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Numerous bank productivity studies indicate rapid changes in the structure of the financial services industry and advances in financial and nonfinancial technologies. Based on the literature review, this paper analyses the theoretical background of two concepts of performance evaluation – the terms efficiency and productivity, and empirically, the performance evaluation of banks, i.e., the measurement of the productivity and research results of previous authors’ studies of the European banking sector applying different scientific methods. Non-parametric or parametric techniques, such as DEA with the Malmquist total factor productivity index or SFA method, are increasingly being used to evaluate the productivity of banks and other financial institutions. The measurement of bank productivity is of vital importance from both a microeconomic and a macroeconomic point of view. Therefore, the purpose of this paper is to present productivity literature review of the most relevant studies of the European banking sector published after year 2000. The main results of this research will be the comparative analysis of different empirical scientific studies regarding banking sector productivity evaluation.

Financijska i ekonomska kriza 2007./2008. godine ukazala je na moguć nepovoljan utjecaj visoko tehnoloških rješenja i digitalizacije financijskih transakcija na stabilnost financijskih sustava, posebno u uvjetima špekulativnih tržišnih aktivnosti. Jedan od mehanizama za suzbijanje iskrivljenog ponašanja sudionika na financijskim tržištima je uvođenje poreza na financijske transakcije (FTT). Implementacijom FTT-a izbjegava se narušavanje tržišne konkurencije, obeshrabruju se riskantne transakcije i stabilizira se financijski sustav. U tome ključnu ulogu ima i digitalizacija financijskog sustava na tržištima, s ciljem osiguravanja bržih i sigurnijih financijskih transakcija. Stoga je cilj rada prikazati razvoj ideje o uvođenju FTT-a i njegov značaj, ali i potencijalni utjecaj digitalizacije na financijski sustav i njegovu stabilnost. Autori istražuju različite aspekte digitalizacije financijskih sustava koji za regulatorna i zakonodavna tijela predstavljaju iznimne izazove. Primjenom digitalnih usluga unutar financijskog sustava, bilo poslovnim ili privatnim korisnicima, osiguravaju se alati za poboljšanje njihove financijske pismenosti, općeg blagostanja te kvalitete života. U tu svrhu povećava se potreba za učinkovitijom financijskom edukacijom korisnika, financijskom uključenosti te zaštitom potrošača s financijskog aspekta, čemu doprinosi i uvođenje poreza na financijske transakcije. Rješenje za poveznicu između financijskih usluga i tehnologija pronalazi se u financijsko-tehnološkim društvima kao što su FinTech društva. Takva društva osiguravaju alternativna rješenja koncipirana na digitalnim inovacijama i upotrebi tehnologija za prodaju financijskih proizvoda. Usluge koje takva društva pružaju su podijeljene u nekoliko osnovnih kategorija od kojih se ističu transfer novca i kapitala, proračunsko i financijsko planiranje, štednja i ulaganje, posuđivanje i osiguranje. Svaka od ovih osnovnih kategorija ima pojedinačne usluge od kojih se najviše ističu online bankarstvo, naplata putem mobilnih uređaja, online alati za proračunsko i financijsko planiranje te kriptovalute. Upravo su te usluge zahtijevale od financijskih institucija da redefiniraju svoju poslovnu kulturu kako bi ljudi i timovi radili brže i učinkovitije te bili okrenuti analitici s inovativnim tehnologijama. Od vodećih zemalja u pružanju takvih usluga ističu se Sjedinjene Američke Države, a od zemalja Europske unije to su Ujedinjeno Kraljevstvo, Litva i Nizozemska.

Autor u knjizi analizira pojam i strukturu financijskih tržišta i vrijednosnih papira. Posebno se izlažu temelji dionica i obveznica kao i mogućnosti financiranja emisijom navedenih vrsta vrijednosnih papira. Za vrijednosne papire s fiksnim i varijabilnim prihodom istražene su i modeli i metode analize te rizici koji se javljaju u međunarodnim transakcijama. Financijske inovacije obrađene su s aspekta osnovnih vrsta, ali i u odnosu na pojam te vrste njihova postanka. Financijske institucije opisane su s aspekta investicijskih fondova.

Ova monografija odnosno zbornik radova rezultat je XV. Interkatedarskog skupa katedri za financije održanog 22. travnja 2016. godine na Ekonomskom fakultetu Sveučilišta u Rijeci. Istodobno je i in memoriam nedavno preminulom prof. dr. sc. Ivi Severu, dugogodišnjem profesoru Javnih financija na Ekonomskom fakultetu Sveučilišta u Rijeci.

We measured the economic activity and stock exchanges of Germany and Austria as developed countries, and compared it with Croatia, the newest EU country, in order to demonstrate the level and direction of economic integration and historical connections. Economic integration has been researched by ARCH models in which dependent variables are stock market indices and undependent variables main macroeconomic indicators. Traditionally, Croatia has been dependent on the German and Austrian economies, due to good economic and political connections in the past. The empirical findings obtained in application of ARCH method from 2000 to 2018 provide evidence of economic integration of Croatia with Germany and Austria, but in a somewhat lesser extent. Austria has strong economic connections with Germany, while the process of economic integration of the Republic of Croatia has not yet been completed. The slower economic integration of the Republic of Croatia demonstrates still insufficient economic development, the exigency to continue reforming and to achieve effective economic growth.

Knjiga opisuje razvoj suvremenih financijskih tržišta te osnove investicijske analize.

This research and the associated paper represent the direct sequel of last year’s paper that marked the beginning of long-term research on significance of Croatia in Canadian import and exportwithin various industries by the same authors. While the focus of last year’s paper was on 5 years from 2011 to 2015, in this year’s paper those 5 years were being compared with the previous year 2016 that can be perceived as a kind of turning point in the relations of countries concerned, primarily through relations of EU (28 member countries, including Croatia) and Canada (10 provinces and 3 territories). With regard to research purpose of this paper, it can be explicitly defined as: to conduct unbiased, purposeful and multi-year research into changes to significance that Croatia had in Canadian import and export within specific industries. For that purpose, authors have decided to utilise exclusively websites created by Government of Canada that provide direct access to sufficient quantity of indorsed, relevant and official statistic data. Those were the main reasons why aforementioned websites were chosen as the central source of data in order to accomplish the research purpose of this paper. In relation to used research methods and approaches, in this paper authors have intentionally used only the most appropriate data from website by Government of Canada’s Office of the Chief Economist under Trade and Economic Statistics section as well as under Trade Investment and Economic Statistics subsection. Those datasets were utilized as the central source of numerical data for this wide- ranging research mostly because of their constancy, dependability and accessibility. Additionally, supplementary data by other carefully selected associations and organizations were used to further explicate import-export interrelations between Croatia and Canada. Conclusions that authors have drawn from the study of numerical data that included years 2011-2016 and from the detailed analyses and syntheses of the most relevant numerical data that link Croatia and Canada as well as their industries, actually represent the major research results of this paper. For these obvious reasons, major research results that were so clearly formulated can be used in a variety of professional purposes and in wide range of scientific researches. Finally, main implications of this paper were multiple logical deductions that can be made based on analyses and syntheses of numerical data as well as on proper comprehension of discussions within this paper. Those logical deductions should be perceived as stepping stones towards better import-export interrelations between Croatia and Canada that have the potential to improve, but only if previous experiences (including mistakes and omissions) will be properly used in future import- export endeavours that must take in consideration both previously mentioned countries.

The question of regulation and supervision of all parts of financial system is of major importance for any country. In order to protect the interest of the society and to accelerate the economic development, it is necessary to provide adequate legal framework as well as independent supervision institutions. The regulations refer mostly to maintenance of financial stability and consumer protection. The article points out that the structure of the financial sector in the Republic of Croatia is underdeveloped and characterized by domination of the banking sector. Therefore, bank supervision is one of the main tasks of Croatian national bank and all other financial institutions (except banks) are regulated by other regulatory institutions. The problems of authority overlapping and insufficient regulation are becoming more complex by the development of financial sector and especially by the deregulation of financial markets. Because of that, it is reasonable to investigate the existing regulatory framework of Croatian financial system concerning its structure and development., Od posebne je važnosti pitanje regulacije i nadzora sastavnih dijelova financijskog sustava. Adekvatnom zakonskom regulativom i osnivanjem neovisnih regulatornih tijela i institucija zaštitit će se interesi društva u cjelini te akcelerirati razvoj gospodarstva. U većini zemalja propisi su usmjereni na očuvanje financijske stabilnosti i zaštitu potrošača. U članku se ističe da je struktura financijskog sektora Republike Hrvatske nerazvijena i određena dominacijom bankovnog sektora. Stoga je nadzor banaka jedan od temeljnih zadataka Hrvatske Narodne Banke dok je poslovanje nebankovnih financijskih institucija predmet regulacije niza drugih regulatornih tijela. Problem preklapanja nadležnosti i nedostatne regulacije postaje sve složeniji s razvojem financijskog sustava, a posebno deregulacijom financijskih tržišta. Iz tih razloga, opravdano je istražiti postojeći regulativni okvir hrvatskog financijskog sustava u zavisnosti od njegove strukture i razvijenosti.

The Book Finance and the Good Society was written by Robert J. Shiller who is the Sterling Professor of Economics at Yale University, a bestselling author of books like Irrational Exuberance and a Nobel Prize Laureat in Economics together with Eugene Fama and Lars Peter Hansen in 2013. Robert Shiller is the only who has predicted both, the dotcom financial bubble in 2000 and the US housing crisis in 2005, so the reader could expect a critical analysis of the financial sector, as well as remedies how the financial system could be improved to avoid such shortcomings and crises in the future, what should lead us to, as he called it, the Good Society. With these expectations in mind the reader is faced with a scientific-popular book of 312 pages, divided in two parts and 30 chapters. The book itself is written in a manner that it is readable for students of economics and business, practitioners in finance and the general public. Taking all that into consideration, the reader of the book comes to the conclusion that Shiller has almost perfectly described how the financial system operates, but he lacks concrete recommendations in what way to improve it to avoid deep financial crises happened recently. On the contrary, his arguments for even more necessary financial innovations and sophisticated tools could cause or at least initiate additional bubbles and crashes in the future.

Znano je, da sistem zavarovanja depozitov deluje kot varstveni ukrep v korist deponentov , bank pa tudi celotnega bančnega sistema, saj v času krize preprečuje nastajanje panike in dvigovanja depozitov iz bank. S to aktualno temo o sistemu zavarovanja depozitov so se ukvarjali številni avtorij, vse od Mertona dalje že v letu 1977, vandar sos e značilnosti sistemov in njihova pomemebnost sčasoma spreminjale.

Znano je, da sistem zavarovanja depozitov deluje kot varstveni ukrep v korist deponentov , bank pa tudi celotnega bančnega sistema, saj v času krize preprečuje nastajanje panike in dvigovanja depozitov iz bank. S to aktualno temo o sistemu zavarovanja depozitov so se ukvarjali številni avtorij, vse od Mertona dalje že v letu 1977, vandar sos e značilnosti sistemov in njihova pomemebnost sčasoma spreminjale

This computer program consists of a paint program and a database of specially prepared forms in bitmap format for education of visual arts in secondary schools. Since more theoretical issues are prevailing on the secondary school level this computer software, which is actually a paint program, is equipped with different forms in bitmap format, with yes/no questions, multiple choice questions, classic questions demanding full text answers and questions where school boys and girls have to apply the solutions of the questions on specific paintings presented in the questions. By using this program, secondary school boys and girls can compare their own answers with the provided solutions in PaintArt 2.0 and enhance their knowledge of arts.

Sustav osiguranja depozita značajna je mjera za održavanje stabilnosti bankovnog sustava države, a ujedno i cjelokupne financijske stabilnosti na način da sprječava paniku deponenata i povlačenje depozita iz banaka. Da bi sustav osiguranja depozita bio učinkovit do osnivanja mora doći prije nego nastupi loše razdoblje te sustav treba biti organiziran na način da smanjuje mogućnost nastanka moralnog hazarda, problema principal-agent i negativne selekcije. Pojavom krize početkom 2008. godine, teoretske osnove koje su do tada upućivale na važnost i pravilo određivanja visine osiguranja depozita, napuštene su jer je kriza izazvala potrebu za većim limitom zaštite. Postavlja se pitanje je li jedinstvena visina od 100.000, 00 eura u državama EU opravdana s obzirom na različit stupanj razvijenosti država. Različitost sustava osiguranja depozita unutar EU trenutno se može samo promatrati s obzirom na način osnivanja, vlasničku strukturu i način prikupljanja sredstava, no neke i od navedenih razlika smanjit će se djelovanjem bankovne unije.

This article presents a computer program consisting of a paint program and a database of specially prepared forms in bitmap format for education of visual arts in secondary schools. Since more theoretical issues are prevailing on the secondary school level this computer software, which is actually a paint program, is equipped with different forms in bitmap format, with yes/no questions, multiple choice questions, classic questions demanding full text answers and questions where school boys and girls have to apply the solutions of the questions on specific paintings presented in the questions. By using this program, secondary school boys and girls can compare their own answers with the provided solutions in PaintArt 2.0 and enhance their knowledge of arts.

To analyze interest rate risk of coupon bearing bonds and to immunize bond portfolios against this risk excel spreadsheets are developed using only plain vanilla excel, i.e. its basic functions and some additional functions from the Excel Analysis Toolpak Add-In.The reason for not sing complicated macros nor Visual Basic for Application is that especially students at the University level have already all the necessary skills to use Excel efficiently and VBA applications of different MS Excel versions are not always compatible and have to be reprogrammed to run smoothly on newer versions of Excel.

Convexity function (CONVEX) of fixed income securities like bonds built in an Excel Add-In named Convex.xla.

Direct investing in real estate implies buying of physical property with all rights and obligations emerging from ownership. Exposing to real estate investment in direct way includes unfavorable investment characteristics which may be overcome with indirect ownership through the investment in marketable investment units of real estate funds. Real estate funds are collective investment schemes that facilitate the channeling of funds in various real estate investment activities. Experience of numerous states with developed real estate funds industry emphasizes importance of designing regulatory frameworks that are supportive of investment. Regulatory provisions in the Republic of Croatia dictate founding of real estate funds exclusively in form of public closed-end fund. Croatian closed-end funds are public joint stock companies with various operational restrictions and not tax exempt unlike open-ended funds designed for investing in other asset classes. Unclear investment profile of regulated real estate funds and absence of tax transparent real estate investment vehicles are main reasons for the negative market trends, visible through reduction in number of active funds.

Direct investing in real estate implies buying of physical property with all rights and obligations emerging from ownership. Exposing to real estate investment in direct way includes unfavorable investment characteristics which may be overcomed with indirect ownership through the investment in marketable investment units of real estate funds. Real estate funds are collective investment schemes that facilitate the channeling of funds in various real estate investment activities. Experience of numerous states with developed real estate funds industry emphasizes importance of designing regulatory frameworks that are supportive of investment. Regulatory provisions in the Republic of Croatia dictate founding of real estate funds exclusively in form of public closed-end fund. Croatian closed-end funds are public join stock companies with various operational restrictions and not tax exempt unlike open-ended funds designed for investing in other asset classes. Unclear investment profile of regulated real estate funds and absence of tax transparent real estate investment vehicles are main reasons for the negative market trends, visible through reduction in number of active funds.

Knjiga daje sustavan prikaz državnih, tržišnih i kombiniranih modela financiranja posebnih namjena te njihovu kritičku analizu. Prikazana su iskustva u financiranju javnog interesa najrazvijenijih svjetskih gospodarstava, ali i stanje u tom području u Republici Hrvatskoj.

Fundamental analysis, a part of investment analysis, is long-term oriented and primarily focused on analyzing factors such as economic influences, industry factors, and especially company information such as product demand, earnings, dividends and management, in order to determine an intrinsic value for the company's stocks. Based on this analysis, security analysts, investors and also students can make prudent investment decisions by comparing this value with the current market price of the stock. To analyze the pros and cons of fundamental analysis in this article an educational computer program called SP will be presented, which calculates on the basis of companies balance sheet and income statement data provided by Standard and Poor's several important ratios. Among these ratios, are up and down beta factor, price-earnings ratio, dividend yield, debt-equity ratio etc. Taking into account a lot of data from the Standard and Poor's database the program enables users to calculate new and even different ratios which do not exist in the original database and are important for investment decisions. The goal of such an approach for students is to simulate different investment strategies based on fundamental analysis, by picking specific stocks which meet their investment criteria, tracking their performance for a predefined investment period and analyzing the results.

Despite constant and numerous improvements and innovations in education systems worldwide, usage of computers and software in learning and teaching subject Visual arts on the elementary school level is not common and is therefore not widespread. Preliminary empiric research has proved that this is not only a Croatian, but an international problem.

Bond markets are essential for a country to enter a sustained phase of development driven by market-base capital allocation and increased avenues for raising debt capital. Development of domestic bond markets can increase the resilience of a country’s financial system and protect it from external shocks and reduction of available sources of financing in the international capital markets. Therefore, it seemed reasonable to investigate the financial market in the Republic of Croatia, as a transition economy, and, especially, the long-term government bonds. In the focus of our research will be the size and composition of government debt, primary and secondary markets including market infrastructure, the base of investors and other relevant factors for the development of national debt market. There is a question what are the measures that can be applied in order to ensure a more developed and efficient government bond market in the conditions of domestic, shallow and underdeveloped financial market? The aim of this paper is to discuss the development of government bonds market in Croatia, to address obstacles for development and especially to emphasis key measures for strenghtening the government bond market in Croatia.

The computer program Money and Bonds is an educational PC program for personal finance. The main tasks of the program are to calculate the value of money, loan amortization, interest calculation, cash flow analysis, bond value of coupon bearing bonds, duration, sensitivity analysis of interest rates and currency risk in foreign exchange operations. Utility functions are also provided, such as backup and restore, format, time and date, configuration and DOS shell. The program was designed and programmed in the mid nineties using Clarion Professional Developer 2.1, a fourth generation language (4GL), with special functions included by implementing so called Language Extension Modules (LEMs). The algorithm was carefully elaborated so the program operates in text mode and it can be run in window or full screen mode on PCs with every OS from MS DOS to Windows. Only for Windows 7 DOSBox utility is required.

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.

BMS is a computer program for bond market simulation. With this computer program students can simulate the buying and selling of bonds in three different markets or scenarios, the bond market in the USA, Germany and Slovenia. By analyzing the results they can decide if passive, semi-active or active investment strategies are more appropriate for bond investments in mature or emerging financial markets. This computer software was carefully programmed in the mid nineties using CLIPPER v. 5.00 and several other utility programs so it is running on PCs with Operation Systems from MS DOS to Windows Vista

Knjiga predstavlja oblike, motive, proces prevzemov, ter ključne dejavnike uspeha pri prevzemih in empirično raziskavo na vzorcu slovenskih podjetij.

Technical analysis is based on the widely accepted premise that security prices are determined by the supply and the demand for securities. With adequate tools technical analysis is recording historical financial data on charts, i.e. bar charts and line charts, studying these charts in an effort to find meaningful patterns, and using these patterns to predict future prices. To analyze the pros and cons of technical analysis in this article an educational computer program called TSA is presented, which calculates on the basis of daily high, low and close prices of stocks or other securities bar charts and line charts of stocks. Taking into account different moving averages (50, 100 and 200 days) and actual daily stock prices of 30 stocks in the DJIA the program is graphing the trades and simulates the results of such trades. It calculates the number of profitable and unprofitable trades, the average trading profit or loss, the maximum trading profit or loss and at the end the net profit if it exists. The goal of such an approach for students is to simulate different investment strategies without the risk of loosing real money and therefore being better prepared for real life investments in the mature financial markets and in the more volatile emerging financial markets.

The computer software Bondmaster is an educational PC program for investing in fixed income securities, i.e. in bonds. The main task of the program is to calculate the current yield of bonds, the yield to maturity of coupon bearing bonds, thir presents value and duration, both for annual and semiannual payments of interests. Special attention is paid to the currency risk in foreign exchange operations, the forecasting of interest rates and prices of bonds and a bond table generator is also included. There are also a lot of utilities built in like a calculator, a calendar and a file viewer with search function. Macros and a mouse support are also provided. The program was designed and programmed in the mid nineties in Microsoft QuickBasic with special functons included by using professional libraries. The algorithm was carefully elaborated so the program operates in text mode and it can be run in window or full screen mode on PC computers with OS from MS DOS to Windows XP Professional.

Knjiga odgovara na suštinska pitanja o djelovanju monetarnog mehanizma i njegovoj ulozi u gospodarskom sustavu. Knjiga je podijeljena na četiri cjeline, odnosno osam poglavlja. Poslije uvoda u financijsku fenomenologiju, prvi dio knjige obrađuje poglavlja novčane abecede, kredita te kamata i kamatne stope. Drugi dio pod naslovom "Financijski sektor" posvećeno je financijskim institucijama i financijskim tržištima. Treći dio posvećen je obradi tematike monetarne politike, dok je četvrti dio posvećen novcu u međunarodnim plaćanjima. Navedeni četvrti dio sastoji se od poglavlja "Deviznih tečajeva" i "Međunarodnog monetarnog sustava". Knjiga na sustavni način obrađuje osnovne koncepte i pojmove i monetarne ekonomije.

In this presentation the pros and cons or legal aspects of (not) introducing microfinance in Croatia are presented. The development and supervision of the financial system are also elaborated, as well as the actual and future role of miccrofinancing in Croatia.

The content of doctoral dissertation submitted by Saša Žiković, M. Sc., is defined by two key points of departure. First, this dissertation discusses an important and topical area of evaluating market risks in financial intermediaries. Primarly because of the development level of regulations and their most consistent application, the author proceeds from the issue of appropriate market risk evaluation in the banking sector. Second, the author highlights the issues of fulfilment nad non-fulfilment of the criteria for using recognized models and methods to measure market risk exposure in the financial markets of the new EU member states that entered the EU in 2004 as well as Croatia. Precisely because of the strongly established practice of banking regulators, the author focuses on the value-at-risk (VaR)method among the methods of market risk measurement.

There is a lot of interest around the world in the organization of structure of financial supervision. In the past, financial supervision, was mostly organized in the form of specialized agencies for the banking, securities and insurance sectors, but in the last few years a lot of industrialized countries (UK, Germany, Sweden...) and countries in transition especially in Central and Eastern Europe (Latvia, Estonia, Hungary...), have started to integrate these different supervisory functions into one agency. Taking into account the effect of increasing cross ownership in the financial system between banks and non-bank financial institutions and the trend towards financial conglomerates, the need for better and more efficient coordination between regulators of banks, insurance companies and capital market intermediaries will increase. Therefore it seems that an integrated financial supervision authority or at least "twin peaks" model would make sense even in case of Croatian financial sector. Nevertheless a lot of questions arise, like under what conditions should, or should not, a country consider moving to an integrated model of financial supervision? How should an integrated agency be structured, organized and managed? How should the integration process itself be implemented, because there is a danger that during this process the financial system is perhaps not supervised adequatly? Taking into consideration all these reasons mentioned above, the new model of integrated supervision of the financial sector in Croatia will be presented and intensively discussed.

Knjiga predstavlja osnovne vrste procesa preuzimanja poduzeća, te metode zaštite od neželjenih postupaka preuzimanja.

A glance at the map of the CEI Region made up of 18 member States representing a territory of 2, 4 million square kilometres and a population of about 250 million is sufficient to understand the overriding importance of issues of transport, particulary in view of the existing gap in transport infrastructure between the advnced western and little developed eastern parts of the Region. The basis for the long-term development of existing free zones in Croatia is the Law on Free Zones promulgated in 1996, provided for the establishment of Free Zones in Croatia. These Free Zones permitted the granting of concessions on customs and tax liabilities to agreed legal persons within a confined geographic location and under certain conditions. To date 18 such zones have been created in Croatia, and an additional one is planned. About 5000 people are employed in these zones, which are an important factor for potential investment and regional economic development. The overall objective of the project Free Zones is to contribute to the improvement of the legal and institutional framework affecting private sector development, ensuring that the existingFree Zones evolve and develop in a manner that is consistent with European legislation and best practice in the field. The development of a long-term strategy for the development of the existing Free Zones and establishing new ones in Croatia is based on the existing Law and its amendment, as well as the harmonization of the Croatian legislation in this field with EU directives and the acquis.

Knjiga predstavlja oblike, motive, proces prevzemov, ter metode obrambe pred nezaželenimi prevzemi.

U članku se obrađuje financijski sustav Republike Hrvatske, tj. financijska tržišta, financijske institucije i financijski instrumenti.

Koncept slobodnog poduzetništva okosnica je tržišnih gospodarstava razvijenih zemalja svijeta. Mala i srednja poduzeća kao izraz težnje čovjeka za samostalnošću predstavljaju polugu bržeg i učinkovitijeg gospodarskog razvoja. Poduzetnički koncept razvijene su zemlje prihvatile i implementirale stvaranjem pozitivnih uvjeta poslovanja kao i potporne strukture financiranja. Uloga poduzetništva u ukupnom gospodarskom razvoju Republike Hrvatske u posljednjim godinama sve je izraženija. Mala i srednja poduzeća sve su zastupljenija po broju gospodarskih subjekata, financijskim rezultatima poslovanja kao i po udjelu zaposlenih u cjelokupnom gospodarstvu. Od osamostaljenja Republike Hrvatske razvoj malih i srednjih poduzeća bio je ograničen uslijed makroekonomskih razloga kao i njihovih specifičnih problema. Pritom najveći problem za mala i srednja poduzeća predstavlja problem financiranja koji se manifestira kroz nemogućnost pristupa kapitalu neophodnom za njihovo osnivanje i razvoj. U ovom dijelu posebna uloga pripada državi, ali i jedinicama lokalne samouprave koje moraju osigurati stabilno i sigurno okruženje kako bi se doprinijelo nastanku novih i razvoju postojećih poduzetničkih subjekata. Devedesetih godina mala i srednja poduzeća u Republici Hrvatskoj nisu imala prateće poduzetničke infrastrukture odnosno nije postojao adekvatan, koordiniran i planiran sustav financijske potpore poduzetništvu. Ipak, napredak je uočljiv te je danas struktura i organiziranost institucija koje prate i potiču razvoj poduzetništva relativno velika, ali ne i dovoljno učinkovita. Njihov položaj dodatno otežavaju nedovoljno razvijen financijski sustav te nestimulativno poslovno okruženje. Danas se u okviru sustava financijskog poticanja malih i srednjih poduzeća mogu izdvojiti: financijske institucije, ministarstva Republike Hrvatske, privatni i javni fondovi, jedinice lokalne samouprave te tržište kapitala. U radu će se analizirati institucionalna i regulatorna ograničenja razvoja malog i srednjeg poduzetništva. Posebna pažnja usmjeriti će se na probleme financiranja malih i srednjih poduzeća u Republici Hrvatskoj te prikazati cjelokupan sustav financiranja ovog dijela nacionalne privrede. Cilj rada je istražiti relevantne odrednice financiranja malih i srednjih poduzeća te predložiti poboljšanja postojećih i uvođenje novih izvora financiranja čime bi se znatno proširile mogućnosti kvalitetnog financiranja ovih poduzeća.

Building a national innovation system presupposes venture capital companies (VCCs) that can help innovative small and medium-size enterprises (SMEs) in Croatia grow through financing and by taking on an active role in their strategic management and as organizers of production networks. SME in Croatia face barriers to doing business because of the underdeveloped institutional environment and its legal enforcement, corruption, lack of both coordination and coherence between different ministries, programs and SMEs. In addition, entrepreneurs often have a lack oh know-how and quality education for developing innovations. Big domestic companies are less present in high technology sectors and have therefore create less demand for innovation from SMEs. The financial sector is not oriented towards innovation financing. The first Croatian Community Innovation Survey conducted for the period 2001-2003 shows that innovative SMEs in Croatia face especially high financial barriers. Entrepreneurs are usually not familiar with both VCCa existence and functioning. Consequently, relatively few SMEs in Croatia have received funding from a VCC and early stage venture capital investments are especially rare. The interviews we had with managers of the VCCs in Croatia revealed they faced low deal flow and exit problems. Moreover, venture capital funds are not regulated by law and hence do not have necessary tax incentives. Both growth of innovative SMEs and development of VCC industry in Croatia require a better business environment in the short term and coordination between industry, state and scientific institutions as well as foreign direct investment bringing high technology in the medium to long term.

Radovi u knjizi "Novac, bankarstvo i financijska tržišta" analiziraju razvoj i sadašnju strukturu hrvatskog financijskog sektora i kroz komparaciju sa razvijenim financijskim sektorima, a vodeći računa o dramatičnim promjenama na suvremenim financijskim tržištima, nastoje predlagati rješenja za ona pitanja o kojima hrvatska znanost i praksa nisu postigli suglasje.

Dok se u pravnom smislu pod pojmom instrumenti podrazumijevaju isprave odnosno dokumenti, u ekonomskoj se terminologiji pod pojmom financijski instrumenti u pravilu podrazumijevaju razni oblici vrijednosnih papira, i to u pravilu dužnički, vlasnički i izvedeni oblici vrijednosnih papira. Ti se isti financijski instrumenti mogu još nazivati i vrijednosni papiri s fiksnim prinosom, s varijabilnim prinosom i financijski derivati. Kako u okviru eksternog financiranja poduzetničkog, financijskog i javnog sektora u svijetu pribavljanje sredstava pomoću vrijednosnih papira igra, sa stanovišta kratkoročnog i dugoročnog financiranja značajnu ulogu, u radu se predstavljaju osnovne vrste vrijednosnih papira u Republici Hrvatskoj. Pored toga se ukazuje na usklađenost hrvatskih pravnih normi s pravnom stečevinom, odnosno direktivama Europske unije.

U članku se analizira pojam, volumen i struktura financijskog tržišta i tržišta kapitala, te financijske institucije u Republici Hrvatskoj i uspoređuju se sa zemljama centralne i istočne Europe.