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, MAGAZINE FOR BUSINESS ECONOMICS, ENTREPRENEURSHIP AND FINANCE

BUSINESS ECONOMICS

VI, 2

. XI

, 2012.


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: 3:33 + 336 ISSN 1820-6859

BUSINESS ECONOMICS

, MAGAZINE FOR BUSINESS ECONOMICS, ENTREPRENEURSHIP AND FINANCE

VI, 2, . XI

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: 021/489-3647, 489-3611-mail:[email protected]

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........................................................1

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..............................................33

. BEYOND GDP vs. GDP

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(HEDGING)

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.......................................................167

, THE EUROPEAN UNION RULEs GOvERNING sTATE AID

AND THEIR IMPACT ON NATIONAL REGIMEs

GOvERNING sOCIAL ENTERPRIsEs ........................................................183

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...223

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.............................................239

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............................................................................................259

................................................275

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................................291

.............................................................................315

Sarolta Nomi HorvthsCIENCE CITIEs AND KNOWLEDGE PARKs AFTER

THE GLOBAL ECONOMIC CRIsIs..............................................................335


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...........................347

.

......................................................................................371

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.....................................399

Zoran Filipovski, Jana IlievaREPUBLIC OF MACEDONIA ON ITs ROAD

TO THE EU AND NATO .................................................................................417


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CONTENT

RESEARCHES, ISSUES AND STUDIES

Milenko Deletovi, Marko Miloevi, Milo Komnenov,CLAssIFICATION OF sMEs IN THE PROCEss OF BANK LENDING

As A BARRIER TO THE DEvELOPMENT AND COMPETITIvENEss

IN TERMs OF THE FINANCIAL CRIsIs.........................................................1

Ivan Stoi, Dejan Eri , Sran RedepagiCORPORATE GOvERNANCE ENHACEMENT IN sTATE-OWNED

ENTERPRICEs TO RAIsE THE EFFECTIvENEss AND EFFICIENCY

sERBIAN ECONOMY......................................................................................33

Olja D. Munitlak IvanoviBEYOND GDP vs. GDP - CONTEMPORARY TENDENCIEs IN

MEAsURING THE LEvEL OF COUNTRY ECONOMIC

DEvELOPMENT...............................................................................................49

Diona Grgar, Branislav Radnovi

DIGITAL MARKETING IN FUNCTION OF THEENTREPRENEURsHIP DEvELOPMENT ......................................................63

Ivan . Milenkovi, Dragana . MilenkoviEvOLUTION OF EUROMARKET AND EUROCURRENCY BANKING ....79

Dragan . Ranelovi, eljko Nika, Milena StefanovisOFTWARE TOOLs TOOLs FOR vIsUALIZATION AND

MONEY LAUNDERING As A FORM CYBERCRIME ..................................97

Ana Skakavac, Aleksandar IvanoviHEDGING As AN INsTRUMENT OF ENTERPRENEURs IN sERBIAFOR RIsK PROTECTION OF ExCHANGE RATE CHANGEs ..................119

Danijel . KokanoviMONEY MARKET FINANCIAL INsTRUMENTs ......................................139

Slobodan S. Raki, Petar D. Miti, Neda V. RaspopoviAPPLYING THE CONCEPT OF GREEN IN FINANCE

AND BANKING ..............................................................................................167


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Dragan Golubovi, Milena GaletinTHE EUROPEAN UNION RULEs GOvERNING sTATE

AID AND THEIR IMPACT ON NATIONAL REGIMEs

GOvERNING sOCIAL ENTERPRIsEs ........................................................183

Zoran Pavlovi, Vuk Raievi, Rade GlomaziLEGAL FRAMEWORKFOR sOCIAL ENTERPRIsEs IN EUROPE .........201

Sinia Domazet, Sonja BuniDETERMINATION OF JURIsDICTION DURING CONTROL OF

CONCENTRATION IN COMPETITION LAW OF THE

EUROPEAN UNION .......................................................................................223

Tomislav D. Brzakovi, Miodrag D. Brzakovi, Miodrag ZlatkoviCHARACTERIsTICs OF INvEsTMENT PROJECTs ANDPROBLEMs IN THEIR EvALUATION .........................................................239

Radenko Mari, Jelena Vemi-urkovi, Tatjana HeviziDEMOGRAPHIC CHARACTERIsTICs OF MANAGER - PROFILE F

POTENTIAL BUsINEss NEGOTIATOR IN sERBIAN COMPANIEs .......259

Milan MihajlovisTRATEGIC CONTROL - REsPONsE TO A RADICAL CHANGE

IN THE BUsINEss ENvIRONMENT ...........................................................275

Jelica . Eremi-oi, Novak V. Savanovi,Velibor . SikimiINTERNAL CONTROL PROCEss MANAGEMENT ..................................291

Aleksandra Toovi StevanoviExPORT- IMPORT IMPROvEMENT PLAN BAsED ON MEANs

OF INTERNATIONAL TRADE CENTER .....................................................315

Sarolta Nomi Horvth

sCIENCE CITIEs AND KNOWLEDGE PARKs AFTERTHE GLOBAL ECONOMIC CRIsIs..............................................................335

Ana Bilinovi, Jelena GrujiBEHAvIORAL MODEL OF RATIONAL CHOICE - REDEFINING

THE ECONOMIC RATIONALITY .................................................................347

Dejan B. SupiEvOLUTION OF EU RURAL DEvELOPMENT WITH EMPHAsIs

ON RURAL DEvELOPMENT IN sERBIA ...................................................371


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Milan Cekovi, Bela MuhiEvENTs INDUsTRY As A sPECIFICITY OF sERvICE

sECTOR AND BAsIs FOR ECONOMIC DEvELOPMENT........................399

Zoran Filipovski, Jana IlievaREPUBLIC OF MACEDONIA ON ITs ROAD

TO THE EU AND NATO .................................................................................417


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B U S I N E S S E C O N O M I C S

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SUMMARY

CLASSIFICATION OF SMES IN THE PROCESS OF BANK

LENDING AS A BARRIER TO THE DEVELOPMENT AND

COMPETITIVENESS IN TERMS OF THE FINANCIAL

CRISIS

The working paper analyzes the inf luence of National bank of Serbia criteriaof the classification of SMEs in the process of bank lending as a limiting factorsof development and competitiveness in difficult economic conditions. Thefinancial crisis, which is still present, greatly affects the tightening of conditionsfor obtaining loans. Risk categories which are assigned to the SMEs as a resultof classification process represent the basis of reserve requirements that banksmust hold with the central bank. Higher risk categories disables the process ofloan obtaining which has a negative impact on development. Consequences of

the financial crisis of SMEs in Serbia are reflected in the liquidity crisis. Thereis a growth in the number of insolvent and bankrupted SMEs. Such economicambient with increased currency risk leads to reduced competitiveness of SMEs.

Key words: SME, financial crisis, classification process, development,competitiveness...

1. : , , , 2004.2. , : , , , 2001.3. , :

,2006.4. ,

2011. , , 2012.5. , . 55/05, 71 /05 - , 101 /07 65/08,

2008-201 3, , 2008.

6. .: , ,, 1989.7. , 30., , . 72/03 61/05


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8. , ,, 2011.

9. Kishan, R P and Opiela, T P, Bank size, bank capital and the bank lendingchannel, Journal of Money, Credit and Banking32, 2000.

10. , , , , 5-6, 2008.11. ,

, .12 /2010.

12. , . , - ,

13. saunder, A, Financial Institutions Management A modern perspective,

Irwin McGraw-Hill, Boton, UsA, 2000.14. , , , , , 2008.

15.

, , . 52/2008.16. , .

, : http://www.

ekof.bg.ac.r17. http://www.nbs.rs18. http://www.ubs-asb.com19. http://www.fren.org20. http://pk.komora.net

21. http://www.eaf.com

22. http://www.mpbg.r

23. http://www.merr.go.r

24. http://www.pk.r

25. http://www.naled-erbia.org26. http://www.narr.go.r

RESUME

The Economic development and competitiveness of small and mediumenterprises through reforms to attract foreign investment and entrepreneurship,

placed as one of the natural priorities of Serbia at the re-opening of the countryto the world and the renewal of international economic relations, including theprocess of European integration.The Small and medium enterprises (SMEs)


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account for nearly 99.8% enterprises in Serbia, but also that there is a strongconcentration in Belgrade and South Baka District - 40% of the total numberof registered small and medium enterprises. The Future focus should be onstrengthening the less developed regions, because the SME sector in Serbia, 67%of employment, 55% of GDP and almost 50% of exports. For the developmentand competitiveness of small and medium enterprises, the authors cite as thebiggest problems: political instability, corruption, inefficient governmentbureaucracy and liquidity that is difficult conditions of external financing bybanks. Commercial banks are becoming more efficient, but high interest ratesand stringent requirements of obtaining a loan conditioned by classificationin early 2009. as a result of the global financial crisis. That continue to be amajor problem for small and medium enterprises. In addition to the problems of

classification, which from the start has a decisive role in deciding whether there ispossibility of financing (or not), the current situation aggravated by the economicenvironment of Serbia, which is in very poor condition, which is reflected inthe growing number of insolvent or closed SMEs and growing the number ofrequests for restructuring and reprogramming of bank loans. The objective ofa balance sheet classification assets, which includes due and past due short-andlong-term loans to SMEs is to determine the quality and the establishment ofspecial reserve for potential losses. The justification for the behavior of banksfound in the fact that the NBS decision on the classification prescribed in order

to maintain the stability of the financial system. Conclude that a bank has to allclaims of SMEs classified in risk categories A, B, C, D and E, based on the criteriaof timeliness, or delay in settlement of obligations the amount of the debtor tothe Bank, and assess its financial condition or creditworthiness and qualityof the collateral. If the bank during the SME lending contracted first class oradequate collateral, the amount of provisioning funds at NBS will be smaller,and the other side SME lending will be more certain. In the banking sector inSerbia there are banks who do not have a high level of capital adequacy and notborrow money to SMEs who have risk category C, D, E which greatly makes

it difficult their development. Difficult conditions of obtaining a loan becauseof a classification process, we can conclude that the classification of small andmedium enterprises (SMEs) in the process of bank lending really representslimiting factor for growth and competitiveness.

30.10.2012.

07.11.2012. .


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: 005.21:334.72 (497.11)

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.

SUMMARY

CORPORATE GOVERNANCE ENHACEMENT IN STATE

OWNED ENTERPRICES TO RAISE THE EFFECTIVENESS

AND EFFICIENCY SERBIAN ECONOMY

Corporate governance of state-owned enterprises is a significant challenge to

many economies in the world. There is a wide range of different approaches, aswell as many controversies related to the way of managing these companies. The


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. , . , . ...

aim of this work is to analyze open problems and opportunities for improvingcorporate governance in state-owned companies in Serbia. Namely, it is a veryremarkable group of companies that plays a major role in the overall economy.The increase the efficiency and effectiveness of management in these companiescan contribute to raising the general level of competitiveness and meeting theeconomic criteria for Serbias integration into the European Union. In this paperwe attempt to identify some areas which lead to improved corporate governanceand therefore better business performance. Among a number of areas of thecorporate governance, the focus of our analysis is on two - the role of the stateas owner and the professionalization of management and boards of state ownedenterprises.

Key words: Corporate Governance, State Owned Enterprises, Management,profesionaliazation, Efficiency, Effectiveness

1. Asraf, A., Dutch SOEs Policy and Portfolio - Retrieved October 8, 2011.ttp://icpe.si/images/stories/High_Level_Meeting_2011/Countries/EGYPT_Dr.Wahab.ppt

2. Becht M., Bolton P. and Roell A.,Corporate Governance and Control,Hand-

book of the Economics of Finance Volume 1A Corporate Finance , edited byConstantinides, G. M., Haris, M. and Stulz, R.M., Elsevies, Amsterdam,Boston, Heidelberg, London, New York, Oxford, 2003., str. 1-110.

3. Bergh D. D, Johnson R. A. and Rocki-Lee D.,Restructuring throught Spin-off or Sell-off: Transforming Information Asymmetries into Financial Gain, Strategic Management Journal 29, 2008, str. 133-148.

4. Corporate Restructuring Lessons from Experience, edited by PomerleanoM., and Shaw W., The World Bank, Washington DC, 2005.

5. Enterprise Surveys, World bank, www. enterprisessurvey.org6. Eric, D. stoic, I. and Redzepagic, s. (2011) Restructuring of Public

Enterprises as Source of Increasing Competitiveness in Serbia andSouth-Eastern Europe Region, 8thInternational Conference EconomicIntegration, Competition and Cooperation, Opatija, 2011.

7. http://www.apr.gov.rs/

8. http://www.nbs.rs

9. Kahn, M. A.,Reinenting Public Enterprie, Public Enterprises: Un-resolved Challenges and New Opportunities,, United Nation, NewYork, 2008, tr. 3-9.

10. OECD, Corporate Goernance of state-Owned Enterprie: Change


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and Reform in OECD Countrie ince 2005, OECD Publihing, 2011.

11. OECD Principle of Corporate Goernance, OECD, 2004

12. OECD, The ize and compoition of the sOE ector in OECD coun-

trie, OECD Corporate Goernance Working Paper, No.5, 2011,www.oecd.org/daf/corporateaffair/wp

13. Preporuke o korporativnom upravljanju u jugoistonoj Evropi White paper,OECD, Pakt stabilnosti Sporazum Jugoistone Evrope za reforme, investici-je, integritet i rast, 2008.

14. Public Enterprises: Unresolved Challenges and New Opportunities , UnitedNations, New York, 2008.

15. Public Services Statistics Organisation and regulations in the EuropeanUnion & in the 27 Member States Statistics, EC 2010.

16. Simoneti, M., Rojec, M. and Gregori, A.Privatization, Restructuring andCorporate Governance of the Enterprise Sector Chapter 14 in Slovenia From Yugoslavia to the European Union, edited by Mojmir Mrak, Matija Ro-jec and Carlos Silva-Jaureguie The World Bank, Washington DC, 2004, str.224-243.

17. Stoi, I., Brnjas, Z., Results and Challenges of Privatization in Real Sector ofSerbian Economy, Economics Policy and the Development of Serbia, pro-ceedings, Faculty of Economics, Belgrade, 2007.

18. , (2009) EBRD, EU-MISP, KfW, USAID-MEGA i Svetska banka/LGID, .

19. Transition Report 2010 Recovery and Reform, EBRD 2011

RESUME

Corporate governance of state-owned enterprises is one of the key factorsthat affect the effectiveness and efficiency enhancement of the public sector.

Having that in mind the goal of this paper is to analyze the open problems andopportunities to improve corporate governance in state-owned enterprises inSerbia. It is a very remarkable group of companies that has a major role in theoverall economic life of Serbia. The share of public sector in the formation ofSerbias GDP is significant (highest in the region of the Western Balkans) andestimated to be about 40%. These companies represent 0.7% of the total numberof companies, employing 166,337 workers (16.2% of total employment), possessover 1/3 the value of fixed assets, generate 10.1% of total revenue 9.3% and 9, 9%loss in the economy.

Since 2000. in Serbia were generated some positive changes in the domain ofstate-owned companies, primarily through the processes of organizational and


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financial restructuring and downsizing. However, there are still many problemsand open issues.

The legal and regulatory framework on the state as the owner of the companyin terms of implementation of transitory changes is still not clearly defined inSerbia. It equally applies to municipal public-utility companies as well as themajor public companies on the national and regional level.

Issues related to the functioning of directors and management (supervisory)board of state-owned enterprises are also of mayor importance. Experienceshows that there is no single successful corporate governance practices that canbe applied to all situations and all legal systems. A successful model of corporategovernance in state-owned enterprises is different from country to country.However, examples of good practice can serve as a good guidelines to improvecorporate governance. One of the ideas for good practice can be related to therecruitment and selection of management, since competent management inthe state, regardless of the legal framework and the nature of ownership, cansignificantly contribute to the financial performance of state owned enterprises.

However, it should be noted that the operational and strategic decision-making process of state-owned enterprises do not depend solely on internalfactors, but also by external factors, primarily economic environment andregulatory framework. Therefore, one of the key assumptions of the efficiencyand effectiveness of corporate governance in state-owned enterprises is furtherimplementation of structural changes. Nevertheless, future changes should notbe limited solely to the privatization process (which in many cases proved to beunsuccessful), but also to be more relying on various forms of public-privatepartnerships.

Keeping in mind that state-owned companies in Serbia, currently and in the

foreseeable future, a significant group of companies that have a large role in thetotal economy, improve corporate governance of state-owned companies in themcan be assessed as one of the key to raising the overall level of competitivenessand meeting the economic criteria for the integration of individual countries inthe European Union.

11.04.2012.

10.10.2012. .


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. 49-61

:

. 1, 1

,

BEYOND GDP VS. GDP

*

: , ( ) , . - (-) , , () . , , , , . GDP (Gross Domestic Prod-

uct ) (Stiglitz,Heal, Samuelson...) . , 30- XX ,

1 [email protected]* 47009 (

- ) 179015 (

: ), .


50/431

50

. BEYOND GDP vs. GDP...

, (Jo-seph Stiglitz), .

, OECD, WorldWide Fund (WWF) 2007. Beyond GDP Conference. , GDP

.

: (GDP), Enlarged GDP,Beyond GDP, ...

- () , . , , . , -

- , , -. .

-

. , , -. - .

, -

, , .


51/431

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. 51- 61

, , -, ., , . , .

, , . - GDP . Beyond GDP- -

: , , -, , (well-being), , , - ( ) .

GDP

(Gross Domestic Product GDP). GDP . - , . -

GDP - . GDP(Samuelson .,1993: 130-150) (1):

GDP = C + G + I + X(1)

C=

G=

I= X=


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52


(1) , eGDP (non-market goods and services). , - , , , , , , . GDP , . well-being that goes beyondGDP (Stiglitz, ., 2009: 1-150) - . GDP , . GDP

. , GDP , (- ), GDP. GDP - . - GDP (Heal ., 2005: 1148-1217).

- - . The Beyond GDP initiative, , GDP (Heal, 2005: 1105-1145)

, GDP . . GDP, 1930-

, . . - , .

GDP ,

. - XXI 30- XX ,


53/431

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. 51- 61

GDP . , . GDP - .

, - XX , , , - . GDP, - . -

XXI , , , .

BEYOND GDP

Beyond GDP -

. , OECD, ,World Wide Fund (WWF) 2007. - 2007 Beyond GDP Conference, GDP . - GDP : , , , , .

GDP , , - GDP , (Barroso,2007: 1-2).

Euro Roadmap 2009(Commission of the European Communities, 2007: 15) - Beyond GDP Conference 2007, - .

- -


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GDP. (Commissionof the European Communities, 2007: 15):

GDP -

;

;

;

;

- .

Beyond GDP , , - (Summary notes from the Beyond GDP conference, 2007: 2-5):

1. Gross Domestic Product (GDP)

2. Enlarged GDP

3. j

4.

5.

Gross Domestic Product Beyond GDP

, GDP . GDP per capita , , . Beyond GDPinitiative, - , - 1.

Enlarged GDP Beyond GDP

, Enlarged GDP-a, GDP-, -


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. 51- 61

- (System of National Accounts SNA). GDP - . , , , . ,Enlarged GDP -, . GDP - 1.

Beyond GDP

- , , , - , , - . . 1 Enlarged GDP.

Beyond GDP

, , . , (Adjust Net Savings), - (Canadian Index of Well being, Capability Index,Comparing Welfare of Nations, EU set of Sustainable Development Indicators,European Benchmark Indicators, Genue Progress Indicator, Happy Planet Index,Index of Sustainable Economic Welfare, JFS Sustainability Vision and Indicators,MDG Dashboard of Sustainability, .). -, . Ecological Footprint, EEA Core Set of Indicators, Natural Capital IndexFramework i System of Environmental-Economic Accounting - .


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56


Beyond GDP

(Well-being indicators) -

, , .

- Indicators of Well-being. , . - (Sustainable National Income SNI) -

Enlarged GDP, -, . Timedistance Method of Analysing and Presenting Indicators GDP, , .

1.

(GDP)

GDP(EnlargedGDP)

-

-

(Social

Indicators)

(Environmental

Indicators)

(Well-beingindicators)

*

GDP per capita

*

*

* * * *

* * *

* *

* * *


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. 51- 61

*

* * * *

* * *

* *

* *

*

* * *

* * *

*

* * *

* *

* *

* *

JFS

* * *

MDG

* * *

* * *

* *

* *

* *

*


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*Natural Capital IndexFramework

*

- *

:

1 , , , . - , , - . , , , . - GDP GDP per capita,

1.

. -, beyond GDP - . beyond GDP. ,

. , -, n.a. (non available), .

(GDP) -

. ,


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. 51- 61

GDP - , . 30- . , ( - , , , ). , , , GDP - . 2007.

( - ). - , , . , OECD, World Wide Fund-a, - . - Beyond GDP, .

SUMMARY

BEYOND GDP VS. GDP CONTEMPORARY

TENDENCIES IN MEASURING THE LEVEL OF

COUNTRY ECONOMIC DEVELOPMENT

In the essence, the problem of eco-economic (economic and environmental)development is reduced to the problem of choosing concreete protectionmechanisms and measurement heights achieved economic, and environmental,social and institutional (sustainable) development. This opens up the questionof measuring the economic problems, but also each other prosperity of society,because they set goals, benchmarks and parameters to be taken into accountare different, depending on what needs to be done measuring the degree ofdevelopment. This mechanism of measuring economic development, set 30-s ofthe 20 th century, more and more often is criticized modern economists such asJoseph Stiglitz, who report that in the modern global business development of

the country should be measured by a broader set of indicators. For these reasons,the European Commission in cooperation with the European Parliament, theOECD, the Club of Rome and the World Wide Fund (WWF), in 2007. organized


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International Conference - Beyond GDP Conference. In this sense, in additionto GDP, significant measures have been introduced for economic developmentand other indicators of well-known as an Enlarged GDP. The aim of this paperis to present the fundamental differences between GDP and GDP Enlargedindicators in calculation methodology that takes into consideration and certainother elements apart from consumption, investment and export levels.

Key words: Gross Domestc Product (GDP), Enlarged GDP, Beyond GDP,indicators...

1. Barroso, J., Beyond GDP Opening speech, Beyond GDP Conference,Brussles, November 2007.

2. Commission of the European Communities, GDP and beyond Measuringprogress in a changing world, Brussels, 2009.

3. Heal, G., Intertemporal Welfare Economics and the Environment, Hand-book of Environmental Economics, Volume 3., Elsevier, Chapter 21, 1105-1145, 2005.

4. Heal, G., Kristrm, B., National income and the environment, Handbookof Environmental Economics, Volume 3., Elsevier, Chapter 21, 2005.

5. Samuelson, P., Nordhaus, D., Economics Thirteenth Edition, McGraw-Hill Book Cpublishing Company, New York, 1993.

6. Stiglitz, J., Sen, A., Fitoussi, J.P. Report by the Commission on the Measure-ment of Economic Performance and Socal Progress, Paris, France, 2009.

7. Summary notes from the Beyond GDP conference, Beyond GDP Confer-ence, Brussles, November 2007.

RESUME

Economic growth that comes at the expense of environmental degradation,resource depletion or higher income inequality, for example, does not give anaccurate picture of a countrys prosperity. By considering such matters as costs,enlarged GDP indicators provide a more accurate indication of a countrys actualeconomic, environmental and social performance.

The essence of of Beyond GDP Initiative is to review the substance of GDP

as the main indicator of economic development. Work to complement GDPhas been going on for almost two decades, at both national and international


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. 51- 61

level in the context of sustainable development. In recent years the EuropeanCommission stepped up its efforts and communication in this field.

In August 2009, the European Commission published a communication withthe title GDP and beyond Measuring progress in a changing world from theEuropean Commission (COM(2009) 433). In September 2009, the Commissionon the Measurement of Economic Performance and Social Progress (Stiglitz-Sen-Fitoussi Commission) published a report with 12 recommendations on howto better measure economic performance, societal well-being and sustainability.This communication aims at improving indicators for better reflecting policyand societal concerns. It seeks to improve, adjust and complement GDP withindicators that monitor social and environmental progress.

22.10.2012.

07.11.2012. .


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. 63-78

: 004.738.5:658.8 (043.2)

, 1

, ,

, 2

, ,

:

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, , , , -, . . , -, , - . , -

.

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. 65 -78

3

, , . 4:

,

-,

,

.

, -: online (web, -mail, .), ( ), ( , ,

) online .- -, , .5 -mail- -

. , , , . , ,

3 Flecher, K., , , . 2003., . 490.4 Kotler F., , , , , 2007.,

. 254-257.5 Kotler Ph., Wong V., Saunders J., Armstrong G., , , , 2006.,

. 135.


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. , . ...

, web -mail. (business to consumers B2C), B2B busi-ness to business ,, , . business-to-business advertising . , , . business-to-business business-to-consumers . -marketplace web- B2B .6 .

-commerce ( ) .7 . , . , , .

E-business. E-business .8

, , . online . - - , . . 9:

(. chat),

site - ,

site ,

6 ., , , , 2002.,.16.

7 , . 15.8 , . 16.9 Kotler Ph., The New Marketing Paradigm, PP prezentacija , Indiatimes Mindscape, Mumbai

and Delhi, 2004.


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. 65 -78

site - ,

chat ,

e-mail-, ,

,

,

,

site.

, , website- - , , . , e-mail- , , , . - . , , , .

1.

: Kotler Ph., Wong V., Saunders J., Armstrong G.: , , , 2006., . 128

, , web , online, webvertising, -

. cyber mar-keting, web. .


68/431

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-. online. 10:

1. ,

2. ,

3. ,

4. ,

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7. ,

8. (Internet Media Plan),

9. ,

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. - , - -

.11 , . .12 13:

10 ., , , , 2002.,. 35.

11 ., ?, , , 2011., . 68.12 Kinebrok V., , , , 2000., . 69.13 , . 69.


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. 65 -78

,

,

.

2. , ,

: Kinebrok V.: , , , 2000., . 91

, . , , , , .


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. , . ...

.14, - . .15 , , , . . .

Online - .16, , - .

, -

, : , -.

,

, : , , , , ,

14 Granados F. N., Kauffman J. R., Lai H., Lin H., Decommoditization, ResonanceMarketing,and Information Technology: An Empirical Study of Air Travel Services amidChannel Conflict, Journal of Management Information Systems / Fall 2011, Vol. 28, No. 2,pp. 3974., .48.

15 .16 .


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. 65 -78

, . ,, , 17:

,

,

,

, ,

, - ,

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.

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17 Kotler F., , , , , 2007.,. 21.

18 , 50,51.


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72

. , . ...

. , , , .19 , . , .

-

. , .

Achrol Kotler20 , , , - , ,

- . Achrol Kotler , 21:

,

,

.

- , , -.

() 22:

19 Zimmerer T., Essentia ls of Entrepreneurship and Small Business Management, PrenticeHall, London, 2005., . 17.

20 Achrol, S. R., Kotler, Ph., Frontiers of the marketing paradigm in the third millennium,Journal of the Academy of Marketing Science/ January 1 2012, 40:3552., 36.

21 ,.36.22 . 36.


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. 65 -78

;

;

;

( ), ;

: - ;

, ,, & ;

: , -;

: , , ;

; , ; , ;

(, );

: laissez-faire.

23:

;

;

;

- ; - --; ( );

: , ; --

, ;

: -; - , ;

: ( -, -),

23 . 36.


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74

. , . ...

, (BOP base-of-the--pyramid markets);

ulti-level ; bottom-up; -

; ();

;

: ( ,); , , - .

- ,

, , .

, - 24:

-;

; ;

-

;

-. (NBIC25-).

24 , 51, 52.25 ,

, . NBIC, . N , B , I , , C () . :www.geopolitika.r/ A., .: : , 2011.


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75

. 65 -78

, . - , - , .

. , Achrol Kotler

, , , . - , , , , . , , -

. , , , , - , . - , , .

, , .

. - , - ,

, .


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. , . ...

SUMMARY

DIGITAL MARKETING IN FUNCTION OF THE

ENTREPRENEURSHIP DEVELOPMENT

Modern technologies have led to many changes in the market and in theway of life. On the development of entrepreneurship the electronic age, with allits rules of behavior and market practice, which it imposes, also has the greatimpact. Marketing, as an indispensable business concept and orientation of thecontemporary market, also, must be adapted to the business and developed inaccordance with new market conditions which are dynamic and tend to constantchange. There are several theories about what will happen in the future in the fieldof electronic marketing. However, the question is what todays entrepreneurial

companies in the market conditions of development of private sector, can do toensure a successful business in the new electronic age and thus give proactiveresponse to the new market conditions.

Key words: digital marketing, entrepreneurship, the electronic age,entrepreneurial response, efective business

1. Achrol, S. R., Kotler, Ph., Frontiers of the marketing paradigm in the thirdmillennium,Journal of the Academy of Marketing Science/, January 1 2012,40:3552.

2. Day, S. G., Closing the Marketing Capabilities Gap, Journal of Marketing/Vol. 75, July 2011, 183-195.

3. Fleer, K., Upravljanje marketingom i IT, Clio, Beograd, 2003.4. Granados, F. N., Kauffman, J. R., Lai, H., Lin, H., Decommoditization, Reso-

nance Marketing, and Information Technology: An Empirical Study of AirTravel Services amid Channel Conflict,Journal of Management InformationSystems/ Fall, Vol. 28, No. 2, 2011, pp. 3974.

5. ., K ?, ,, 2011.

6. Kinebrok, V.,Multimedijski marketing, Clio, Beograd, 2000.7. Kotler, F., Kako kreirati, ovladati i dominirati tritem, Asee, Novi Sad, 2007.8. Kotler, Ph., The New Marketing Paradigm, PP prezentacija, Indiatimes

Mindscape, Mumbai and Delhi, 2004.9. Kotler, Ph., Wong, V., Saunders, J., Armstrong, G., Osnove marketinga,

Mate, Zagreb, 2006.10. , ., ,


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, - 2008, , 2008.

11. , ., , , X , Y, , 2006.

12. , ., , , , , 2010.

13. , ., , , , , , 2/2009,

, 2009.14. , . . .,, , , 2000.15. , ., , ,

, 2002.16. , ., , , , 1999.17. Zimmerer, T., Essentials of Entrepreneurship and Small Business Manage-

ment, Prentice Hall, London, 2005.18. www.accenture.com19. www.geopolitika.rs

20. www.quirk.biz21. www.rastko.org.yu22. www.threesigma.com23. www.wnim.com

RESUME

The development entrepreneurship imposes a need and obligation to allmarket players to adopt a new rules of behavior. One of the most successfulentrepreneurial response to the new conditions of business can certainly be theestablishment of an effective electronic marketing. It would also have to aim toadjust to the new ways of doing business, including electronic business, as wellas establishing a better flow of information that are of strategic importance forbusiness, and refer to the companys market environment and their purposefuluse.

The practical business application of electronic marketing opens manyopportunities to market players and make their business more efficient and


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. , . ...

therefore more successful. Establishment of effective marketing, its way, toolsand strategies, depends on the entrepreneurial company, its size and power,the market situation and the market share of that entrepreneurial company. Inorder to establish effective electronic marketing is necessary to have knowledgeabout marketing of electronic era with all the essential features, as well as theway of establishing effective marketing.Entrepreneurial response to marketconditions caused by the development which has to be proactive and efficient,and as such should provide a sustainable market business. Establishing aneffective electronic marketing can be a successful entrepreneurial response tothese market conditions, as not only to respond to new market conditions thanthe entire business placed in the concept of electronic age, providing a proactiveapproach.

The development of entrepreneurship demands from market participants,and entrepreneurs, establishing new rules of market behavior and business inall areas. Marketing, bearing in mind the electronic age and the increasing useof modern information technologies in business and communication in general,and the establishment of an efficient marketing in such business conditionsmust be imperative to every entrepreneur who is seriously working to achievesustainable market success.

04.09.2012.

10.10.2012. .


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: 339:336

. , 1

,

, ()

. , 2

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E

: XX . , , , . . ,

. , . , . . , , .



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- .

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. - , , , 90% 30 . , -

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. , 5 - . , 5 , , .

4 Mishkin, F., , ,, 2006, . 254


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, . . : , -5. BIS : ( ) , .

, - . , . , - , , - , . - ,

, . - (wholesale market), - , ( )6.

, , , -, ( )

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5 , ., , , ,, , 2004, . 169-170

6 , ., , , , 2001, . 77-78


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( ), 7.

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, . , 8. , : 1949. - ( - Banque comerciale pour lEurope du Nord, Paris), - , .

, .

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, - , . , - , , . 2/3 . , , - de facto (

7 , ,. , , , 2010, . 247

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: , ). XX - , . , ( - ) .

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). . - . , . , - . XX - , .

, 1981. , (International Banking Facilities) - , . XX XXI -, - , -

. , 70%, ( ).

, 2010. 20 . 15%, 25 . , .

1973. , , - 200 .


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-. - , . -. , . - . , , , , , , . , . -

, . -, , . - 9. , .

- . , - . 5.000 , 2.000 , 1.500 , 1.000 500 , .

() - 0,02-0,04%. LIBOR(London Interbank Offer Rate) ( ) , - LIBID (London Interbank Bid Rate) . - 0,2-4%, .

9 , . 2010, . ., . 255


87/431

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, - . (, , - ), - . - , , , - LIBOR, LIBOR. - , . - , , - -

.

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. , - , :

(Floating Rate Notes FRNs), ,

(Euro Medium Term Notes MTNs)

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- (Euro Commercial Papers)

(Floating Rate Notes) XX -

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( ), . ( 100.000 500.000 ), . , . , . . , 80- . -

, , , - , -- , , LIBOR. - .

(Euro Medium Term Notes MTNs) - -

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, . (investor driven). 40% , -, 10%.

() Note-Issuance Facilities (NIFs) Revolving Underwriting Facilities (RUFs). . ,

.


89/431

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. 81 - 9 6

LIBOR. . . - NIF RUF - (NIF) - (RUF).

- (Euro Commercial Paper) , - - ( 2/3 -). , ,

. , -

(eurobonds) - ( 1.000 5.000 ) (-

, , ). , -. Yankee( ), Bulldog( ),Matador (- ), Rembrandt ( ), Caravela( ),Samurai( ) .

, , . , , - . - XX . interest qualization . -

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4. - .

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XX

(Negotiable Certificates of Deposit) , (on short notice). . , . - -

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( 1971. ),

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11:

.

, - , - , . , -

10 Guttmann, R., Financial Regulation: Why and How?, Institut Veblen pour les reformeseconomiques, 2012, p. 4

11 Cherunilam, F., International Economics, Tata McGraw-Hill, New Delhi, 2008, p. 490.


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. 81 - 9 6

, , , .

- .

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, ( ) . , - .

. , . - , 25

. - . -, - .

SUMMARY

EVOLUTION OF EUROMARKET AND EUROCURRENCY

BANKING

Euromarket is one of the most important new features in the second halfof XX century that influenced development of Eurocurrency banking, as animportant modification of banking at that time. Huge increase of euromarketinfluenced certain problems to national monetary authorities, as well asthreats to international financial stability. At the same time massive increaseof euromarket contributed significantly to the increase of international trade,transnational corporation and some national economies. Eurobanking is one of

specific forms of international banking. Off-shore banking has similar elementsas eurobanking, but also one important specificity that makes it different. It is amotivation of international banks to open its organizational units abroad in orderto avoid big taxes, i.e. quest for much lower tax load. Eurobanking has not suchmotivation, and appeared as a achievement of historical moment, conditions ofthat time and specificities of historical development of international banking.The paper has four parts. In the first, introductiory part we define subject ofresearch by defining terms eurocurrency, euromarket and eurocurrencymarket. In the second part we follow eurocurrency and eurocurrency bankingdevelopment from its appearance to present days. In the third part we analyzeinterest rates on euromarket, as well as gives extensive outlook on euromarket


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. 81 - 9 6

instruments. In the fourth part of the paper we discuss consequences ofdevelopment of euromarket and eurocurrency banking. In such way, we considerthat we analyzed comprehensive euromarket and eurocurrency banking. At thevery end we present conclusions with reaserch results.

Keywords: Euromarket, Eurocurrency banking, Eurocurrency

1. Cherunilam, F., International Economics, Tata McGraw-Hill, New Delhi,2008.

2. Guttmann, R., Financial Regulation: Why and How?, Institut Veblen pour les

reformes economiques, 2012.3. , . , , -

, , 2010.4. , ., , , , 2001.5. , ., , , -

, 2011.6. Mishkin, F., -

, , , 2006.7. , ., , ,

, , , 2004.8. , ., ,

, , 2012.9. Reinert, K. and Ramkishen, R. (Ed.by), The Princeton Encyclopedia of the

World Economy, Princetown University Press, Oxfordshire, 2011.

RESUME

Euromarket and eurocurrency banking transformed international marketand international banking significantly. Avoiding increased banking regulationat national levels, banks launched massively eurocurrency activities at theinternational market (euromarket) that skipped national regulation. For thatreason aforementioned market was more competitive than national markets,allowing eurobanks to offer more favorable both active and passive interestrates to its clients. Present international political system had been favourablefor such situation, and as a result euromarket and Eurocurrency banking

flourished. At the very beginning euromarket started as a short term market,but after initial period more and more instruments were developed such as:Floating Rate Notes FRNs, Euro Medium Term Notes MTNs, Note-Issuance


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Facilities NIFs, Revolving Underwriting Facilities RUFs, Euro CommercialPapers and Eurobonds. Those are extensively discussed in the paper, togetherwith consequences of their existence.

09.09.2012.

24.10.2012. .


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: 004.738.5

. 343.9.024:336.7

. 1, - ,

2, - ,

3, - ,

*

: , - . , ,

. , : , , , , , .


3 [email protected]* / III44007,TR 34019


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. , . , . ...

() , .

.

: , , NodeXL, i2 Ana-lysts Notebook,

, : , , , , , , . , . , , - , ,

.

, -, , - , . , .

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, - , I2 Analyst's Notebook- - NodeXL , .

SUMMARY

SOFTWARE TOOLS TOOLS FOR VISUALIZATION

AND MONEY LAUNDERING AS A FORM CYBERCRIME

Today, when most of humanity is in the information era of developmentof human society with predominantly present globalization, the necessaryconnection of money laundering as a criminal act and the tools for visualization

as meaningful methods of criminal investigation is a hot topic of scientific andprofessional considerations and because of that the topic of the this paper.

When it comes to finance, criminal activity could not be achieved withoutthe use of computer technology, especially the part where the condition ofprocessing large amounts of information in a short period. The computer provedto be a means to make the widest and most complex crimes such as robbery,fraud, financial fraud, espionage, terrorism and all forms of abuse.

All this points to a recent (modern) form of committing criminal acts thatcharacterize the properties of the dynamics and special forms forms forms andmanifestations, and to the high-tech crime. On the end of this paper work ona specific case study considered the use of visualization tools for detection andanalysis of money laundering and on this example proposed one possibly way ofits using.

Keywords: money laundering, data visualization tools, NodeXL, i2Analysts Notebook, high-tech crime


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1. , ., ,,. 1, 2001., 565.

2. , ., , , , 2007.3. Giunio, ., , ,

,1998.4. , . ., - ,

, , 2001.5. , . ., , http://www.media.ba/ bs/alati/

kako-otkriti-nevidljive-veze, 2008.6. Ranelovi, D., Popovi B., ., The use of visualization tools

in the prevention of the money laundering, Archibald Reiss Days Procead-ings, Beograd, 2012.,881-902.

7. Ranelovi, D., Popovi B.,Visual analytics tools and theirs application insocial networks analysis,Telfor Proceadings,Belgrade, 2011, pp. 1341-1343.

8. , ., - , - ,- , , 2011.

9. , ., - , , -

, ,, , 2010.

10. , ., , , , 2011.

RESUME

The subject of this research is the study of the connection of money launderingas a criminal event and visualization as methods of criminal investigation. Moneylaundering is the process of disguising the illegal origin of money or propertyacquired through crime. Therefore, criminals made a series of transactions withthe ultimate aim of the money or property is present as legally acquired. Themoney in this process often changes its shape and is transferred from one placeto another which is why you need to use certain tools and methods to detect allillegal acts and thereby reduce the future performance of these crimes. A majorrole in monitoring and combating this type of crime just play visualiyation

that allow to determine the relationship between individuals, key events, firms,companies.


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The goal of this research is reflected in the fact that through a comprehensiveanalysis of the money laundering and legal, technological and technical aspectsand proper application of existing software solutions in the two groups are notthe best known commercial tools and determine the best solution in order toidentify, clarify and prove the offense. So the goal of the research is the optimalchoice of the method used to track money laundering because the only possibilityof analyst services dealing with this problem depends on which tool to choose.

Using an experiment i.e. case study and comparative method the authorswere guided by the aim of answering these questions on the subject of this paper.

06.09.2012.

10.10.2012. .


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4 Edwin J. Elton, Gruber J. Martin, Modern Portfolio Theory and Investment Analysis, 5thedition, John Wiley & Sons, SAD, 1995.


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