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Health is the first priority of every individual, and therefore of each community. Or at least it should be. The unobstructed functioning of the healthcare system is crucial for every society. The disturbance of its functioning could endanger the health of the population as the most important resource for the general social and economic development. According to the United Nations Human Rights Declaration, the right to life, the right to health and treatment are one of the fundamental human rights. It is precisely this role that has a common system for ensuring the protection of the health of one country. In a market-oriented society it is usual that everything that is valuable has a high price. Especially if the demand is inelastic, and the offer largely monopolized. Therefore, the role of the state is irreplaceable in securing public goods and services. In this context, health systems, and in particular systems of economically weaker countries, face great challenges. Despite many limitations, it is necessary to find an adequate model of financing the healthcare system, and therefore its normal functioning, creating a good basis for the overall development of the society. Republic of Srpska is also facing this challenge. The aim of this paper is to examine the impact of the key macroeconomic parameters of the Republic of Srpska economy on the financing and sustainability of its healthcare system. This primarily relates to the movement -* gross domestic product, employment and salary levels, which largely determine the main revenues from which healthcare expenditures are aligned. The paper is also trying to point out the necessity of modifying the health care financing model in order to make the healthcare system sustainable and to make further progress in providing health services.

Small, open economies, such as the economy of the Republic of Srpska, are highly dependent on developments in the international economic environment. The unfavorable economic structure inherited from the previous socialist system and inadequately implemented and unfinished transition process into the market economy, increase inefficiencies in the allocation of available resources. If the significant political and social burdens of the previous war period, still felt in the Republic of Srpska, are added, it is clear that we need very “strong” structural reforms that would lead to the significant economic growth. The latest economic crisis has shown that small economies are very vulnerable to disturbances of global economic trends. With the intention of preserving the achieved level of budgetary benefits, in 2009 Republic of Srpska “entered” into an arrangement with the International Monetary Fund, which to this day, with shorter interruptions, is almost entirely a framework for all policies of the Republic of Srpska. Therefore, the intention of this paper was to analyse the influence of the policies of the international financial institutions, particularly the IMF, which is the framework for the policies of other international financial institutions as well, on the economic position of the Republic of Srpska. In this regard, we first investigated the macroeconomic trends in the Republic of Srpska after the economic crisis and then trends of fiscal aggregates. In the second part, we analysed the policies of international financial institutions, primarily the International Monetary Fund, that were agreed with the Republic of Srpska, while in the third part, we tried to demonstrate the interconnection of policies of the international financial institutions with the trends of macroeconomic and fiscal aggregates in the analysed period. Summing up the results of our research, we concluded that economic growth is still not sufficient to significantly affect fiscal trends and the effects of structural reforms are insufficient to stop negative trends in terms of the current account deficit and increasing indebtedness. The analysis of quantitative correlation between the macroeconomic and fiscal variables with the policies of the IMF brought us to the conclusion that the arrangements with the IMF have not had statistically significant influence on any of the analysed variables. Blocking arrangement by certain levels of government has disabled full effects of the programs, as the implementation of measures has been significantly delayed in most cases, while the amount of funds allocated by the IMF by years is negligible, compared to the total financing needs.

Copyright of Acta Economica is the property of University of Banja Luka, Faculty of Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Acta Economica is the property of University of Banja Luka, Faculty of Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Ever since Adam Smith the scientists have been investing enormous efforts to explore and prove relationships between the foreign exchange and economic growth. One thing in common to all researches so far is that there is no complete agreement on a direct, positive inter-relation between the foreign exchange and economic growth. However, the major number of researches confirm the existence of the statistically significant, direct relation. The special attention is paid to the analysis of the influence of the foreign trade to the developing countries, principally as a channel for the import of new technologies by which it has been proven that the growth of the import does not have to have necessarily a negative impact to the economic growth but it may also impact the productivity growth, i.e. indirectly the total economic growth of the country of import. The research of the influence of the foreign trade to the economic growth becomes even more relevant after year 2008, i.e. after the world economic crisis as small, open economies, such as the Republic of Srpska see its “development drive” in the growth of the export through the consolidation of the developed countries and thus additional growth of the foreign demand. That is why in our paper we have tried to explore the relevance of the foreign trade to the economic growth of the Republic of Srpska, to analyse the foreign trade exchange of Republic of Srpska in order to determine the weaknesses of its commodity structure and the relations with the leading foreign trade partners as well as to explore the interrelated, quantitative relation between the foreign trade and the GDP of Republic of Srpska. Summarizing the results of our research we have come to a conclusion that the foreign trade is very relevant for the economic movements in the Republic of Srpska, i.e. the relevance of the foreign trade for the economic development of Republic of Srpska is very high. However, it is necessary to work on the decreasing of the foreign trade deficit through the increase of the export and the improvement of its commodity structure as well as through the selective decreasing of the import. Before all this, it is necessary to undertake the change of economic structure and considerably increase the competitiveness of the domestic producers.

Financial and economic crisis from 2008 created debt problems throughout the world, in developed and developing countries. Although the problems cause by the crisis were similar for all countries there were some specific differences between them. Here, effects of firm’s indebtedness in the Republic of Srpska are analysed in comparison with 15 European countries before and after the crisis, which serve as a benchmark. In the RS and also other considered countries in the collapse year (2009), the relative debt increases of under and over median firms differed drastically. In the main crisis year of 2009 the RS had 2 percentage points higher impact (relative to the Core European countries) of the financial accelerator or/and correspondingly different effect of the shape of firm investment distribution on the debt increase. In 2009, country specific effects on the debt build-up process disappeared for all other observed countries except the RS, while in the year after the collapse they disappeared in the RS and picked upped again in all other countries, showing lagging of the impact of the crisis as well as a milder effect in the RS.

Ever since Adam Smith the scientists have been investing enormous eff orts to explore and prove relationships between the foreign exchange and economic growth. One thing in common to all researches so far is that there is no complete agreement on a direct, positive inter-relation between the foreign exchange and economic growth. However, the major number of researches confirm the existence of the statistically significant, direct relation. Th e special attention is paid to the analysis of the influence of the foreign trade to the developing countries, principally as a channel for the import of new technologies by which it has been proven that the growth of the import does not have to have necessarily a negative impact to the economic growth but it may also impact the productivity growth, i.e. indirectly the total economic growth of the country of import. The research of the influence of the foreign trade to the economic growth becomes even more relevant aft er year 2008, i.e. after the world economic crisis as small, open economies, such as the Republic of Srpska see its "development drive" in the growth of the export through the consolidation of the developed countries and thus additional growth of the foreign demand. That is why in our paper we have tried to explore the relevance of the foreign trade to the economic growth of the Republic of Srpska, to analyse the foreign trade exchange of Republic of Srpska in order to determine the weaknesses of its comoditiy structure and the relations with the leading foreign trade partners as well as to explore the interrelated, quantitative relation between the foreign trade and the GDP of Republic of Srpska. Summarizing the results of our research we have come to a conclusion that the foreign trade is very relevant for the economic movements in the Republic of Srpska, i.e. the relevance of the foreign trade for the economic development of Republic of Srpska is very high. However, it is necessary to work on the decreasing of the foreign trade deficit through the increase of the export and the improvement of its comodity structure as well as through the selective decreasing of the import. Before all this, it is necessary to undertake the change of econimic structure and considerably increase the competitiveness of the domestic producers. [ABSTRACT FROM AUTHOR]

Tax incentives generally take the form of tax exemption or reduction of tax burden and have the stimulating effect on attracting foreign investments that are very important condition for economic development of developing and transitional countries. By adopting necessary laws and forming stimulative tax policy, in Republic of Serbia and Republic of Srpska investment climate is continually improved in order to attract more domestic and foreign investment. Authors` attention is focused on: a) theoretical analysis of tax incentives and impact of tax competitivness on the flow of foreign direct investments, with special emphasis on these flows in developing and transitional countries, b) summary of most important tax incentives for attracting foreign investements in Republic of Serbia and Republic of Srpska.

The schools of strategic management present conceptual model of thinking about the process of strategic management, strategy, its meaning, role and impact on the business. Basis for the establishment of the school of strategic management is the attitudes and opinions of its representatives which have common characteristics in the approach to the create logical and common units. The schools of strategic management can devided into: classical, social, competitive and modern school. The paper explores the classical school of strategic management as one of the possible form of schools of strategic management. The research was conducted on the basis of questionnaires completed by top managers in observed companies that have a bad strategy. Leading to correlation claims for the classical school of strategic management, and success of enterprises, we came to certain practical and theoretical results. Furthermore, the measurements for improving the companies strategy are proposed.

One of the most common mentioned objectives of economic policy is to increase the exports of the Republic of Srpska. The reasons for this are multiple. First of all, production manifests a high level of import and export dependency, so that the increase in imports is the assumption of increasing production and exports. The swift payment of import their turn requires an increase in exports. Another reason for a sturdy increase in exports is a need to increase foreign currency earnings in order to properly service debt obligations towards abroad. The third important reason for the increase in exports is a high trade deficit, which is formed in the period after year 2000. To implement this important task it is necessary to increase the competitiveness of domestic exports. The first part of this work points to the current tendencies in foreign trade in the countries of Southeast Europe. The second part of the work relates to the scope and structure of the Foreign Trades of the Republic of Srpska. The third part of the work presents institutional measures for the stimulation of exports and substitution of imports in the Republic of Srpska.

Financial and economic crisis from 2008 created debt problems throughout the world, in developed and developing coutries. Although the problems cause by the crisis were similar for all coutries there were some specific diferences between them. Here, eff ects of fi rm's indebtedness in the Republic of Srpska are analysed in comparison with 15 European countries before and aft er the crisis, which serve as a benchmark. In the RS and also other considered countries in the collapse year (2009), the relative debt increases of under and over median fi rms diff ered drastically. In the main crisis year of 2009 the RS had 2 percentage points higher impact (relative to the Core European countries) of the fi nancial accelerator or/and correspondingly diff erent eff ect of the shape of fi rm investment distribution on the debt increase. In 2009, country specific eff ects on the debt build-up process disappeared for all other observed countries except the RS, while in the year aft er the collapse they disappeared in the RS and picked upped again in all other countries, showing lagging of the impact of the crisis as well as a milder eff ect in the RS. [ABSTRACT FROM AUTHOR]

Tax incentives generally take the form of tax exemption or reduction of tax burden and have the stimulating eff ect on attracting foreign investments that are very important condition for economic development of developing and transitional countries. By adopting necessary laws and forming stimulative tax policy, in Republic of Serbia and Republic of Srpska investment climate is continually improved in order to attract more domestic and foreign investment. Authors` attention is focused on: a) theoretical analysis of tax incentives and impact of tax competitivness on the fl ow of foreign direct investments, with special emphasis on these fl ows in developing and transitional countries, b) summary of most important tax incentives for attracting foreign investements in Republic of Serbia and Republic of Srpska. [ABSTRACT FROM AUTHOR]