DOCSLIB.ORG

Banking and Finance in Central and Eastern European Countries

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Banking and Finance in Central and Eastern European Countries BANKING AND FINANCE IN CENTRAL AND EASTERN EUROPEAN COUNTRIES NORA SRZENTID 2013 Advisor Prof.dr. Michael Frömmel Submitted to the Faculty of Economics and Business Administration of Ghent University in Fulfillment of the Requirements for the Degree of Doctor in Economic Sciences. BANKING AND FINANCE IN CENTRAL AND EASTERN EUROPEAN COUNTRIES by NORA SRZENTID 2 DOCTORAL JURY Prof. dr. Marc De Clercq (Ghent University, Dean) Prof. dr. Patrick Van Kenhove (Ghent University, Academic Secretary) Prof. dr. Michael Frömmel (Ghent University, Supervisor) Prof. dr. Rudi Vander Vennet (Ghent University) Prof. dr. Koen Schoors (Ghent University) Prof. dr. Jarko Fidrmuc (Zeppelin University) Dr. Franziska Schobert (Deutsche Bundesbank) 3 Acknowledgements If there is one thing that I have learned during my PhD studies, it can be wrapped up as following: you need a good research question, solid data, and the tools to obtain some results which hopefully have acceptable policy implications. So let me apply these notions and check if I got them right. The research question is how one can skip school during the war years and still make it to the doctor degree. As it appears, only data I needed to plug in are the wonderful colleagues and personalities that were surrounding me on my path. Tools boil down to perseverance, hard work and some intellect. Results are satisfying enough for some decent policy proposals: just when you think you had enough and the road leads to nowhere, make a few more steps uphill- there is a big chance a mountain lake or a meadow will open up in front of you. Next, easy paths lead to crowded picnic areas, the difficult ones to the astonishing spaces. And lastly, just as you think you are all alone bearing the burden, there is always a good soul who notices you are stumbling and readily picks you up. As appendix, let me describe my variables. Maybe it is best to start with the core ones that have shown to be reliable in the previous research. My grandparents were the steady roots on which I could develop my branches. My parents were the tree that equipped me with water and mineral nutrients so that I can grow leaves and develop. Oliver is a dew drop that makes me shine and start each new day full of energy. My friends were always full of understanding for my work-life imbalance, and tolerant enough to be there for me at a right time. Even if sometimes I could not offer the same to them. Very special thanks to Philippe, Dries and Nathalie who made those rare free moments enjoyable and gave me strength that I can lean on. I greatly appreciate the warm home atmosphere that Tanja gave me throughout this period, providing a family feeling far away from home. All of my past and present colleagues are equally significant determinant of my success. Firstly, my fellow PhD students and colleagues: Frederick, Selien, Valerie, Glenn, Arnoud, Frederik, Ine, Vivien, Reuben, Garo, Xing, Joris, Julio, Murat, Martien, Maria, Dries and Gert, the best office mate one could wish for. They lent time and energy whenever I needed it; they were there for whatever professional or a human need I had. Equally important was the backup I have obtained from Nathalie and Sabine, who took care of the administrative issues so that I can dedicate fully to the academic activities. Of course, they were always there for a feel-good chat or initiation into different aspects of local culture as well. This PhD would have never been possible if it were not for the Professors Michael Frömmel, Rudi Vander Vennet, Gert Peersman, Koen Schoors, Jarko Fidrmuc and other members of the Faculty. Each one taught me something -some hard facts, some soft skills, others tenderness and hospitality. I hope that our paths in the future converge forever, because this guarantees me the shoulders to stand on. 4 My co-authors are to be thanked for the success of all of my working and published papers. Katja, Markus, Michael and Oleh made the better part of the dream team, whereas I was merely learning from them and trying to find my place under the research umbrella. Thanks for the patience, knowledge and skills you have shared with me: this thesis is the result of the shared endeavor and testifies that independent research makes much more fun and yields far better results when conducted jointly. The memorable experiences I have collected during the studies entail the visits I had at different institutions, which kept me updated with the situation in the industry and gave me ideas for my academic research. Dr. Markus Eller prepared my stay at the Österreichiesche National Bank in a way that I could effectively accomplish set goals, and contributed to my work and well being so that this research visit turned into a very pleasant lasting memory. Dr. Franziska Schobert and her colleagues at the Deutsche Bundesbank surpassed any expectations I had. Her professionalism and hospitality made my internship both successful and enjoyable and therefore I owe her immense gratitude. Prof.dr. Danijela Milos invited me to the Faculty of Economics and Business Administration at the University of Zagreb and organized a cordial welcome that made me feel at home. She provided a platform in which I could gather new ideas, exchange experiences and share my thoughts freely in a both academic but also a friendly setting, for which I owe her my deep appreciation and gratitude. I dedicate this PhD to my Mum Branka Rumora, whose support in every sense of the word was indispensable for the success of this project…and everything else in my life. Water is muddy when you start digging a well, but it gets clearer as the time passes by. 5 Nederlandstalige samenvatting Motivatie De ontwikkelingen in de Midden- en Oost-Europese (CEE) landen zijn een erg populair onderzoeksonderwerp in bijna elk aspect van de economische theorie. Hervormingen die in de laatste twee decennia plaatsvonden in de regio bieden overvloed van hypothesen die kunnen getest worden, en bijna een natuurlijk experiment set-up die onderzoekers kunnen gebruiken om de moderne theorieën tegen de nieuwe gegevens te beoordelen. In dit opzicht, thesis ontwikkelt nieuwe benaderingen van de bestaande praktijken, maar pakt ook sommige bestaande thema's in de nieuwe instelling. Algemene economische omstandigheden in de regio De regio Centraal- en Oost-Europa wandelde een lange weg, beginnend met de macro- economische onevenwichtigheden, beleid onzekerheid en crisis in het laatste decennium van de 20ste eeuw. Daarna een periode van groei, en in de laatste periode soortgelijke problemen als de rest van de Europa. De weg naar het EU-lidmaatschap werd vergezeld door vele hervormingen in zowel economische als politieke systemen. Zij de initiële voorwaarden verschilden, het uitgangspunt was meestal centraal geleide economie en de weg naar marktgerichtheid was niet altijd gemakkelijk. Transformatie hat grondige remake van de instellingen en regels nodig, vergezeld van processen van liberalisering van de markt en de prijzen, decentralisatie, liberalisering van de handel en uitwisseling systeem, privatisering, herstructurering van bedrijven, eigendomsrechten verbetering en een groot aantal bijbehorende voorzieningen. Centrale autoriteiten en planning waren overgestapt voor krachten van de markt en nieuwe verordeningen zijn ingevoerd. Streaming van de buitenlandse investeringen was impliciet geconditioneerd op de eigenschap rechtshandhaving, waarbij een concurrentiële omgeving met een gemakkelijker toegang tot de markt en afrit moest ook worden vastgesteld. Staat eigendom werd vervolgens geprivatiseerd, met verschillende privatisering programma's en met een verschillend succes, variërend van een geval-per-geval verkoopmethode tot massale voucher privatisering. Resterende staatsbedrijven werden geherstructureerd en het bestuur heeft verbeterd. In de loop van de transformatie, de prijs en de markten waren ook geliberaliseerd, en lijken op systemen van het "oude Europa". De uitwisseling en handel systeem liberalisering vergezelt de uitwisseling van kapitaal. De ontwikkeling van kapitaalmarkten en andere niet-bancaire financiële instellingen bleef echter enigszins smal in de meeste van de landen van de regio. 6 Het is ook belangrijk om op te merken dat de heterogeniteit in de regio gebleven is, zodat we niet altijd alle landen onder de dezelfde noemer kunnen stellen. Economische prestaties, financiële voorwaarden en andere indicatoren verschillen tussen de CEE landen, net zoals er verschillen tussen de West-Europese landen bestaan. Financiën en bankieren in de CEE landen Genoemde economische groei kwam in wisselwerking met de ontwikkeling in de financiële sector van de regio. Financiële sector bezorgde diensten die handel, risicobeheer, mobiliseren van spaargelden en toezicht vergemakkelijkt. De overgang van mono-bank systeem naar commerciële bankieren die we nu observeren is getuige geweest van vele proeven en fouten. De eerste liberalisering met soepele toegangsvoorwaarden, zwakke toezicht en het gebrek aan know-how bracht mee probleem van de slechte leningen, bank mislukkingen en ernstige financiële crisis in sommige landen. Golf van consolidatie en harde budgettaire beperkingen voor banken, samen met optreden van de buitenlandse banken bracht bankieren in de regio tot een meer duurzame niveau zij het met een hoge groei van de kredietverlening. Onderzoek heeft aangetoond dat buitenlandse banken kunnen de toegang tot de internationale kapitaalmarkten verbeteren, concurrentie stimuleren en efficiëntie verbeteren, geavanceerde bancaire technologie en risicobeheer introduceren, en kunnen zelfs tot de betere financiële infrastructuur en regelgeving brengen. Ondanks de genoemde mogelijke voordelen van buitenlandse bank entry, sterke aanwezigheid van buitenlandse banken in de CEE regio bezorgde over de hogere besmetting risico's tijdens de meest recente crisis. Dit heeft geleid tot de vorming van het Vienna initiatief waarin publieke en private sector: toezichthouders, centrale banken en fiscale autoriteiten uit host en binnenlandse landen van belangrijkste grensoverschrijdende banken en ambtenaren van de EU en de internationale financiële instellingen samenkomt om de wanordelijke deleveraging en credit crunch te voorkomen.
Load more

Recommended publications
  • Re/Defining the Imaginary Museum of National Music
    Re/Defining the Imaginary Museum of National Music The Case of Croatia Zdravko Blažekovic´ The historian is a product of history himself, and of his situation. However hard we may try, he cannot escape the molding of his mind by his experience and his surroundings.1 Music historiography in Croatia was throughout the twentieth century marked by the path established in the late nineteenth century by Franjo Ksaver Kuhač (1834-1911), who defined the criteria for inclusion of musicians into the national canon on the basis of their Croatian ethnic origin rather than presenting cultural circles in which they were active. In the twentieth century, the central influence on the definition of the canon of Croatian music history came from Josip Andreis (1909-1982) in his historical survey published in three Croatian editions (Razvoj muzičke umjetnosti u Hrvatskoj [The development of musical arts in Croatia], 1962; Povijest hrvatske glazbe [History of Croatian music], 1974, 1989) and two English editions (Music in Croatia 1974, 1982). Synthesizing the existing views about Croatian music, he constructed in his narrative a museum of Croatian and foreign com- posers active in Croatia, as well as composers born in Croatia but living abroad. Besides nationalistic traits inherited from Kuhač, a reason for emphasizing activities of composers working abroad were the political and cultural circumstances surrounding Andreis during the time of communist Yugoslavia, when Croatian connections with the Central European musical space were particularly appreciated, especially when the quality of composers living abroad surpassed the musical production within the country. Being a part of multina- tional Yugoslavia situated between the Eastern and Western cultural and religious spheres, Croatians at the time wanted to distance themselves from the cultures in Eastern Europe and felt the need to be reassured about their belonging to Slavia Latina.
    [Show full text]
  • Proquest Dissertations
    Title: THE PORTRAYAL OF FEMALE CHARACTERS IN THE WORK OF THREE CONTEMPORARY WRITERS OF THE FORMER YUGOSLAVIA: MESA SELIMOVIC, IVAN ARALICA, SLOBODAN SELENiC Author: ALDIJANASiSiC Degree: PhD School: SCHOOL OF SLAVONIC AND EAST EUROPEAN STUDIES Advisor: HAWKESWORTH, CELIA E. ProQuest Number: U551474 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. uest. ProQuest U551474 Published by ProQuest LLC(2016). Copyright of the Dissertation is held by the Author. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code. Microform Edition © ProQuest LLC. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106-1346 A bstract This dissertation deals with the novels of three contemporary writers whose work was published during the 20th century in the former Yugoslavia: Ivan Aralica (Croatia), Slobodan Selenid (Serbia) and Mega Selimovid (Bosnia and Hercegovina). Within the framework of a feminist approach, the main objective is to evaduate to what extent certain stereotypes in the portrayal of female characters still determine writing and reading in the literatures of the former Yugoslavia at the end of the 20th century. The first half of this dissertation explores the development of the feminist movement and its literary thought within the boundaries of the ‘Western’ world as well as within the boundaries of the former Yugoslavia.
    [Show full text]
  • Treaty of Zadar 1358 the Eastern Adriatic Coast, Nowadays Mostly
    Treaty of Zadar 1358 The eastern Adriatic coast, nowadays mostly located in the Republic of Croatia, has an extremely diverse coastline full of islands, bays and natural harbors, unlike the western coast of the Adriatic, which is deprived of natural shelter. Zadar is situated in the center of the eastern coast. During the ancient period and the Middle Ages domination and control of the eastern coast and its strategic points was crucial because in that period naval routes ran along the coast. Zadar was one of these focal points on sea route. Venice, the new naval force, was formed in the north of the Adriatic. The control of the eastern Adriatic coast was of paramount importance for its naval position. Since the 9 th century Venice had been in conflict with the Croatian rulers on the eastern coast, and that conflict continued after 1102 when the Croatian kingdom became part of the Hungarian state. The new rulers from Pannonia were seldom oriented to the Adriatic Sea, which allowed the Venetians to master most of the maritime routes on the Adriatic. However, the situation changed with the arrival of the Anjou, the new dynasty on the Hungarian throne. During that time, they ruled at the same both in the Neapolitan kingdom and the huge Pannonian basin, which led them to the Adriatic coast being natural connection between these two kingdoms. Already in 1346 then the young Hungarian king Louis the Great tried to conquer Zadar from the hand of the Venetians. His first attempt was unsuccessful. In 1356 Louis sent a huge army to northern Italy and broke into the Venetian Republic.
    [Show full text]
  • Review of Generated Waste from Cruisers: Dubrovnik, Split, and Zadar Port Case Studies
    resources Review Review of Generated Waste from Cruisers: Dubrovnik, Split, and Zadar Port Case Studies Merica Sliškovi´c 1,*, Helena Uki´cBoljat 1, Igor Jelaska 2 and Gorana Jeli´cMrˇceli´c 1 1 Faculty of Maritime Studies, University of Split, 21000 Split, Croatia; [email protected] (H.U.B.); [email protected] (G.J.M.) 2 Faculty of Kinesiology, University of Split, 21000 Split, Croatia; [email protected] * Correspondence: [email protected]; Tel.: +38-591-3806-997 Received: 28 September 2018; Accepted: 7 November 2018; Published: 9 November 2018 Abstract: The amount of waste generated is becoming an increasing problem both in terms of inefficient use of resources and its harmful effects. Large quantities of waste originate from land, but a certain amount of waste is generated at sea, in which shipping holds its share. A recent analysis for 2015–2016 has rated the Croatian ports of Dubrovnik, Split, and Zadar in the top 10 out of 20 main cruising ports in the Adriatic Sea. As it is clear that a large number of persons present onboard generate a large amount of waste, the aim of this paper is to estimate the amount of waste (plastic, domestic, and food) and examine the significance of its increasing quantity produced by cruisers in the three main cruiser ports in the Croatian part of the Adriatic Sea for the period 2014–2017. Cruise calls correlation, together with repeated measures one-way Analysis of variance -ANOVA, showed that a future increase in the port calls for Zadar can be expected while, for the port of Dubrovnik, a decrease is projected, which is in correspondence with the taken measures for a reduction in the adverse effects of the cruise industry.
    [Show full text]
  • The Croats Under the Rulers of the Croatian National Dynasty
    THE CROATS Fourteen Centuries of Perseverance Publisher Croatian World Congress (CWC) Editor: Šimun Šito Ćorić Text and Selection of Illustrations Anđelko Mijatović Ivan Bekavac Cover Illustration The History of the Croats, sculpture by Ivan Meštrović Copyright Croatian World Congress (CWC), 2018 Print ITG d.o.o. Zagreb Zagreb, 2018 This book has been published with the support of the Croatian Ministry of culture Cataloguing-in-Publication data available in the Online Catalogue of the National and University Library in Zagreb under CIP record 001012762 ISBN 978-953-48326-2-2 (print) 1 The Croats under the Rulers of the Croatian National Dynasty The Croats are one of the oldest European peoples. They arrived in an organized manner to the eastern Adriatic coast and the re- gion bordered by the Drina, Drava and Danube rivers in the first half of the seventh century, during the time of major Avar-Byzan- tine Wars and general upheavals in Europe. In the territory where they settled, they organized During the reign of Prince themselves into three political entities, based on the previ­ Branimir, Pope John VIII, ous Roman administrative organizations: White (western) the universal authority at Croatia, commonly referred to as Dalmatian Croatia, and Red the time, granted (southern) Croatia, both of which were under Byzantine su­ Croatia international premacy, and Pannonian Croatia, which was under Avar su­ recognition. premacy. The Croats in Pannonian Croatia became Frankish vassals at the end of the eighth century, while those in Dalmatia came under Frankish rule at the beginning of the ninth century, and those in Red Croatia remained under Byzantine supremacy.
    [Show full text]
  • “Talk” on Albanian Territories (1392–1402)
    Doctoral Dissertation A Model to Decode Venetian Senate Deliberations: Pregadi “Talk” on Albanian Territories (1392–1402) By: Grabiela Rojas Molina Supervisors: Gerhard Jaritz and Katalin Szende Submitted to the Medieval Studies Department Central European University, Budapest In partial fulfillment of the requirements for the degree of Doctor of Philosophy in Medieval Studies, Budapest, Hungary 2020 CEU eTD Collection To my parents CEU eTD Collection Table of Contents Acknowledgments .................................................................................................................................. 1 List of Maps, Charts and Tables .......................................................................................................... 2 Introduction ............................................................................................................................................ 3 A Survey of the Scholarship ........................................................................................................................... 8 a) The Myth of Venice ........................................................................................................................... 8 b) The Humanistic Outlook .................................................................................................................. 11 c) Chronicles, Histories and Diaries ..................................................................................................... 14 d) Albania as a Field of Study .............................................................................................................
    [Show full text]
  • A Comparative Analysis of the Templar and Hospitaller Periods
    Levente Baján THE TRANSFORMATIONS OF VRANA FROM THE 12TH TO 14TH CENTURIES: A COMPARATIVE ANALYSIS OF THE TEMPLAR AND HOSPITALLER PERIODS MA Thesis in Comparative History, with a specialization in Interdisciplinary Medieval Studies CEU eTD Collection Central European University Budapest May 2018 THE TRANSFORMATIONS OF VRANA FROM THE 12TH TO 14TH CENTURIES: A COMPARATIVE ANALYSIS OF THE TEMPLAR AND HOSPITALLER PERIODS by Levente Baján (Hungary) Thesis submitted to the Department of Medieval Studies, Central European University, Budapest, in partial fulfillment of the requirements of the Master of Arts degree in Comparative History, with a specialization in Interdisciplinary Medieval Studies. Accepted in conformance with the standards of the CEU. ____________________________________________ Chair, Examination Committee ____________________________________________ Thesis Supervisor ____________________________________________ Examiner ____________________________________________ CEU eTD Collection Examiner THE TRANSFORMATIONS OF VRANA FROM THE 12TH TO 14TH CENTURIES: A COMPARATIVE ANALYSIS OF THE TEMPLAR AND HOSPITALLER PERIODS by Levente Baján (Hungary) Thesis submitted to the Department of Medieval Studies, Central European University, Budapest, in partial fulfillment of the requirements of the Master of Arts degree in Comparative History, with a specialization in Interdisciplinary Medieval Studies. Accepted in conformance with the standards of the CEU. ____________________________________________ External Reader CEU eTD Collection Budapest May 2018 THE TRANSFORMATIONS OF VRANA FROM THE 12TH TO 14TH CENTURIES: A COMPARATIVE ANALYSIS OF THE TEMPLAR AND HOSPITALLER PERIODS by Levente Baján (Hungary) Thesis submitted to the Department of Medieval Studies, Central European University, Budapest, in partial fulfillment of the requirements of the Master of Arts degree in Comparative History, with a specialization in Interdisciplinary Medieval Studies. Accepted in conformance with the standards of the CEU.
    [Show full text]
  • A Divided Hungary in Europe
    A Divided Hungary in Europe A Divided Hungary in Europe: Exhanges, Networks and Representations, 1541-1699 – Volume 3: The Making and Uses of the Image of Hungary and Transylvania Edited by Gábor Almási, Szymon Brzeziński, Ildikó Horn, Kees Teszelszky and Áron Zarnóczki A Divided Hungary in Europe: Exchanges, Networks and Representations, 1541-1699 – Volume 3: The Making and Uses of the Image of Hungary and Transylvania, Edited by Gábor Almási, Szymon Brzeziński, Ildikó Horn, Kees Teszelszky and Áron Zarnóczki This book first published 2014 Cambridge Scholars Publishing 12 Back Chapman Street, Newcastle upon Tyne, NE6 2XX, UK British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Copyright © 2014 by Gábor Almási, Szymon Brzeziński, Ildikó Horn, Kees Teszelszky, Áron Zarnóczki and contributors All rights for this book reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the copyright owner. ISBN (10): 1-4438-6688-1, ISBN (13): 978-1-4438-6688-0 CONTENTS Preface ................................................................................................... vii In Search of Hungary in Europe: An Introduction ..................................... 1 Kees Teszelszky The Genesis and Metamorphosis of Images of Hungary in the Holy Roman Empire ....................................................................................... 15 Nóra G. Etényi The fertilitas Pannoniae Topos in German Literature after the Second Siege of Vienna in 1683 .......................................................................... 45 Orsolya Lénárt Forms and Functions of the Image of Hungary in Poland-Lithuania ....... 61 Szymon Brzeziński Hungary and the Hungarians in Italian Public Opinion during and after the Long Turkish War.
    [Show full text]
  • University of Zadar UNIVERSITY of ZADAR International Relations Office & ESN Zadar
    University of Zadar UNIVERSITY OF ZADAR International Relations Office & ESN Zadar INTERNATIONAL STUDENT GUIDE 2017/2018 Publisher: University of Zadar ESN Zadar For publisher: Prof. Diana Vican, Ph.D., rector Editorial Board and Translation: Maja Kolega, head of the International Relations Office Rafaela Burmeta, international relations officer Language editor and proof-reader: Maja Kolega, head of the International Relations Office Graphic design and layout: Ines Bralić Printed by: Grafikart d.o.o., Zadar Edition: 300 Zadar, August 2017 Funded by the Erasmus+ Programme of the European Union Rector’s welcome Dear students, First of all I would like to thank you for choosing our University for your international mobility. It is my great pleasure and honour to welcome you to the University of Zadar, the follower of the long academic tradition started in Zadar in 1396 by establishment of the Dominican University Univeritas Iadeartina. I wish you a pleasant and fruitful stay. I hope that, apart the professional and academic knowledge, you will learn a lot about Croatia, Zadar and Croatian culture and make a lot of lifelong friends. I’m sure you will enjoy all the occasions that our city and our university offer you in your free time. You will have an opportunity to present your university and your country, and this will help your Croatian colleagues to improve their knowledge of your homeland and culture. Overall I hope that this will be joyful and rewarding experience and that you’ll become one of the ambassadors of the University of Zadar in the world. Have a joyful and pleasant stay! Prof.
    [Show full text]
  • Jackal Stone 09
    N O 2 Y E A R 1 S E P T E M B E R 2 0 0 9 INTERVIEW COLONEL GENERAL SLAVKO BARIć DEPUTY CHIEF OF THE CRoatIAN ARMED FoRCES GENERAL StaFF FOR PLANNING AND RESOURCES 23RD NATO SUMMIT IN STRASBOURG AND KEHL CROATIA NATO’S NEWEST MEMBER INTERNATIONAL SPECIAL UNITS EXERCISE JACKAL STONE 09 14TH ANNIVERSARY OF THE BIGGEST VICtoRY IN THE HOMELAND WaR THE STORM OF ALL STORMS Cover by Davor Kirin IN THIS ISSUE THE GOAL OF THE EXERCISE as to practice hostage situation THE MINISTER BRANKO VUKELI∆ The goal of the exercise was to promote the procedures, to train liaison ““Only top professionals such as yourselves 4 INTERVIEW cooperation of participating countries in officers and to generally raise the can carry out what are probably the most the war against terrorism and to strengthen level of planning ability and the demanding tasks which can be entrusted regional security and stability, as well implementation of such activities to a soldier” COLONEL GENERAL SLAVKO BARIć, DEPUTY CHIEF OF THE military exercise by Leida Parlov, photos by Tomislav Brandt, Davor Kirin croatian military magazine INTERNATIONAL SPECIAL UNITS EXERCISE The Jackal Stone Exercise is the biggest training event since the Republic of Croatia’s entry into NATO and is also this year’s big- CROATIAN ARMED FORCES GENERAL STAFF FOR PLANNING gest special units exercise in Europe. Along with the host country Croatia, members of special units from Albania, Hungary, Lithu- ania, Macedonia, Poland, Romania, Sweden, the Ukraine and the Unites States participated in the exercise. Altogether there were AND RESOURCES JACKAL STONE 09 nearly 1500 participants.
    [Show full text]
  • Economy of Ragusa, 1300 – 1800 the Tiger of the Medieval Mediterranean
    Oleh Havrylyshyn and Nora Srzentić Economy of Ragusa, 1300 – 1800 The Tiger of the Medieval Mediterranean ECONOMY OF RAGUSA, 1300 – 1800 The Tiger of the Medieval Mediterranean Oleh Havrylyshyn and Nora Srzentić1 “There where your argosies2 with portly sail Like signiors and rich burghers on the flood Or, as it were, the pageants of the sea. Do overpeer the petty traffickers, That curtsy to them, do them reverence, As they fly by them with their woven wings.” (William Shakespeare, The Merchant of Venice) 1 The authors are respectively at the University of Toronto ([email protected]), and Universiteit Gent ([email protected]). 2 Argosy: A large merchant ship especially one with a rich cargo [1570-80], earlier Ragusy, Italian = Ragusea, a ship of Ragusa (Webster’s Dictionary, NY, 2003). Encyclopedia Britannica 1963 gives more detail: “Argosy, is the term originally used for a carrack or merchant ship from Ragusa or other Adriatic port, later used poetically of any vessel carrying rich merchandise. In English writings of the sixteenth century, the seaport is variously spelled (Ragusa, Aragouse or Aragosa). The incorrect derivation form Jason’s ship, the ‘Argo’, is of modern origin”. PUBLISHER CROATIAN NATIONAL BANK Publishing Department Trg hrvatskih velikana 3, HR-10002 Zagreb Phone: +385 1 4564 555 Contact phone: +385 1 4565 006 Fax: +385 1 4564 687 www.hnb.hr Printed in 400 copies May 2014, Zagreb ISBN 978-953-8013-02-7 (print) • 978-953-8013-05-8 (PDF) A CIP catalogue record for this book is available in the Online Catalogue of the National and University Library in Zagreb as 878764 This publication will be updated with additional information.
    [Show full text]
  • Lučka Uprava Zadar
    Welcome to Zadar! 1 Zadar city port The port of Zadar In terms of traffic, Zadar is the center of the region away from all European capitals which, taking that connects the north and the south of Croatia into consideration the history and the stunning by the most modern highway network in Europe. natural beauty, makes Zadar an excellent alterna- Located halfway between Venice and Dubrovnik, tive to the better-known but not more attractive Zadar has always been an important transit port tourist destinations in the region. and with today’s annual traffic of 2.4 million pas- sengers and 365.000 vehicles, it is placed among Zadar Port Authority has been founded in 1997. Zadar city port is placed in the heart the busiest ports in the Mediterranean. Besides by the Decision of Government of Republic of of the city. This position provides direct ac- the intense local, coastal and international traffic Croatia as non-profit legal entity whose founding, cess to shopping places, sight-seeing and connections with Italy, for the past few years, Port organization and activity is defined by Maritime other contents in the town. The passengers’ of Zadar is recording an increase of international domain and seaports Act. transfer to the port is fast and easy - walk- cruise ships visits. Thanks to the ideal geographi- ing distance between different localities is 5 cal location and mild Mediterranean climate there minutes. are almost no flight cancellations at the Zadar Main activities comprise: airport. Also, the airport is located only 1-2 hours In the Transport Development Strategy of • management, development and usage of Croatia it was determined that the lack of the New Port of Zadar, as a port open for available area in the port required the re- international public transport which due to location of the ferry traffic from the City its size and importance was nominated a port to the cargo port of Gaženica and the port of special international and economic construction of the new ferry terminal was interest for the Republic of Croatia foreseen as a priority investment.
    [Show full text]