natgillin/translations-raw huggingface dataset:
Measuring the Similarities of Economic Developments in Central Europe: A Correlation between the Business Cycles of Germany, Hungary, the Czech Republic and Croatia
Mjerenje sličnosti gospodarskih kretanja u Srednjoj Europi: Povezanost poslovnih ciklusa Njemačke, Mađarske, Češke i Hrvatske
Igeta Vrbanc and Velimir Šonje
Velimir Šonje i Igeta Vrbanc
exchange rate policy, optimum currency area, business cycle, Hodrick-Prescott
tečajna politika, optimalno valutno područje, poslovni ciklus, Hodrick-Prescott
Following the research by Laurence Boone and Mathilde Maurel (1998, 1999) on the monetary union of the Central European countries with Germany and the European Union, scholarly curiosity has led us to investigate the relationship between the Croatian and German economies, as well as between the Croatian economy and the average European Union economy.
Tragom istraživanja koja su proveli Laurence Boone i Mathilde Maurel (1998, 1999) o monetarnoj uniji zemalja Srednje Europe s Njemačkom odnosno Europskom unijom, istraživačka nas je znatiželja vodila otkrivanju veza hrvatskoga gospodarstva prema njemačkom gospodarstvu i prosjeku Europske unije.
Boone and Maurel (1999) concluded that the benefits of a common monetary policy for transition countries outweigh its costs.
Boone i Maurel (1999) došli su do zaključka da je korist zajedničke monetarne politike tranzicijskih zemalja veća od troškova.
This paper determines the relationship between the Croatian and German economies and compares the Croatian economy with the economy of two advanced transition countries.
U ovom je radu određivana samo relacija Hrvatske prema njemačkom gospodarstvu te usporedba s dvjema naprednijim tranzicijskim zemljama.
The authors compared the economies by comparing business cycles illustrated by unemployment cycles in selected countries.
Usporedba gospodarstava provedena je usporedbom poslovnih ciklusa predočenih ciklusom nezaposlenosti u promatranim zemljama.
Using the Hodrick-Prescott filter to detrend the time series of unemployment in Germany, Hungary, the Czech Republic and Croatia, the authors showed that there is a close correlation between cyclical unemployment fluctuations in all these countries and cyclical unemployment fluctuations in Germany.
Rabeći Hodrick-Prescottov filtar radi uklanjanja trend-komponente iz vremenskih serija nezaposlenosti u Njemačkoj, Mađarskoj, Češkoj i Hrvatskoj, autori su pokazali da postoji uska povezanost cikličkoga kretanja nezaposlenosti u sve tri zemlje s cikličkim kretanjima nezaposlenosti u Njemačkoj.
They also showed that there is a similarity between business cycles responses in three selected countries during the 24 months following the initial shock coming from the German economy and even more similarity between their responses to the shock during the first 12 months.
Usto su pokazali da postoji sličnost reakcija poslovnog ciklusa u tri promatrane tranzicijske zemlje tijekom 24 mjeseca nakon početnog šoka koji izvire iz njemačkoga gospodarstva i još veća sličnost u reakciji na šok tijekom prvih 12 mjeseci.
The authors were cautious in drawing the conclusions that the results show that the selected countries are the optimum currency area as defined by Mundell.
Autori su oprezni glede toga da rezultati upućuju na zaključak kako su promatrane države u Mundellovu smislu optimalno valutno područje.
They warn about the possibility that cyclical coordination is endogenous, i.e. that it is the consequence of the implicit or explicit pegging of the exchange rates of advanced transition countries to the German mark exchange rate during a major part of the analyzed period (1992-1999).
Upozoravaju na mogućnost da je ciklička koordinacija endogena, tj. da je posljedica implicitnoga ili eksplicitnog vezanja tečajeva valuta naprednih tranzicijskih zemalja uz tečaj njemačke marke tijekom većega dijela razdoblja obuhvaćenog analizom (1992. - 1999).
However, the importance of the results on cyclical coordination in considering the optimal exchange rate regime is not denied in this paper.
U radu se ipak ne opovrgava važnost rezultata o cikličkoj koordinaciji za razmatranje optimalnoga valutnog režima.
The most important achievement of this research is that findings regarding Croatia, which showed a close convergence between Croatian and German unemployment, are added to the already known results on the close convergence of cyclical fluctuations in Central Europe.
Ističe se da je najvažniji domet istraživanja to što je već poznatim rezultatima o uskoj povezanosti cikličkih kretanja u Srednjoj Europi sada pridodan nalaz za Hrvatsku, u kojem je pokazana uska ciklička povezanost nezaposlenosti s Njemačkom.
OneCoin product carries many risks
Proizvod pod nazivom OneCoin nosi mnoge rizike
In light of the activities of advertisement and sale of OneCoin, the product presented as a virtual or cryptocurrency, observed in the territory of the Republic of Croatia, the Croatian National Bank finds it necessary to warn the public about certain facts and the possible risks associated with this product:
S obzirom na to da su na području Republike Hrvatske uočene aktivnosti oglašavanja i prodaje OneCoina koji je prikazan kao virtualna odnosno kriptovaluta, Hrvatska narodna banka smatra potrebnim upozoriti javnost na neke činjenice i moguće rizike koji proizlaze iz tog proizvoda:
"OneCoin" is not electronic money within the meaning of the Electronic Money Act nor does it present a payment service within the meaning of the Payment System Act ;
OneCoin nije elektronički novac u skladu s definicijom iz Zakona o elektroničkom novcu niti je platna usluga prema Zakonu o platnom prometu .
Business entities issuing this type of product and trading in this product have not been authorised by the Croatian National Bank nor are their operations supervised by the Croatian National Bank;
Poslovne subjekte koji izdaju tu vrstu proizvoda i njome trguju nije licencirala Hrvatska narodna banka niti je njihovo poslovanje pod nadzorom HNB-a.
The funds invested in this product are not covered by deposit insurance system and the individuals deciding on this type of investment fully bear the risk of loss of the funds invested.
Novčana sredstva uložena u navedeni proizvod nisu zaštićena sustavom osiguranja depozita i osobe koje se odluče na takav oblik ulaganja u cijelosti snose rizik gubitka uloženog.
Several competent authorities of European Union countries warn of the risks that may arise from OneCoin.
Na rizike koji mogu proizići iz OneCoina upozorava više nadležnih tijela zemalja Europske unije.
For instance, UK's Financial Conduct Authority (FCA) suggests that OneCoin is being investigated by the police ( Beware trading virtual currencies with OneCoin ), the Financial Services and Markets Authority (FSMA), a competent authority from Belgium, warns that neither OneCoin nor the persons promoting OneCoin have been recognised or authorised by the FSMA ( OneCoin not recognized by the FSMA ), and the Hungarian central bank (Magyar Nemzeti Bank, MNB) suggests that this might be a pyramid scheme and warns of the possible risks that may be associated with this fact ( Fokozott kockázatot hordoznak a világhálón elérhető virtuális fizetőeszközök ).
Primjerice, nadležno tijelo iz Velike Britanije (The Financial Conduct Authority, FCA) upozorava na činjenicu da je OneCoin pod istragom policije ( Beware trading virtual currencies with OneCoin ), nadležno tijelo iz Belgije (The Financial Services and Markets Authority, FSMA) napominje da nije licenciralo osobe i institucije povezane s izdavanjem i reklamiranjem OneCoina ( OneCoin not recognized by the FSMA ), a madžarska središnja banka (Magyar Nemzeti Bank, MNB) ističe mogućnost da se u ovom slučaju radi o tzv. piramidalnoj shemi te skreće pozornost na moguće rizike koji proizlaze iz navedene činjenice ( Fokozott kockázatot hordoznak a világhálón elérhető virtuális fizetőeszközök ).
Bearing in mind the above-mentioned information, we advise citizens to exercise a high degree of caution when deciding on OneCoin product.
Građanima stoga savjetujemo da spomenute informacije uzmu u obzir i kod odlučivanja o proizvodu OneCoin postupaju vrlo oprezno.
About payment system
O platnom prometu
Payment operations in the Republic of Croatia are carried out through the Croatian Large Value Payment System (CLVPS), the National Clearing System (NCS), TARGET2 and EuroNCS.
Platni promet u Republici Hrvatskoj odvija se preko Hrvatskog sustava velikih plaćanja (HSVP), Nacionalnoga klirinškog sustava (NKS), sustava TARGET2 i sustava EuroNKS.
Payment operations are an integral part of the economic system of any country and their basic function is to enable a safe and effective use of cash as a means of payment as well as the execution of cashless payment transactions, i.e., the transfer of funds from the payer to the payee.
Platni promet je neizostavan dio gospodarskog sustava svake zemlje i njegova je temeljna funkcija omogućavanje sigurne i učinkovite uporabe novca kao sredstva plaćanja kao i izvršavanje bezgotovinskih platnih transakcija odnosno prijenos sredstava od platitelja primatelju plaćanja.
A successful and safe functioning of payment operations is also of exceptional importance for the central bank, the institution responsible for the functioning of the national payment system, as well as for the overall financial system and all of its participants.
Uspješno i sigurno funkcioniranje platnog prometa iznimno je važno i za središnju banku, instituciju odgovornu za funkcioniranje platnog prometa u zemlji kao i za cjelokupni financijski sustav i sve njegove sudionike.
Payment operations comprise a set of instruments, procedures, rules and technical support for sending information and the settlement of transactions between participants.
Platni promet sastoji se od seta instrumenata, procedura, pravila i tehničke potpore za slanje informacija i namiru transakcija između sudionika.
In a narrower sense, payment operations include formal arrangements based on contracts and legislation, with standardised rules and contractual relations for sending, clearing and settling of liabilities and instruments between participants.
U užem smislu, platni promet obuhvaća formalne aranžmane temeljene na ugovorima i zakonodavstvu, s standardiziranim pravilima i ugovornim odnosima za slanje, kliring i namiru obveza i instrumenata između sudionika.
Payment services may be provided by credit institutions, electronic money institutions, electronic money institutions under exemption and payment institutions.
Pružatelji platnih usluga jesu kreditne institucije, institucije za elektronički novac, institucije za elektronički novac pod izuzećem i institucije za platni promet.
Payment operations in the Republic of Croatia are carried out through four payment systems:
Platni promet u Republici Hrvatskoj izvršava se preko četiri platna sustava, a to su:
the Croatian Large Value Payment System (CLVPS),
Hrvatski sustav velikih plaćanja (HSVP)
the National Clearing System (NCS),
Nacionalni klirinški sustav (NKS)
TARGET2 and
TARGET2
EuroNCS.
EuroNKS.
The Payment System Act governs payment operations, payment services, payment service providers, obligations to inform payment service users about the conditions for the provision of and about the provision and use of payment services for the purpose of the protection and security of financial market participants.
Zakonom o platnom prometu uređuju se platni promet, i to platne usluge, pružatelji platnih usluga, obveze informiranja korisnika platnih usluga o uvjetima za pružanje platnih usluga te druga prava i obveze u vezi s pružanjem i korištenjem platnih usluga s ciljem zaštite i sigurnosti svih sudionika na financijskom tržištu.
The Payment System Act also governs the operation and supervision of payment institutions and the establishment, operation and supervision of payment systems.
Zakon o platnom prometu također uređuje rad i nadzor nad institucijama za platni promet te osnivanje, rad i nadzor nad platnim sustavima.
Payment services are provided by payment service providers (credit institutions and electronic money institutions) as their business activity includes cash deposits and withdrawals, the execution of credit transfer payment transactions, standing orders, direct debits and money remittance, issuing and acquiring of payment instruments and execution of payment transactions through payment cards and other telecommunication, digital or IT device (mobile telephone, etc.).
Platne usluge koje pružatelji usluga (kreditne institucije i institucije za elektronički novac) obavljaju kao svoju djelatnost jesu podizanje i polaganje gotovog novca, izvršavanje platnih transakcija kreditnih transfera, trajnih naloga, izravnih terećenja i novčanih pošiljaka, izdavanje i prihvaćanje platnih instrumenata te izvršavanje platnih transakcija putem platnih kartica i drugim telekomunikacijskim, digitalnim ili informatičko-tehnološkim uređajima (mobilni telefon i sl.).
In addition to the Payment System Act, the national payment system is also regulated by the Electronic Money Act, which governs electronic money and electronic money issuers, the issuance and redemption of electronic money, conditions for the establishment, operation and dissolution of electronic money institutions having their head office in the Republic of Croatia.
Osim Zakona o platnom prometu platni promet u zemlji reguliran je i Zakonom o elektroničkom novcu, koji uređuje elektronički novac i izdavatelje elektroničkog novca, izdavanje i iskup elektroničkog novca, uvjete za osnivanje, poslovanje i prestanak rada institucija za elektronički novac sa sjedištem u Republici Hrvatskoj.
The Electronic Money Act also governs the supervision of operation and conditions under which electronic money institutions having their head office outside of the Republic of Croatia may operate in the Republic of Croatia.
Zakon o elektroničkom novcu uređuje i nadzor nad poslovanjem kao i uvjete pod kojima institucije za elektronički novac sa sjedištem izvan Republike Hrvatske mogu poslovati u Republici Hrvatskoj.
Pursuant to the provisions of the above acts, the Croatian National Bank (CNB) also adopts subordinate legislation governing their implementation.
U skladu s odredbama navedenih zakona Hrvatska narodna banka donosi i podzakonske propise kojima se regulira njihova provedba.
Published: 4/3/2016
Mjesto događanja
Particularly active in the discussion on the subject concerning the entire Croatian economy were deputies Ivan Lovrinović (Most), Goran Marić (HDZ), Goran Maras (SDP), Ivan Šuker (HDZ), Ivan Vilibor Sinčić (Živi zid), Miro Bulj (Most) and Ivan Kovačić.
U raspravi o temama koje se tiču cjelokupnog hrvatskog gospodarstva posebno su se pitanjima istakli zastupnici Ivan Lovrinović (Most), Goran Marić (HDZ), Gordan Maras (SDP), Ivan Šuker (HDZ), Ivan Vilibor Sinčić (Živi zid), Miro Bulj (Most) i Ivan Kovačić.
Following the discussion on whether the Croatian Parliament may accept or reject the report, the Governor noted that under the Amendments to the Act on the Croatian National Bank, which is in line with European regulations, the Constitution of the Republic of Croatia and EU founding treaties, the CNB's report to the Parliament can be neither accepted nor rejected, rather it is used by the central bank to inform the Parliament on the financial condition, degree of achievement of price stability and monetary policy implementation and the Parliament takes note of such a report.
Nakon rasprave o tome može li Hrvatski sabor prihvatiti ili odbiti izvješće, guverner je podsjetio da se izmjenama Zakona o Hrvatskoj narodnoj banci, koji je usklađen s europskom regulativom, Ustavom RH i temeljnim ugovorima Europske unije, izvješće HNB-a u Saboru ne prihvaća niti odbija, već središnja banka obavještava Sabor o financijskom stanju, stupnju ostvarenja stabilnosti cijena i provedbi monetarne politike, a Sabor prima na znanje takvo izvješće.
The Governor invited Deputy Clubs to set up in Croatia a system of ongoing dialogue between Parliamentary Members and the CNB on current economic topics with a view to improving communication between the Parliament of the Republic of Croatia and the CNB, in accordance with the practice of the European Central Bank and some other central banks.
Guverner je pozvao klubove zastupnika da se u Hrvatskoj uvede kontinuirani dijalog HNB-a s parlamentarcima o aktualnim ekonomskim temama u cilju poboljšanja komunikacije Sabora RH i HNB-a, a u skladu s praksom Europske središnje banke i nekih drugih središnjih banaka.
The Governor replied to deputies' questions on deflation, explaining that the recorded small fall in prices does not lead to negative effects of deflation.
Guverner je odgovorio na pitanja zastupnika o deflaciji, argumentirajući da zabilježeni blagi pad cijena ne dovodi do negativnih učinaka deflacije.
"What is the problem with deflation?
"Koji je problem kad imamo deflaciju?
Firstly, consumers tend to postpone consumption in the expectation of a further fall in prices.
Prvi je odlaganje potrošnje od strane potrošača u očekivanju daljnjeg pada cijena.
This means that you do not spend today in expectation of a tomorrow's fall in prices which deepens the recession.
Znači, ne trošite danas očekujući da će sutra pasti cijena pa to produbljuje recesiju.
Is that happening in Croatia?
Da li se to događa u Hrvatskoj?
No. Why?
Ne. Zašto?
Because consumers may not postpone the consumption of food and energy, the two components whose prices are falling at this moment in Croatia, so it is certain that there are no negative effects on aggregate consumption which would come from the fall in these components.
Zato što potrošači ne mogu odlagati potrošnju hrane i energije, a to su dvije komponente kojima cijene u ovom trenutku u Hrvatskoj padaju tako da sigurno ne dolazi do negativnih učinaka na agregatnu potrošnju od pada tih komponentni.
Quite the opposite, the fall in food and energy prices is good for Croatian citizens and the Croatian economy and this is one of the reasons why we generated higher GDP growth rates in 2015 than initially expected.
Dapače, dobro je za hrvatske građane i za hrvatsko gospodarstvo da cijene hrane i energije padaju i to je jedan od razloga zašto smo 2015. godine ostvarili veće stope rasta BDP-a nego što je to bilo očekivano.
Secondly, the possible negative effect of deflation is growth in real interest rates.
Drugi mogući razlog da deflacija ima negativne učinke je rast realnih kamata.
This is not the problem in Croatia.
To nije problem u Hrvatskoj.
The share of interest expenses in the disposable income of consumers is falling rather than rising and the same is true of the loan to income ratio."
Udjel rashoda na kamate u raspoloživom dohotku potrošača se smanjuje, a ne povećava, isto kao i omjer kredita i dohotka."
Boris Vujčić further stressed that in Croatia's case "it is a positive supply shock which improves the country's conditions of trade.
Boris Vujčić je nastavio da se "za Hrvatsku radi o pozitivnom šoku ponude koji popravlja uvjete razmjene hrvatskog gospodarstva.
For a unit of Croatia's exports we can now obtain more than one import unit" and this is good for Croatian citizens and the economy, the Governor explained.
Za jedinicu hrvatskog izvoza sada možemo dobiti više od jedne jedinice uvoza“ I to je dobro za hrvatske građane i gospodarstvo, pojasnio je guverner.
Responding to some deputies' criticism that monetary policy was not sufficiently expansionary, CNB Governor provided a comparison of the measures taken by the Croatian National Bank and those taken by the European Central Bank.
Na kritike nekih zastupnika o nedovoljnoj ekspanzivnosti monetarne politike, guverner HNB-a odgovorio je usporedbom mjera koje je provodila Hrvatska narodna banka i onih koje provodi Europska središnja banka.
He stressed that monetary policy of the Croatian central bank is more expansionary than that pursued by the ECB.
Naglasio je da je monetarna politika hrvatske središnje banke ekspanzivnija od one koju provodi ESB.
"The share of surplus liquidity in Croatia stands at 6% of GDP.
"Udio viška likvidnosti u Hrvatskoj je 6% BDP-a.
In the euro area, it is 2.5 times smaller.
U eurozoni je 2,5 puta manji.
The balance sheet of Croatia's central bank, as a percentage of GDP, is greater than the balance sheet of the European Central Bank.
Bilanca središnje banke Hrvatske u postotku BDP-a je veća od bilance Europske središnje banke.
The Croatian monetary policy is more expansionary than monetary policy of the European Central Bank.
Hrvatska monetarna politika je ekspanzivnija od monetarne politike Europske središnje banke.
These are the facts."
To su činjenice."
"The banks will not take the money if they have no one to place it to.
"Banke neće uzeti novce ako ih nemaju kome plasirati.
This means that, no matter what we do, as long as there are obstacles to placement, the banks will simply not take the money.
Znači, mi možemo raditi što hoćemo, no dok su prepreke na strani plasiranja, banke ih jednostavno neće uzeti.
We conduct weekly repo operations at half a percentage point interest.
Radimo tjedne repo operacije po kamatnoj stopi od pola posto.
There is interest for HRK 100 to 200m.
Interes je 100 do 200 milijuna kuna.
When we cut the reserve requirement rate, we provide liquidity to the banks at 0%.
Kad spuštamo stopu obvezne rezerve, osiguravamo likvidnost bankama po 0%.
Their cost is keeping the money with the CNB at 0% as opposed to granting loans to corporations at the average interest rate of 5%.
Njihov trošak je držanje novca u HNB-u po 0% vis-a-vis davanja po prosječnoj kamatnoj stopi od 5% poduzećima.
And what do the banks do?
I što rade?
They keep it in the CNB."
Drže ga u HNB-u."
The Governor sees low creditworthiness of corporations as the root of the problem of further placement of money.
Problem u daljnjem plasiranju novca guverner vidi u slaboj kreditnoj sposobnosti poduzeća.
"Are you familiar with the interest rate currently offered on loans to good corporations in Croatia?
"Znate li po kakvim kamatnih stopama dobivaju kredite dobra poduzeća u Hrvatskoj trenutno?
It is two to three percent; this is the interest rate at which good corporations borrow in Croatia.
Dva do tri posto, to je kamatna stopa po kojoj se danas zadužuju dobra poduzeća u Hrvatskoj.
Corporations which are not good can either obtain no loans at all or can obtain loans at higher interest rates.
Ona koja nisu, ne mogu uopće dobiti kredit ili ga dobivaju po višim kamatnim stopama.
And these are the problems that we have to solve.
I to su problemi koje trebamo riješiti.
Poor private sector balance sheets."
Slabe bilance privatnog sektora."
"If the average level of interest is corrected for the country's rating, it is clear that interest rates in Croatia are lower than the country's rating would suggest", Vujčić stressed.
"Ako se usporede prosječna razina kamata i korigira za rejting zemlje vidljivo je da su u Hrvatskoj kamatne stope niže nego što rejting zemlje to predviđa", naglasio je Vujčić.
The Governor also suggested the introduction of a guarantee scheme for small and medium sized enterprises as a measure to ensure the flow of money and compensate for the lack of capital and collateral, which are currently non-existent and prevent money from going to corporations.
Guverner također predlaže uvođenje garancijske sheme za mala i srednja poduzeća kao mjeru koja može osigurati prohodnost novca jer ona može nadomjestiti ono što u ovom trenutku ne postoji i zbog čega novac ne ide prema poduzećima, a to je nedostatak kapitala i kolaterala.
Boris Vujčić also touched upon the complaints regarding banking system privatisation and recommendations voiced many times over the years that we should have taken Slovenia's example.
Boris Vujčić osvrnuo se i na prigovore o privatizaciji bankovnog sustava i dugogodišnje preporuke o tome da smo se trebali ugledati na Sloveniju.
"For years, I have been hearing about how we should have looked upon Slovenia.
"Godinama sam slušao da smo se trebali ugledati na Sloveniju.
See how they kept their state-owned banks and how well they are doing, I was told.
Eto vidite oni su zadržali državne banke i vidite kako tamo puno bolje ide, govorili su.
And, what has happened now?
I što se sad dogodilo?