In this paper the age structure and the ageing population process in Bosnia and Herzegovina in the second half of the 20th century and the beginning of the 21st century is analyzed. The main reasons that caused changes in the age composition of the population and the population ageing in Bosnia and Herzegovina have been researched. The main causes of the population ageing in Bosnia and Herzegovina in the second half of the 20th century were primarily trends in fertility rates and secondarily trends in mortality rates. The economic growth of Bosnia and Herzegovina after World War II conditioned changes in the economic and educational structure of the population and with that the changes in the natural increase rates and migration balance. The war was the main cause of negative demographic changes in Bosnia and Herzegovina in the period from 1992 to 1995, and the post-war adverse socioeconomic, political and other circumstances have been the cause of negative demographic trends after 1995. The aim of this paper is to determine the level of population ageing in Bosnia and Herzegovina and the consequences this process could have on the demographic future of this country.

Ambroxol hydrochloride (AMB), (1s,4s)-4-((2-amino-3,5-dibromocyclohexyl)methylamino) cyclohexanol hydrochloride, is semi - synthetic derivative of vasicine obtained from Indian shrub Adhatoda vasica. It is a metabolic product of bromhexin and it is used as broncho secretolytic and an expectorant drug. Analysis of Flavamed® tablets, in which ambroxol hydrochloride (AMB) is an active component, was performed. UV/VIS spectrophotometry and atomic absorption spectroscopy (AAS) were used. Direct and indirect UV/VIS spectrophotometric methods were used for quantitative analysis of AMB and the following recovery value results were obtained: 100,16% and 95,23%, successively. Content of heavy metals in Flavamed® tablets was determined by atomic absorption spetroscopy.

Mensur Vrcić , Ratko Pavlović , Sid Solaković, Erol Kovačević 1 and Ensar Abazović Faculty of Sports and Physical Education, University of Sarajevo, Bosnia and Herzegovina Faculty of Physical Education and Sports, University of East Sarajevo, Bosnia and Herzegovina 3 Clinic for Vascular Surgery, Clinical Center in Sarajevo, Bosnia and Herzegovina 4 Faculty of Kinesiology, University of Split, Croatia

The latest Basel Accord, which relies on the New Capital Accord (i.e. Basel II) and whose basic goals have been, from a normative standpoint, enhancing the banking sector’s ability to absorb the losses arising from economic distresses like the global financial crisis (2007-2009), improving risk management and governance, and strengthening the bank's transparency and disclosures, operationally emphasises the need to improve the quality and quantity of capital components, liquidity standards, and leverage ratio. The implementation of the Accord in developed economies started at the beginning of 2013 and the overall transition period from the Basel II framework should end by the year 2019. But as far as emerging economies are concerned, there are several issues on the road of implementation, such as necessary (technical) skills and expertise of bank staff as well as their supervisory institutions, sophisticated internal rating mechanisms and capacity, significant amount of new information and recordkeeping, etc. This paper discusses real and potential effects of Basel III in both developed and emerging economies. A special emphasis is given to the banking sector of Bosnia and Herzegovina. Keywords: International banking standards, Basel accords, Basel III, effects, developed economies, emerging economies, Bosnia and Herzegovina

1. THEORETICAL BACKGROUND OF THE RESEARCHThe problem of financing entrepreneurial activity is probably as old as this activity itself. Many businesses fail due to problems in financing. Mostly, early stage businesses are in need of start-up capital.Literature on financing entrepreneurial activity recognises two main sources of financing entrepreneurial activity: personal resources and financing from external resources. There are numerous factors which influence the use of these sources of financing (e.g. stage of development, age, entrepreneur's gender, development of financial markets etc). Sherman (2005) found that in the initial phase of business development entrepreneurs mostly use personal funds, or rely on government funds.Early stage funding of entrepreneurial activity in the Western Balkan countries is influenced by a number of market failures which are considered to be major obstacles for further entrepreneurship development in this region. Even though the Balkan region has an emerging start-up scene the governments are not sufficiently supporting their development. Government support for entrepreneurs in early stages of entrepreneurial activity is of great importance because most of these businesses are not eligible to apply for commercial bank loans due to formal, and strict procedures, as well as a high risk which is related to the early stages of business operations. In most cases banks are unwilling to consider giving loans to start-ups, which are mostly in need of new capital in order to finance their further growth or even in need of initial capital in order to start a business. According to Aktekin & Sohl (2011), searching for capital for entrepreneurs is a time consuming process that can have serious effects on survival of the business and its growth. Cassar (2004) claims that early stage external funding is important and critical in the early stage of the venture's existence.Lerner (2009) stated that governments have a positive role in "kick-starting entrepreneurship" and their funding is important, especially in times of crisis, because entrepreneurship is a business with increased returns. Even though the general entrepreneurial climate is important, it is equally important that governments "intervene directly in the entrepreneurial process" through fund allocation. Vanacker and Deloof (2013) believe it was the financial crisis which began around 2008 that turned the focus of researchers towards financing and success of business start-ups. Availability of financing for SMEs has also been determined as important for their growth and development (Ou, Haynes, 2006; Cook, 2001). Specific financing strategies are required especially during the start-up phase due to the lack of trading history or higher risks (Berger & Udell, 1998; Cessar, 2004; Huyghebert & Van de Gucht, 2007). However, some authors agree that financing of start-ups cannot be standardized and that the lifecycle/financing approach is not applicable to all SMEs in all industries and of all sizes (Abdulsaleh & Worthington, 2013; Gregory et al., 2005; Berger & Udell, 1998). These findings, however, are opposite to the presumptions of Myer's (1984) pecking-order theory suggesting that internal sources of financing are prioritised during early stages of firm's existence wherein external sources are being considered afterwards. On the other hand, other empirical studies like Abdulsaleh & Worthington (2013), Gregory et al. (2005) led to conclusions that older businesses rely more on internal financing due to the fact that they can accumulate earnings and that internal funds are mostly available for their business operations. A recent OECD study (2015) claims that broadening financing options which are available and accessible to SMEs is a key challenge for policy makers in the quest for fostering their development.Different and often contradictory results of various empirical studies indicate that more scientific attention should be directed towards researching this area. …