Abstract The main purpose of the paper is to address the effects of digital transformation in the telecommunications markets which are characterized by network externalities. By acknowledging disruptive effects of digital transformation age, the paper highlights challenges which were created by advancement of technological capabilities. The specific aim of the paper is to present a methodological framework for measuring the information society. The research will be based on an analysis of the number of subscribers by types of telecommunication services, in developed and developing countries, in the last two decades. In this regard, increasing the number of subscribers leads to higher value of the selected network. We expect confirmation of both hypotheses respectively (H1: Digital transformation affects the simultaneously continuous growth of the number of subscribers and the continuous decline in prices of telecommunication services; H2: There are similar trends in developed and developing countries, which are related to the number of the telecommunication services subscribers). Therefore, digital transformation and the effect of network externalities contribute to increasing the number of subscribers, reducing the number of networks (distortion of the market competition) and reducing the prices of telecommunication services.

Aim of this paper is to, by means of comparative analysis, demonstrate that contemporary pension systems are limitation factors of development of the Republic of Srpska, and that they should be reformed and improved. Ultimately, pension systems should be the basis for development of the Republic of Srpska. They should significantly improve strengthening of financial markets, enhancement of capital markets, higher growth rates of the Republic of Srpska, idecrease of unemployment. Private pension funds are to change the habits and ideas of every future insurance holder, aiming to make the pension rights a matter of concern of every individual, instead being the obligation and ballast of the society. Today, stabile financing of pension systems and their funds is becoming increasingly questionable. A gap is emerging between the area of rights gained by law and financial possibilities for their implementation. Pay-as-you-go (PAYG) systems, i.e. systems of inter-generation solidarityare particularly endangered. Adequate systematization of gathered data, i.e. evidence, should provide conclusions that pension systems are a limitation todevelopment of national economy. This claim is present in underdeveloped and developing countries, with developed economies also facing grave problems.

Target research in this paper is the assessment and analysis of content of digital progress and its impact on modern business. Business digitization has been introducing increasingly dynamic changes across the entire global economic sphere, whereas its content increasingly maintains to affect the competitiveness of national economies. At the microeconomic level, digital technologies lead to a change of economic structure and quality of production factors, based on knowledge and innovations. This paper should provide specific answers on how to apply new technologies and digital techniques in a quality manner within the knowledge economy. This is not the only answer provided in this paper. On the contrary, the paper shall respond to question how to minimize the risks of all kinds, in order to increase labour productivity. The immediate objective of this paper is to adequately locate and understand the problem of economy digitization and the changes it brings, as well as to provide specific ideas and practical solutions for better and more efficient business operations. The new information, i.e. digital economy fundamentally differs from the traditional ones. This very synergy of workforce, its emergence in such manner, as well as increase in its presence, will be the biggest challenge to what we now call the digital economy. The IT revolution and communication technology affect the development of the new economy on a global scale, which significantly contributes to the modern business. The impact of digital growth on modern business should be reflected in increased productivity, knowing that the increase in productivity is a key issue in any economy, including the digital economy. Increasing productivity implies an increase in the results achieved with the same consumption of resources or achieving the same results with less consumption of resources. Numerous studies have been performed on this subject at the global level, demonstrating that there are serious analyses and research that show exactly how much the investment in IT does actually increase productivity. It is believed that the majority of the growth in productivity since 1995 to date is to be primarily credited to investments in information technology and business process automation. Increasing productivity is evident almost anywhere: in individual companies, industries and economies, which actually represents the essence of modern business activities.

To present the status and development of economies of the countries, a number of macroeconomic indicators is available and used and the most important aggregate in the system of national accounts is the gross domestic product (GDP). An analysis of GDP serves to present the status and trends of the economy of Bosnia and Herzegovina (BiH). We have used the comparison method, in order to establish the status, as well as trends in the economy of BiH in comparison with the neighbouring countries with similar GDP structures and with economies of some developed countries. We note that the structure of gross value added (GVA) in BiH is not primarily oriented towards profitable activities, nor towards activities giving a synergistic effect on the entire economy. The service sector is not sufficiently developed. GDP per capita in 2015 was almost eight times lower than the one recorded in the EU member countries. The relationship between consumption and investment, in addition to the negative balance of trade, are negative determinants of the BiH economy. The global crisis has produced negative effects on the BiH economy. Such trends were imminent even in the developed countries, the only difference is that the developed countries, by size of their GDP per capita, are far stronger and more developed than the BiH economy. The economy is small in its size and growth rates are not sufficient to provide a visible progress, as is the case with developed countries. BiH needs to put maximum efforts into increasing its value added in areas that are fast and strong in contributing to the growth and development.

In the financial theory it is common to make distinction between two types of corporate value creation concept: shareholder value and stakeholder value. In shareholder systems, also known as Anglo-American concept, institutional investors, who usually own small percentages of companies' shares, exert significant influence over managers. In major stakeholder systems, marked as Continental concept, influence is shared between large shareholders, employees, customers and suppliers. The aim of this paper is to analyze influence of globalization processes and economic crises on value creation theory and practice.

<p>Ovaj rad treba ponuditi rje&scaron;enja za upravljanje rizicima u ekonomskoj politici u cilju ostvarenja makroekonomske stabilnosti Republike Srpske. Želimo ukazati na promjene koje su posljedica jakog udara globalne ekonomske i finansijske krize i sa kojima se suočava ekonomija Republike Srpske. Polazeći od toga postavlja se pitanje, u kojoj mjeri je ekonomska politika Republike Srpske uspjela da odgovori na ekonomske probleme nastale uticajem globalne ekonomske i finansijske krize u uslovima političke i ekonomske nestabilnosti. Dakle dali je Vlada Republike Srpske, uspjela da realizuje ciljeve koji su definisani u ekonomskoj politici, ili su postavljeni ciljevi rizik sa kojim se suočila Republika Srpska i njena Ekonomska politika. Vlada RS je u ekonomskoj politici za 2014. i 2015. godinu, definisala ključne ciljeve a oni su: pozitivne stope privrednog rasta i smanjenje stope nezaposlenosti kao i porast industrijske proizvodnje. Zapravo ta tri makroekonmska pokazatelja su i najizraženiji rizik za Vladu RS u smislu implementacije postavljenih ciljeva. Rizicima Vlada mora upravljati, zarad makroekonomske i socijane stabilnosti RS, kao i boljeg standarda njenih građana. Značajnija primjena kvantitativnih pokazatelja u praksi nameće problem objektivnih i nužnih ekonomskih procesa i tokova u domenu uspje&scaron;nosti ekonomske politike. Upravo su ograničenja privrednog razvoja i pogre&scaron;nog modela rasta, doprinijela da efekti ekonomske politike Republike Srpske ne budu značajni. Republika Srpska suočava se sa negativnim posljedicama primjenjenih mjera u vidu negativnih, nultih i niskih stopa rasta, golemom i dugotrajnom nezaposleno&scaron;ću, visokim budžetskim deficitom, visokim javnim dugom, dok su efekti na privredni rast i razvoj izostali. U tom smislu ključno bi bilo povećati funkcionalne učinke institucionalnog poretka, tako da se omogući veća djelotvornost ekonomske politike i privrednih aktera uz dugoročno održivi rast.</p>

Republic of Srpska cannot boast of its economic system ever since the onset of the Global Economic and Financial Crisis (2008) to this day. Global Economic and Financial Crisis has produced negative effects onto a small economy like the economy of the Republic of Srpska (RS). In times of such crisis, RS has been faced with high unemployment rate (44%), reduced industrial production, enormous public debt, high deficits and colossal illiquidity. It indicates that the Republic of Srpska is characterised by poor macroeconomic indicators. The fact that RS possesses rich and diverse natural resources, which should be a key factor in its present and future development, did not help the economic system of RS in any way. The industry has been designated as a major segment of development by a long-term strategy of socio-economic development. Such long-term strategy has not given any results in terms of positive rate of economic growth, nor even the slightest improvement of any of the macroeconomic indicators so far. Urgent transformation of the economic system of the Republic of Srpska and its adaptation to the global processes is more than necessary. This can be achieved by offering investors numerous benefits and opportunities for investment under very favourable conditions, particularly in the industries and sectors representing significant natural resources. First of all, it is believed that there is great potential for the development of agriculture; exceptionally favourable conditions for the development of thermal and hydro energy sector; numerous possibilities of providing energy from renewable sources; vast areas covered by forests, mining and mineral resources; great tourist potential, etc. The above listed items are the essential ones, although there are others, which can represent a good basis for development of the economic system. Transformation of the economic system of RS will depend on many factors, primarily, of globalization that has contributed to the huge increase in trade, as well as of modern communication technologies. Globalisation has both positive and negative aspects, but it has certainly brought significant changes. The developed world is the bearer of the globalization process and it made the best use of current global circumstances. The solution is in creation of economic and political integrations, being in a cause-effect relationship with the process of globalization. Economic system of the Republic of Srpska simply has to be included in the such integrations.

Rezime Ovaj rad ima za cilj da analizira strukturu nezaposlenih visokoobrazovanih kadrova u Republici Srpskoj. Kroz ovu strukturu analiziraćemo nezaposlenost viskokoobrazovanih kadrova, kao i slobodna radna mjesta po polu i zanimanjima u Republici Srpskoj, što će pokazati da više od 1/2 kadrova, nakon završenog fakulteta, završava na Zavodu za zapošljavanje. Ovim istraživanjem doći ćemo do podataka koji govore koliko vremenski traje nezaposlenost visokoobrazovanih kadrova na Zavodu za zapošljavanje, odnosno koliko dugo visokoobrazovani kadrovi čekaju svoj prvi posao. Detaljnije ćemo se baviti analizom nezaposlenosti po regijama u Republici Srpskoj. Nećemo izostaviti ni nadležne institucije u Republici Srpskoj koje su posrednici za uspostavljanje ravnoteže između visokoobrazovanih kadrova i tržišta rada. U ovom radu posebno će biti interesantno istražiti nezaposlenost visokoobrazovanih kadrova iz područja ekonomije. Problem nezaposlenosti u Republici Srpskoj naročito je izražen u zadnjih nekoliko godina (2009, 2010, 2011, 2012, 2013. i 2014). On se produbljuje sve više zbog neusklađene upisne politike od strane nadležnog Ministarstva i nemogućnosti tržišta rada da apsorbuje kadrove u realnom i javnom sektoru. Nećemo se baviti samo analizom nezaposlenosti u Republici Srpskoj. Predložićemo i mjere za smanjenje nezaposlenosti visokoobrazovanih kadrova. Najprije konstatujemo da se današnje društvo širom svijeta suočava sa golemom nezaposlenošću, a u tom kontekstu kao ogroman problem nameće se nezaposlenost visokoobrazovanih kadrova u Republici Srpskoj, koja će biti u fokusu ovog rada. Abstract The paper aims to analyse the structure of unemployed highly educated staff in the Republic of Srpska. As indicated, such structure shall enable analysis of unemployment of highly educated staff as well as of vacant jobs on the basis of gender and profession, thus demonstrating that more than 1/2 of the staff after graduation finds themselves at the Employment Agency. This survey shall provide data indicating the unemployment duration of highly educated staff, i.e. the time they spend waiting for their first job at the Employment Agency. Unemployment analysis throughout various regions of the Republic of Srpska shall be addressed in detail. Likewise, the relevant institutions of the Republic of Srpska, acting as proxies between highly educated people and the labour market, shall be integrated in the analysis. The paper shall be particularly focused on assessment of unemployment of highly educated people from the field of economy. The problem of unemployment in the Republic of Srpska has been particularly pronounced with the last few years (2009, 2010, 2011, 2012, 2013 and 2014). It is constantly deepened due to the inadequate enrolment policy by the Ministry and the inability of the labour market to absorb the staff in the real and the public sector. The analysis is not based exclusively on the Republic of Srpska. The measures to reduce unemployment of highly educated people in the Republic of Srpska shall also be introduced. It is evident that today’s society faces massive unemployment, including the unemployment of highly educated people in the Republic of Srpska, which represents an enormous issue, and is after all, the focus of the paper itself.

<p style="text-align: justify;">Globalna ekonomska i finansijska kriza pogodila je BiH i njene entitete manifestujući se kroz negativne efekte mnogih makroekonomskih varijabli (nezaposlenost, privredni rast, javni dug i deficit). Duži niz godina (a prvenstveno od 2008. godine) imamo stagnaciju proizvodnje, negativne, nulte ili veoma niske stope privrednog rasta u pojedinim periodima (kvartalima, polugodi&scaron;tima, godinama). Golemi problem u Republici Srpskoj, kao i u većini zemalja &scaron;irom svijeta je ogromna nezaposlenost, koja se u RS kreće oko 150.000 nezaposlenih, a u BiH 552 700 građana. Problem nezaposlenosti proizvodi nepovoljan odnos između broja zaposlenih radnika, s jedne, i broja penzionera, s druge strane. Republika Srpska suočava se sa veoma malim nivoom penzijskih prava i niskim životnim standardom. Građani sve vi&scaron;e osjećaju nesklad između obećanog boljeg života nakon tranzicije, s jedne, strane te stvarnih i nepovoljnih kretanja u ekonomiji, s druge strane. Ubrzano se povećavaju socijalne razlike i socijalni konflikti, izražavajući se u porastu &scaron;trajkova i masovnih demonstracija u mnogim gradovima BiH (februarski događaji 2014. godine). Ovakva ekonomska politika je neodrživa, ona je prorecesijska a ne nikako razvojna. Moramo se zalagati za promjene ekonomskog sistema, koji će obezbijediti novu razvojnu ekonomsku politiku koja će imati ciljeve veće zaposlenosti, veći obim proizvodnje i pozitivne stope privrednog rasta.</p>

The term euroisation or dollarization involves several different monetary systems that are very different from one another, but have a common feature of having a foreign currency widespread as a means of payment in the formal or informal transactions. Therefore,Serbiahas the highest index of unofficial euroisation in the region ofSouth Eastern Europe. The aforementioned index demonstrates clearly the high level of informal euroisation inSerbiain the balance sheets of commercial banks. The share of dinar (RSD) corporate loans inSerbiais modest, having 77% of the total loans to corporations inSerbiabeing either euro-indexed or credited directly in euros. During the financial crisis in 2008 and 2009 euroisation was not reduced, but quite the contrary, it was increased and has begun gaining momentum. Despite favourable conditions for dinar loans in terms of lower inflation rate, lower interest rates on dinar loans in such conditions, but also due to the reduction of RRs required (mandatory) reserves to dinar share of commercial banks’ balance sheet, the share of loans in dinars is not increased, but, on the contrary, the loan activity of commercial banks in Serbia is reduced. The current level of informal euroisation inSerbiarepresents a serious challenge in terms of active monetary policy, due to controlled exchange rate, lack of local funding, high foreign exchange risk and lack of hedging instruments in terms of foreign exchange risk mitigation, which are the limiting factors of an active monetary policy.