Issues

Journal & Issues

Volume 11 (2022): Issue 3 (September 2022)

Volume 11 (2022): Issue 2 (May 2022)

Volume 11 (2022): Issue 1 (January 2022)

Volume 10 (2021): Issue 3 (September 2021)

Volume 10 (2021): Issue 2 (May 2021)

Volume 10 (2021): Issue 1 (January 2021)

Volume 9 (2020): Issue 3 (September 2020)

Volume 9 (2020): Issue 2 (May 2020)

Volume 9 (2020): Issue s1 (July 2020)

Volume 9 (2020): Issue 1 (January 2020)

Volume 8 (2019): Issue 3 (September 2019)

Volume 8 (2019): Issue 2 (May 2019)

Volume 8 (2019): Issue 1 (January 2019)

Volume 7 (2018): Issue 3 (September 2018)

Volume 7 (2018): Issue 2 (May 2018)

Volume 7 (2018): Issue 1 (January 2018)

Volume 6 (2017): Issue 3 (September 2017)

Volume 6 (2017): Issue 2 (May 2017)

Volume 6 (2017): Issue 1 (January 2017)

Volume 5 (2016): Issue 3 (September 2016)

Volume 5 (2016): Issue 2 (May 2016)

Volume 5 (2016): Issue 1 (January 2016)

Volume 4 (2015): Issue 3 (September 2015)

Volume 4 (2015): Issue 2 (May 2015)

Volume 4 (2015): Issue 1 (January 2015)

Volume 3 (2014): Issue 3 (September 2014)

Volume 3 (2014): Issue 2 (May 2014)

Volume 3 (2014): Issue 1 (January 2014)

Journal Details
Format
Journal
eISSN
2336-9205
First Published
11 Mar 2014
Publication timeframe
3 times per year
Languages
English

Search

Volume 3 (2014): Issue 1 (January 2014)

Journal Details
Format
Journal
eISSN
2336-9205
First Published
11 Mar 2014
Publication timeframe
3 times per year
Languages
English

Search

7 Articles
access type Open Access

Change and Its Repercussions for the Banking Industry

Published Online: 11 Mar 2014
Page range: 5 - 8

Abstract

Abstract

Changes have always existed but their speed and frequency have become rather apparent. Changes are present in all areas of life, but here we focus on those happening in the banking industry. Banks are undergoing revolutionary changes and they must change or perish in their present form. The article explains why banks must change and what are the threats to both asset and liability sides they would face otherwise. Changes result in modifications of strategies, organizations and management. The article concludes that banks that are the most flexible and able to adapt will win the day.

Keywords

  • Change
  • banking system
  • strategy
  • profitability
access type Open Access

Global Financial Crisis – Policy Response

Published Online: 11 Mar 2014
Page range: 9 - 26

Abstract

Abstract

Six years after the outbreak of the financial crisis that had shaken the global financial system, experts and analysts all over the world continue discussing the effectiveness, scope and adequacy of mechanisms and measures implemented in the meantime, as well as the adequacy of the underlying theoretical concept. A global consent has been reached on ensuring financial stability through the interaction of monetary, fiscal and prudential policy to ensure the necessary macroprudential dimension of regulatory and supervisory frameworks. The USA crisis spilled over to Europe. Strong support of governments to bail out banks quickly resulted in sovereign debt crises in some peripheral EU Member States. Fiscal insolvency of these countries strongly shook the EU and increased doubts in the monetary union survival. The European Union stood united to defend the euro and responded strongly with a new complex and comprehensive financial stability framework. This supranational framework is a counterpart to the global financial stability framework created by the G20 member countries. Starting from the specific features of the monetary policy whose capacities are determined by euroisation, available instruments and resources for preventive supervisory activities, as well as the role of the government in crisis management, Montenegro created a framework for maintaining financial stability and prescribed fostering and maintaining financial stability as the main objective of the Central Bank of Montenegro.

Keywords

  • financial crisis
  • financial stability
  • banks
access type Open Access

Framework for Preserving Financial Stability in Montenegro

Published Online: 11 Mar 2014
Page range: 27 - 41

Abstract

Abstract

The global financial crisis has challenged the traditional monetary policy framework of one instrument (short-term interest rates) - one objective (price stability). More and more central banks nowadays consider financial stability as a monetary policy objective, whereas the Central Bank of Montenegro is the only one that has identified financial stability as its primary objective. As this is a relatively new objective, all central banks endeavouring to attain this objective have been facing numerous difficulties. Therefore, the article analyzes some of these difficulties such as defining financial (in)stability, the selection of indicators, macroeconomic environment for preserving financial stability, and the like. The main objective of the paper is to analyse the framework for preserving financial stability in Montenegro and the challenges that the Central Bank of Montenegro has been facing in accomplishing this objective

Keywords

  • Financial stability
  • Preserving
  • Montenegro
  • Central Bank of Montenegro
access type Open Access

Relationship Between Energy Prices, Monetary Policy and Inflation; A Case Study of South Asian Economies

Published Online: 11 Mar 2014
Page range: 43 - 58

Abstract

Abstract

Monetary policy tools, including money supply and interest rate, are the most popular instruments to control inflation around the globe. It is assumed that a tight monetary policy, either in form of reduction in money supply or an increase in interest rate, will reduce inflation by reducing aggregate demand in an economy. However, monetary policy could be counterproductive if cost side effects of monetary tightening prevail. High energy prices may increase the cost of production by reducing aggregate supply in the economy. If tight monetary policy is used to reduce this cost push inflation, the cost side effect of energy prices will add to cost side effects of monetary tightening and will become dominant. In this case, the monetary policy could be counterproductive. Furthermore, simultaneous reduction in aggregate supply and aggregate demand will bring twofold reduction in output. Therefore greater care is needed in the use of monetary policy in the situation of cost push inflation. This article investigates the presence of cost side effect of monetary transmission mechanism, the role of international oil prices in domestic inflation, and implications for monetary policy. The findings suggest that both monetary policy and oil prices have cost side effects on inflation and monetary tightening could be counterproductive if used to reduce energy pushed inflationary trend.

Keywords

  • Oil Price
  • Inflation
  • Monetary Policy
  • Cost Channel
  • Demand Channel
access type Open Access

Total Quality Management as a Paradigm of Business Success

Published Online: 11 Mar 2014
Page range: 59 - 80

Abstract

Abstract

Total Quality Management denotes a path by which - both in a stable and a transitional environment, in a professional and scientific way and by applying a variety of methods and techniques, through constant improvements and involvement of all employees - one could get to a model that enables a simultaneous achievement of the top quality level on one hand, and the top management level, on the other. Total Quality Management is a paradigm of business success in the entire world because its set up, inter alia, improves internal functions of an organisation, instils confidence in customers and triggers improvement chain reactions with suppliers and stakeholders. Quality is the foundation and client orientation is the base of the entire concept of total quality management. Placing customers at the centre is the main idea behind the entire quality concept around which everything is built. Improving the capacity of an organization to understand and meet the actual customer needs, both stated and implied, is the main objective of the total quality management. Teamwork and team leadership play a specific role in the total quality management, top managers have the key responsibilities, and activities of the medium and lower level managers together with all employees are of immeasurable significance. Managing the teamwork within the total quality management is not only a requirement for its set up, development and implementation, but also for its survival. Total Quality Management is a managerial philosophy and a mode of running a business in order to achieve success.

Keywords

  • Customer/user satisfaction
  • employee involvement
  • process approach
  • Quality
  • Management
  • Continual improvements
access type Open Access

Sustainable Risk Management in the Banking Sector

Published Online: 11 Mar 2014
Page range: 81 - 100

Abstract

Abstract

The globalization of financial markets and negative consequences of the financial crisis resulted in negative connotations in the operation of many financial institutions, businesses and citizens and imposed the need to implement appropriate risk management measures in the banking sector. Evolution of the financial sector makes a lot of news in the field of risk management and particularly the modelling of market, credit and operational risk. The main methodology for risk management is the value-at-risk, which is used in practice with other techniques such as the capital- at-risk method in order to minimize business risks and achieve optimal results in the banking and, generally, financial operations. Accordingly, at all levels of governance in the banking sector, there are prudential policies in place governing the management of all types of financial and operational risks. Based on the abovementioned, the focus of the examination was on the above postulate, and prompt recognition, control and proper management of banking risks.

Keywords

  • banking sector
  • financial risks
  • risk management mechanisms
  • supervision
  • measuring methods
access type Open Access

A Comparative Analysis of the Price Index in Transition Countries in the Time of Globalisation

Published Online: 11 Mar 2014
Page range: 101 - 113

Abstract

Abstract

Globalisation with all its features can be divided in two segments - good and bad. When we look at the good side of globalisation, it is obvious that it has erased boundaries between countries in terms of trade, education, knowledge sharing, and other new technologies, while on the other hand, the bad side is that it has created a considerable gap between developed and developing countries, then different types of commercial, political and other conditioning, and dependence on strong, developed states. A great contribution to the negative part of globalisation was of economic instability that occurred at the beginning of this century and which consequences are still present in the world. In this article, we presented the impact of economic instability on the price index trough a comparative analysis of transition countries such as Montenegro, Serbia and Croatia over a period of five years (Croatia has just recently become a member of the European Union and due to that fact it was included in this study). The survey covered price indices relating to the prices of industrial products for the domestic markets, consumer price indices, indices of the hospitality services and the prices of the agricultural products.

Keywords

  • globalisation
  • price index
  • transition countries
7 Articles
access type Open Access

Change and Its Repercussions for the Banking Industry

Published Online: 11 Mar 2014
Page range: 5 - 8

Abstract

Abstract

Changes have always existed but their speed and frequency have become rather apparent. Changes are present in all areas of life, but here we focus on those happening in the banking industry. Banks are undergoing revolutionary changes and they must change or perish in their present form. The article explains why banks must change and what are the threats to both asset and liability sides they would face otherwise. Changes result in modifications of strategies, organizations and management. The article concludes that banks that are the most flexible and able to adapt will win the day.

Keywords

  • Change
  • banking system
  • strategy
  • profitability
access type Open Access

Global Financial Crisis – Policy Response

Published Online: 11 Mar 2014
Page range: 9 - 26

Abstract

Abstract

Six years after the outbreak of the financial crisis that had shaken the global financial system, experts and analysts all over the world continue discussing the effectiveness, scope and adequacy of mechanisms and measures implemented in the meantime, as well as the adequacy of the underlying theoretical concept. A global consent has been reached on ensuring financial stability through the interaction of monetary, fiscal and prudential policy to ensure the necessary macroprudential dimension of regulatory and supervisory frameworks. The USA crisis spilled over to Europe. Strong support of governments to bail out banks quickly resulted in sovereign debt crises in some peripheral EU Member States. Fiscal insolvency of these countries strongly shook the EU and increased doubts in the monetary union survival. The European Union stood united to defend the euro and responded strongly with a new complex and comprehensive financial stability framework. This supranational framework is a counterpart to the global financial stability framework created by the G20 member countries. Starting from the specific features of the monetary policy whose capacities are determined by euroisation, available instruments and resources for preventive supervisory activities, as well as the role of the government in crisis management, Montenegro created a framework for maintaining financial stability and prescribed fostering and maintaining financial stability as the main objective of the Central Bank of Montenegro.

Keywords

  • financial crisis
  • financial stability
  • banks
access type Open Access

Framework for Preserving Financial Stability in Montenegro

Published Online: 11 Mar 2014
Page range: 27 - 41

Abstract

Abstract

The global financial crisis has challenged the traditional monetary policy framework of one instrument (short-term interest rates) - one objective (price stability). More and more central banks nowadays consider financial stability as a monetary policy objective, whereas the Central Bank of Montenegro is the only one that has identified financial stability as its primary objective. As this is a relatively new objective, all central banks endeavouring to attain this objective have been facing numerous difficulties. Therefore, the article analyzes some of these difficulties such as defining financial (in)stability, the selection of indicators, macroeconomic environment for preserving financial stability, and the like. The main objective of the paper is to analyse the framework for preserving financial stability in Montenegro and the challenges that the Central Bank of Montenegro has been facing in accomplishing this objective

Keywords

  • Financial stability
  • Preserving
  • Montenegro
  • Central Bank of Montenegro
access type Open Access

Relationship Between Energy Prices, Monetary Policy and Inflation; A Case Study of South Asian Economies

Published Online: 11 Mar 2014
Page range: 43 - 58

Abstract

Abstract

Monetary policy tools, including money supply and interest rate, are the most popular instruments to control inflation around the globe. It is assumed that a tight monetary policy, either in form of reduction in money supply or an increase in interest rate, will reduce inflation by reducing aggregate demand in an economy. However, monetary policy could be counterproductive if cost side effects of monetary tightening prevail. High energy prices may increase the cost of production by reducing aggregate supply in the economy. If tight monetary policy is used to reduce this cost push inflation, the cost side effect of energy prices will add to cost side effects of monetary tightening and will become dominant. In this case, the monetary policy could be counterproductive. Furthermore, simultaneous reduction in aggregate supply and aggregate demand will bring twofold reduction in output. Therefore greater care is needed in the use of monetary policy in the situation of cost push inflation. This article investigates the presence of cost side effect of monetary transmission mechanism, the role of international oil prices in domestic inflation, and implications for monetary policy. The findings suggest that both monetary policy and oil prices have cost side effects on inflation and monetary tightening could be counterproductive if used to reduce energy pushed inflationary trend.

Keywords

  • Oil Price
  • Inflation
  • Monetary Policy
  • Cost Channel
  • Demand Channel
access type Open Access

Total Quality Management as a Paradigm of Business Success

Published Online: 11 Mar 2014
Page range: 59 - 80

Abstract

Abstract

Total Quality Management denotes a path by which - both in a stable and a transitional environment, in a professional and scientific way and by applying a variety of methods and techniques, through constant improvements and involvement of all employees - one could get to a model that enables a simultaneous achievement of the top quality level on one hand, and the top management level, on the other. Total Quality Management is a paradigm of business success in the entire world because its set up, inter alia, improves internal functions of an organisation, instils confidence in customers and triggers improvement chain reactions with suppliers and stakeholders. Quality is the foundation and client orientation is the base of the entire concept of total quality management. Placing customers at the centre is the main idea behind the entire quality concept around which everything is built. Improving the capacity of an organization to understand and meet the actual customer needs, both stated and implied, is the main objective of the total quality management. Teamwork and team leadership play a specific role in the total quality management, top managers have the key responsibilities, and activities of the medium and lower level managers together with all employees are of immeasurable significance. Managing the teamwork within the total quality management is not only a requirement for its set up, development and implementation, but also for its survival. Total Quality Management is a managerial philosophy and a mode of running a business in order to achieve success.

Keywords

  • Customer/user satisfaction
  • employee involvement
  • process approach
  • Quality
  • Management
  • Continual improvements
access type Open Access

Sustainable Risk Management in the Banking Sector

Published Online: 11 Mar 2014
Page range: 81 - 100

Abstract

Abstract

The globalization of financial markets and negative consequences of the financial crisis resulted in negative connotations in the operation of many financial institutions, businesses and citizens and imposed the need to implement appropriate risk management measures in the banking sector. Evolution of the financial sector makes a lot of news in the field of risk management and particularly the modelling of market, credit and operational risk. The main methodology for risk management is the value-at-risk, which is used in practice with other techniques such as the capital- at-risk method in order to minimize business risks and achieve optimal results in the banking and, generally, financial operations. Accordingly, at all levels of governance in the banking sector, there are prudential policies in place governing the management of all types of financial and operational risks. Based on the abovementioned, the focus of the examination was on the above postulate, and prompt recognition, control and proper management of banking risks.

Keywords

  • banking sector
  • financial risks
  • risk management mechanisms
  • supervision
  • measuring methods
access type Open Access

A Comparative Analysis of the Price Index in Transition Countries in the Time of Globalisation

Published Online: 11 Mar 2014
Page range: 101 - 113

Abstract

Abstract

Globalisation with all its features can be divided in two segments - good and bad. When we look at the good side of globalisation, it is obvious that it has erased boundaries between countries in terms of trade, education, knowledge sharing, and other new technologies, while on the other hand, the bad side is that it has created a considerable gap between developed and developing countries, then different types of commercial, political and other conditioning, and dependence on strong, developed states. A great contribution to the negative part of globalisation was of economic instability that occurred at the beginning of this century and which consequences are still present in the world. In this article, we presented the impact of economic instability on the price index trough a comparative analysis of transition countries such as Montenegro, Serbia and Croatia over a period of five years (Croatia has just recently become a member of the European Union and due to that fact it was included in this study). The survey covered price indices relating to the prices of industrial products for the domestic markets, consumer price indices, indices of the hospitality services and the prices of the agricultural products.

Keywords

  • globalisation
  • price index
  • transition countries

Plan your remote conference with Sciendo