natgillin/translations-raw huggingface dataset:
Thus, the comparisons are of distributions, not of individuals.
Dakle, riječ je o usporedbi distribucija, ne pojedinaca.
Individuals may have moved from one region of the distribution to another as a result of changes in household composition, returns on assets, or saving.
Pojedinci su se zbog promjena u sustavu kućanstava, povrata na imovinu ili štednje mogli pomaknuti iz jednog područja distribucije u drugo.
Figure 2 is a plot of the distribution of families' assets in 1999 and 2002, which
Slika 2. prikazuje distribuciju obiteljske imovine u 1999. i 2002. bez posljednjeg opa
As in the previous figure we observe that in a region centered in the 20th percentile, there is essentially no change between the two years.
Kao i na prethodnoj slici, primjećujemo da u području oko 20. percentila gotovo i nema promjene između dvije godine.
Starting around the 55th percentile, the asset values demonstrate a steady increase in 2002 levels over the 1999 levels, and at the very top, there is an obvious leap of about 66,000 pounds difference which though fails to be statistically significant at the standard 5% level (p-value > 0.05).
Počevši od 55. percentila vrijednost imovine pokazuje stabilan rast razine u 2002. u usporedbi s 1999. godinom, a na samom vrhu zabilježen je očit skok u iznosu oko 66.000 funti razlike, koja ipak nije statistički signifikantna na standardnoj razini od 5% (p-vrijednost > 0,05).
In a large interval centered around the 25th percentile there is no significant change between the two periods.
U velikom intervalu oko 25. percentila nije zabilježena nikakva značajna promjena između dva razdoblja.
Above the 65th percentile, there is a progressive increase in the 2002 level of debts over the 1999 level.
Iznad 65. percentila naglo je porasla razina duga u 2002. u usporedbi s 1999. godinom.
Obviously at the very top of the distribution there is a sizeable leap.
Očito je da je na vrhu distribucije ostvaren značajan skok.
Note that the differences in percentiles after the 70th have been found to be statistically significant at the standard 5% level.
Zamjetno je da su razlike u percentilima poslije 70. statistički signifikantne na standardnoj razini od 5%.
6. Econometric analysis of debts
6. Ekonometrijska analiza dugova
The econometric model used in the analysis is a binary dependent variable model
Ekonometrijski model kojim se koristimo u analizi jest model binarne zavisne va
where the dependent variable, may take on only two values or it might be a dummy variable representing the occurrence of an event (i.e. having debts=1 or not having debts=0).
rijable, u kojemu zavisna varijabla može poprimiti samo dvije vrijednosti ili može poslužiti kao dummy varijabla koja predočuje nastanak događaja (npr. postojanje duga = 1, nepostojanje duga = 0).
Specifically, in our case we are interested in modelling the loan status for each household (whether the household has a debt, or not).
Točnije, u ovom smo promatranju zainteresirani za modeliranje dužničkog statusa svakog kućanstva (bilo da to kućanstvo ima dug ili ga nema).
The households differ in income size, employment status, marital status, educational attainment, family size, age, etc. which will be explanatory variables in the probit model, where the goal is to quantify the relation
Kućanstva se razlikuju po veličini dohotka, radnom statusu, bračnom statusu, dosegnutoj razini obrazovanja, veličini obitelji i godinama, što će sve biti eksplanatorne varijable u probit-modelu čiji je cilj kvantificirati odnos među tim pokazateljima i vjerojatnosti posjedovanja duga.
Alex Karagrigoriou and Ilia Vonta: On Distributional Changes of Financial Characteristics in Cyprus:
Analiza se u klasifikaciji kućanstava služi konceptima sposobnosti i spremnosti.
A household's willingness to borrow is the perpetual and behavioural acceptance of choosing to borrow and it is measured by two variables / indicators, a general and a specific attitude.
Ekonometrijska analiza koja slijedi pruža istraživačima alate pomoću kojih mogu istraživati značajnost različitih obilježja i odrediti kako svako od njih utječe na vjerojatnost posjedovanja duga.
Family gross income was obtained by summing all sources of income of all family
Obiteljski bruto dohodak dobiven je kao zbroj dohodaka iz svih izvora svih članova
members before taxes and other deductions in the year 2002.
obitelji prije oporezivanja i ostalih odbitaka u 2002. godini.
The family income is used both as a continuous variable (“Income”) and as a discrete variable (“Imp_code”) categorized in eight groups according to the size of the income.
Obiteljski se dohodak koristi i kao kontinuirana varijabla ‘Income' i kao diskretna varijabla ‘Imp_code' kategorizirana u osam grupa prema veličini dohotka.
In the probit analysis performed, the model was used twice, once with the variable ‘Imp_code' and once with the original variable ‘Income'.
U provedenoj probit-analizi model je korišten dva puta, jedanput s varijablom ‘Imp_code', a drugi put s varijablom ‘Income'.
The ‘Education' variable refers to the educational level of the household head which
Varijabla ‘Education' odnosi se na razinu obrazovanja glave obitelji, a kategorizirana
is categorized into four groups: primary school education, junior and senior high school education and finally university education.
je u četiri grupe: osnovnoškolsko obrazovanje, gimnazijsko i srednjoškolsko obrazovanje te, konačno, fakultetsko obrazovanje.
The ‘Employment' variable refers to the current work status of the household leader which was categorized into six levels: public employee, private employee, self-employed, pensioner, unemployed and other.
Varijabla ‘Employment' odnosi se na trenutačni radni status glave obitelji i kategorizirana je u šest grupa: javni službenik, privatni zaposlenik, samozaposlen, umirovljenik, nezaposlen i ostalo.
The ‘Family status' of the household head was classified as single, married, living as partners, widow/widower and finally separated/divorced.
Varijabla ‘Family status' označava obiteljski status i klasificirana je kao samac, oženjen, živi s partnerom/partnericom, udovac/ udovica te razdvojen/rastavljen.
The ‘Family size' covers grandparents living in the household and all dependent children, even those who are abroad for studies.
Veličina obitelji prikazana je varijablom ‘Family size', a pokriva bake i djedove koji žive u kućanstvu, kao i svu uzdržavanu djecu, čak i onu koja studiraju izvan roditeljskog doma.
The ‘Age' and ‘Age#2' variables refer to the age and Age square (Age2 ) of the households' head.
Varijable ‘Age' i ‘Age#2' odnose se na godine i godine na kvadrat ‘Age2' glave obitelji.
The ‘Age#2' variable is examined in order to capture the expected polynomial relation between the income and the Age, which by previous analyses has been found to be of the general shape of -x2.
Varijablu ‘Age#2' primjenjujemo kako bismo uhvatili očekivanu polinominalnu vezu između dohotka i godina starosti, koja se u prethodnim analizama pokazala u općenitom obliku -x2.
The attitude towards credit was measured by two indicators: the general attitude to
Odnos prema kreditu mjeren je dvama indikatorima: općenitim odnosom prema kre
ward credit variable (‘gen_atti') and the speciﬁc attitude toward the appropriateness of credit use variable (‘spec_atti').
ditu ‘gen_atti' te specifičnim odnosom prema prikladnosti korištenja kredita ‘spec_atti'.
In both cases the higher the scores, the more favourable the family's attitudes toward credit.
U oba je slučaja obiteljski odnos prema kreditu povoljniji što je rezultat viši.
The gen_atti measures a respondent's feeling about credit in general by asking “Do you think it is a good or a bad idea for people to buy things on the instalment plan?”.
Varijabla ‘gen_atti' izražava ispitanikov odnos prema kreditu općenito, i to na osnovi postavljenog pitanja: “Mislite li da je dobro ili loše da ljudi stvari kupuju na otplatu?”
The results from the probit model are analysed for the year 2002 and using the discrete variable ‘Imp code' only since the results for 1999 and the results involving the continuous variable ‘Income' are very similar.
Rezultati probit-modela odnose se na 2002. godinu i koriste se samo diskretnom varijablom ‘Imp code' jer su rezultati za 1999. i rezultati za kontinuiranu varijablu ‘Income' vrlo slični.
The probit model is given by
Model je zadan jednadžbom
where Φ is the standard normal probability distribution and XT x β is the probit score or index.
u kojoj je Φ standardna normalna distribucija vjerojatnosti, a XT x β probit-rezultat, odnosno indeks.
Since XT x β has a normal distribution, interpreting probit coefficients requires thinking in the Z (normal quantile) metric.
S obzirom na to da XT x β ima normalnu distribuciju, interpretacija probit-koeficijenata zahtijeva razmišljanje u mjeri Z (normalni kvantili).
The interpretation of a probit coefficient, β, is that a one-unit increase in the predictor leads to increasing the probit score by β standard deviations.
Interpretacija probit-koeficijenta β jest da povećanje prognostičke varijable za jednu jedinicu uzrokuje povećanje probit-rezultata za β standardnih devijacija.
In particular, according to the signs of the coefficients of the variables Age and Age#2, one can deduce that there is a maximum with respect to the Age (i.e. a maximum age that maximizes the probability of one having a mortgage if all the other variables remain constant).
Točnije, s obzirom na predznake koeficijenata varijabli ‘Age' i ‘Age#2', može se zaključiti da postoji maksimalna razina s obzirom na varijablu ‘Age' (tj. da postoji maksimalan broj godina koji maksimizira vjerojatnost da će netko posjedovati dug, uz sve ostale varijable konstantne).
Specifically, as age increases the probability of one having a mortgage increases up to a certain point and then it starts to decrease as age keeps increasing.
Preciznije, kako se povećava dob, vjerojatnost da će se netko zadužiti povećava se do određene točke, da bi se zatim s daljnjim povećanjem dobi počela smanjivati.
This is also the age that an individual has the economic capability to go through the process of purchasing a home.
Većina ljudi u tridesetima i ranim četrdesetim godinama doseže svoj vrh i osjećaju potrebu za kupnjom kuće, osobito ako imaju obitelj i djecu.
The chances that someone will have a debt after his forties are reduced and finally eliminated since the probability that one will have a change in her/his family status or in her/ his financial status diminishes sufficiently.
Vjerojatnost da će netko nakon četrdesete imati dug smanjene su te konačno uklonjene jer se vjerojatnost da će netko promijeniti svoj obiteljski status ili financijski status značajno smanjuje.
For married couples, the results suggest a positive impact on one having debts.
Rezultati za bračne parove pokazuju pozitivan utjecaj na posjedovanje duga.
result is in line with the consideration that married couples with children have a stronger need of having a house than single or divorced individuals.
rezultat u skladu sa shvaćanjem da parovi s djecom imaju veću potrebu za kućom nego samci ili razvedene osobe.
The probability that a married couple have or have ever had a debt is 0.0244 more than that for a single or divorced household for the year 2002.
Vjerojatnost da će bračni par posjedovati ili da je ikada imao dug veća je za 0,0244 od iste vjerojatnosti za samca ili razvedenu osobu u 2002.
Higher income households are more likely to have or have had a debt for the year 2002.
Kućanstva s većim dohotkom u 2002. godini pokazala su veću vjerojatnost da će imati ili već imaju dug.
This again stems from the fact that income is an important criterion used by lending institutions for granting a loan/mortgage.
To također proizlazi iz činjenice da je dohodak bitan kriterij kojim se koriste kreditne institucije pri odobravanju zajma/hipoteke.
For each unit of increase on income code, the probability of having or ever having had a debt increases by 0.035.
Za svaku jedinicu porasta u dohodovnoj kategoriji vjerojatnost zaduživanja povećava se za 0,035.
Besides the variable Age2, the Employment Status and the General Attitude varia
Osim varijable ‘Age#2', i varijable ‘Employment' i ‘gen_atti' negativno utječu na vje
The negative influence of the Employment status indicates that households who have the most trouble getting a loan are pensioners, unemployed and others (including students).
Negativan utjecaj radnog statusa upućuje na to da su kućanstva koja imaju najviše problema s dobivanjem zajma umirovljenici, nezaposleni i ostali (uključujući studente).
A student does not have the need or the resources (house), to have a mortgage.
Studenti nemaju ni potrebe ni mogućnosti (npr. kuću) za hipoteku.
Also an unemployed person does not have the resources to secure a loan.
Nezaposleni također nemaju mogućnosti osiguranja kredita.
As far as retired households are concerned, the result makes sense given that retired individuals would most probably own a house and do not have the need for a mortgage.
Za kućanstva umirovljenika taj rezultat ima smisla jer umirovljeni pojedinci najvjerojatnije već imaju kuću i nemaju potrebu za hipotekom.
Finally the negative influence of the General Attitude indicates that the chance of one having a loan is affected by his/her attitude towards credit.
Konačno, negativan utjecaj varijable općeg shvaćanja pokazuje da na vjerojatnost posjedovanja duga utječe nečiji odnos prema kreditu.
In other words those who feel that it is a bad idea for someone to buy on credit are less willing or hesitant to secure a loan.
Drugim riječima, oni koji smatraju da je kupovanje na kredit loša ideja manje su spremni za nj, odnosno neodlučni su u svojim pokušajima osiguranja zajma.
For logistic diagnostics we focused on specification errors and the issue of colline
Za logičku dijagnostiku usredotočili smo se na specifikaciju pogrešaka i na pitanje
As a result a correlation analysis was performed among all variables included into the analysis.
Rezultati ne daju dokaze postojanja problematičnih učinaka poput pristranih koeficijenata ili neučinkovitih procjena.
The other matter investigated was the issue of collinearity which is associated with
Provedena korelacijska analiza i relativno male procjene koeficijenata pokazuju da ne postoji ozbiljan problem kolinerarnosti.
For a formal evaluation of the collinearity, the tolerance statistic was evaluated in order to measure the amount of overlap between each independent variable and all other variables.
nu procjenu kolinearnosti procijenjen je pokazatelj tolerantnosti, koji odražava količinu preklapanja između svake nezavisne i svih ostalih varijabli.
The tolerance statistic was evaluated for all variables used in the analysis as well as for those variables included in the final selected model and it was found to be over 0.60 in all cases indicating a low level of collinearity.
Taj smo pokazatelj procijenili za sve varijable upotrijebljene u analizi, kao i za varijable upotrijebljene u konačno odabranome modelu, a u svim je slučajevima iznosio više od 0,60, što upućuje na nisku razinu kolinearnosti.
The analysis reveals differences between the determinants of participation and those of asset shares.
Analiza otkriva razlike u odrednicama participacije i udjela različite vrste imovine.
The median value of beforetax income remained stable, around 13,000 CY pounds.
Medijalna vrijednost dohotka prije oporezivanja ostala je stabilna, na oko 13.000 ciparskih funti.
On the other hand, the proportion of low income families (between 5000 and 15000 CY pounds) dropped from 47% in 1999 to 40% in 2002.
Međutim, udio obitelji s niskim dohotkom (između 5.000 i 15.000 ciparskih funti) pao je s 47% u 1999. na 40% u 2002.
Furthermore, there are some clear life-cycle patterns in the portfolios of assets and liabilities held by households, with younger households acquiring homes, businesses and all types of debts, and older households getting rid of them.
Nadalje, postoje neki jasni uzorci životnog ciklusa u portfelju imovine i obveza kućanstava: mlađa kućanstva kupuju kuće, pokreću poslove i odlučuju se za sve vrste duga, dok starija kućanstva zaziru od toga.
Some general conclusions regarding the investing behavior of the Cypriot house
U nastavku navodimo neke opće zaključke o načinima investiranja ciparskih kućan
On the other hand, singles invest in the stock market in huge amounts.
Što je veći dohodak kućanstva, to je ono konzervativnije u smislu direktnog dioničarstva.
What Does the Survey of Consumer Finances Say?
Velike iznose ulažu kućanstva koja unajmljuju svoje domove.
One of the policy implications of the results presented in this work is that portfolios
Jedna od implikacija za provedbu ekonomske politike rezultata ovog rada jest to da
differ considerably across the income or the wealth distribution.
se portfelji značajno razlikuju s obzirom na distribuciju dohotka ili bogatstva.
As a result changes or simply variations in the key asset prices like the interest rates or the prices in the stock market may result in different implications on families of different types.
Stoga promjene ili samo varijacije cijena ključnih tipova imovine, poput kamatnih stopa ili cijena na burzi, mogu rezultirati različitim implikacijama za različite obitelji.
Furthermore, although age is often considered the main factor in portfolio choices, other characteristics like employment status or family size or even behavioural characteristics may play their own roles in asset markets.
Nadalje, iako se godine često smatraju glavnim činiteljem pri odabiru portfelja, ostala obilježja, kao što je radni status ili veličina obitelji, pa čak i karakteristike ponašanja, mogu imati važnu ulogu na tržištima imovine.
Conference of the Internation
Conference of the Internatio
al Association for Research in Income and Wealth, Sweden.
nal Association for Research in Income and Wealth, Sweden.
sa: University of Cyprus, Dept. of Mathematics and Statistics.
University of Cyprus, Dept. of Mathematics and Statistics.
national Debt and the Developing Countries.
Handbook of parametric and nonparametric statistical proce
Croatian Public Sector Identity and EU Standards
Identitet hrvatskog javnog sektora i EU standardi
Croatian approaching to Europe emphasizes the need for strengthening of these processes.
Ubrzano približavanje Hrvatske Europi još više naglašava potrebu za jačanjem ovih procesa.
With the purpose of approximation of the public sector to the EU standards arises the need to research its identity on the one hand and compatibility with EU standards on the other hand in order to determine the necessary changes in Croatian public sector.
Upravo s ciljem približavanja javnog sektora standardima EU javlja se i potreba istraživanja njegovog identiteta s jedne strane, i sukladnosti s EU standardima s druge strane kako bi se utvrdile potrebne promjene domaćeg javnog sektora.
The intent is to show how important it is to achieve the compatibility of certain parts of public sector with EU standards.
Namjera je pokazati koliko je važno postizanje usaglašenosti pojedinih dijelova javnog sektora sa standardima EU.
Compatibility with the determinants of acquis communautaire as a part of negotiations on accession to the EU will have a substantial impact on the size and the structure of public sector.
Usaglašenje s odrednicama pravne stečevine EU u okviru pregovora o pristupanju EU bitno će utjecati na veličinu i strukturu javnog sektora.
It is expected that the work should result in:
Očekuje se da bi se tijekom rada došlo do sljedećih rezultata:
Building a tax model according to the EU standards.
Započelo bi se s izgradnjom poreznog modela prema EU standardima.
Determining relative competitiveness of certain regions in comparison to the other regions in Croatia but also regions of other countries.
Odrediti relativnu konkurentnost pojedinih regija u odnosu na druge regije u Hrvatskoj, ali i regije drugih zemalja.
Analysis of effects of fiscal decentralization that would incite a discussion and analysis of this topic, relevant for regional development and would facilitate the creation of a quality developing regional strategy.
Analizom učinaka fiskalne decentralizacije potaknula bi se stručna rasprava i analiza ove teme važne za regionalni razvoj, te bi se olakšala izrada kvalitetne razvojne regionalne strategije.
The chapter on state aid that would require implementation of some of the methods of measuring effects as a part of a pilot project and it would result in recommendations in measuring effects of state aid.
U dionici o državnim potporama primijenile bi se neke od metoda mjerenja učinaka u okviru pilot projekta, te bi se razradile preporuke u mjerenju učinaka državnih potpora.
Analysis of tax expenditures that would determine the losses in the state budget because of existence of many incentives and abatements in the tax system and it would provide recommendations for reduction of losses in the state budget caused by tax expenditures.
Analizom poreznih izdataka utvrdili bi se gubici državnog proračuna zbog postojanja brojnih olakšica i oslobođenja u poreznom sustavu te bi se dale preporuke za smanjenje gubitaka državnog proračuna uslijed njihova postojanja.
The proposed research would be particularly useful to the Ministry of Finance (but also other parts of executive government) in charge of financing, management and control of public sector and its harmonization with the EU.
Predloženo istraživanje posebno je korisno Ministarstvu financija (ali i drugim dijelovima izvršne vlasti) koje je zaduženo za financiranje, upravljanje i kontrolu javnog sektora, te njegovo usklađivanje s EU.
EXCHANGE MARKET PRESSURE ON THE CROATIAN KUNA
INDEKS PRITISAKA DEVIZNOG TRŽIŠTA NA KUNU
Institute of Public Finance, Zagreb and
Institut za javne financije, Zagreb
University of Amsterdam
i Sveučilište u Amsterdamu
Currency crises exert strong pressure on currencies often causing costly economic
Tijekom valutnih kriza dolazi do jakog pritiska na valute, što često dovodi do skupih
A measure of exchange market pressure (EMP) gauges the severity of such tensions.
Indeks pritisaka na deviznom tržištu (IPDT) odražava jačinu takvih pritisaka.
Measuring EMP is important for monetary authorities that manage exchange rates.
Mjerenje IPDT-a važno je monetarnim vlastima koje upravljaju valutama.
It is also relevant in academic research that studies currency crises.
Također je bitan u znanstvenim istraživanjima u kojima se proučavaju valutne krize.
A precise EMP measure is therefore important and this paper re-examines the measurement of EMP on the Croatian kuna.
Stoga je precizni IPDT važan, te se u ovom radu preispituje mjerenje IPDT-a na hrvatsku kunu.
It improves it by considering intervention data and thresholds that account for the EMP distribution.
Moguće ga je poboljšati uzimajući u obzir podatke o deviznim intervencijama te primjenjujući pragove s obzirom na distribuciju IPDT-a.
It also tests the robustness of weights.
Također se testira robusnost pondera.
A discussion of the results demonstrates a modest improvement over the previous measure and concludes that the new EMP on the Croatian kuna should be used in future research.
Analiza rezultata upućuje na umjereno poboljšanje u usporedbi s prethodnim mjerenjem i zaključuje se da bi se novi indeks IPDT-a na kunu trebao primjenjivati u budućim istraživanjima.
Key words: exchange market pressure, currency crisis, Croatia
Ključne riječi: pritisci na deviznom tržištu, valutna kriza, Hrvatska
In an era of increasing globalization and economic interdependence, fixed and pegged
U doba rastuće globalizacije i gospodarske ovisnosti o njoj, fiksni i polufiksni valut
exchange rate regimes are ever more exposed to the danger of currency crises.
ni režimi sve su izloženiji opasnosti valutnih kriza.
Integrated financial markets have enabled speculators to execute attacks more swiftly and deliver devastating blows to individual economies.
Integrirana financijska tržišta omogućila su špekulantima sve brže špekulativne napade, čime su doveli pojedine zemlje do gospodarskog kraha.