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U ovom radu analizira se institut zajma (mutuum) i zajmovnih poslova u rimskoj pravnoj tradiciji s osvrtom na današnje uređenje zajma u suvremenom, hrvatskom pravu. Zajam (mutuum) je ugovor čiji su temelji postavljeni već u rimskom pravu te se razvijao od moralne (naturalne), neutužive obveze pa sve do pravno uređenog instituta s odgovarajućom pravnom zaštitom. Glavne karakteristike zajma u rimskoj pravnoj tradiciji su realnost, jednostranoobvezujući učinak, obveza stricti iuris te mogućnost ugovaranja kamata s propisanim ograničenjima. Pored toga u radu se analiziraju i neka posebna pitanja vezana uz razvoj ugovora mutuum u rimskom pravu (npr. Senatus consultum Macedonianum) te pomorski zajam (fenus nauticum) kao posebna vrsta zajma uz sve njegove posebnosti. Nadalje se posebna pažnja posvećuje stipulaciji i ekspensilaciji kao ugovorima koji su uz svoju opću ulogu u rimskom pravnom sustavu imali i posebnu relevantnost kao zajmovni poslovi, odnosno ugovori koji su se često sklapali uz realni mutuum ili umjesto njega. Zajam u suvremenom hrvatskom pravu u dobroj mjeri odgovara ugovoru mutuum iz rimske pravne tradicije, uz bitnu razliku što je uređen kao konsenzualni a ne realni ugovor. Nadalje, u radu se iscrpnije analizira predmet suvremenog ugovora o zajmu, obveze ugovornih stranaka, vrste zajma, kamate s propisanim ograničenjima, zelenaški ugovor o zajmu (što je ujedno i kazneno djelo) te ugovor o kreditu kao inačica ugovora o zajmu te naposljetku sličnosti i razlike između tih ugovora., This paper analyzes the institute of loan (mutuum) and related contracts in Roman legal tradition, with a focus on the current regulation of loan in contemporary Croatian law. Loan (mutuum) is a contract with foundations which were established in Roman law and which developed from a moral (natural), unenforceable obligation to a legally regulated institute with corresponding legal protection. The main characteristics of loan (mutuum) in Roman legal tradition are that it is a contract re (obligation arose from an object delivered), unilateral binding effect, stricti iuris obligation, and the possibility of agreeing on interest rates with prescribed limitations. Additionally, the paper deals with certain particular questions associated with the development of the contract of mutuum in Roman law (for example the Senatus consultum Macedonianum) and the maritime loan (fenus nauticum) with all its specificities. Furthermore, the text particularly analyses the contracts of stipulatio and expensilatio as contracts related to mutuum, since they were often concluded alongside or instead of a loan. Loan in contemporary Croatian law corresponds in greater part to mutuum from Roman legal tradition, with an important distinction that it is conceived as a consensual contract. The text further deals with the objects of contemporary loan, obligations of the contracting parties, types of loan, interest rates with prescribed limitations, usurious loan agreements (which are also a criminal offense), and the credit agreement as a variation of the loan agreement, as well as the similarities and differences between these contracts.

Glavna cilj rada je bio odrediti prednosti i nedostatke uvođenja eura za Hrvatsku. Prolaskom kroz povijest Europske unije te kroz proces kreiranja nove zajedničke valute u radu se preciznije definira i prezentira utjecaj uvođenja eura na zemlje članice Europske unije. Kao najveće prednosti navedeno je uklanjanje valutnog rizika, smanjenje kamatnih stopa, smanjenje rizika od izbijanja valutne i bankarske krize, poticanje međunarodnih investicija i trgovine, pristup financijskoj pomoći europodručja te sudjelovanje u raspodjeli monetarnog prihoda. Među nedostatcima uvođenja eura navodi se gubitak neovisne monetarne politike, povećanje razine cijena zbog troškova konverzije, jednokratni troškovi prijenosa, sudjelovanje u pružanju financijske pomoći drugim državama članicama te rizik prekomjernih kapitalnih priljeva i akumulacija u makroekonomskoj neravnoteži. Main goal of this paper was to determine advantages and disadvantages of euro adoption for Croatia. By going through history of European Union and through creation process of new union's currency, the paper more precisely defines and presents the impact of euro adoption for a country in European union. As the main advantages of euro adoption we have listed elimination of currency risk, reduction of rates, lower risk of currency and banking crisis, stimulus of international trade and investments, access to financial assistance and allocation of the monetary income. As disadvantages of euro adoption we have listed as main problems loss of independent monetary policy, increase in the prices due to conversion, changeover costs, participation in providing financial assistance and risk of excessive capital inflows and accumulation of macroeconomic imbalances.

Ovaj rad bavi se analizom kretanja nekoliko varijabli: kamatnih stopa na kredite, volumena kredita poduzeća i stambenih kredita te investicija što se u konačnici stavlja u kontekst kretanja BDP-a. Unatoč činjenici da su izvori financiranja i kamatne stope na kredite poduzećima te stambene kredite građanstvu važan faktor koji utječe na investicije, a preko investicija i na BDP, uslijed neefikasnosti kamatnog transmisijskog mehanizma u Hrvatskoj iste nisu kanal putem kojeg akteri monetarne politike aktivno utječu na gospodarstvo. Zbog toga se može zaključiti da je u Hrvatskoj kamatna stopa tek sporedni faktor kod donošenja odluka o investicijama. Kreditiranje nije primarni izvor financiranja investicija, iako je dostupnost kredita neosporno vrlo važna za daljnji razvoj i gospodarski rast. Može se očekivati da će po pristupanju Hrvatske EMU kamatne stope općenito, a između ostalog i kamatne stope na kredite postati znatno važniji kanal upravljanja makroekonomskim varijablama, pa tako i samim investicijama. This paper deals with the analysis of the movement of several variables: interest rates and the volume of corporate and housing loans and investments, which is ultimately placed in the context of GDP trends. Despite the fact that the sources of financing and interest rates on corporate loans and housing loans to households are important factor which influences on investments, and through investments influences the GDP, due to the inefficiency of the interest rate transmission mechanism in Croatia, they are not a channel through which monetary policy actors actively influence economy. Therefore, it can be concludede that in Croatia the interest rate is only a secondary factor in making desicions about investments. Lending is not a primary source of investment financing, although availability of getting a loan is undeniably very important for further develoment and economic growth. It can be expected that after Croatia enters in EMU, interest rates in general, and among other things interest rates on loans, will become a much more important channel for managing macroeconomics variables, including investments.

U završnom radu prezentirane su kamate i načini obračuna kamata. Pokazane su matematičke operacije i relacije koje se koriste kod jednostavnog i složenog kamatnog računa. Prezentirani su dekurzivni i anticipativni načini obrade kamata kod jednostavnog i složenog računa i kroz primjere njihova konkretna vrijednost primjenjiva u praksi. Povezano s tim, obrađene su vrste i metode obračuna kamatnih stopa i objašnjen njihov utjecaj. Također, objašnjeni su kamatnjaci koji se izračunavaju ako se interval zadanog nominalnog kamatnjaka ne podudara s vremenskim intervalom u kojem se obračunavaju kamate. U zadnjem poglavlju opisano je neprekidno ukamaćivanje. Neprekidno ukamaćivanje izračunava kamate pod pretpostavkom da će se kamate obračunavati tijekom beskonačnog broja razdoblja. Premda je neprekidno ukamaćivanje ključni koncept, nije primjenjivo u bankarskoj praksi. In this paper, interest rates and methods of interest calculation are presented. Mathematical operations and relations used in simple and compound interest calculation are shown. Decursive and anticipatory methods and examples of calculating interest in a simple and compound way, and their concrete significance applicable in practice are presented. Related to this, the types and methods of calculating interest rates are discussed and their impact is explained. Also, the interest rates that are calculated if the period of the given nominal interest rate does not coincide with the period in which the interest is calculated are explained. In the last chapter continuous compounding is described. Continuous compounding calculates interest under the assumption that interest will be compounding over an infinite number of periods. Although continuous compounding is an essential concept, it's not applicable in the banking practice.

Ovaj rad analizira o utjecaje uvođenja eura na trošak zaduživanja. Trošak zaduživanja se odnosi na kamatne stope i premiju rizika države. Glavne očekivane koristi od uvođenja eura za hrvatsko gospodarstvo su uklanjanje valutnog rizika i smanjenje troška zaduživanja koji bi trebali smanjiti teret otplate javnog duga. Premija za rizik pojedine države obično se mjeri razlikom prinosa (spread) na njezine obveznice i prinosa nekog nerizičnog/ niskorizičnog instrumenta (najčešće njemačke obveznice). Analiza spreadova starih i novih članica upućuje na zajednički izvor njihove dinamike. Glavni pokretači dinamike CDS spreadova, za vrijeme trajanja globalne krize, su percepcija rizičnosti investitora i fundamenti dok je financijska zaraza bila glavni uzročnik za vrijeme dužničke krize., This paper analise the impact of introducing the euro to reduce borrowing cost. Borrowing cost refers to interest rates and country risk premium. The main expected benefits of euro introduction for the Croatian economy are the removal of currency risk and the reduction of borrowing costs that should reduce the burden of public debt repayment. The spread for each country is usually measured by yield difference on its bonds and the yield of a non-risk/low-risk instrument (most often German bonds). The spreads’ analysis of old and new Member States points to a common source of their dynamics. The main drivers of the CDS dynamics during the global crisis were the investors’ risk perception and fundamentals while the financial contagion was the major cause during the debt crisis.

Tradicionalni pokazatelj rizika zemlje je kreditno rangiranje od strane rang agencija. Suvremeni pokazatelji rizika zemlje su analiza javnog duga i CDS. Glavni cilj ovoga rada je utvrditi utječe li premija kreditnog rizika Republike Hrvatske na trošak financiranja hrvatskih poduzeća. Postoji tek slaba do umjerena pozitivna povezanost procjene rizika i kamatnih stopa na devizne kredite stanovništvu i gospodarstvu. Također, rizik zemlje nema značajan utjecaj na visinu kamatnih stopa. Traditional indicators of country risk is credit ranking made by ranking agency. Modern indicators of country risk are spread analysis of public debt and CDS spread. The main aim of this paper was to determine if the country risk premium for Croatia influences the cost of financing Croatian businesses. There is only low to mediate positive correlation between country risk and interest rates on foreign currency loans to population and economy. Also, country risk is not significant in prediction of interest rates.

Dosad u Hrvatskoj nije postojalo istraživanje o interakciji institucionalnih portfeljnih ulagača s fiskalnom i monetarnom politikom, pa su mnoga pitanja o njihovu ponašanju u različitim uvjetima fiskalne i monetarne politike otvorena kao i pitanja ponašanja fiskalne i monetarne vlasti zbog promjene politike investiranja institucionalnih ulagača-fondova.Istraživanje interakcije portfeljnih ulagača s fiskalnom i monetarnom politikom u ovom radu ponajprije se zasniva na primjeni regresijske analize. Činjenicom da je regresijski model pojednostavljena slika stvarnosti i da nam model daje mogućnost za predviđanje razine zavisne varijable za pretpostavljene vrijednosti nezavisne varijable ovim smo istraživanjem povezali i odgovorili na:a) odnos duga središnje države i ukupne imovine investicijskih i mirovinskih fondova i time uputili fiskalnu politiku na potrebu predviđanja upravljanja javnim dugom prema izvorima financiranja,b) odnos novčane mase (M1) i obvezne pričuve banaka, odnos imovine otvorenih investicijskih fondova i novčane mase (M1) i odnos kretanja kamatnih stopa na dugoročne devizne depozite i imovine otvorenih investicijskih fondova, a time smo omogućili predviđanja ponašanja portfeljnih ulagača u određenim uvjetima monetarne politike., Until recently, there had been no research on interaction between institutional portfolio investors and fiscal and monetary policy in the Republic of Croatia, so many issues on their role in different fiscal and monetary policy conditions had been unresolved, as well as issues concerning fiscal and monetary administration due to the amendments in the investment funds’ policies.The research on interaction between portfolio investors with fiscal and monetary policy in this paper is mainly based on regression analysis. Due to the fact that regression model presents the simplifi ed image of the reality and that the model provides the answer to anticipate the level of relative variable for the assumed value of the independent variable, this research links and provides answers to the following issues: a) relation between the central State debt and total assets of the investment and pension funds and thus addressing the fiscal policy for the needs of anticipation of the public debt management concerning the sources of financing,b) relation between money supply (M1) and obligatory bank reserves, relation between the assets of the open-end investment funds and monetary mass (M1), and relation between interest rate for the long-term foreign currency deposit and assets of the open-end investment funds, which ensures the anticipation of the appearance of the portfolio investors in certain conditions of the monetary policy.