Financial Services Liberalisation in Transition Countries and the Role of the WTO

While a bulk of economic theoretical and empirical research deals with various aspects of financial liberalisation, there is far less research devoted to the measurement of financial liberalisation. In this paper we calculate an index of financial liberalisation in 18 transition countries in the Central, Eastern and South-East Europe (CESE) and the Commonwealth of Independent States (CIS). This index was previously developed in works of Aaditya Mattoo (1999) to measure financial liberalisation that the WTO member countries have committed to. We make a slight modification to scaling to take into account the specific aspects of CESE and CIS countries and also apply the index to a non-WTO member (Serbia) using its currently applied regime. In this paper we will examine the influence of the General Agreement on Trade in Services (GATS) framework on liberalisation commitments in financial services sector in the target countries.Financial services, Financial liberalisation, Transition, WTO

Digital infrastructure and services trade in the CEFTA region

The aim of this paper is to provide exploratory evidence on the effects of the digital economy on the economic development of cross border services trade in the CEFTA parties. The paper first gaugesthe extent and usage of internet infrastructure in the region. It then identifiesthe role of the digital economy in explaining the growth of exports of services in the Western Balkan economies and explores the barriers to providing services exports through ecommerce. We find that the digital economy is making a significant contribution to services exports in the region, but that several substantial barriers hinder the achievement of its full potential. These include poor infrastructure, slow broadband speeds and limited bandwidth, the regulatory environment, geo-blocking and a lack of skills in the use of online technologies. In regard to the latter, the opportunities and financing for internet training and the development of internet skills is insufficient and problematic

Interdependence between Core and Peripheries of the European Economy: Secular Stagnation and Growth in the Western Balkans. LEQS Discussion Paper No. 104/2016 February 2016

European countries are economically dependent upon each other. This paper therefore embeds the analysis of the Western Balkan countries within a wider perspective of the European economy as a whole. It combines a simple Core-Periphery model with an underconsumption model to provide a convincing explanation of the emergence of secular stagnation, the dependency relationships between the European economies, and the spillover effects of Eurozone crisis to the Western Balkans. Due to tendencies to under-consumption, the Core countries have been vulnerable to secular stagnation and in order to overcome this tendency within the Eurozone they are dependent on export revenues from the peripheries to sustain their economic growth. This has led to high trade and current account deficits during the boom and placed the peripheries in a highly vulnerable position during the recession period. Financialisation of the European economy has emerged as a response to the tendency towards secular stagnation, as the provision of consumer credit has stimulated demand and temporarily overcome under-consumption tendencies. The paper argues that continuing austerity as a method to create internal devaluation is unlikely to succeed as a means to extricate the periphery countries from the crisis. Given the dependencies of the European economies upon one another, a possibly better way out of the current period of low growth and stagnation would be a coordinated fiscal expansion to stimulate domestic and Europewide demand

The Chinese garden – Architecture and Culture of Garden in Chinese Tradition

Tema disertacije, Kineski vrt – arhitektura i kultura vrta u kineeskoj tradiciji i njena naučna pripadnost određeni su i uslovljeni konceptualnom razlikom između evropskog i kineskog vrta. Ova razlika ukratko glasi: evropski vrt se pretežno sadi, dok se kineski vrt konsekventno gradi. Glavni predmet umetnosti građenja kineskog vrta je jedinstvena artikulacija prostora koja podrazumeva izražajna sredstva arhitekture ali i učešće gotovo svih elemenata koji su se ikada razvili u kineskoj kulturi. Istraživanje obuhvata analizu istorijskog razvoja, filozofsko – teorijske osnove estetike vrta, morfologiju i tipologiju arhitektonskog prostora kao i analizu većeg broja sačuvanih vrtova Ming i Ćing perioda.This thesis aims to provide deeper insight into the art of landscaping as the set of ideas and practices that governs Chinese traditional architecture. It is based on multidisciplinary research on historical, cultural, philosophical and artistic aspects of garden design. Examination is directed toward broadening of domain knowledge as to create the base for different approach to what is generally perceived as modern architecture. Theoretically and empirically it suggests the importance of the articulation of site over the building design. Each chapter explores different facts of the relationship between site and architectural object

Baseline study - Western Balkans: 21st century schools programme

The countries of the Western Balkans (Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia) have been in a process of transition to a market economy over the past 30 years that is in some respects still not yet complete, in part due to the interrupting effects of wars and conflicts, in part due to the delayed onset of transition that in some countries (e.g., Serbia) did not really get off the ground until the democratic turn began in 2000. The economic restructuring that the transition has involved has created a demand for new skills following the introduction of new technologies and new forms of business organisation. The need for the development of Information and Computer Technology (ICT) and coding skills among school pupils is recognised by all governments in the region in key strategic documents. However, the roll-out of coding, programming, informatics and ICT in primary schools varies from one country to another. The British Council 21st Century Schools Programme is a three-year programme to provide training to school leaders and teachers in the skills needed to improve the teaching practice using critical thinking and problem solving (CTPS) teaching methods and the application of IT skills, primarily coding and programming within the classroom using micro:bit hardware donated by the UK government. This Baseline Report presents the characteristics of the primary education systems in the Western Balkans prior to Programme implementation that are relevant to the baseline stage of the British Council 21st Century Schools Programme. The main aim of the Baseline Report is to establish the initial measurement of the evaluation indicators, outcomes and outputs as set out in the Programme Evaluation Plan. The Baseline Report also examines the basic assumptions of the Theory of Change (Logic Model) of the Programme, which identifies how Programme interventions are expected to bring about the various outputs and outcomes of the Programme. It therefore checks the assumptions on which the effective delivery of the Programme are based

PARTY AUTONOMY IN THE ROME I REGULATION

Tema ovog rada je autonomija volje u Uredbi Rim I. Sloboda izbora mjerodavnog prava postala je jedno od najznačajnijih načela u međunarodnom privatnom pravu, te je stoga detaljno uređena Uredbom Rim I. Cilj ovoga rada je pojasniti razvoj, pojam i značaj slobode izbora kao i nužnost njezina ograničenja u pojedinim slučajevima.The topic of this paper is party autonomy under Rome I Regulation. Freedom to choose the applicable law has become one of the most important principles in international private law and is, as such, detailed in the Rome I Regulation. Therefore, the aim of this paper is to clarify the development, notion and importance of party autonomy, as well as the necessity of its limitation in specific cases

PARTY AUTONOMY IN THE ROME I REGULATION

Tema ovog rada je autonomija volje u Uredbi Rim I. Sloboda izbora mjerodavnog prava postala je jedno od najznačajnijih načela u međunarodnom privatnom pravu, te je stoga detaljno uređena Uredbom Rim I. Cilj ovoga rada je pojasniti razvoj, pojam i značaj slobode izbora kao i nužnost njezina ograničenja u pojedinim slučajevima.The topic of this paper is party autonomy under Rome I Regulation. Freedom to choose the applicable law has become one of the most important principles in international private law and is, as such, detailed in the Rome I Regulation. Therefore, the aim of this paper is to clarify the development, notion and importance of party autonomy, as well as the necessity of its limitation in specific cases

PARTY AUTONOMY IN THE ROME I REGULATION

Tema ovog rada je autonomija volje u Uredbi Rim I. Sloboda izbora mjerodavnog prava postala je jedno od najznačajnijih načela u međunarodnom privatnom pravu, te je stoga detaljno uređena Uredbom Rim I. Cilj ovoga rada je pojasniti razvoj, pojam i značaj slobode izbora kao i nužnost njezina ograničenja u pojedinim slučajevima.The topic of this paper is party autonomy under Rome I Regulation. Freedom to choose the applicable law has become one of the most important principles in international private law and is, as such, detailed in the Rome I Regulation. Therefore, the aim of this paper is to clarify the development, notion and importance of party autonomy, as well as the necessity of its limitation in specific cases

The variable impact of the global economic crisis in South East Europe

This paper studies the variable impact of the global economic crisis on the countries of South East Europe. The central question is whether the institutional reforms introduced during the transition period have enabled countries to cope with external shocks such as those associated with the recent global economic crisis. The transmission mechanisms of the crisis to the region are identified as contractions of credit, foreign direct investment, remittances, and exports, and their variable impact across countries is assessed. Several types of institutions are examined, including the degree to which countries have adopted the acquis communautaire, determined by the extent of their EU integration, progress with transition, and the broad institutional environment measured through the quality of governance. The paper asks whether countries with a more flexible economy due to faster progress with transition reforms were better able to adjust to the impact of external shocks. It concludes that the variable impact of the global crisis in the region can be explained mainly by their degree of integration into the global economy, and that the institutional reforms that were introduced during the boom times have made countries more integrated into the global economy, and therefore more vulnerable to the impact of the global economic crisis

Debt in the super-periphery: the case of the Western Balkans

The article covers the evolution of external and public debt in six Western Balkan countries in the context of their regional position as a super-periphery of the EU. Stemming from the core-periphery relationship, we find that the region’s external and public debt position has increased to alarming levels since the onset of the economic and financial crisis of the eurozone. In response to the crisis effects, international financial institutions and the EU have recommended policies of fiscal consolidation and structural reforms. However, ruling parties in the super-periphery have been reluctant to apply such measures, as the growth of public debt has supported widespread practice of clientelism and patronage to maintain public support in the face of increased unemployment and rising inequality. Only more recently has the increased level of debt forced governments of the region to apply austerity measures to overcome external imbalances. However, the implementation of such largely unpopular measures has also been associated with a drift towards illiberal democracy and more authoritarian forms of governance