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Odabir odgovarajuće mjere rizika u velikoj mjeri ovisi o karakteristikama i dinamici imovine u koju se ulaže. Za investitore i upravitelje imovinom, raspon potencijalnih tržišnih rizika pruža prijeko potrebni uvid u optimizaciju portfelja imovine kojom upravljaju. Budući da je fokus ovog rada uspješnost više mjera rizika, investitorima se daje bolji uvid u potencijalnu veličinu rizika s kojim su suočeni. Budući da se cilj optimizacije rizika i dobiti može prilagoditi širokom izboru mjera rizika, u ovom ćemo radu testirati uspješnost klasične mjere rizika, tj. varijance/standardne devijacije u odnosu na mjeru rizika repa distribucije kao što je npr. očekivani gubitak u repu distribucije (ETL). Naš cilj je pronaći koja od ove dvije mjere rizika nudi najbolje rezultate za portfelj kriptovaluta i jesu li razlike statistički značajne. Osnova naše analize je testiranje dva cilja optimizacije (MinVar i MinETL) na 10 portfelja kriptovaluta koji su nasumično odabrani iz uzorka od 70 kriptovaluta s najvećom tržišnom kapitalizacijom, The choice of an adequate risk measure in portfolio optimization depends to a large extent on the characteristics and dynamics of the underlying assets. For investors and asset managers, a range of potential market risks provides much- needed insights into the optimization of their portfolio of assets. Since this paper focuses on multiple risk measures, it presents the investors with a better insight into the potential magnitude of the risk they are faced with. Since the risk-reward optimization target can be adjusted for a broad choice of risk measures in this paper we will test the performance of the classical risk measure i.e. standard deviation versus a tail risk measure such as expected tail loss (ETL). Our goal is to find which of the two offers the better performance for a portfolio of cryptocurrencies and if the differences are statistically significant. The setup for our analysis is testing two optimization targets (MinVar and MinETL) on 10 portfolios of cryptocurrencies randomly chosen from a sample of 70 cryptocurrencies with the highest market capitalization.

Ekonomski fakultet Sveučilišta u Rijeci (EFRI) postao je prva visokoškolska institucija u središnjoj i istočnoj Europi koja je izračunala svoj ugljikov otisak. U cilju uspostavljanja harmoniziranoga pristupa izračunu ugljikova otiska prije dvije godine započelo je provođenje trogodišnjeg LIFE Clim'Foot projekta „Upravljanje klimom: Provedba javnih politika za izračun i smanjenje ugljikova otiska poslovnih subjekata“ (Climate Governance: Implementing public policies to calculate and reduce organisations carbon footprint) u pet zemalja Europske unije. Riječ je o Francuskoj, Italiji, Grčkoj, Mađarskoj i Hrvatskoj, a koordinator je projekta francuska Agencija za upravljanje okolišem i energetikom ADEME. Hrvatski je partner u projektu Energetski institut Hrvoje Požar (EIHP). Ekonomski fakultet Sveučilišta u Rijeci (EFRI) od samoga početka sudjeluje u ovom europskom projektu

The book “Market Risk in Transition countries - Value at Risk Approach”gives a unique insight into the true nature of market risks in transition markets. Inadequate use of risk models for the purpose of forming capital reserves in transition markets often leads to significant losses. The wide-spread risk models currently in use are not successful in forecasting such events. By employing adequate risk measures, the investors can profit from lower costs linked with lower capital reserves and still protect their investments. The book provides an extensive treatment of the state of the art in market risk measurement. Financial professionals in both the front and back office require an understanding of market risk and ways of managing it. This book is filled with clear and accessible explanations of complex issues that arise in risk measuring - ranging from parametric to fully nonparametric risk estimation.

Knjiga je podijeljena u pet poglavlja. Nakon uvodnih napomena slijedi drugo poglavlje pod nazivom Makroekonomski učinci energije na ekonomski rast koje daje teorijska promišljanja uloge energije u ekonomskom rastu, razmatra makroekonomske, ali i šire posljedice naftnih šokova na suvremena gospodarstva te razmatra kauzalnu međupovezanost energije i ekonomskog rasta na primjeru Republike Hrvatske i drugih malih europskih zemalja. Ovo poglavlje također nudi čitateljima ekonometrijske alate pomoću kojih se može utvrditi postojanje i smjer te intenzitet kauzalne povezanosti između promatranih varijabli. Teorijsko promišljanje uloge energije za ukupnu gospodarsku aktivnosti i ekonomski rast predstavlja širi analitički okvir za istraživanje važnosti energetskog sektora i reformske procese koji se dešavaju posljednjih 20-ak godina širom svijeta. Stoga je treće poglavlje pod nazivom Reformski procesi i restrukturiranje energetskog sektora posvećeno reformama koje se odvijaju u energetskom sektoru: regulatornim reformama, restrukturiranju, liberalizaciji i privatizaciji, što sagledavamo u kontekstu širih makroekonomskih i strukturnih promjena koje se dešavaju u svim zemljama, posebice u tranzicijskim. Detaljnije se analizira tzv. EU reformski model koji bitno određuje slijed i dinamiku reformskih mjera koje provode tranzicijske zemlje, pa tako i Hrvatska. Važna dimenzija tržišta energenata jeste visoki rizik uslijed izrazito volatilnih cijena energenata i njihovog asimetričnog učinka na ekonomske performanse. Stoga četvrto poglavlje pod nazivom Mjerenje rizika na tržištima energenata daje pregled tržišta energenata te objašnjava na koji se način može mjeriti rizik na ovim specifičnim tržištima. Mjerenje rizika na tržištima energenata pruža poduzećima i pojedincima važne informacije za donošenje kompetentnih poslovnih odluka te služi kao podloga za primjenu odgovarajućih metoda upravljanja rizikom. Stoga peto poglavlje objašnjava različite metode koje poduzeća mogu primijeniti kako bi smanjila rizik od gubitka na cjenovnim razlikama.

Knjiga je podijeljena u osam poglavlja. Nakon uvodnih napomena slijedi drugo poglavlje pod nazivom Makroekonomski okvir: energija i ekonomski rast, koje daje uvid u teorijska promišljanja uloge energije u ekonomskom rastu, razmatra makroekonomske, ali i šire posljedice energetskih šokova na suvremena gospodarstva te razmatra kauzalnu međupovezanost energije i ekonomskog rasta na primjeru Republike Hrvatske i drugih malih europskih zemalja. Negativan utjecaj proizvodnje, transporta i potrošnje energije na okoliš ogroman je ekonomski i okolišni problem, a mogućnosti smanjenja emisija CO2 i ostalih stakleničkih plinova danas predstavljaju jedan od najvećih izazova. Treće poglavlje analizira reformske procese - restrukturiranje energetskog sektora, liberalizaciju, regulatorne reforme i privatizaciju - u kontekstu širih makroekonomskih i strukturnih promjena koje se događaju u svim zemljama, posebice u tranzicijskim i posttranzicijskim. Iako ne postoji jedinstven model reformi energetskog sektora zbog velikih razlika među zemljama glede raspoloživosti i diverzificiranosti energetskih resursa, dostignutog stupnja razvoja i razvijenosti energetske i institucionalne infrastrukture, ipak se može reći kako su nove članice Europske unije preuzele model razvijenih europskih zemalja. Stoga detaljnije analiziramo reformski model koji je bitno odredio slijed i dinamiku reformskih mjera koje provode nove članice EU-a, ali i zemlje Zapadnog Balkana. U tom se kontekstu istražuje uloga države i trendovi jačanja državnog intervencionizma u energetskom sektoru u uvjetima velikih promjena i novih izazova. Četvrto poglavlje bavi se metodama financijskog odlučivanja. Metode se pojedinačno predstavljaju te se potom dovode u kontekst posebnosti ulaganja u elektrane. Svaka je metoda najprije definirana opisom i kvantitativnim algoritmom, nakon čega je primjerima prikazan način izračunavanja kriterija na kojima se metode zasnivaju te njihova upotreba u raznim situacijama financijskog odlučivanja. Peto poglavlje bavi se tipovima elektrana tradicionalnih izvora, kao što su fosilne termoelektrane (ugljen, plin) i nuklearne elektrane te elektranama obnovljivih izvora energije (energija vjetra, vode, solarna energija, bioplin i biomasa te geotermalna energija). Za svaki izvor energije obrađene su i objašnjene pojedine vrste elektrana te je predstavljen tehnološki proces proizvodnje električne energije. Objašnjen je utjecaj na okoliš svakog izvora električne energije kao i ekonomičnost postrojenja te je za svaki tip elektrana na praktičnom primjeru izračunan LCOE. Važna dimenzija tržišta energenata jest visoki rizik uslijed izrazito volatilnih cijena energenata i njihovog asimetričnog učinka na ekonomske performanse. Stoga šesto poglavlje nazvano Mjerenje rizika na tržištima energenata daje pregled tržišta energenata te objašnjava na koji se način može mjeriti rizik na ovim specifičnim tržištima. U ovom se poglavlju detaljnije analiziraju najpoznatiji i u ekonomskoj literaturi najčešće korišteni pristupi mjerenja tržišnih (robnih) rizika, ali je poseban naglasak stavljen na metodu rizične vrijednosti (Value at Risk - VaR). Mjerenje rizika na tržištima energenata pruža poduzećima i pojedincima važne informacije za donošenje kompetentnih poslovnih odluka te služi kao podloga za primjenu odgovarajućih metoda upravljanja rizikom. Stoga sedmo poglavlje Eksterne metode upravljanja robnim rizikom praktično objašnjava brojne metode koje tvrtke mogu primijeniti kako bi smanjile rizik od gubitka. Detaljno su objašnjeni najčešći tržišni ugovori: terminski ugovor (forward contracts), opcijski terminski ugovori (forward options), valutni futures ugovori (currency futures contracts), valutne opcije (currency options) te valutne zamjene (currency swaps). Posljednje, osmo poglavlje bavi se novim trendovima u energetici i očekivanjima u dužem razdoblju do 2040. godine. Promjene koje se očekuju u dinamici i strukturi potrošnje energije, a time i u energetskom sektoru, posljedica su ekonomskih i demografskih kretanja koja se značajno mijenjaju na globalnoj razini. Mijenja se i tehnologija koja omogućava učinkovitu i komercijalno isplativu eksploataciju obnovljivih izvora, skladištenje energije, trgovanje energijom na platformi blockchain tehnologije, što će, kao i mnoge druge promjene, iz temelja promijeniti energetiku 21. stoljeća. U takvim izmijenjenim uvjetima mnogo je izazova pred energetskim kompanijama, ali i državama koje moraju naći optimalni model održivog razvoja koji će zahtijevati sigurnu i stabilnu opskrbu energijom kao temeljni uvjet gospodarskog rasta i razvoja.

Although the prices of fossil fuels are at a historically low levels, geopolitics, dependence on fossil fuels, price volatility and environmental issues are among the main reasons behind the continued push for renewable energy sources. We use the levelized cost of electricity (LCOE) to calculate the economic viability of traditional power plants vs renewable energy sources. The purpose of this paper is to investigate the prices at which the selected power plants produce electricity and to compare it to the wholesale and subsidized electricity price in selected South Eastern Europe (SEE) countries – Slovenia, Croatia, Serbia and Bosnia and Herzegovina. Based on the obtained results we conclude that the renewable energy sources in SEE are still costly and deviate from the wholesale electricity prices. If SEE countries want to increase the production from renewables, they should be aware that they still cannot operate on the open market without continuous subsidies.

Ekonomski fakultet Sveučilišta u Rijeci (EFRI) postao je prva visokoškolska institucija u središnjoj i istočnoj Europi koja je izračunala svoj ugljikov otisak. U cilju uspostavljanja harmoniziranoga pristupa izračunu ugljikova otiska prije dvije godine započelo je provođenje trogodišnjeg LIFE Clim'Foot projekta „Upravljanje klimom: Provedba javnih politika za izračun i smanjenje ugljikova otiska poslovnih subjekata“ (Climate Governance: Implementing public policies to calculate and reduce organisations carbon footprint) u pet zemalja Europske unije. Riječ je o Francuskoj, Italiji, Grčkoj, Mađarskoj i Hrvatskoj, a koordinator je projekta francuska Agencija za upravljanje okolišem i energetikom ADEME. Hrvatski je partner u projektu Energetski institut Hrvoje Požar (EIHP). Ekonomski fakultet Sveučilišta u Rijeci (EFRI) od samoga početka sudjeluje u ovom europskom projektu

This research is about the use of high frequency data for determining the prognostic power of the option pricing models. This research aims to forecast the future trends in the expectation, variance and other moments of the financial time series. The financial time series that are the scope of this research are the put and call options of European market indices. The research involves two steps. The first step is the estimation phase of forecasting the probability density function of the observed financial time series. The second step is a comparison of the estimated probability density functions with a benchmark density function based on high frequency data. The subject of research are the option pricing models used to predict the future risk neutral probability density function. The aim is to estimate and compare option pricing models. The purpose is to evaluate their prognostic power and to asses which of them has the best fit. This study gives estimation of probability density function of DAX index on specified expiration date and comparison with the benchmark density function. There are limitations in the use of high frequency data on illiquid financial markets and therefore the lack of data to analyse. The results provide the contribution to the existing literature as the benchmark density function is the one on the basis of high frequency data. Methods of comparing the benchmark density function with the estimated risk neutral probability function give applicative results for market participants and public authorities. Provided results give better insights in high frequency data issues and therefore motivation for a further research regarding volatility estimation.

Integration of high shares of intermittent renewable energy sources imposed certain challenges to the power system. The key issue is to maintain stability of power system, i.e. to maintain equilibrium in power generation and consumption. In that sense, significant efforts are put to resolve addressed challenge and to obey EU policy in the same time. Cogeneration is technology which generates electric and thermal energy at the same time. In the recent years cogeneration technology advanced and even small scale applications are economic and technically justifiable. Hence, small scale applications become interesting in the context of providing flexibility, i.e. ancillary services to power system operator. Integration of growing share of intermittent renewable energy sources imposes certain technical challenges to the power system. The key issue is to maintain stability of power system, i.e. to maintain the equilibrium in power generation and consumption. In that sense, significant efforts are employed to resolve these technical challenges and at the same time follow EU energy policies. Cogeneration is technology which simultaneously generates electric and useful thermal energy. In recent years cogeneration technology advanced significantly and even small scale applications are economically and technically justifiable. Hence, small scale applications became an interesting option in the context of providing flexibility, i.e. ancillary services to power system operator. The goal of our research is to determine the potential for small scale cogeneration (up to one megawatt of installed electric capacity) in the public buildings in Croatia. Public buildings represent significant consumer of thermal as well as electric energy. Average consumption of final energy in public building sector in Croatia amounts to approx. 860 GWh. Within our research we developed a methodology to assess the potential for small scale cogenerations. Our results show that 220 GWh of final thermal energy can be satisfied by small scale cogenerations, which requires 67 MW of total installed thermal capacity from cogeneration. We analysed two types of cogeneration technologies– cogeneration based on gas engine propelled by natural gas and cogeneration based on steam turbine propelled by biomass. Moreover, the potential was determined separately for continental and coastal part of Croatia, due to significant differences in heat consumption. Apart from assessment of potential, a cost benefit analysis was carried out to explore economic viability of potential utilisation. The cost benefit analysis results show that small scale cogenerations are not always economically justified, decreasing the realistic potential of cogeneration. Economic viability of these projects predominately depends on factors such as the type of public building, location and type of cogeneration technology.

With the substitution of coal and wide proliferation of natural gas usage the forecasting of gas prices has become one of the most critical issues in utility’ planning and operations. Accurate natural gas price forecasting and the direction of price changes are paramount since these forecasts are used in commodity trading, electricity production planning and regulatory decision making, covering both the supply and demand side of natural gas market. This paper presents the results of short-term forecasting of US Henry Hub spot gas prices based on the strategic seasonality-adjusted support vector regression machines (SSA-SVR). Several improvements to the forecasting method based on SVR are introduced. The improvements we propose are made by taking into account that the successfulness of any method (including the SVR) to forecast natural gas prices depends on the available data. An additional objective of the proposed approach is to reduce the human input in the building of the forecasting model. The proposed use of FS algorithms for automatic model input selection as well as the use of the global optimization PSwarm method to optimize the SVR hyper parameters further reduces the human input. We generate the inputs of the model in such a way that it enables us to capture the seasonal effects. Adding the binary variables, such as days in a week and months in a year, as inputs often enhances the model accuracy. Furthermore, the use of FS algorithm improves the forecasting accuracy compared to expert based input selection. The forecasting results of 1- day ahead prices show a clear dominance of Steepwise FS algorithm both in terms of RMSE and MAPE statistics. In the case where we allowed ten variables in the FS algorithm Steepwise FS and GA come to a tie. In the five variable FS case there is only a marginal improvement of RMSE and MAPE statistics obtained by adding days, months and temperatures. We can conclude that there is no real gain in adding additional variables to the basic set of variables. In the ten variable FS case there is a more noticeable gain in accuracy especially in adding days in a week and temperatures variables to the basic set. The forecasting results for 1- week ahead gas prices display greater difference among the analyzed FS algorithms but again Steepwise FS clearly dominates over the competition in both the RMSE and MAPE categories. The superiority of Steepwise FS is especially pronounced in the case when ten variable FS is considered. Unlike the 1-day ahead forecasts there is no gain in adding months to the basic set of variables, since the addition worsens the RMSE and MAPE statistics. Our results point to the conclusion that the SVR results reported in the literature often over exaggerate the successfulness of these models since we record only marginal improvements over a classical, simplistic approach to short term asset price forecasting.

The paper analyses an opportunity arising from recent developments in GTL technology to upgrade an existing refinery operations. GTL technology has drawn a widespread attention however in most cases it has been viewed as a competitive solution to existing refineries. This paper examines an opportunity to combine a traditional crude processing and GTL in one operating plant. Advantages offered by such approach comprise lowering share of heavy slates as compared to a pure crude oil processing ad restricting investment costs as compared to constructing a “pure” GTL plant.

Although the prices of fossil fuels are at historically low levels, the dependence on fossil fuels, the high volatility in their prices and the pursuit of sustainable economic development foster the drive to build power plants that use locally available and renewable energy sources. Among the more popular types of power plants using renewable energy sources, which have a great potential in the Slavonia region of Croatia, are the biomass-fired power plants. Instead of the traditional financial valuation methods such as net present value or internal rate of return we use the levelised cost of electricity (LCOE) method to calculate the profitability of biomass-fired power plants. It allows us to calculate the level of electricity prices at which a certain type of power plant is profitable. The purpose of this paper is to investigate the price level of electricity produced in biomass-fired power plants and to compare it with the wholesale prices and feed-in tariffs of electricity produced from biomass in Croatia. The LCOE offers an insight into the production cost of electricity by taking into account the investment costs, cost of capital, fixed and variable operations and maintenance costs and the cost of fuel. We perform the sensitivity analysis by varying the inputs in the LCOE formula. The main objective of this paper is to see whether it is viable to further subsidize power plants using biomass in Croatia, as a type of power plant using renewable energy sources. Based on the obtained LCOE figures, we can conclude that this type of renewable source fired power plant is the most expensive type and that its level of electricity prices is significantly above the market wholesale price. If Croatia wants to increase the production of electricity generated in biomass-fired power plants, it should be aware that these cannot function in the open market without continuous and significant feed-in tariffs.

During the last two decades there have been a number of papers dealing with the causality between economic growth and energy, especially energy consumption. Strong interdependence and causality between economic growth and energy consumption is a stylized economic fact, but the existence and direction of causality is still not clearly defined. Broadly speaking, all papers could be divided in two groups. The first one consists of papers that argue that energy is a crucial input of production and therefore the necessary requirement for economic and social development, but potentially it could also be a limiting factor to economic growth. On the other hand, the other group of papers argued that energy has no significant impact, which is known as neutrality hypothesis. To the best of the author’s knowledge, there are no studies addressing the causal relationship between energy and economic growth in the case of Croatia. The purpose of this paper is, therefore, to investigate the existence and direction of causality between economic growth and energy consumption (in industry and households) and specifically oil consumption. The paper will also analyse the causal relationship between economic growth and net energy imports, as well as the relationship between economic growth and primary energy production in Croatia and to obtain policy implications from the research results. The paper is organized in the following fashion. Section 2 gives the overview of the theoretical and empirical findings on the role of energy in economic growth. Section 3 describes the econometric methodology and presents the obtained empirical results. Final section contains the conclusions.

The purpose of this research is to recommend theoretical and program basis for the new economic policy for the purposes of overcoming the recession and enabling the recovery of production in the Croatian economy. Furthermore, the goal is to show that the results of this study provide the economic policy with a guidance to the consistent and direct answer on relevant issues in resolving the undesired state of economy. This includes other issues relevant for the society as well. The achievement of these goals is feasible by scientifi c method of analysis incorporated by activities of economic policy based on fundaments of modern theory. This refers to its fi scal and monetary content in particular and their modern pragmatism. The results of the research show that the causes of recession and economic crisis in Croatia only partly refer to the external origin, and are dominated by internal factors. Among those factors the crucial one is the application of the so called “stabilization program” in 1993 and related policy of overvalued and stable exchange rate. The main conclusion of the research is that it is necessary to abandon the neoliberal concept of economic policy and its monetarist content (anchor policy). Without such an action it is not possible to stop recession and direct production towards recovery.

The impact of allowing banks to calculate their capital requirement based on their internal VaR models, and the impact of regulation changes on banks in transitional countries, unfortunately, has not been well studied. This paper examines whether VaR models that are created and suited for developed markets apply to the volatile stock markets of EU new member and candidate states (Bulgaria, Romania, Croatia and Turkey). Nine popular VaR models are tested on five stock indexes from EU new member and candidate states. Backtesting results show that VaR models commonly used in developed stock market are not well suited for measuring market risk in these markets. Presented findings bear very important implications that have to be addressed by regulators and risk practitioners operating in EU new member and candidate states. Risk managers have to start thinking outside the frames set by their parent companies or else investors present in these markets may find themselves in serious trouble, dealing with losses that they were not expecting. National regulators have to take into consideration that simplistic VaR models that are widely used in some developed countries are not well suited for these illiquid and developing stock markets.

There is an ever-growing importance of renewable energy sources in today's world. The need for the renewable energy emerged due to the perception of scarcity of fossil fuels, their high costs, as well as their geopolitical concentration and oligopoly of certain companies and countries. One of the renewable energy sources, which is very popular in Croatia, is the wind power. A significant hurdle in assessing the viability of investing in wind farms is the stochastic nature of wind, variable and often hidden costs of construction and maintenance, which depend on the position of wind farms, as well as their relatively low efficiency. All of these factors make the wind farms completely dependent on the heavily subsidized renewable electricity prices. When calculating the cost-effectiveness of a complex project such as the wind farm, it is not possible to use traditional methods of valuation, such as the method of net present value and internal rate of return. Under the national strategy of promoting renewable energy, wind farms have been given top priority as an alternative energy source, but due its unpredictability, investors are not fully confident in the viability of such projects. The purpose of this paper is to investigate the reality of assumptions behind the classical valuation of wind farm projects by using Monte Carlo simulation. Unlike the traditional methods, Monte Carlo simulation provides a broader and a more realistic view of the project valuation and provides an insight into the key variables that determine the investment's profitability. It also provides us with input/output flexibility, and possibility to adapt to market changes. Our results show that investing in wind farms in Croatia, under the current circumstances, is only marginally profitable. Although traditional valuation methods suggest the opposite, detailed analysis shows a lot of critical points and project viability seems highly questionable.

We analyse the relationship between non- performing loans (NPL) ratio and Croatia’s macroeconomic performance in the Q4 2001 – Q1 2014 period. Analysis is performed separately for two different loan categories (households and corporate) in order to examine similarities and differences between them. Our results show that the NPL ratio for both categories is strongly affected by the economic slowdown measured by the real GDP and industrial production index. This confirms the significant effect of economic cycles on households’ and companies’ ability to service their liabilities, especially during recession. Unemployment rate is found to be a significant variable for corporate sector and is positively related to corporate NPL ratio. Interest rates have mixed implications on the NPL for both categories depending on the duration of the observation period. In the long run we find a positive relationship between interest rates and NPL ratio, meaning that in the long run higher interest rates worsen the debtors’ loan repayment capacity and refinancing terms. In the short run we find a negative relationship between interest rates and NPL ratio which can be explained by the fact that higher interest rates discourage investments in risky and less profitable ventures.

Zdravstvo je sastavnica socijalne infrastrukture te je kao takvo podložno državnim intervencijama i administrativnom donošenju odluka. Osim što je temeljna ljudska potreba, zdravlje ostvaruje i mnogobrojne ekonomske implikacije, a efektivno korištenje zdravstvene prevencije utječe na smanjenje korištenja medicinskih usluga i povezanih visokih troškova zdravstva. Javno zdravstvo podrazumijeva administrativno donošenje odluka te je, stoga, potrebno eksplicitno vrednovati troškove i koristi od zdravstvenih intervencija, odnosno potrebno je voditi računa o njihovoj troškovnoj efikasnosti. Kako tržišna ravnoteža podrazumijeva usklađenost ponude i potražnje, cilj ovog rada je naglasiti važnost i potrebitost ne samo vrednovanja na strani ponude (provođenje ekonomskih evaluacija), već i vrednovanja čimbenika na strani potražnje (preferencija korisnika zdravstvenih usluga) koristeći se metodom izrečenih preferencija.

Česti su slučajevi u Republici Hrvatskoj (RH) kada su poslovni subjekti platežno nesposobni i po nekoliko godina, a da istovremeno nije pokrenut stečajni postupak. Stečajni postupak je po svojoj prirodi i zakonskim propisima, žuran postupak u cilju očuvanja vrijednosti sredstava i zaštite interesa vjerovnika koji se naplaćuju iz njih. Istraživanje Ministarstva financija pokazuje da stečajni postupci traju u prosjeku 3-5 godina. Štoviše, provođenje pojedinih stečajnih postupaka trajalo je i 10 godina. Dugotrajnost stečajnih postupaka značajno povećava troškove postupka pa oni u RH čine i do 90% vrijednosti stečajne mase. Visoki troškovi stečajnog postupka negativno utječu na stupanj namirenja vjerovnika. Strateškim dokumentima Vlade RH isticana je potreba za revizijom postojećeg stanja, što je u konačnici rezultiralo donošenjem Zakon o financijskom poslovanju i predstečajnoj nagodbi (ZFPPN). Imajući u vidu navedeno, u radu se analiziraju problemi prisutni u provedbi stečajnog zakonodavstva, kao i oni koji potječu iz nedorečenosti i nedosljednosti ZFPPN-a. Temeljem iznesenih kritičkih promišljanja u radu se iznose prijedlozi koji služe poboljšanju funkcioniranja predstečajnih nagodbi i stečajnog zakonodavstva te se mogu koristiti u otklanjanju glavnih uzroka problema s kojima se u praksi susreću sudionici u postupku

The authors analyze the relationship between GDP, import-coverage ratio (NEX), FDI and gross fixed capital formation (GFC) in selected CEE countries by using an error correction model. The empirical results confirm positive long-run influence of import-coverage ratio, FDI and GFC on GDP growth for all of the countries, except Croatia. In the case of Croatia there is a significant negative feedback between FDI and GDP growth in the long run and positive in the short run. By using B. Horvat research on this subject, a logical explanation of this sort of paradoxical behavior is suggested. Second uncommon result is the long run positive relationship between GDP and import-coverage ratio. The obtained result speaks in favor of a conservative approach to running a national economy, where the current account and the import-coverage ratio are taken into account and countries try to achieve economic growth through slower but stable, internally driven growth.

Rad se osvrće na razvoj odnosa među organizacijskim entitetima sustava visokog obrazovanja u Republici Hrvatskoj, odnosno vrlo usko, na odnos razvoj odnosa sveučilište-fakultet. Radom se razmatraju okolnosti koje dovode do formalnog razgraničenja odgovornosti između države (MZOS), javnih sveučilišta i javnih fakulteta te ispravne mjere preciziranja institucionalnih okvira (zakonskih ograničenja autonomnog djelovanja fakulteta). Osnovno je polazište autora da se postojeći (pa i novopredlagani) formalni organizacijski okvir mora procjenjivati s obzirom na sposobnost koju je sposoban ostvariti u podržavanju efi kasnog djelovanja sustava visokog ekonomskog obrazovanja u tekućem vremenu te mogućnost prilagodbe (efi kasne tranzicije) sukladno zahtjevima okoline. Rad je strukturiran u tri cjeline. U prvoj su minimalistički izložena teoretska polazišta kako bi se ukazalo na proces promišljanja zapažanja iznesenih u radu. U drugom je dijelu prikazano nekoliko fenomena koji doprinose razumijevanju postojećeg stanja te prikaz razvoja odnosa sveučilište-fakultet u slučaju Ekonomskog fakulteta Sveučilišta u Rijeci. Rad završava zaključnim komentarima. Rad je deskriptivan u metodološkom pristupu. Za ilustraciju procesa koji se odvijaju na riječkom sveučilištu korišteni su dokumenti samog sveučilišta, dok su statistički podaci, pretežno iz eurostat baze, korišteni su kako bi se istaknuli određeni procesi.

Kreditni rizik predstavlja osnovni rizik banke u poslovanju s klijentima, a nastaje iz nemogućnosti klijenta da podmiri dospjele obveze, odnosno nemogućnosti banke da naplati potraživanja po kreditima i kamatama u predviđenom roku i iznosu. Kako bi se što bolje zaštitile od potencijalnih gubitaka prouzročenih lošim plasmanima, banke sve više pozornosti pridaju razvijanju metodologije kojom se rizici na vrijeme identificiraju, kako bi se njima lakše upravljalo, odnosno razvijaju vještinu upravljanja kreditnim rizikom. Upravljanje kreditnim rizikom ima velik utjecaj na uspješnost poslovanja banaka. Svrha ovog članka je definirati kreditni rizik te prezentirati načine kojima banka treba upravljati kreditni rizikom, od primanja zahtjeva za kredit pa sve do njegove otplate, te ukazati na problematiku koja proizlazi iz tog naizgled jednostavnog procesa.

The implementation and benefits of regional electricity market (REM) in Southeast strongly depend on institutional capacity in these economies. At the same time, the appropriate level of institutional resources is crucial for SEE countries in order to benefit from the REM. The first step of institutional reforms is the establishment of national regulatory agency in the field of energy. All SEECs have adopted the EU reform model and established formally independent regulatory agencies, but the same model copied on those implemented in developed economies obviously is not a guarantee for an effective regulatory process. The barriers for the regulator’s independency can be related to a shortage in human and administrative resources, a lack of political support for the reforms and regulator’s close connections to regulated industry. The second step of institutional reforms necessary for building REM considers regional cooperation and regional institutional activities. SEE countries have implemented the harmonized, uniform approach influenced by EU Directives in the energy sector and this approach requires extensive subordination of national interests.

In this paper, we introduce a new hybrid approach to joint estimation of Value at Risk (VaR) and Expected Shortfall (ES) for high quantiles. We investigate the relative performance of VaR and ES models with the daily returns of sixteen stock market indexes (eight from developed and eight from emerging markets) prior to and during the current financial crisis. In addition to widely used VaR and ES models, we also study the behavior of conditional and unconditional extreme value (EV) models to generate 99% confidence level estimates. In the paper we develop a new loss function that relates tail losses to ES forecasts. The backtesting results show that only the proposed hybrid and EV based VaR models provide adequate protection in both developed and emerging markets, but the hybrid approach does this at a significantly lower cost (capital reserves). In ES estimation the hybrid model yields the smallest error statistics surpassing even the EV models, especially in the developed markets.

Kreditni rizik predstavlja osnovni rizik banke u poslovanju s klijentima, a nastaje iz nemogućnosti klijenta da podmiri dospjele obveze prema banci, odnosno nemogućnosti banke da naplati potraživanja po kreditima i kamatama u predviđenom roku i iznosu. Modeli razvijeni za procjenu kreditnog rizika su dizajnirani tako da kvantificiraju kreditni rizik na razini portfelja te zbog toga imaju primjenu u kontroli rizika koncentracije, procjeni prinosa na kapital na razini klijenta i više aktivno upravljanje kreditnim portfeljima. Iako imaju istu svrhu, procijeniti distribuciju mogućih gubitaka kreditnog portfelja, razlikuju se u ograničenjima i distribuciji pretpostavki, predlažu različite tehnike za kalibraciju te daju različita rješenja.

Za vrednovanje investicijskih projekata osim tradicionalnih metoda sve više su u primjeni i suvremene metode vrednovanja projekata kao što je real option metoda. Nastala je kao primjena metode vrednovanja financijskih opcija na vrednovanje investicijskih projekata. U radu će se projekt eksploatacije nafte vrednovati putem neto sadašnje vrijednosti, Black-Scholes modela, binomnog modela i Monte Carlo simulacije te će biti uspoređeni dobiveni rezultati.

Razvojne strategije mogu promijeniti investicijsko odlučivanje u poduzeću čime se dovodi u pitanje funkcionalnost tradicionalnih metoda budžetiranja kapitala. Strateški razvoj može poticati ulaganja u istraživanje i razvoj, koja je teško ocijeniti tradicionalnim metodama koje zahtijevaju prognoziranje budućih novčanih tijekova. S druge strane bez takvih investicija teško je govoriti o kvalitativnim pomacima u poslovanju poduzeća. Real option metoda javlja se kao alternativa tradicionalnim metodama vrednovanja investicijskih projekata, posebice metodama diskontiranih novčanih tijekova. Tradicionalne metode zanemaruju mogućnosti odgode, napuštanja, širenja investicije ili sagledavanja investicije kroz faze. Budući da su investicije po svojoj prirodi rizične, opcija odlaganja i prikupljanja dodatnih informacija potrebnih za ocjenu efikasnosti investicije može značajno smanjiti rizik, povećati fleksibilnost i time značajno utjecati na investicijsku odluku u cjelini.

The authors propose an optimisation approach to determining the optimal decay factor in time weighted (BRW) simulation. Testing of BRW simulation with different decay factors and competing VaR models is performed on a sample of nine Mediterranean countries, over a period that includes the ongoing financial crisis. Optimised BRW simulation is among the best performing models, second only to EVT approaches. Optimizing the decay factor in regards to Lopez function results in decay factor estimates that are higher than usually employed 0.97 and 0.99. The optimal decay factors are stable over time and provide significantly better backtesting results than the standard assumption.