB 160829A, the fireshell simulation up to the transparency point was used in order to evaluate the redshift. Poor S/N ratio constrained its redshift to z<5. This is not particularly helpful considering it is true for all of the short GRBs observed so far. That is, if one does not take into account GRB 080913 at $z=6.7$, which was observed to last longer than $2; m s$ due to its high redshift, but it may be intrinsically short. The difficulties encountered during the analyses played a role in the further development of the IGC paradigm. The ongoing work is also discussed. It was devised with a goal to enable a more consistent and faster analysis. Then, a more complete BdHNe-I catalog with all of the fireshell parameters included would be easier to produce

Analiza DNA u sudskoj medicini i njezina primjena u hrvatskome kaznenopravnom sustavu

U izlaganju se daje kratak pregled tijeka razvoja istraživanja DNA kao “novog znanstvenog dokaza” odnosno odgovora znanosti na sve profesionalniji pristup počinitelja u planiranju počinjenja te prikrivanju tragova kaznenog djela i potrebu očuvanja najvažnijih vrijednosti svake pravne države. Posebno se iznose novine vezane uz DNA analizu bioloških materijala i DNA baze podataka kroz novi Zakon o kaznenom postupku. Također, izlaganje prikazuje nastojanje da se prvi put u hrvatskome kaznenopravnom sustavu omogući izuzimanje biološkog materijala, radi provođenja DNA analize, od pravomoćno osuđenih osoba koje se nalaze na izdržavanju kazne zatvora, i to kroz predložene izmjene Zakona o izvršavanju kazne zatvora, koje su trenutno u saborskoj proceduri

Die Einstellung des radikalen Feminismus zur Vergewaltigung

Rape is one of the major issues where the contribution of feminist philosophical, social, and legal thought has been particularly prominent. In this paper,1 the author takes a critical look at the main tenets of the radical feminist view of rape: that rape is not a deviation, but rather a deeply entrenched social practice that both expresses and reinforces far-reaching inequality and oppresion of women in our society; that under these conditions a woman is not in a position to give valid consent to sex with a man and that, accordingly, the crime of rape should no longer be defined in terms of lack of consent; that we need a new definition of rape, which will help us recognize that rape is much more widespread than we tend to assume; that all men in our society are collectively responsible for the practice of rape. In order to assess these arguments, the author focuses on the contrast between the liberal and radical feminist views of consent to sex. He tries to show that the radical feminist view of rape is both much too crude and much too radical.Silovanje je jedan od društvenih problema u čijoj je raspravi vrlo važan doprinos feminističke filozofske, društvene i pravne misli. U ovome radu pisac poduzima kritičku prosudbu glavnih postavki shvaćanja silovanja u radikalnome feminizmu: da silovanje nije devijacija, već prije duboko ukorijenjena društvena praksa koja izražava i pothranjuje dalekosežnu nejednakost i ugnjetavanje žene u našem društvu; da u takvim uvjetima ženi nije moguće dati valjanu suglasnost za spolne odnose sa muškarcem i da, sukladno tome, zločin silovanja ne trebamo definirati pomoću ideje odsutnosti suglasnosti; da nam je potrebna nova definicija koja će nam pomoći da uoćimo kako je silovanje u našem društvu mnogo rasprostranjenije no što to obično pretpostavljamo; da su svi muškarci u našem društvu kolektivno odgovorni za praksu silovanja. Kako bi procijenio te argumente, pisac se usredotočuje na kontrast između shvaćanja suglasnosti na spolne odnose u liberalizmu i radikalnome feminizmu. On nastoji pokazati kako je radikalno feminističko shvaćanje silovanja isuviše nediferencirano i isuviše radikalno.Das Phänomen der Vergewaltigung ist ein gesellschaftliches Problem, bei dessen Erörterung das philosophische, soziologische und juristische Denken des Feminismus einen äußerst wichtigen Beitrag darstellt. Mit dieser Arbeit legt der Verfasser eine kritische Beurteilung der Grundthesen vor, die der radikale Feminismus bezüglich des Vergewaltigungsdelikts vertritt. Diese Grundthesen lauten: Vergewaltigungen sind keine Deviationserscheinung, sondern eine tief in der Gesellschaft verwurzelte Praxis, wodurch die weitreichende Ungleichheit und Unterdrückung der Frau in unserer Gesellschaft zum Ausdruck gebracht und untermauert wird; unter solchen Voraussetzungen sind Frauen nicht dazu in der Lage, eine gültige Zustimmung zum Geschlechtsverkehr mit einem Mann zu geben, und demzufolge darf das Crimen der Vergewaltigung nicht anhand der Idee der fehlenden Zustimmung definiert werden; es wird eine neue Definition benötigt, die uns zur Einsicht darüber verhelfen soll, daß Vergewaltigungen in unserer Gesellschaft sehr viel verbreiteter sind, als weithin angenommen wird; alle Männer in unserer Gesellschaft tragen eine kollektive Verantwortung für das Phänomen der Vergewaltigung. Um diese Argumente beurteilen zu können, konzentriert sich der Verfasser auf den Kontrast zwischen den Auffassungen von der Zustimmung zum Geschlechtsverkehr, wie sie vom Liberalismus und vom radikalen Feminimus zum Ausdruck gebracht werden. Er ist bemüht zu zeigen, daß die radikale feministische Sichtweise des Vergewaltigungsdelikts zu undifferenziert und zu extrem ist