natgillin/translations-raw huggingface dataset:
Two models are observed. 
Promatrana su dva modela.
The first and basic model, apart from the reserve requirement (RR), an ongoing measure, covers the MRR and the special reserve requirement (SRR). 
Prvi, temeljni model osim obvezne pričuve (OP) kao trajne mjere djelovanja obuhvaća i graničnu obveznu pričuvu te posebnu obveznu pričuvu (POP).
The second model is an extension of the first model for the subscription of compulsory central bank bills (CCBB). 
Drugi je model proširenje prvog modela za upis obveznih blagajničkih zapisa (OBZ-a).
The SRR is included in the first model only at the level of definition, while in the case of numerical simulations the issue of bonds by the commercial banks is ignored. 
POP je uključen u prvi model samo na razini definicije, dok se u numeričkim simulacijama izdavanje obveznica od poslovnih banaka zanemaruje.
This assumption does not distort the applicability of the model since on the one hand it does not affect the numerical results and on the other hand immediately after its introduction the commercial banks halted their borrowings via the issue of bonds. 
Ta pretpostavka ne narušava primjenjivost modela jer ne utječe na numeričke rezultate, a usto su odmah nakon njezina uvođenja poslovne banke zaustavile svoje zaduživanje putem izdavanja obveznica.
In general, models of bi-level programming belong to the class of NP-hard problems. 
Općenito, modeli dvorazinskog programiranja pripadaju klasi NP-teških problema.
In addition, the models developed in this paper are large-scale problems for large numbers of real and integer number variables and constraints. 
Osim toga, modeli razvijeni u ovom radu problemi su velikih dimenzija zbog velikog broja realnih i cjelobrojnih varijabli te ograničenja.
On the other hand the parameters such as the interest rates of commercial banks according to which loans are made on the domestic market are subject to business confidentiality. 
Usto, parametri kao što su kamatne stope poslovnih banaka po kojima se odobravaju krediti na domaćem tržištu poslovna su tajna.
For this sake, while numerical simulations were performed, numbers of relaxations were introduced. 
Stoga su pri numeričkim simulacijama uvedene mnoge relaksacije.
In the procedure of solving the model, heuristics based on tabu searching were de 
U postupku rješavanja modela razvijene su heuristike utemeljene na tabu pretraživa
veloped and a decision support system for the use of the application CPLEX9 was made. 
nju, te je izrađena programska podrška za primjenu programskog paketa CPLEX9.
This decision support system enabled a number of analyses of the impacts of different values of MRR on the loans made by commercial banks. 
Ta je programska podrška omogućila niz analiza utjecaja različitih vrijednosti GOP-a na plasmane poslovnih banaka.
After that, a number of numerical simulations were performed for the sake of verify 
Potom je napravljen niz numeričkih simulacija radi verifikacije postavljenih modela.
The numerical results show the essential differences depending on whether an effec 
Numerički rezultati pokazuju bitne razlike ovisno o tome primjenjuje li se efektivna
tive or a nominal interest rate is used. 
ili nominalna kamatna stopa.
The numerical results obtained can be used for other ex-ante analyses of the effects of monetary policies as well. 
Dobiveni numerički rezultati mogu se iskoristiti i za druge ex ante analize učinaka monetarne politike.
The paper consists of seven chapters and an appendix. 
Rad se sastoji od sedam poglavlja i priloga.
The main reference is to the working of the central bank directed towards the growth in the foreign debts of the commercial banks. 
Težište osvrta je na djelovanju HNB-a, i to na porastu inozemnog zaduživanja poslovnih banaka.
This problem is stressed because of the high level of the foreign debt of the Republic of Croatia, which has passed the 80% of GDP level, which according to economic theory, is considered the ceiling for foreign indebtedness, after which there is a danger of a so-called debt-crisis breaking out. 
Taj je problem naglašen zbog visoke inozemne zaduženosti Hrvatske, koja prelazi razinu od 80% BDP-a, što se prema ekonomskoj teoriji smatra gornjom granicom inozemne zaduženosti, nakon koje prijeti opasnost od izbijanja tzv. dužničke krize.
In Chapter 3 mathematical models are created for the purpose of determining the opti 
U 3. poglavlju konstruirani su matematički modeli za određivanje optimalne vrijedno
The first model describes the condition of central bank measures prescribed for slowing down the growth of the foreign indebtedness of banks and the excessive growth of loans, which held true up to January 2007. 
Prvi model opisuje stanje propisanih mjera središnje banke za usporenje rasta inozemnog zaduživanja banaka i prekomjernog rasta plasmana koje je vrijedilo do siječnja 2007.
The second model, apart from the measures that are covered by the first model, covers the new methods for subscribing to CCBBs, in force since January 2007. 
Drugi model, osim mjera koje obuhvaća prvi, obuhvaća i novouvedenu mjeru upisa OBZ-a koja je na snazi od siječnja 2007. godine.
Since, as earlier stated, the problems of bi-level programming belong to the class of NP-hard problems, heuristics have been developed for solving them. 
Budući da, kao što je već rečeno, problemi dvorazinskog programiranja pripadaju klasi NP-teških problema, za njihovo se rješavanje razvijaju heuristike.
help of the heuristics described in the preceding chapter are given. 
pomoću heuristika opisanih u prethodnom poglavlju.
Analyses are made with the use of nominal and effective interest rates. 
Analize su napravljene uz upotrebu nominalne i efektivne kamatne stope.
In brief, the objective of this research is the creation of a mathematical model of the 
Ukratko, cilj je ovog istraživanja kreiranje matematičkog modela trenutačnog stanja
The current condition of this part of the banking system is described, and by the performance of numerical simulations concomitantly with certain assumptions that simplify the real situation the relationship between central bank measures and the profit made by the commercial banks is established. 
Opisano je sadašnje stanje tog dijela bankarskog sustava, te je izvršenjem numeričkih simulacija uz određene pretpostavke koje pojednostavnjuju realnu situaciju ustanovljen odnos između mjera središnje banke i ostvarene dobiti poslovnih banaka.
2 The interdependence of the operations of central bank and commercial banks 
2. Međuovisnost djelovanja središnje banke i poslovnih banaka
The Croatian National Bank, within the framework of its monetary policy, carries out 
HNB na području monetarne politike provodi različite mjere kako bi održao stabilnost
various measures to maintain price stability, that is, to maintain the maximum amount of economic growth concurrently with a low rate of inflation, and thus fulfils its statutorily defined role. 
cijena, odnosno kako bi podržao što veći gospodarski rast uz što nižu inflaciju i tako proveo svoju zakonom definiranu ulogu.
History tells us that periods of high inflation on the whole lead to economic collapse, since the attention of enterprises shifts from the production of goods to the preservation of the assets that they own and/or manage. 
Iz prošlosti je poznato da razdoblja visoke inflacije uglavnom dovode do kolapsa gospodarstva, jer se pažnja poduzetnika pomiče s proizvodnje dobara na to kako očuvati vrijednost imovine koju posjeduju i kojom upravljaju.
Modern economic systems show that inflation is nevertheless in a sense necessary for 
Moderni ekonomski sustavi pokazuju da je inflacija na određeni način potrebna kako
economic growth to be achieved. 
bi se postigao gospodarski rast.
It has on the one hand to maintain price stability, and on the other to allow a certain rise in prices in order to achieve as great economic growth as possible. 
je razmjenom sa svijetom, postoji dodatna opasnost od uvoza inflacije, pa stabilnost cijena istodobno znači i stabilnost tečaja prema valuti u kojoj je indeksirana većina kreditnih poslova, kao i cijena trajnih dobara (u primjeru Hrvatske u euru).
Since the foreign debt of the commercial banks constitutes a large portion of the total 
ženju, HNB se koristi mjerama kojima može utjecati na ponašanje banaka.
foreign debt of the Republic of Croatia, the CNB makes use of measures to affect the behaviour of the banks. 
Jedna od njih, na koju je u ovom radu stavljen naglasak, jest i granična obvezna pričuva.
Apart from the marginal reserve requirement, two other measures are used, and these 
Obračunava se na izdane obveznice, neovisno o tome jesu li one izdane u zemlji ili inozemstvu.
are the special reserve requirement and compulsory central bank bills. 
Obvezni blagajnički zapisi vrijednosni su papiri koje poslovne banke moraju upisa
It is calculated on bonds issued, irrespective of whether the bonds have been issued on the domestic or foreign market. 
Posebnost tih vrijednosnih papira je u tome da s njima nije moguće trgovati na sekundarnom tržištu.
1 In 2004 the application of MRR started, at a rate of 24%; in February 2005 this was increased to 30% and 
1 Godine 2004. započela je primjena GOP-a po stopi od 24%; u veljači 2005. godine stopa je povećana na 30%
calculated according to the same base period. 
i obračunavala se u odnosu prema istome baznom razdoblju.
In May that year the rate was increased once again and came to 40% with respect to the initial calculation period. 
U svibnju iste godine stopa izdvajanja je još jedanput povećana i iznosila je 40% s obzirom na početno obračunsko razdoblje.
In November 2005 the decision was made in such a way that non-working days were included in the calculation, and the day of the calculation was shifted to the second Wednesday in the month. 
U studenom 2005. godine odluka je izmijenjena na način da su u obračun uključeni i neradni dani, a dan obračuna pomaknut je na drugu srijedu u mjesecu.
In December 2005 with a new change in the decision, a second calculation period was introduced, and for a growth in a debt with respect to this new calculation period an additional 15% of the growth in foreign borrowing had to be set aside. 
U prosincu 2005. godine novom izmjenom odluke uvedeno je i drugo obračunsko razdoblje, a na porast duga s obzirom na to novo obračunsko razdoblje izdvaja se dodatnih 15% porasta inozemnog zaduženja.
In the last change in the decision, June 2006, the base for MRR was extended to guarantees and other investments that are kept off-balance sheet, and the MRR rate for such loans is 55%. 
Posljednjom izmjenom odluke iz lipnja 2006. proširena je osnovica za izdvajanje GOP-a na jamstva te na druga plasiranja koja se vode izvanbilančno, a stopa izdvajanja GOP-a za takve plasmane iznosi 55%.
2 Compulsory CNB bills were brought into force the first time in 2003, and then the allowed growth of loans 
2 Obvezni su blagajnički zapisi kao mjera središnje banke prvi put bili na snazi tijekom 2003. godine, a tada je
was 16% per annum, or 4% per quarter, and their subscription took place at the same tempo. 
dopušteni rast plasmana bio 16% godišnje, odnosno 4% kvartalno i u toj se dinamici obavljao njihov upis.
at the end of period 
na kraju razdoblja
Non-banking financial institutions 
nebankarske financijske institucije
Other banking institutions 
ostale bankarske institucije
With their activity, banks have an effect on other economic agents, and hence on the whole of the economy of the country. 
Banke svojom aktivnošću utječu na druge poslovne subjekte, a samim time i na cjelokupno gospodarstvo neke zemlje.
A central bank does not accomplish its goals via direct contact with other agents in the financial system, with the household and corporate sectors, but works indirectly, via its influence on the commercial banks. 
Središnja banka svoje ciljeve ne ostvaruje izravnim kontaktom s drugim subjektima u financijskom sustavu neke zemlje, građanima i poduzećima, već djeluje posredno, utjecajem na poslovne banke.
The owners of Croatian banks on the whole are located in the EU and are not able 
Vlasnici hrvatskih banaka najvećim dijelom potječu s prostora Europske unije, gdje
there to make so much profit from loans made, since the market conditions are such that the interest rates on loans made are considerably lower than they are in Croatia. 
ne mogu ostvarivati tolike dobiti od odobrenih kredita jer su tržišni uvjeti takvi da su kamatne stope na odobrene kredite osjetno niže nego u Hrvatskoj.
In order to meet the wishes of their owners and to circumvent the measures prescribed them by the CNB, the commercial banks have transferred a good deal of their operations to associated enterprises. 
Kako bi zadovoljile želje svojih vlasnika i zaobišle mjere koje im propisuje HNB, poslovne su banke velik dio svog poslovanja prebacile na povezana poduzeća.
For this reason, in the second half of 2006., there was a slight fall in the foreign debt of the commercial banks, while the share of enterprises' foreign debt rose. 
Zato je u drugoj polovici 2006. godine zabilježen blagi pad inozemnog duga poslovnih banaka, a porastao je udio inozemnog duga sektora poduzeća.
5 And so the CNB, in order to halt this behaviour of the banks, extended its instruments as far as it was allowed by its statutory authorities, to the associated enterprises, for its measures to cover all business entities that it is capable of affecting directly or indirectly to as great an extent as possible. 
5 HNB je, pak, kako bi zaustavio takvo ponašanje banaka, svoje mjere, koliko god su mu dopuštale zakonske ovlasti, proširio i na povezana poduzeća, da bi svojim mjerama u najvećem mogućem opsegu obuhvatio sve poslovne subjekte na koje može izravno ili neizravno utjecati.
Within this work, only a small part from a wide spectrum of various kinds of mathematical programming used to develop models of relations between the CNB and the commercial banks will be described. 
U ovom radu opisat ćemo samo mali dio iz širokog spektra različitih vrsta matematičkog programiranja koji je korišten za razvijanje modela odnosa između HNB-a i poslovnih banaka.
Since the paper poses the mathematical model as a bi-level programming problem, we shall set out in brief the basic concepts necessary to understand this. 
Kako je ovdje matematički model postavljen kao problem dvorazinskog programiranja, ukratko ćemo izložiti osnovne pojmove potrebne za njegovo razumijevanje.
The essential characteristic of all bi-level programming problems is that the decision maker at the upper level (the leader) should affect the lower level decision makers (the follower), the follower's possible choice and the benefit that derives from this choice. 
Bitno obilježje svih problema dvorazinskog programiranja jest to da donositelj odluke na gornjoj razini utječe na ponašanje donositelja odluke na donjoj razini, na njegov mogući izbor i korist koja proizlazi iz tog izbora.
Economic game theory studies a special type of bi-level programming problem known as the Stackleberg game. 
• dvije su razine donositelja odluke, gornja i donja, a među njima postoji hijerarhijski odnos i jedna na drugu utječu,
to the leader's move, 
vor na potez gornje razine,
• both levels have their own goal or benefit, independently of other units of the sys 
• obje razine imaju svoj cilj ili korisnost neovisno o ostalim jedinicama sustava,
set of decisions that either one of them can make. 
ka koje može donijeti svaki od njih.
Here we are looking at a large hierarchical system and the process of interaction that goes on in time, where the leader is the central bank and the follower is the set of all the commercial banks. 
U ovom tekstu promatra se veliki hijerarhijski sustav i proces međudjelovanja koji se ostvaruje u vremenu, pri čemu je na gornjoj razini središnja banka, a na donjoj skup svih poslovnih banaka.
Each commercial bank acts independently of the other commercial banks, in line with its own business strategy. 
Svaka poslovna banka djeluje neovisno o ostalim poslovnim bankama, u skladu sa svojom poslovnom strategijom.
From a mathematical point of view, the problem of bi-level programming is an NPhard problem, which means that there are no algorithms finding an optimal solution in polynomial time. 
S matematičkog stajališta, problem dvorazinskog programiranja je NP-težak problem, što znači da ne postoje algoritmi koji u polinomijalnom vremenu nalaze optimalno rješenje.
Such complex problems and the solution of them arouse enormous interest because they can be found in many areas of application. 
Takvi složeni problemi i njihovo rješavanje pobuđuju velik interes jer su zastupljeni u mnogim područjima primjene.
In the last 30 years varying authors have proposed some score of algorithms for solving these problems. 
U posljednjih 30 godina različiti autori predložili su dvadesetak algoritama za rješavanje tih problema.
However, these algorithms are either exceptionally ineffective or markedly impractical in application. 
Međutim, ti su algoritmi ili izuzetno neefikasni ili izrazito nepraktični u primjeni.
Hence in practice heuristics are created, which is the method used in this paper. 
Stoga se u praksi konstruiraju heuristike, a to je učinjeno i u ovom radu.
Two models have been defined that describe the contemporary situation in the working of the central bank vis-à-vis the commercial banks. 
Izrađena su dva modela koja opisuju sadašnje stanje u djelovanju središnje banke prema poslovnim bankama.
The first model, apart from the reserve requirement, which is a permanent instrument, covers MRR and SRR. 
Prvi model, osim obvezne pričuve kao trajne mjere djelovanja, obuhvaća GOP i POP.
The reason for division into the two models lies in the fact that the subscription of compulsory CNB bills is a measure that has been in force since January 1, 2007. 
Razlog za to razdvajanje na dva modela leži u činjenici da je upis obveznih blagajničkih zapisa mjera koja je na snazi od 1. siječnja 2007. godine.
An additional reason for the split into two models is the fact that this is a measure that is considered a short-lasting instrument, which will be in force for only a limited period of time. 
Dodatan razlog za razdvajanje na dva modela jest činjenica što je to mjera koja se obično smatra mjerom kratkog daha, i koja će biti na snazi ograničeno vrijeme.
households, l = 3 loans to enterprises) p - prescribed percentage of marginal / special reserve requirement t - time for which debt is taken on (macro period), t = 1. ..., T τ - time for which loans are made (micro period) τ ∈ St, t = 1, ..., T 
stanovništvu, l = 3 krediti poduzećima) p - propisani postotak granične/posebne obvezne pričuve t - vremensko razdoblje zaduživanja (makrorazdoblje), t = 1, ..., T τ - vremensko razdoblje plasiranja (mikrorazdoblje) τ ∈ St, t = 1, ..., T
if the percentage of prescribed marginal (i = 1) / special (i = 2) reserve requrement on resources borrowed for loan l in period t is equal to p 
ako je postotak propisane granične (i = 1) / posebne (i = 2) obvezne priičuve na posuđena sredstva za plasman l u razdoblju t jednak p
otherwise l = 1. 2 (loans to households), l = 3 (loans to enterprises) 
inače l = 1, 2 (krediti stanovništvu), l = 3 (krediti poduzećima)
otherwise xjilpt, wjlτ ≥ 0; zilpt, vjilpt ∈ {0, 1} The following expressions hold for the notations 
inače xjilpt, wjlτ ≥ 0; zilpt, vjilpt ∈ {0, 1} Vrijede ovi izrazi za oznake:
In expressions (a) and (c) the amounts are equal to the repayment quotas (instalments), while revenue made from interest collected is used to cover interest expenses and for operational profit made. 
U izrazima (a) i (c) iznosi su jednaki otplatnim kvotama (ratama), dok prihodi ostvareni od naplaćenih kamata služe za pokriće kamatnih rashoda i ostvarivanje dobiti iz poslovanja.
With an assumed rate of retention sz = 60%, then: 
Uz pretpostavljenu stopu zadržavanja sz = 60%, izraz poprima oblik:
By introducing expression (9) into (2) we obtain the expression: 
Uvrštenjem izraza (9) u (2) dobivamo izraz:
The micro and macro periods are included into the model because the central bank (leader) makes its decision about changes in the rates of the marginal or special reserve requirements once a month, while the followers (the commercial banks) can make their decisions daily. 
Mikrorazdoblja i makrorazdoblja uključena su u model jer središnja banka (voditelj) odluku o promjeni stope granične ili posebne obvezne pričuve donosi jedanput mjesečno, dok sljedbenici (poslovne banke) svoje odluke mogu donositi dnevno.
They are the same for all the banks and are independent of the interest rates at which the bank obtains the resources. 
Oni su jednaki za sve banke i neovisni su o kamatnoj stopi po kojoj banka pribavlja sredstva.
These resources are multiplied by the credit multiplier in the period under observation. 
Ta se sredstva množe kreditnim multiplikatorom (množiteljem) u promatranom razdoblju.
Constraint (3) describes the fact that banks can borrow abroad only at one rate of the prescribed marginal (i=1) / special (i=2) reserve requirement on resources borrowed for loan l in period t where M is a large real number. 
Ograničenja (3) opisuju činjenicu da se banke mogu zadužiti u inozemstvu samo uz jednu stopu propisane granične (i = 1) / posebne (i = 2) obvezne pričuve na posuđena sredstva za plasman l u razdoblju t, pri čemu je M veliki realni broj.
And at the end, constraint (8) is the constraint of non-negativity and binarity of the variables. 
I, na kraju, ograničenja (8) uvjeti su ne-negativnosti i binarnosti varijabli.
This model differs from the preceding model only in the constraint (10), which has been replaced by the following constraint: 
Taj se model razlikuje od prethodnoga samo po ograničenju (10), koje je zamijenilo ovo ograničenje:
These resources are multiplied by the credit multiplier in the observed period. 
Opisani problem, kao i svi problemi dvorazinskog programiranja, pripadaju klasi NP-teških problema.
Also counted in available resources are collected repayments of loans made earlier diminished by loans made in the previous periods. 
Za rješenje tog problema razvijena je heuristika bazirana na kombinaciji metoda pretraživanja i tabu pretraživanja.
1 For the given bank, the rate of the marginal/special reserve requirements is changed, and it is checked whether making loans is profitable at this level, according to existing interest rates, for each kind of loan. 
1. Za odabranu banku, mijenja se stopa granične/posebne obvezne pričuve i provjerava se je li uz tu stopu profitabilno odobravanje plasmana po postojećim kamatnim stopama za svaku vrstu plasmana.
2 The lowest and highest rates of reserve at which operations case to be valuable for each kind of loan separately are memorized. 
2. Pamti se najniža i najviša stopa pričuve uz koju prestaje profitabilno poslovanje po svakoj vrsti plasmana posebno.
3 If the solution for each kind of loan is found, then the search procedure is stopped. 
3. Ako je pronađeno rješenje za svaku vrstu plasmana, prestaje postupak traženja.
4 A check is made to see if all the banks have been considered. 
4. Provjerava se jesu li obrađene sve banke.
5 A calculation is made of the average marginal/special reserve requirements for the whole system in terms of each kind of loan separately. 
5. Izračunava se prosječna stopa granične/posebne obvezne pričuve za sustav po svakoj vrsti plasmana posebno.
6 Stop of the calculation process. 
6. Završetak procesa izračuna.
The flow diagram for the constructed heuristics is shown in Fig. 2. 
Dijagram toka konstruirane heuristike prikazan je na slici 2.
In the numerical part, certain relaxations have been carried out to simplify the model, or for the sake of confidentiality, so as not to let the data of the bank used be identified as coming from that bank. 
U numeričkom dijelu provedene su određene relaksacije koje pojednostavnjuju model ili pak, zbog poslovne tajne, ne dopuštaju da banke čiji su se podaci koristili, budu prepoznate.
The first assumption is that the interest rate on foreign borrowings is the same for all banks and comes to EURIBOR + 1.5 percentage points for borrowing and EURIBOR + 2 percentage points for bonds. 
Prva je pretpostavka da je kamatna stopa na inozemno zaduženje za sve banke jednaka i da iznosi EURIBOR + 1,5 postotni bod za kredite, te EURIBOR + 2 postotna boda za obveznice.