Climate changes are global both in its causes and its consequences. Each action related to climate changes that has ambitions to be successful must be organized on a global level with full ...international cooperation and understanding. Those who are wealthier and bearing the greater responsibility for the high level of emissions those should take corresponding proportions in efforts to reduce emissions. There are three basic ways how to solve the economic problem of excessive emissions. The first is the taxation. The second is trade with the emission allowances. The third way is through the establishment of regulations and standards. Only measures, which include the right to sustainable development, can mobilize forces in the world that will lead the humanity, through long-term transition, in the post-fossil era.
There is no universal answer on the question whether foreign investments stimulate economic development. The positive effect of foreign direct investments will follow when the investments is carried ...out under normal conditions of competition. That means, above all, low barriers for foreign trade and the low level of restrictions for foreign owned companies. In such circumstances, multinational corporations can assist the economies of penetration to make its businesses more efficient. Foreign investors bring with them brand new types of economic activities and in that way shifting the limits of business opportunities in the countries of penetration. But if the investments are implemented in markets protected with protectionist barriers of various kinds, then they could have negative effects. The negative effects are in particularly reflected in the inefficient use of domestic resources. Foreign investments depend on the macro and micro institutional reforms, low inflation, real exchange rate, and reasonably efficient legal system that protects the property rights and encourages savings and investment. The low level of corruption, together with the foregoing conditions is a prerequisite for the creation of a stimulating environment for foreign investments.
Serbia wants to become a member of the European union. To become a full member of the Union, Serbia must significantly improve the poor state of its economy. The paper deals with some flaw that were ...made in Serbia in the last decade, and that seriously slowing its ability for essential integration into the Union. The analysis is focused on four issues. First, analysis indicates that the Law on Privatization is poorly structured and even poorer implemented. The result is that the privatization process is not yet finished, and in the meantime, more than a third of privatization was canceled. In the second part is concentrated on to the bad consequences of the implementation of the Law on Privatization when it comes to the ownership of land. The wrong privatization in Serbia created respective individual possessions with 15-20000 of acres. This is completely contrary to the situation in the European Union with the domination of developed cooperative movement and family farms. The third part of the paper points out the problem of illicit capital outflow from Serbia. In relation to the national income, unfortunately, Serbia is in these field one of the leaders. Therefore are necessary emergency measures to prevent illicit outflow. When it comes to legislative activity it is noted that is more important the quality than the number of enacted laws. Future legislative activity should take into account the specificities of Serbia. Also, in order to achieve better economic results advantage should be given to the development policy, which is oriented toward the needs of Serbia.
Introduction emphasizes that the paper deals with the analysis of the economic effects of the EU Directive on trade with pollution permits. The ideas of trading with pollution permits have their ...theoretical origins in the economic analysis of law. The second part provides an overview of the two main trading systems with pollution permits. In one system is limited the total mass of pollution that can be traded. This system is essentially a pure tradable permit system. The second system is based on trade with pollution reductions in the future. This section, also pointed out the existence of the possibility for manipulation with the market for pollution permits. There is also a review of basic forms of manipulation. The third part is dedicated to a comparative analysis of the effectiveness and efficiency of various trading systems with pollution permits. Special attention is given to the impact of the opportunity cost on preferences by certain companies. In the fourth part the paper analyzes the Directive of the European Commission 2003/87 and 2009/29 on trade with pollution permits, and the expected results in the reduction of pollution for each of them. The fifth part of the paper predicting the behavior of companies within the EU as a result of the Directive 2003/87 and 2009/29. In the sixth and final section the paper concludes that: trade with pollution permits can be an effective instrument in the battle against environmental pollution. But unfortunately sometimes could produce unintended results.
In nineties Serbia survived the disintegration of the former Yugoslavia, intense UN sanctions, and 1999 78 days of bombing by NATO. This has resulted in a drop in production and hyperinflation. The ...confidence in the national currency the dinar has been lost. In order to do business in Serbia returned to normal framework the Law on Foreign Exchange imposed the possibility of nomination the loans in foreign currencies. This prompted the business, but it meant a de facto legalization of dual currency system. The logical consequence was the high degree of dollarization. It is important to mention that the dual currency system limited the possibilities of monetary policy of the National Bank of Serbia. Dollarization after the first positive results showed their expected bad sides. Appreciation of the dinar was one of the consequences. The trade deficit and foreign debt grew. Due to the appreciation production rate remained at 40% of its 1989 level, and unemployment has risen to 27%. The benefit of the appreciation had only importers and foreign-owned banks. They take out the capital abroad. Therefore, it is necessary to make changes to the Foreign Exchange Law and abolish foreign currency clause at least for a new loans.
Every nation, no matter how poor, will find it in its own national interest to assert public control over some facets of the relation between its economy and natural environment. Many economists ...would prefer to see the analysis of prospective environmental policy integrated in the benefit-cost framework as a way of checking on the economic rationality of political decision. In the economic analysis of law, much attention has been paid to the instruments to be used for the control of environmental pollution. The combination of environmental legal doctrine and law and economics has a huge potential. However, the historic evolution clearly shows and increasing reliance on criminal law as an instrument of environmental policy. The polluter-pays principle stipulates that the person who damages the environment must bear the cost of such damage. A number of developing countries and countries in transition have recently extended this principle to create an obligation on the state to compensate the victims of the environmental harm. The EU is a successful example how to implement policies of sustainable development and environmental protection on the supranational level. The example of the EU shows that is necessary for success in the realization of sustainable development to encouraged measures addressed simultaneously at national, regional and global level. Measures that would prefer a model of sustainable development and a higher degree of protection of the environment should discourage materials- and energy- intensive economic activity.
Offshore operations are not on the margins of the world economy. They are an integral part of modern business practice. They have become one of the most important instruments in the contemporary ...globalized financial system. Offshore operations and tax havens are not only conduits for tax avoidance and evasion but belong more broadly to the world of finance, for the business of managing the monetary resources of an organization, country or individuals. Offshore business operating in tax havens is at the heart of a particular type of globalization that is characterized by a growing gap between the very rich and everyone else. Tax havens are financial conduits that, in exchange for a fee, use their one principal asset- their sovereignty to serve a nonresident constituency of accountants and lawyers, bankers and financiers, who bring a demand for offshore operations.
The paper analyzes the privatization process with the participation of foreign investments in countries in transition. Privatization is a necessity in transition countries as a prerequisite of the ...move to a market economy. Foreign investments are of great importance for the economies of the transition countries, not only to inject necessary capital but also to provide access to new technologies, new markets, and organizational and marketing expertise. For the successful initiation and implementation of these processes, some basic requirements are to be met; namely, to assure more adequate protection of property rights and upgrade legislation related to privatization and foreign investments. Copyright Springer-Verlag/Wien 2004
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