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.

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The Republic of Srpska needs a developing economic policy in order to make it a key determinant of more efficient business operation. The present economic policy is far from being like that, as it is more recession like given that it does not determine development yet. The economic policy of the Republic of Srpska has failed to perform its function years and especially for the incoming 2016, when, in addition to previous scope of welfare, which was defined as a target, it set to itself an additional goal to also finance pensions from the Budget in the coming period. The RS Government has gone even further and has even praised in public that in 2017 the Public Health Service would also be financed from the Budget, which will most certainly place an additional burden to an already strained Budget of the Republic of Srpska, whose 1/5 has been regularly replenished by using resources of International Monetary Fund. The Republic of Srpska, unlike many other countries worldwide, has abandoned Bismarck social insurance system and has adopted the Beverage system which is rarely applied worldwide. Such occurrence appears only when an economic system of a parent state cannot finance social rights out of its operations. Unfortunately, it has happened to the Republic of Srpska. Thus defined objectives and economic policy created in this way would not provide any positive growth rate, higher employment level, abatement of public debts nor cutting the deficit in any country, let alone in the RS. The said arguments will additionally contribute to poor living standard of citizens i.e. the citizens would experience even worse conditions than today, while only a small number of them would live in abundance. Such poor condition was not only caused by the global economic and financial crisis, but the culprits should be sought among those who have poorly planned, managed and spent scarce financial resources of the RS. Economic policy of the Republic of Srpska should spawn certain indicators, which would become a determinant of development and better business operation. It would considerably benefit to greater wealth of the Republic of Srpska and provide better living standard of its citizens.

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.

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.

Bauk kruži svijetom. To je bauk bankrotiranog sistema državnog penzijskog osiguranja.1 Ovu tvrdnju Josa Pinere potvrđuje cinjenica dadanas u svijetu najveci broj zemalja imaju PAYGO sisteme koji se zasnivaju na principu međugeneracijske solidarnosti. Odavno su ovakvipenzijski sistemi u krizi i kao takvi su postali problem, cije lose stanje se sve vise usložnjava, a ne nikako pozitivno rjesava. Najveciproblemi PAYGO sistema (međugeneracijske solidarnosti) jesu ekonomski problemi – fi nansiranje, demografski problemi, organizacioniproblemi i na kraju problemi politicke prirode, koji snažno uticu na ekonomske. Nijedna zemlja dosad nije preobrazila svoj sistem u smisludobrog rjesenja, koji bi se mogao uzeti kao svijetli primjer danasnjice. Dakle, nema idealnog modela penzijskog sistema koji bi mogaoposlužiti svim drugim, da svoj penzijski sistem preobraze po modelu najuspjesnije zemlje. Vecina teoreticara u danasnje vrijeme smatrada je Cile država koja je napravila najveci iskorak u smislu preobražaja penzijskog sistema i da je to svijetli primjer koji možda trebaslijediti vecina zemalja u svijetu. Sta je zapravo Cile uradio? Tvorac cileanskog preobražaja penzijskog sistema Jose Pinera svojim projektomnaprosto je likvidirao obavezno penzijsko osiguranje, država je presla na drugi vid osiguranja, a to je kapitalizirana stednja. Pozitivniefekti tog preobražaja mjere se i danas, a prema ocjeni javnosti, oni se krecu uzlaznim trendom. Na tom putu ka uspjesnom preobražaju,a boreci se protiv svih ogranicenja, danas su zemlje Latinske Amerike (Peru, Bolivija, Meksiko itd.) koje žele da svoje penzijske sistemereformisu po uzoru na preobražaj Cilea. Nece biti lako, vrijedi ona „koliko god država, toliko novih modela penzijskih sistema“.

Abstract This is a global financial and economic crisis, which can be considered the largest since the World War II. It has become a frequently discussed topic by various analysts, numerous governments, and in particular, a favourite topic of the media. We can rightly say that this is a crisis of the neoliberal system, which has greatly increased the wealth of the rich and impoverished the poor. Such crisis can be overcome by changing the system. Therefore, the directions and guidelines are necessary in order to determine the goals for resolving the crisis. The defined key objectives must be accompanied by specific sub-objectives, followed by establishing certain policies, which will contribute to the realization of these goals. We need to advocate and implement policies that will assist in accomplishing the defined goals. Some of those policies include the following: industrial policy, fiscal policy, monetary policy, regional development policy, public administration policy, and social policy. Rezime Ovaj rad se bavi globalnom finansijskom i ekonomskom krizom koja se može smatrati najvecom krizom nakon Drugog svetskog rata. To pitanje je cest predmet rasprave među brojnim analiticarima, predstavnicima vlasti, a narocito je omiljena tema medija. S pravom možemo reci da je rec o krizi neoliberalnog sistema, koja je u velikoj meri uticala na porast imovine bogatih a koja je još više osiromašila siromašne.Takva kriza može se prevazici promenom samog sistema. Stoga je neophodno da postoje uputstva i smernice kako bi se definisali ciljevi za prevazilaženje krize. Pored tih kljucnih ciljeva, neophodno je definisati podciljeve, koji ce doprineti realizaciji primarnih ciljeva. Neophodno je zagovarati i primenjivati politike koje ce olakšati realizaciju jasno definisanih ciljeva i podciljeva. Neke od tih politika su sledece: industrijska politika, fiskalna politika, monetarna politika, politika regionalnog razvoja, politika javne administracije i socijalna politika.

The global economic crisis is spoken extensively in recent years. The crisis did not occur by chance. This crisis has all the characteristics of turbulent phenomena that the speed of light spread through the financial and the real sector of the global economy. The emergence of the global crisis and its development have contributed to all: politics, economics, government, academia, the media. The crisis has resulted from irresponsible business policy of the state institutions. The first swept the property market in the United States. The crisis manifested itself through the combined effect of illiquidity of financial markets and the general decline in demand in the real economy. The negative effects of the crisis are manifested through the migration of foreign capital, a drastic drop in stock market index, the less new capital and increasing margins on loans. Previous information on the crisis is not enough to fight against it. Numerous attempts to resolve the crisis analyzes and to consider the environment in which it occurs. It is certain that the mortgage loans, the initial trigger of this crisis on the financial markets of the United States. Positive rates of economic growth in the BRIC countries, in 2011. year (Brazil 2.7%, Russia 4.3%, India 7.8%, China 9.2%) are a great challenge to the United States (1.5% of GDP) for global economic dominance, given the much lower rate of economic growth compared to the BRICs. The BRICs were registered in 2011. was reduced unemployment (Brazil 6%, Russia 6.8%, India 9.4%, China 6.5%), compared to the previous year. When the unemployment rate compares the BRIC countries with unemployment rates for 2011. year in the United States (8.6%) and the EU (9.3%), it is clear that this important macroeconomic indicator is much more favorable in the BRIC countries compared to the USA's and the EU. Such a situation is only temporary, as the analysis shows that the trend will continue in the future. This says that the U.S. will face a big challenge, will in future be able to maintain global economic dominance, or will it turn to move to the center of the BRIC countries.