Cilj istraživanja je da se utvrdi jačina veze između dostignutog nivoa tehnološkog razvoja i inovacija sa jedne strane, te bruto domaćeg proizvoda per capita, razvoja finansijskog tržišta, indeksa ljudskog razvoja i indeksa pranja novca sa druge strane. Korišteni su relevantni podaci za period od 2012. do 2021. godine za sve zemlje za koje su navedeni pokazatelji dostupni. Korištene metode za ovaj proces su komparativna metoda, analiza i regresiona analiza te analiza varijanse, odnosno prosta linearna regresija, te sinteza prethodnih istraživanja i teoretskih nalaza da bi zaključci bili izvučeni metodom indukcije - od pojedinačnog ka opštem. Dobijeni rezultati podvrguti su suštinskoj i statističkoj analizi. Rad pokazuje da postoji značajna veza između posmatranih varijabli, tj. da postoji direktan uticaj nivoa inovacija u zemlji na BDP, razvoj finansijskog tržišta, indeksa ljudskog razvoja te indeks pranja novca. Ograničenja u istraživanju uslovljena su definisanim problemom i metodama koje su primijenjene u radu, uzimajući u obzir standardne probleme kod istraživanja korelacija. Dalja istraživanja treba usmjeriti u pravcu u kojem je potrebno istražiti da li finansijsko ulaganje u inovacije ima efekta na rezultate posmatranih varijabli.

U nekim fazama svog razvoja, kod kompanija se vrlo èesto pojavljuje potreba da se privuku spoljni izvori finansiranja. Jedan od naèina za privlaèenje novca za finansiranje neke kompanije ili investicionog projekta su pozajmice. Te pozajmice mogu biti u obliku vlastitih izvora finansiranja, u vidu emisije akcija i u obliku pozajmljenih izvora finansiranja u vidu emisije obveznica ili kredita od banaka. Meðutim, jedno od osnovnih pitanja koje se postavlja jeste: koji je optimalan odnos duga i akcijskog kapitala u finansiranju kompanije, odnosno kako se odreðuje optimalna struktura kapitala neke kompanije? Dakle, ovdje je rijeè o strukturiranju pasive bilansa stanja preduzeæa, odnosno o uspostavljanju optimalnog odnosa sopstvenog kapitala i dugova (obaveza). Istraživanje je obuhvatilo analizu godišnjih finansijskih izvještaja 612 nefinansijskih akcionarskih društava koja jesu ili su bila listirana na Banjaluèkoj berzi hartija od vrijednosti u periodu od 2011. do 2020. godine. Istraživaèko pitanje glasi: "Kako menadžeri listiranih akcionarskih društava u Republici Srpskoj komponuju strukturu kapitala?" Kao zavisna varijabla u modelu posmatran je odnos kratkoroènog duga prema ukupnom zaduženju. Kao nezavisne varijable korišteni su sljedeæi fundamentalni pokazatelji poslovanja: povrat na akcijski kapital, povrat na aktivu, fiksna imovina, tekuæi racio, tekuæa aktiva prema ukupnoj aktivi, ukupan dug prema ukupnom kapitalu i velièina firme. Ukupan broj opservacija iznosio je 2.905. Svrha rada je identifikovati faktore specifične za privredna društva koja posluju u zemljama u razvoju, a koji značajno utiču na odluke o zaduživanju, odnosno finansiranju, te uzimajući u obzir te faktore konstruisati odgovarajući ekonometrijski model. Rezultati istraživanja pokazali su da su najjači uticaj na zavisnu varijablu, tj. kratkoročni dug prema ukupnim obavezama, zabilježile sljedeće nezavisne varijable: fiksna aktiva/ukupna aktiva i neto dobit/prosječan kapital (ROE). Sa druge strane, negativan uticaj na zavisnu varijablu imale su ostale varijable. Kada se uzorak podijeli na društva u većinskom javnom i u većinskom privatnom vlasništvu, zaključak je da kod obje vrste društava najveći uticaj ima odnos fiksna aktiva/ukupna aktiva ali da su ostali pokazatelji različitog uticaja.

This paper investigates the impact of foreign direct investment on economic growth, on a sample of three groups of countries, classified according to the criterion of economic development. The research problem that seeks to be solved is defined by the question: Do foreign direct investment affect the economic growth of targeted countries and in what way? The objectives of the research are to explain the mechanism of functioning of foreign direct investment and the implications for macroeconomic growth parameters, ceteris paribus. The results of the research show the existence of correlation and determination of the dependent variable with the variations of the independent variable. In this way, the main hypothesis of the paper was confirmed, that foreign direct investment has a stimulating effect on economic growth and the effect of investment is a priori determined by the defined economic policy and the appropriate institutional and legislative framework of the countries, ceteris paribus. The methods used in this paper are regression analysis, i.e. simple linear regression, and analysis and synthesis of previous research and theoretical findings, in order to draw conclusions by induction. The analysis of the data confirms that foreign direct investments have an impact on the economic growth of each group of countries individually, but that in certain groups this connection is present. Thus, the results of the research showed the existence of a relation between FDI and economic growth, i.e. they emphasized FDI as a significant predictor of economic growth in the targeted groups of countries ceteris paribus. The paper represents the author's contribution to economic theory and practice, and to the general public, but also to decision-makers in developing countries. Further research should be directed towards whether it is possible to influence the increase of GDP by "copying" a certain country in terms of attracting foreigners.

The paper lists the major projects of international financial organizations in Bosnia and Herzegovina (BiH) after signing the Dayton Peace Agreement to explore the role of international financial organizations in post-Dayton BiH. It discusses the specific contribution and the role of these organizations in functioning of BiH, including financial assistance, credit means, various funds and projects, which have been supposed to lead to the stable functioning of BiH after the signing of the Dayton Peace Agreement. The paper explains the role and attentiveness of the Monetary Board in BiH with a focus on its impact on implementation of the international projects. The research question is: “From which sources did the largest funds in BiH come in the period from 1996 to 2020 and how were they related to GDP?”. The paper is based on publicly available data from international financial institutions and the Ministry of Civil Affairs of BiH. The results show that about 71.45 billion dollars entered BiH from international financial institutions through donations, grants, loans, and other various types of assistance. But the funded projects did not have the same priorities every year and in every area. In addition, international funds were used to finance numerous projects aimed at economic recovery and economic development. In the last few years, there

Empirijska rasprava o efektima uvođenja finansijskih inovacija na finansijskim tržištima nikada ne jenjava. Uprkos širokoj upotrebi, ocjeni rejting agencija i velikom prometu, tržište kreditnih derivata se i dalje smatra novim i nedovoljno istraženim. S druge strane, jačanje finansijske krize iz 2008. godine se ne može u potpunosti pripisati upotrebi kreditnih derivata, iako su oni imali značajnu ulogu u širenju krize. Iako su Zakonom o tržištu kapitala predviđeni finansijski derivati, na tržištu kapitala u Bosni i Hercegovini oni još nisu korišteni. S tim u vezi, ozbiljni autoriteti u oblasti finansijskog menadžmenta zagovaraju upotrebu kreditnih derivata za transfer kreditnog rizika jer se tako mogu značajno smanjiti iznosi gubitaka u slučaju nastanka kreditnog događaja. Ova mogućnost dobija na značaju nakon šoka uzrokovanog pandemijom virusa korona. U radu ispitujemo hipotezu po kojoj postoji značajan prostor za inovacije na domaćem tržištu kapitala. Cilj rada je analizirati sve relevantne faktore koji utiču na nastanak i razvoj kreditnih derivata. U istraživanju su korištene metode analize, sinteze, dedukcije kao i odabrani alati poslovne i finansijske analize. Primarno su korišteni sekundarni izvori podataka, poput naučne i stručne literature, te javno dostupnih statističkih baza podataka. Zaključak pokazuje da je moguće i poželjno uvođenje kreditnih derivata na tržište te navodimo domete i ograničenja, ali i identifikujemo prepreke za uvođenje ovakvih inovacija.

The paper investigates how financially insecure public companies in the Republic of Srpska are using the Altman EM score model and the RAPO model developed on business entities in the Republic of Srpska. Public companies are classified as low, medium and high risk companies in terms of the probability of going bankrupt. The results show that in the observed period from 2013 to 2018, half of public companies are constantly in the problem zone, while about 40% are in the safe zone. That is, companies that have been identified as problematic have been in that group for many years, while those with low business risk have been consistently successful. The paper also presents the state's participation in the capital of public companies, as well as expenditures in the form of subsidies and recapitalizations that are allocated from the budget every year.

Money laundering, in its almost 90-year-long history, has attracted the attention of the scientific, professional, but also the general public. Throughout the entire period, the manifestations of this criminal phenomenon, its typology, etiological factors, etc., have changed, but the essence has remained the same: the transformation of illegally acquired money into legal financial flows. Emerging markets are particularly burdened, which is the subject of this paper: identifying, monitoring and proving the process of money laundering with the aim to reduce it in developing countries. In addition, what can be observed in these markets is that money laundering operations are mainly related to those activities where most of the payments are made in cash. Their specificity, that is, the basic motive for execution, is not just a profit, but the aspiration to introduce “dirty” money into legal flows. The aim of this paper is to use the method of description to explain and describe scientifically the money laundering process and to combat this phenomenon with a focus on the characteristics of the money laundering process. In addition, the paper describes the models and weaknesses of this process, while at the same time it respects the standards and specifics of business operations in emerging markets. The result of the paper is that it provides an overview of money laundering in the 21st century in small and open economies, including proposals to prevent and combat this negative phenomenon.

This paper presents an empirical verification of the effectiveness and usefulness of investment diversification using the main stock exchange indices and Bitcoin. The objective is to determine the effects applying the Markowitz portfolio optimization theory, i.e., the advantages of applying the modern portfolio theory for institutional investors. The research offers an answer to the following question: what are the advantages and disadvantages of using Bitcoin in portfolio optimization? The paper contributes to the representation of the reach and limitations of the modern portfolio theory for institutional investors. The conclusion is that rational behaviour of institutional investors requires consideration of portfolio optimization using the Markowitz model, because it is possible to create portfolios which, on the basis of historical returns, provide desired returns alongside certain risks. The methodology includes the analysis of high frequency data, i.e., daily trading data were used. The results indicate that the use of the Markowitz portfolio selection method, with all its limitations, is desirable, possible and applicable, but that it entails serious flaws in the sense of neglecting transaction costs, foreign exchange differences and the real value in the stock market. The results of the research show that Bitcoin is a good source of diversification in a portfolio that contains traditional financial instruments both for the risk-averse investor as well as for those investors who have a greater appetite for risk. The conclusion is that rational behavior of institutional investors requires consideration of investing in Bitcoin using the Markowitz model. However, given the high degree of volatility, investors should be very careful when making decisions about including Bitcoin in the portfolio.

ISSN 2620-0406 Citation: Šikman, M. M, & Grujić, M. (2021). Relationship of AntiMoney Laundering Index with GDP, financial market development, and Human Development Index. NBP. Nauka, bezbednost, policija, 26(1), 21–33. doi:10.5937/nabepo26-29725 Abstract: Money laundering has a direct impact, among other things, on the economic development of a country. The aim of this research is to determine the correlation between money laundering and economic development expressed through GDP, as well as between financial market development (FDI) and the Human Development Index (HDI). The results of the research show that there was a significant relationship between the observed variables, i.e. that there is a relation of the Anti-Money Laundering Index (AMLI) on GDP, financial market development and the HDI. Namely, given that medium-strong links between the observed variables have been established, it can be claimed that there is reason to believe that “copying the behaviour” of a certain country in the fight against money laundering can further develop the financial market, influence human development or an increase in GDP per capita. In particular, a decrease in the AMLI was expected to increase the FDI (R2 = 0.2601). A decrease in the AMLI was expected to increase the HDI (R2 = 0.5747). In that way, financial institutions are directly affected, which negatively relates to economic and political stability.

There has been a lot of talks lately about falling interest rates in all markets. The decline in interest rates is also evident in the domestic market. Such information and trends increase caution, especially in the corporate sector, which is not conducive to economic optimism. In support of the black premonitions that have been pointed out recently, the paper also highlights the appearance of “inverse” yield curves on the Banja Luka Stock Exchange. The yield curve represents the relationship between the interest rate (or loan cost) and the time to maturity of a given borrower in a given currency. By definition, there is no single yield curve that describes financing costs for all market participants. There are conventions that everyone adheres to when it comes to choosing instruments and general design principles. The interpretation of the yield curve is very complex because the yield curve takes into account investors’ expectations in terms of interest rates, but also inflation and political cycles because it is reflected as a risk premium for long-term investments. However, the details of the design methodology are characteristic of different institutional investors. The paper describes the methodology for constructing the yield curve of the Republic of Srpska. The range and limitations of using such a yield curve are then stated are also described. The subject of this paper is to create the yield curve in a domestic market and to analyze data from such views. The aim of the paper is to scientifically explain and describe the process of creating a curve for the yield of debt securities issued by the government and to analyze and interpret the data from that curve. The research question is: “Can the yield curve on the Banja Luka Stock Exchange be used behind the presentation of the yield on debt securities over the last decade?” Thus, the paper demonstrates the scope and limitations of this model while respecting the standards and specifics of business in the emerging market. The conclusion is that the yield curve on the Banja Luka Stock Exchange is a theoretical construction rather than an empirically verified fact, in contrast to the yield curve from developed markets, but that it can be used to represent the yield on debt securities and, indirectly, as an auxiliary tool in making investment decisions. Also, the yield curve of debt securities of the Republic of Srpska is a theoretical concept, but it is also noticeable in practice. Moreover, it is a desirable tool for both academia and practitioners and the general public.

As a consequence of the measures taken to remedy the medical problem, there may be a bigger one - economically, all over the world. The paper analyzes the consequences of the current economic crisis caused by the COVID-19 virus pandemic. The key economic consequences of the pandemic for companies but also for the economy have been identified. Entrepreneurs, small and medium enterprises, with the smallest liquidity stocks, are expected to feel the greatest consequences of the economic crisis. Taught by the failures of the Great Depression and the relative successes of the crisis in 2008, governments have already announced and launched massive programs to help businesses. At this moment, the supply of liquidity of deficient economic entities is a critical issue. The previous crisis showed that governments have tried and tested mechanisms for supplying liquidity to the financial sector, but transmission mechanisms to end-users were the Achilles' heel of the mechanism. We believe that success in finding adequate channels for the transfer of liquidity to economic entities with a liquidity deficit will be crucial for the character, length, and depth of the crisis. The paper offers a number of proposals for key necessary measures at the state level to overcome the observed economic disruptions. One of them is the request of the regulator, the other is the reaction of the state, but an important part must also come from the company. In addition, the research conducted by the questionnaire method for joint-stock companies from the Western Balkans resulted in a set of measures that serve as a basis for determining the gap in the required and current set of measures taken at the level of an individual organization. The aim of this paper is to point out that in the short term it is possible to stabilize the system through the application of macroeconomic and microeconomic measures.

Money laundering, in its almost 90-year-long history, has attracted the attention of the scientific, professional, but also the general public. Throughout the entire period, the manifestations of this criminal phenomenon, its typology, etiological factors, etc., have changed, but the essence has remained the same: the transformation of illegally acquired money into legal financial flows. Emerging markets are particularly burdened, which is the subject of this paper: identifying, monitoring and proving the process of money laundering with the aim to reduce it in developing countries. In addition, what can be observed in these markets is that money laundering operations are mainly related to those activities where most of the payments are made in cash. Their specificity, that is, the basic motive for execution, is not just a profit, but the aspiration to introduce “dirty” money into legal flows. The aim of this paper is to use the method of description to explain and describe scientifically the money laundering process and to combat this phenomenon with a focus on the characteristics of the money laundering process. In addition, the paper describes the models and weaknesses of this process, while at the same time it respects the standards and specifics of business operations in emerging markets. The result of the paper is that it provides an overview of money laundering in the 21st century in small and open economies, including proposals to prevent and combat this negative phenomenon.

U radu smo predstavili reakcijuzaposlenosti, plata, cijena, industrijske proizvodnje,domace valute i plata u Bosni i Hercegovini na sokod jedne standardne devijacije koji su izazvaledirektne strane investicije. Koristili smo modelvektorske autoregresije sa znakovnim restrikcijamasprovedenim kroz Uligovu penalizirajucu funkciju.Rezultati pokazuju da posmatrani agregati imajuocekivanu reakciju. Investicije, s obzirom na njihovuprirodu, imaju makroekonomski logicne ucinke.Potrosnja se namece kao ocigledan kanal preko kogase ostvaruje pozitivna reakcija zaposlenosti, odnosnoplata, koje mogu uslovno da se dovedu u vezu sproduktivnoscu rada.