Edvard Jakopin
The global recession has once again confi rmed the economic principle stating that economic growth is not a” ainable unless there are continuous structural changes. The transition models of the reallocation of growth factors have demonstrated how ineffi cient they were when the recession struck. A research into the transitional growth of productivity has shown that productivity has primarily been based on an “intrasectoral profit”, not on the so-called “reallocation effect”. The entire area of SEE is faced with systemic macroeconomic imbalances primarily of a structural character. On the other hand, a comparative analysis of the reform experiences shows that transitional scores depend both on the speed of the undertaken reforms and the starting position. Studies have clearly demonstrated that sustainable economic growth was higher in those transition economies in which reforms were pursued faster than in those that pursued the strategy of incremental development. The crisis brought to the fore the signifi cance of industrial policies that had been sidelined both in theoretical and practical terms. The focus of the post-crisis reallocation of growth factors in the new model of economic growth should be on structural changes steered towards the productive export sectors of the manufacturing industry.
Vlastimir Leković
Trust, as an important traditional informal institution of a society, has in recent decades come into focus of many social sciences and the economic science as well. Namely, trust is one of the key factors that determine the character of both human and social relations. There is a growing realization that, among other key factors of the market system eff ectiveness and effi ciency, economic impacts are also determined by the appropriate level of trust that exists between economic actors. This paper analyzes the role of trust as a facilitating factor that enables a more successful development of economic activities in such an environment where economic actors deal with the problems of information asymmetry, incomplete contracts, an underdeveloped institutional framework, uncertainty etc. It is suggested that trust, both personal and institutional one, is a significant factor in economic success and development. At the same time, trust plays an important role in the successful implementation of a socio-economic transformation, which is especially relevant in transition countries.
Veljko Marinković and Vladimir Senić
Customer orientation in the last couple of years has been experiencing an expansion in many service-based organizations including banks. The needs of financial services users are dynamically changing, making it necessary for banks to be oriented towards developing long-term relationships with their clients in order to become and remain profitable. The main objective of this research is aimed at studying attitudes of corporate clients – small and medium enterprises – on different elements of the service quality delivered by a banking institution. The results of the conducted study emphasize three key elements of a service offer in corporate banking, including, respecting and understanding a bank’s clients, professionalism and image. Such findings additionally confirm the necessity for modern banking institutions to embrace the concept of tight cooperation with clients, only possible if they are truly committed to the marketing orientation in their everyday business.
Nenad Stanišić
There are various benefits which countries could derive from the renouncement of a national currency hallmarked by unstable external and internal values. The most evident one is the reduction of a long-term inflation rate. The objective of this paper is to test the hypothesis of the positive influence which monetary integration exerts on monetary stability and economic growth. On the other hand, monetary integration can also cause certain economic problems to countries’ economies, such as the one of the balance-of-payments adjustment. Hence this paper surveys its infl uence on the current account balance of national economies. The hypotheses are tested empirically by examining the sample of 42 countries from different regions and of different development levels. The results suggest that the monetary integration influences the inflation reduction in developing countries, but not the achieved economic growth rates. At the same time, the results indicate that monetary integration contributes to an increase in the current account deficit of developing countries, but not of developed ones.