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

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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 4 (2015): Issue 1 (January 2015)

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

Search

5 Articles
Open Access

The History of Money in Montenegro

Published Online: 06 Feb 2015
Page range: 5 - 18

Abstract

Abstract

The paper depicts the history of using money in Montenegro covering the period before the Christ until nowadays. Montenegro mostly used foreign currencies throughout its long history, these being Roman, Austro-Hungarian, Turkish, Venetian, and even the Napoleon (French gold coin) money. The first ideas for Montenegro’s own money came from the Bishop Petar Petrovic Njegoš in the 19th century. The first Montenegrin money, the Perper, was minted in 1906. The King Nikola`s Decree as of 11 April 1906 authorized the Ministry of Finance to mint the nickel and bronze coins. Silver and gold coins were minted later. The Perper disappeared from the scene with Montenegro’s joining the Kingdom of Serbs, Croats and Slovenes, putting into circulation the Dinar, a currency of the newly established state. Montenegro, being a part of the Socialist Federal Republic of Yugoslavia, used the Dinar as its currency after World War II until 1999. Dual currency system consisting of the German Mark and the Dinar was introduced in late 1999, whereby the German Mark became the only legal tender in 2001. With the introduction of the Euro the German Mark was replaced and the Euro became the official means of payment.

Keywords

  • Montenegro
  • Money
  • Perper
  • Euro
  • History
Open Access

Analysis of Fiscal Rules in the European Monetary Union

Published Online: 06 Feb 2015
Page range: 19 - 33

Abstract

Abstract

: The EMU fiscal system is specific in many areas compared to other classic fiscal systems of national states. Specific features mainly reflect in the implementation of economic policy within the EMU which is carried out by combining a common centralized monetary policy under the ECB jurisdiction and decentralized fiscal policies under the jurisdiction of the member states. The member states` sovereignty in governing their fiscal policies is one of the key causes of the EU fiscal system underdevelopment, i.e. its indigent structure in relation to “standard fiscal systems”.

More indigent structure of the EU fiscal system is reflected in the fact that it consists of only three segments. The first one refers to the EU budget which is also the only instrument for implementing fiscal policy at the supranational level. The second one refers to the harmonization of taxation systems in accordance with inputs and other legislation adopted at the EU level with the aim of fostering the single internal market. Finally, the third segment refers to the fiscal policy coordination of the EMU member states related to appropriate fiscal rules, which mainly stem from the Maastricht convergence criteria and the Stability and Growth Pact.

Keywords

  • fiscal policy
  • EMU
  • fiscal rules
  • Stability and Growth Pact
  • reform
Open Access

Monetary Policy Objectives During the Crisis: An Overview of Selected Southeast European Countries

Published Online: 06 Feb 2015
Page range: 35 - 46

Abstract

Abstract

The recent global crisis brought many challenges to the central bankers worldwide, including the issue of monetary policy objectives. In this view, besides price stability maintenance, a special attention by central bankers during the crisis was given to the output stabilization. This paper explores this issue on the case of a group of countries from Southeast Europe (SEE). For this purpose, rather simple analysis of the policy rate and output gap as well as output gap variability by countries have been provided, aimed at giving some initial insights of the monetary policy and output stabilization during the crisis. Our findings pointed that the central banks in the analysed SEE countries paid attention to the output stabilization, specifically during the crisis period and that was presumably enabled by controllable inflation developments.

Keywords

  • monetary policy
  • central banks
  • interest rates
  • output
  • crisis
Open Access

Macroeconomic and Institutional Determinants of Non-performing Loans

Published Online: 06 Feb 2015
Page range: 47 - 62

Abstract

Abstract

This paper aims to analyse macroeconomic and institutional empirical determinants of growth of NPL ratios. Research is focused on selected CEEC and SEE countries in the period 2006- 2013. For our analysis we use static panel model approach with the logarithm of share of NPLs to total loans as a dependent variable. As independent variables we used a combination of country-specific macroeconomic and financial indicators which are commonly used in reference literature, as well as relevant institutional variables. Our results show that there is a negative relationship between increases in GDP and rise of the NPL ratio. Along with GDP, foreign currency loans ratio and level of exchange rate are positively related with the increase of NPL ratio. This confirms the expectation that countries where domestic currency is not the main medium of credit placements will have larger problems with the level of NPLs, which is even more pronounced in periods of domestic currency depreciation. In the presented models, the inflation rate is reported as statistically insignificant for sample countries. In the group of institutional variables, only financial market level of development is reported as statistically significant in relation to the level of NPL - with a more developed financial market the level of NPLs should be lower.

Keywords

  • Non-performing loans (NPLs)
  • CESEE
  • financial stability
  • credit risk
Open Access

Financial Stability – Comparative Analysis: Montenegro, Serbia and the Netherlands

Published Online: 06 Feb 2015
Page range: 63 - 93

Abstract

Abstract

The global financial crisis has had far-reaching effects on financial systems and economies all over the world, thus putting the importance of safeguarding financial stability in the focus of interest of the global economy.

This paper presents the importance of safeguarding financial stability and building a strong financial system with developed early identification and successful management of risks, i.e. a system resilient to shocks and capable of overcoming them.

The paper focus is on the issue of financial stability of Montenegro, given through comparative analysis of the financial stability safeguarding frameworks in the Netherlands and the Republic of Serbia. The paper aims to present the regulatory institutional framework for safeguarding financial stability, and the measures that the countries take in order to achieve stability of their macroeconomic environment and financial system. The comparison of the characteristics and the approach to safeguarding the banking sector is particularly emphasised due to its major influence on the financial system stability.

Keywords

  • financial system
  • financial (in)stability
  • macroeconomic stability
  • fiscal consolidation measures
  • risk management
5 Articles
Open Access

The History of Money in Montenegro

Published Online: 06 Feb 2015
Page range: 5 - 18

Abstract

Abstract

The paper depicts the history of using money in Montenegro covering the period before the Christ until nowadays. Montenegro mostly used foreign currencies throughout its long history, these being Roman, Austro-Hungarian, Turkish, Venetian, and even the Napoleon (French gold coin) money. The first ideas for Montenegro’s own money came from the Bishop Petar Petrovic Njegoš in the 19th century. The first Montenegrin money, the Perper, was minted in 1906. The King Nikola`s Decree as of 11 April 1906 authorized the Ministry of Finance to mint the nickel and bronze coins. Silver and gold coins were minted later. The Perper disappeared from the scene with Montenegro’s joining the Kingdom of Serbs, Croats and Slovenes, putting into circulation the Dinar, a currency of the newly established state. Montenegro, being a part of the Socialist Federal Republic of Yugoslavia, used the Dinar as its currency after World War II until 1999. Dual currency system consisting of the German Mark and the Dinar was introduced in late 1999, whereby the German Mark became the only legal tender in 2001. With the introduction of the Euro the German Mark was replaced and the Euro became the official means of payment.

Keywords

  • Montenegro
  • Money
  • Perper
  • Euro
  • History
Open Access

Analysis of Fiscal Rules in the European Monetary Union

Published Online: 06 Feb 2015
Page range: 19 - 33

Abstract

Abstract

: The EMU fiscal system is specific in many areas compared to other classic fiscal systems of national states. Specific features mainly reflect in the implementation of economic policy within the EMU which is carried out by combining a common centralized monetary policy under the ECB jurisdiction and decentralized fiscal policies under the jurisdiction of the member states. The member states` sovereignty in governing their fiscal policies is one of the key causes of the EU fiscal system underdevelopment, i.e. its indigent structure in relation to “standard fiscal systems”.

More indigent structure of the EU fiscal system is reflected in the fact that it consists of only three segments. The first one refers to the EU budget which is also the only instrument for implementing fiscal policy at the supranational level. The second one refers to the harmonization of taxation systems in accordance with inputs and other legislation adopted at the EU level with the aim of fostering the single internal market. Finally, the third segment refers to the fiscal policy coordination of the EMU member states related to appropriate fiscal rules, which mainly stem from the Maastricht convergence criteria and the Stability and Growth Pact.

Keywords

  • fiscal policy
  • EMU
  • fiscal rules
  • Stability and Growth Pact
  • reform
Open Access

Monetary Policy Objectives During the Crisis: An Overview of Selected Southeast European Countries

Published Online: 06 Feb 2015
Page range: 35 - 46

Abstract

Abstract

The recent global crisis brought many challenges to the central bankers worldwide, including the issue of monetary policy objectives. In this view, besides price stability maintenance, a special attention by central bankers during the crisis was given to the output stabilization. This paper explores this issue on the case of a group of countries from Southeast Europe (SEE). For this purpose, rather simple analysis of the policy rate and output gap as well as output gap variability by countries have been provided, aimed at giving some initial insights of the monetary policy and output stabilization during the crisis. Our findings pointed that the central banks in the analysed SEE countries paid attention to the output stabilization, specifically during the crisis period and that was presumably enabled by controllable inflation developments.

Keywords

  • monetary policy
  • central banks
  • interest rates
  • output
  • crisis
Open Access

Macroeconomic and Institutional Determinants of Non-performing Loans

Published Online: 06 Feb 2015
Page range: 47 - 62

Abstract

Abstract

This paper aims to analyse macroeconomic and institutional empirical determinants of growth of NPL ratios. Research is focused on selected CEEC and SEE countries in the period 2006- 2013. For our analysis we use static panel model approach with the logarithm of share of NPLs to total loans as a dependent variable. As independent variables we used a combination of country-specific macroeconomic and financial indicators which are commonly used in reference literature, as well as relevant institutional variables. Our results show that there is a negative relationship between increases in GDP and rise of the NPL ratio. Along with GDP, foreign currency loans ratio and level of exchange rate are positively related with the increase of NPL ratio. This confirms the expectation that countries where domestic currency is not the main medium of credit placements will have larger problems with the level of NPLs, which is even more pronounced in periods of domestic currency depreciation. In the presented models, the inflation rate is reported as statistically insignificant for sample countries. In the group of institutional variables, only financial market level of development is reported as statistically significant in relation to the level of NPL - with a more developed financial market the level of NPLs should be lower.

Keywords

  • Non-performing loans (NPLs)
  • CESEE
  • financial stability
  • credit risk
Open Access

Financial Stability – Comparative Analysis: Montenegro, Serbia and the Netherlands

Published Online: 06 Feb 2015
Page range: 63 - 93

Abstract

Abstract

The global financial crisis has had far-reaching effects on financial systems and economies all over the world, thus putting the importance of safeguarding financial stability in the focus of interest of the global economy.

This paper presents the importance of safeguarding financial stability and building a strong financial system with developed early identification and successful management of risks, i.e. a system resilient to shocks and capable of overcoming them.

The paper focus is on the issue of financial stability of Montenegro, given through comparative analysis of the financial stability safeguarding frameworks in the Netherlands and the Republic of Serbia. The paper aims to present the regulatory institutional framework for safeguarding financial stability, and the measures that the countries take in order to achieve stability of their macroeconomic environment and financial system. The comparison of the characteristics and the approach to safeguarding the banking sector is particularly emphasised due to its major influence on the financial system stability.

Keywords

  • financial system
  • financial (in)stability
  • macroeconomic stability
  • fiscal consolidation measures
  • risk management

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