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Pri trgovanju z izvedenim finančnim instrumentom, pogodba za razliko ali CFD (angl. Contract For Difference), se trgovci poslužujejo različnih orodij tehnične analize trga vrednostnih papirjev. Zaradi narave CFD, ki so špekulativni finančni instrument s finančnim vzvodom (angl. leverage), je trgovanje z njimi smiselno v kratkoročnem časovnem obdobju (od nekaj ur do največ nekaj mesecev). Trgovec sklene s ponudnikom pogodbo za razliko, s katero se zaveže, da bo poravnal razliko med nakupno in prodajno ceno pogodbe. To stori z dobroimetjem na svojem trgovalnem računu. V primeru pozitivne razlike se dobroimetje na računu viša, v primeru negativnega izida za trgovca pa niža. Eden izmed najbolj privlačnih aspektov trgovanja s CFD je uporaba finančnega vzvoda. Potrebujemo le manjši depozit, s pomočjo katerega si izposodimo preostala sredstva, ki nam omogočajo pridobitev ekvivalentno večjega imetja. Pogodba za razliko za trgovanje izkoristi moč vzvoda, kar je tudi ključni razlog za privlačnost in uspešnost trgovanja. Sklenitev pogodbe CFD je financirana z jamstvom, kar pomeni, da investitor za vstop v pozicijo potrebuje le določen odstotek začetnega kritja, običajno med 1-30% od celotne vrednosti pozicije. Zaradi specifičnih značilnosti in velike preglednosti, ki jih japonski svečni grafikoni nudijo, je opazovanje določenih vzorcev, ki se na njih oblikujejo, ena izmed bolj priljubljenih tehnik pri iskanju kratkoročnih naložbenih priložnosti pri trgovanju s CFD. Poleg tega, da je vzorce, ki jih tvorijo, mogoče hitro in enostavno prepoznati, so grafikoni tudi vizualno privlačni. Trgovcem omogočajo vpogled v psihologijo vlagateljev: strah, pohlep in upanje, ki imajo velik kratkoročni vpliv na cene finančnih instrumentov. Svečni grafikoni nudijo več kot le metodo za prepoznavanje vzorcev. Z njihovo pomočjo lahko preberemo spremembe v interpretaciji vrednosti premoženja pri vlagateljih. Pokažejo nam interakcijo med kupci in prodajalci na način, kot ga trenutno ne omogoča nobena druga metoda grafikonov. Posamezne svečne vzorce, kateri v teoriji nastopajo bodisi kot bikovski bodisi kot medvedji, sem s pomočjo trgovalne platforme SaxoTrader 2, ki jo je razvila Danska banka, Saxo Bank, za zasebne vlagatelje-fizične osebe (angl. retail traders), poiskal v različno dolgih časovnih horizontih na štirih največjih svetovnih borzah in ugotavljal njihovo uporabno vrednost v praksi. Dokazal sem, da je večina vzorcev, ki jih teorija navaja kot vzorce obrata trenda ali nadaljevanja trenda, zanesljivih in da jih lahko uporabimo pri kratkoročnem trgovanju kot pomembne oporne točke. Summary To trade in derivatives, contracts for difference or CFD, traders use various tools of technical analysis of securities market. Given the nature of CFD, which are speculative financial instrument with leverage, trading CFD's makes sense only in the short period of time (from several hours up to several months). Trader concludes a contract with the provider for the difference, which undertakes to pay the difference between buying and selling price of the contract. Contract is cleared with the holdings on trader's trading account. In case of positive difference, the amount is credited to the account and holdings increase, in case of negative outcome for the trader, the amount is debited to the account and holdings decrease. One of the most attractive aspects of trading in CFD's is use of financial leverage. Trader needs just a small deposit, through which he borrows the remaining funds that allow him to obtain an equivalent major assets. A contract for difference trading exploits the power of leverage, which is a key reason for the attractiveness and efficiency of trading. Conclusion of the contract is financed by CFD guarantee, which means that, the investor needs only a certain percentage of the initial margin to enter the position, usually between 1-30% of the total value of the position. Due to specific characteristics and high transparency, offered by Japanese candlestick charts, observing of certain patterns that are formed is one of the most popular techniques in search for short-term investment opportunities in CFD trading. In addition, formed candlestick samples, can be quickly and easily identified, and besides that, charts are also visually appealing. They allow some insight into investor's psychology: fear, greed and hope, which all have a significant short-term impact on prices of underlying financial instruments. Candlestick charts offer more than just a method for pattern recognition. With their help, we can read the investors interpretation of changes in value of the property. They show the interaction between buyers and sellers, in the way, that currently no other method of charting does not provide. Using online trading platform SaxoTrader 2, developed by the Danish bank, Saxo Bank, for retail traders, I found specific candlestick patterns on four major world stock exchanges in different time horizons, which in theory act as either bullish or bearish and observed their useful value in real time situations. I have proven that the majority of samples, which in theory, are referred to be samples of a trend reversal or continuation of a trend, are reliable, and that can be used in short-term trading as an important point of reference.

Poslovne banke so kot finančni posredniki med sprejemanjem vlog in dajanjem posojil neločljivo povezne s tveganji, ki se jim ne morejo izogniti, lahko pa vplivajo na obseg izpostavljenosti. Kreditno tveganje je najstarejše in eno najpomembnejših tveganj poslovnih bank, saj so slaba posojila zelo pomemben vzrok za propade bank. Prepoznavanje, merjenje, vrednotenje in upravljanje kreditnega tveganja je resnično posel celotnega bančništva. Banke pri svojem poslovanju prevzemajo tveganja. Diplomsko delo obravnava organiziranje upravljanja s kreditnim tveganjem v poslovni banki. Vsaka banka posebej mora organizirati upravljanje s tveganji po lastni presoji in zmožnostih, predvsem pa se mora model organiziranja upravljanja s kreditnim tveganjem oblikovati glede na informacijske zmožnosti banke in po njeni meri. V drugem delu diplomske naloge so predstavljena finančna tveganja v poslovni banki, v tretjem delu pa kreditno tveganje. Četrto in peto poglavje bolj podrobno predstavljata kreditno tveganje, in sicer vrste kreditnih tveganj, njihovo analizo in modele obvladovanj le-teh. V šestem poglavju je predstavljena zakonodaja v zvezi s tveganji v poslovni banki, v sedmem poglavju pa so opisani modeli obvladovanja kreditnega tveganja na ravni banke Volksbank d.d. Obstaja veliko tveganj, veliko možnih ciljev, veliko merjenj vsake dimenzije, veliko orodij in tehnik za obvladovanje tveganj, vendar ne obstaja najboljši način upravljanja tveganj, temveč je teh načinov več. As financial mediator which accept deposits and make loans, commercial banks are inseparably linked to unavoidable risks and they can influence the extent of their exposure to them. Credit risk is the oldest and the most significant risks of commercial banks, because bad loads are really important causes for banks bankruptcy. The recognatiton, measurement, evaluation and management of credit risk truly involve the entire banking sector. Banks take risks in their operations. The diploma`s thesis discusses the organisation of credit risk management in a commercial bank. Each individual bank should organise risk management according to its own judgement and abilities and should, in particular, devise the model of credit risk management organisation according to its information capabilities and its specific needs. In the second chapter are presented financial risks in commercial bank and in the third chapter credit risks. The fourth and the fifth chpater illustarted more details about credit risk, namely types of credit risks, credit risk analysis and credit risk models. The sixth chapter present s the legislation in relation to risks in a commercial bank and the seventh chapter describes the organisation of credit risk management at the level of Volksbank`s bank. Exist many risk, many possible goals, many measurements of each dimension, many types of tools and techniques for risk management, but there is not a single best way of riskmanagement, but there are many.

Globalizacija v oblačilni industriji je pomenila določeno stopnjo homogenizacije trga, povezano z ogromnimi stroškovnimi pritiski. Podjetja morajo imeti možnost za izgradnjo in upravljanje proizvodne in distribucijske mreže, ki jim omogoča svetovno povezanost in distribucijo svojih izdelkov na najbolj dobičkonosne lokacije. Prav tako izredno dinamičen trg potrošnikov in hitro spreminjajoči se modni trendi zahtevajo od ponudnikov oblačil, da zagotovijo take zmogljivosti, ki bodo imele sposobnost razumeti spreminjajoče se potrebe kupcev in prilagoditi svoje dobavne verige. Pri tem pa bo potrebno skrbno loviti ravnotežje med konkurenčnimi prednostnimi nalogami. Inditex s svojo glavno trgovsko verigo Zaro je bil že od vsega začetka zasnovan kot vertikalno integrirano podjetje, ki opravlja večino svojih procesov kar v svoji državi blizu sedeža podjetja, občutno izboljšuje odzivnost oskrbovalne verige in zmanjšuje stroške. Njegova učinkovitost je realizirana v ekonomiji obsega, poenostavljeni komunikaciji in usklajevanjem dejavnosti od zasnove in proizvodnje do prodaje v trgovinah. Upravlja z velikim številom trgovin, racionaliziranim proizvodnim in distribucijskim omrežjem in centraliziranim centrom za oblikovanje. Ta enotna, celostno povezana oblika organizacije oskrbovalne verige mu omogoča ustvarjanje veliko večjega števila vzorcev in modelov, ki jih testira v trgovinah po vsem svetu ter zbere takojšnje povratne informacije preko informacijskih sistemov na prodajnem mestu. Zelo odzivna dobavna veriga omogoča nenehno spreminjanje in prilagajanje izdelkov vsaki trgovini glede na lokalne potrošnikove preference. Zraven vertikalne integracije zasnove in načrtovanja izdelkov, proizvodnje in distribucije ter prodajnih mest, ki je odločilnega pomena za Zarin uspeh poslovnega modela, podjetje sodeluje tudi z zunanjimi podizvajalci za opravljanje manj bistvenih nalog. Nove tehnologije in proizvodne zmogljivosti v državah s cenejšo delovno silo in cenejšimi proizvodnimi viri so bistveno zmanjšale stroške. Vendar prizadevanje za stroškovno najbolj ugodno oskrbovalno verigo se odraža v daljši, manj prilagodljivi verigi, ki v končni fazi proizvede izdelke, po katerih stranke več ne povprašujejo. Po drugi strani je izredno hitra, fleksibilna veriga najverjetneje zelo draga. Ključno je doseči pravo ravnovesje med obema in segmentirati dobavne tokove glede na različne karakteristike povpraševanja. Kombinacija vseh Zarinih strategij: od usklajevanja oblikovanja in proizvodnje skozi optimalen dobavni rok, postopne proizvodnje do optimizacije sistema distribucije še maksimizira koristi poslovnega modela. Globalization in a clothing industry has meant a certain degree of market homogenization, associated with huge cost pressures. Companies must be able to build and manage manufacturing and distribution network that allows them global integration and distribution of their products to the most profitable locations. Moreover, with an extremely dynamic consumer market and rapidly changing fashion trends, apparel retailers need to ensure they have the right capabilities to understand evolving customer needs and develop flexible supply chains. Doing so will require a careful balancing act between competing priorities. Inditex with its major retail chain Zara has been designed from the beginning as a vertically integrated company that performed most of its processes in-house, significantly improving the responsiveness of its supply chain and reducing costs. Its efficiency is realized in the economies of scale, simplified communications and coordination of activities from design and manufacturing to retailing. It operates a large number of stores, a rationalized production-distribution network and a centralized design center. This integrated form of supply chain organization can create larger number of designs, test them at stores around the world and gather immediate feedback through information systems at the point of sale. A highly responsive supply chain enables constant modification and adaptation of products to any store according to local customer preferences. Besides vertical integration of design, production, distribution and retailing, which is critical to Zara's success, the company also co-operates with external sub-contractors to perform less essential tasks. New technologies and production capacities of low-cost countries have significantly reduced costs. However, an effort for the lowest-cost supply chain is reflected in longer, less flexible chain which ultimately produces products that customers no longer want. On the other hand, extremely fast, flexible chain is likely to be cost-prohibitive. The key is to achieve the right balance between the two and to segment supply chain flows based on the different characteristics of demand. The combination of all Zara's strategies - from aligning design and production through optimized product lead-times and staged manufacturing to optimization of distribution system process - maximizes the benefits of Zara's business model.

V diplomskem delu je predstavljeno kakšne so lastnosti zlata in kolikšna je bila njegova vloga skozi zgodovino ter kolikšna je v današnjih časih. Opisano je zakaj so pomembne mednarodne rezerve centralnih bank v zlatu in kolikšne so. Centralne banke so do sedaj podpisale tri sporazume o prodaji zlata. Zlato je tudi ohranjevalec vrednosti. Predstavljeni so tudi podatki o ponudbi in povpraševanju po zlatu in kako se je gibala cena zlata vse do danes. V zadnjem času se je zlato izkazalo tudi kot dobra investicija. Lahko vlagamo v delnice rudniških podjetij, sklade, ki vlagajo v zlato ali pa v zlate ploščice in kovance. In my work I have made a research about the role of gold throughout the history till now. I described how important gold is in their property as a part of international reserves and how much of it they own. Central banks have signed tree agreements on gold. I described the supply and demand for gold throughout history and what was the price range of gold. Lately it shows that the gold was a good investment. We can invest in gold mining stocks, gold funds which are investing in gold or gold bullion and coins.

Skozi diplomski seminar smo ugotovili, da je poslovanje z dokumentarnim akreditivom urejeno z mednarodnimi enotnimi pravili. Akreditiv je najvarnejša in učinkovita oblika plačilnega instrumenta, zato ker predstavlja nepreklicno obvezo banke, da bo akreditivnemu upravičencu izplačala pravočasno določen znesek. Akreditiv je dokument oziroma vsak pismeni dogovor, ki ga banka izstavi na zahtevo uvoznika. Da akreditivna banka izpolni svojo obveznost mora akreditivni upravičenec izpolniti določene pogoje v akreditivu in predložiti dogovorjene listine. Funkcija akreditiva je zmanjšanje raznih tveganj tako za kupca (nalogodajalca) kot za prodajalca. Prav tako smo izvedeli, da v dokumentarnem akreditivu nastopajo štirje udeleženci, in ti so: nalogodajalec (kupec), akreditivna banka (nalogodajalčeva banka), korespondenčna banka (prodajalčeva banka) in akreditivni upravičenec (prodajalec). Ne glede na to kakšne vrste je dokumentarni akreditiv, mora vsak vsebovati del v katerem je zapisano ali je akreditiv preklicen ali nepreklicen, ali je akreditiv vplačljiv na vpogled, z akceptiranjem, z odloženim rokom plačila in podobno. Banka lahko zavrne dokumente, če niso predloženi pravočasno, če niso pravilno izpolnjeni (napačna navedba podatkov) ali če prodajalec prepozno odpremi blago. Zakasnitev (akreditiv je pretekel) pa je večkrat tudi najpogostejši vzrok, da banka dokumente zavrne. Ker je zavrnitev odvisna od prodajalca ter tudi od tega ali ima na voljo prostor (na primer prosto na ladji za prevoz), je zelo pomembno, da prodajalec načrtuje vsak korak, ki je potreben za izpolnitev akreditivnih obveznosti (pravočasno rezerviranje prostora na ladji, pravočasna predaja dokumentov in podobno). Dealing with a documentary letter of credit is regulated by international uniform rules. Letter of credit is the most widespread, secure and efficient payment instrument. Represents an irrevocable obligation of the bank to the beneficiary, that the bank will pay a fixed amount on time. When dealing with the letter of credit appear four participants: the buyer, buyer's bank (issuing bank), correspondent bank and the seller. In the Letter of Credit it should be clear whether it is revocable, irrevocable or otherwise. The Bank may reject documents if they are not submitted in time, if not properly completed or if the seller sends the goods too late. It is therefore important that the seller carefully planned every step necessary to fulfill the contractual obligations.

Funkcija in potreba zakladništva v poslovni banki se razlikuje od banke do banke, odvisno od njene velikosti, vrste poslov, ki jih opravlja, in organiziranosti banke. V nekaterih bankah zakladništvo le opravlja transakcije po naročilu drugih operativnih enot, v drugih pa njegove pristojnosti zajemajo skrb za likvidnost banke, upravljanje bilance banke, upravljanje specifičnih tveganj, vzdrževanje odnosov z drugimi bankami, trgovanje v imenu in za račun banke, razvoj novih finančnih instrumentov, upravljanje uradnih cen (obrestnih mer, tarif , ter tečajev) in podobno. Vrsto aktivnosti sektorju zakladništva večini primerov določi uprava banke, ki tudi opredeli v kolikšnem obsegu se bodo te aktivnosti izvajale. V splošnem pogledu, se funkcije zakladništva med izbranimi tujimi in domačimi bankami v tem delu razlikujejo predvsem zaradi različnih trgov in še posebej specifičnosti (teh) posameznih trgov. Manjši trg ne potrebuje večjih ali po drugi strani zelo ozko usmerjenih sektorjev znotraj banke, saj zaradi same majhnosti trga ali tržnega deleža stroški za takšno organizacijo niso upravičeni. Iz tega izhaja posebnost večjega trga, ki že zaradi same zapletenosti in raznolikosti potrebuje ožja ali specializirana področja ali sektorje, ki jim omogoča ustrezno obravnavanje posamezne aktivnosti. V zadnjem času pa se predvsem v (izbranih) tujih bankah opaža trend specializacije tudi v sektorju zakladništva, ki se čedalje bolj posveča trgovanju, razvoju in prodaji zakladniških produktov in tudi svetovanju svojim komitentom. V skladu s tem, so tako sektorji zakladništva naravnani predvsem kot centri dodane vrednosti, saj z naravo svojih poslov, vplivajo na bilanco banke predvsem pozitivno. V nalogi smo tako predstavili splošno (teoretično) opredelitev zakladništva v poslovnih bankah na podlagi domačih in tujih avtorjev. V sklopu izbranih tujih in domačih poslovnih bank, smo nato opredelili in opisali posamezne aktivnosti iz bančne prakse, ter jih med sabo tudi primerjali. Function and need of a treasurer in commercial bank varies from bank to bank. Mostly this is because of differences in size, type of business orientation and organizational structure of a chosen bank. In some commercial banks treasury department is responsible only for transactions ordered form other departments, in some other, its functions are numerous and include managing bank's liquidity, asset and liability management, managing specific risks, maintaining good relations with other banks, trading, developing and selling new products, managing interest rate, fees and exchange rate. The lines of activities for treasury department are issued from bank's senior management, which also determine in what range these activities will be implemented. In general, activities of treasury department in home and foreign commercial banks are different mostly because of an incomparable (banking) market and especially of different specifics in each one. Smaller market does not need vast and really narrow focused departments inside banks, because the costs for such departments and for whole institution are not justified. From that point of view, we could sum up, that for larger markets, because of their complexity and variety, larger and specialized departments or even divisions are basics for appropriate managing of various activities inside a bank. More recently, especially in (chosen) foreign commercial banks, treasury department is more or less specializing in few categories or activities. This so called trend mostly contains trading, developing and selling new products and also advising services for their clients. In addition to that, the majority of all treasury departments inside commercial banks are organized as value added centers, which are gaining assets for banks. In this paper, we have described theoretical definition of a treasury department in commercial banks, based on foreign and home literature descriptions. We have also described each specific activity for each actual bank, from our selection of a (chosen) foreign and home bank, and based on obtained information, we have also done a comparison between them.

Bančne garancije so nastale in se razvile zato, da udeležence poslovnih tran¬sakcij učinkovito ščitijo pred številnimi riziki, katerim so izpostavljeni v mednarodnih poslovnih odnosih. Zaradi številnih tveganj, ki nastajajo pri vseh vrstah poslov, je potrebno poznati načine, kako se proti njim zavarovati. Podjetje NIEROS Metal, d. o. o., se plačil na odprt račun izogiba, ker obstaja veliko tveganje, da kupec ne bo plačal na rok ali pa da sploh ne bo plačal. Ker podjetje v glavnem prodaja investicijsko opremo po naročilu kupca, zahteva do 30 % avansnega plačila. Nekateri kupci za plačani avans zahtevajo garancijo za vračilo avansa. Podjetje pa tudi samo velikokrat zahteva garancijo s strani kupca, saj se je v preteklosti že zgodilo da kupec ni želel poravnati računa. V tem delu sem prikazal tudi, kako je podjetje postopalo, ko je kupec zahteval garancijo za vračilo avansa, saj je bil dogovorjen način plačila 100 % avans. Bank guarantees have been developed for the purpose of securing participants in international transactions from various risks which are connected with international business. Because there are numerous risks involved with every kind of business, it is necessary to know different ways of insurance against these risks. Company NIEROS Metal d. o. o. avoids open book accounts, because there is high risk that the buyer will not pay on the agreed date or that he will not pay at all. Because the company mainly sells investment equipment by the buyer's custom specifications, it requests 30% of advanced payment. Some buyers request a guarantee for the return of an advanced payment. The company itself often wants a guarantee from the buyer because it has happened that the buyer did not want to clear the payment. In this work I also show what the company had to do, when a buyer requested a guarantee for the return of an advanced payment, when the agreed paying method was 100% advanced payment.

Plačilna nedisciplina ni nov pojav, obstaja že desetletja in podjetja se z njo v sedanjosti spopadajo vse bolj in bolj. Posledice plačilne nediscipline niso samo dospele neporavnane obveznosti, dosegajo širšo raven, saj lahko povzročajo verižne reakcije, ki »potisnejo« v propad tudi nekdaj finančno zelo sposobna podjetja. Prav tako morajo podjetja zagotavljati plačilno sposobnost, da se izognejo težavam glede likvidnosti in solventnosti. V današnjih časih je informacijski razvoj zelo napredoval ter nam tako omogoča lažji dostop do potrebnih informacij, zato bi podjetja morala preveriti in izoblikovati evidenco s kom poslujejo ali bodo poslovala. Na voljo so spletne strani, ki ponujajo že izoblikovana boniteta poročila, kjer lahko preverimo ali bo naš bodoči poslovni partner dobra ali slaba stranka glede izvajanja obveznosti. Prav tako so nam na voljo instrumenti za zavarovanje, kateri preprečijo, da bi prišlo do neplačil med podjetji in jih lahko uporabimo tudi v mednarodnem poslovanju. Ker pa različna podjetja različno poslujejo in obstajajo tudi takšna, katera se ne zavarujejo pred temi tveganji, zato v njihovo pomoč obstajajo izvensodni postopki izterjave terjatev ter zakoniti postopki sodne izvršbe. Payment default and indiscipline is not a new phenomenon. It has existed for decades and companies are also confronting whit it more and more. The consequences of payment default are reaching a wider level and a chain reaction can destroy once financially viable businesses. Also, companies have to provide liquidity and solvency to avoid it. Now days, the development of internet commerce has been promoted and also allows us an easier access to needed information. Because of that companies should find out and establish a record of who are doing or will be doing business. There are also available Web sites that offer a constructed rating report, where we can check whether our prospective of business partner and if his financial business is good or bad. They are also available some instruments for insurance, which prevent payment default and can also be used in international business. However, since different companies operate differently and there are some which cannot insure against these risks, there are legal and court procedures how to recover their claims.

Med ureditvijo in delovanjem pokojninskega sistema Slovenije in Švedske je kljub njuni raznolikosti moč najti številne podobnosti. Čeprav Švedska velja za izrazito visoko obdavčeno državo, so socialne pravice znotraj nje urejene tako, da zagotavljajo enakomerno porazdelitev sredstev med vse njene državljane. Medgeneracijski sporazum zaradi demografskih sprememb počasi izgublja na pomenu, v ospredje pa vedno bolj prihaja načelo, da so pokojnine v veliki meri odvisne od vplačanih prispevkov. Tako dobro urejeno gospodarsko in socialno stanje države pa si želimo doseči tudi v Sloveniji, kjer se bomo z novo pokojninsko reformo bistveno bolj približali švedskemu socialnemu modelu. Da so spremembe nujno potrebne se zavedajo vsi, glavna nasprotovanja pa se nanašajo na dvig upokojitvene starosti in na izenačitev le te za oba spola. Mnogi so prepričani, da nov zakon ZPIZ-2 ni dovolj dobro zasnovan in bo imel velik vpliv na še večjo obremenjenost starostnikov in posledično tudi na zmanjšano kvaliteto dela. Primanjkljaj v pokojninski blagajni bi bilo mogoče pokriti tudi na druge načine, zlasti z ureditvijo trga zaposlovanja in povečanjem novih delovnih mest. Tudi če nov zakon še ne bomo podprli, bodo pritiski na finančno vzdržnost sistema vedno večji in kmalu bomo prisiljeni, da se pridružimo vsem drugim državam, ki so svojo upokojitveno starost že dvignile. Irrespective of their differences it is still possible to identify a number of similarities between the Slovenian and Swedish pension system arrangments, and the way in which they operate. Even though the level of taxation in Sweden differs from the level of taxation in other countries - it is regarded as one of the highest taxed countries in the world, it creates one of the strongest social welfare systems in the world, in which the benefits are evenly distributed among the swedish population based on its needs. It seems, however, that intergenerational agreements are slowly losing their meaning due to modern demographical changes. It is becoming increasingly evident that pensions are largely dependent upon contributions whilst working, and subsequent asset performances. We are aiming to achieve that level of social welfare-state and economical state in Slovenia as well. The new pension reform is a step closer to reach the desired standard and to make our system more comparable with the swedish one. While it is clear that the changes are urgently required, the main objections to reform pertain to the raise of the overall retirement age and for it to be applicable to both sexes equally. Many believe that the newly written ZPIZ-2 Act is insufficient and should be revised and rewritten as it will largely affect and burden the elderly population and indirectly lower the overall quality of work. The money gap inside the pension fund could be resolved by taking other measures, especially by reorganising the employment market and by creating new jobs. Even if the proposed Act is not accepted, the pressure on the financial system will continue and sooner or later we will be forced to follow other countries, which have already raised their retirement age.

Skozi vsebino diplomske naloge spoznavamo, kaj dejansko je dohodnina in kako pomemben je sistem, ki je nekako primerljiv s tujimi državami, in sama možnost obdavčenja mednarodnega dohodka. Vsi moramo namreč pravično plačevati dohodnino in s tem pomagati polniti državno blagajno, če se smem tako izraziti. Z ukinitvijo meje in prostim pretokom delovne sile pride do izraza konvencija v izogib dvojnega obdavčenja, kajti če državi ne bi imeli tega sporazuma, bi moral zavezanec upoštevati zakonodajo obeh držav, ki pa sta različni. Tako pa na podlagi bilateralne pogodbe med državama določijo, kako se določena oseba obravnava. Te pogodbe se sklepajo predvsem z namenom odpravljanja mednarodne dvojne obdavčitve in preprečevanja davčnih utaj. Skozi diplomsko nalogo spoznavamo, da je dohodnina davek od dohodkov fizičnih oseb, ter da jo ureja Zakon o dohodnini, po letu 2007 ZDoh-2, predhodno pa ZDoh-1. Kot je iz tega razvidno, je bil naš davčni sistem že deležen nekaj sprememb, in glede na to, da je naša država še dokaj mlada, jih lahko pričakujemo še nekaj. Davčna reforma v letu 2007 je prinesla, poleg zmanjšanja števila davčnih razredov na tri razrede, še eno pozitivno spremembo. S to spremembo so postali »prijaznejši« za zavezanca. Zavezancem ni več potrebno vlagati dohodninske napovedi, ampak nam davčni organ sam posreduje informativni izračun, ki ga le pregledamo in javimo morebitne nepravilnosti. S spremembami se Slovenija želi približati davčnemu sistemu drugih držav EU in pri tem je upoštevano dejstvo, da je vsaka država drugačna in da poenotenega sistema ni mogoče doseči. Vendar pa menim, da, ne glede na to, kakšna bo naslednja reforma, nikoli ne bodo zadovoljni vsi, saj se zavezanci ne zavedamo, zakaj plačujemo dohodnino. Naj zaključim z mislijo Franklina Roosevelta, ki pravi: »davki so ne nazadnje dolg, ki ga plačujemo za privilegij, da smo del organizirane družbe«. This work presents income tax in Slovenia, the importance of the taxation system and taxation of income from abroad which is relatively similar to that in other countries. Everyone has to make equal tax contributions to state income. Following the introduction of free movement of workforce the Convention on avoidance of double taxation comes to play. Without this agreement, a person with income from abroad would have to follow legislations of two different countries which may be different. A bilateral agreement between countries determines how a particular person should be treated. Such agreements are intended to prevent international double taxation and tax evasions. We introduce personal income tax regulated by Personal Income Act which has been known as ZDoh-1 until 2007 and ZDoh-2 afterwards. This demonstrates that the Slovenian taxation system has been through some changes. Considering that this is a young country a few more can be expected in the future. In addition to the reduction of tax brackets to three the tax reform of 2007 has also brought another positive change. The tax system became more taxpayer friendly. The taxpayers no longer need to send in a tax return. Instead they receive a calculation from the tax office which they can review and report any irregularities. With these changes Slovenia wanted to consolidate its tax system with that of other EU countries taking into account that each country is different and a uniform system cannot be achieved. Regardless what the next reform brings, it will never satisfy everyone because taxpayers do not realize why they pay income tax for. Let me conclude with the words of Franklin D. Roosevelt: "Taxes, after all, are dues that we pay for the privileges of membership in an organized society.”

Indija je že v preteklosti bila predmet občudovanja in zanimanja, katere je sprožila val raziskovalcev da najdejo morsko pot do Indije, ki je pripeljalo do slučajnega odkritja Amerike. To se do danes ni spremenilo. Indija je še vedno predmet občudovanja in zanimanja ne samo pri njeni raznolikosti ljudi in narave ter velikosti, ampak tudi pri njenem gospodarskem uspehu in potenciala. Pričakuje se, da bo Indija prehitela Kitajsko kot najhitreje rastoče gospodarstvo v naslednjih letih. Tržne priložnosti Indije so ogromne in njeno gospodarstvo se bo z leti samo večalo. Nadaljnja liberalizacija trgovine, katere se je indijska vlada zavzela in pogaja z EU, bo samo še okrepilo njeno hitro gospodarstvo rast. Toda ne samo gospodarstvo, njena populacija se hitro veča in se pričakuje da bo do leta 2030 prehitela Kitajsko kot najobljudeno deželo sveta. Toda Indija ni brez tveganj. Kako bo Indija izpeljala institucionalne reforme, boj proti korupciji in inflaciji ter liberalizaciji trgovine, bo vplivalo kako hitro bo gospodarstvo in razvoj Indije rastlo. Indija ima znanje, človeške vire in sredstva za implementiranje teh sprememb, ki bo samo potrdilo njeno hitro rast in jo ustoličilo kot bodočo gospodarsko velesilo. India has been in the past the subject of admiration and interest, which has led to a wave of explorers trying to find a sea route to India, which has led to accidental discovery of America. This has not changed to this day. India is still the subject of admiration and interest, not only in its diversity of people, nature and size, but also in its economic success and potential. It is expected that India will overtake China as the fastest growing economy in the coming years. India's market opportunities are huge and its economy will only grow over the years. Further trade liberalization, which the Indian government has advocated and the negotiations with the EU will only further strengthen its rapid economic growth. But not only the economy, its population is growing rapidly and it is expected that by 2030, India will overtake China as the most populated country in the world. But India is not without risks. How India will complete the institutional reform, the fight against corruption and inflation, and trade liberalization, will affect how fast the economy will grow and the development of India. India has the knowledge, human resources and the means of implementation techniques of these changes, which will only support its rapid growth and establish itself as the future economic superpower.

Izraz finančna kriza zajema več vrst kriz, in sicer: valutno, bančno, dolžniško, okužbeno in krizo dvojčkov. Skozi zgodovino lahko vidimo, da gospodarstvo ne raste po gladkih oziroma enakomernih vzorcih, temveč niha po določenih vzorcih. Tako poznamo fazo konjunkture, krize in recesije. Kriza, ki se je začela v Združenih državah Amerike, velja za najhujšo krizo po 2. svetovni vojni. Povod za nastanek krize je bilo prekomerno financiranje nepremičninskih naložb, kar je sprožilo prekomerne investicije v nepremičnine in posledično preveliko ponudbo na trgu. Sledil je padec cen nepremičnin in nezmožnost odplačevanja kreditov. Nepremičninski balon je počil in začela se je finančna kriza, ki se je razširila po vsem svetu. MDS je leta 2008 grško gospodarstvo uvrstil na 27. mesto glede na nominalni BDP, po kupni moči pa se uvršča na 30. mesto. Gledano po BDP-ju na prebivalca se Grčija uvršča na 24. mesto. Levji delež grškega BDP-ja predstavlja terciarni sektor in sicer slabih 76 %. Večino grškega izvoza predstavljajo predelovalna industrija, hrana in kemikalije, največji grški uvoznici pa sta Nemčija in Italija. Med evropskimi državami je finančna kriza najbolj prizadela Grčijo. V desetletjih pred finančno krizo, se je grška vlada močno zadolževala v tujini za financiranje proračunskega primanjkljaja. Proračunski primanjkljaj in zunanji dolg Grčije sta precej nad predpisanimi stopnjami evropske Ekonomske in monetarne unije. Oboje presega tudi predpise Evropskega pakta za stabilnost in rast, ki dovoljuje zunanji dolg v višini največ 60 % BDP-ja, proračunski primanjkljaj pa ne sme presegati 3 odstotkov BDP-ja. Proti koncu leta 2009 se je nezaupanje investitorjev v grško vlado povečalo. Po revidiranih podatkih se je pokazalo, da je grški proračunski primanjkljaj višji od izkazanega, kar je še dodatno poslabšalo stanje, saj so se znižale bonitetne ocene grških obveznic. Dodaten padec zaupanja vlagateljev sta povzročila še ponarejanje statistike in prikrivanje zunanjega dolga skozi zapletene finančne inštrumente. Grčija je bila primorana zaprositi za pomoč za refinanciranje njenih obveznosti. Paket pomoči s strani članic Evropske unije in Mednarodnega denarnega sklada znaša 110 milijard evrov. Pomoč bo Grčija dobila v naslednjih treh letih v zameno za izvedbo obsežnih reform, s katerimi bo oživela gospodarstvo, zvišala konkurenčnost in zmanjšala proračunski primanjkljaj in zunanji dolg. Reforme posegajo predvsem na področje fiskalne politike, vladne porabe, državnih prihodkov, nadzora nad porabo, finančne stabilnosti, socialnih transferjev, pokojninske reforme in strukturnih sprememb. Poleg Grčije so pravila evro območja kršile tudi druge članice monetarne unije. Med največjimi kršiteljicami so še Portugalska, Irska, Italija in Španija. Težava z odplačevanjem obveznosti so vplivale tudi na stabilnost evra, ki se je močno zamajal. Da bi Evropska unija umirila finančne trge in stabilizirala evro je sprejela mehanizem za reševanje evra, ki zajema 750 milijard evrov pomoči. Za stabilen in močan evro bo morala Evropska unija reformirati institucionalen okvir monetarne unije. The term financial crisis includes several types of crises, such as: currency, banking, debt, and twin crisis. History shows that economy does not grow on smooth and regular patterns, but varies according to certain patterns. There is a phase of conjuncture, crisis and recession. Crisis, which began in the USA, is known as the worst crisis after World War 2. The cause of this crisis was overfunding of real estate investments which caused excessive investments into real estates and consequently oversupply on the market. The decrease of real estate prices and inability of loan repayment followed. The real estate bubble has burst, and the financial crisis began and spread worldwide. The Greek economy was in 2008, according to IMF, the 27th largest in the world by its nominal GDP and the 30st largest in terms of its purchasing power. In terms of GDP per capita, Greece is on 24th place. The lion's share of the Greek GDP is represented by the countries tertiary sector, with almost 76%. The major part of Greek export consists of manufacturing industry, food and chemicals, and the largest importers of Greece are Germany and Italy. Among the European countries, the financial crisis hit Greece most. In the decades before the financial crisis, the Greek government borrowed heavily from abroad to finance its budget deficit. The budget deficit and external debt of Greece were well above the level stipulated by the European Economic and Monetary Union. Both exceed also the regulations of the European Stability and Growth Pact, which allows the external debt up to 60% of GDP, and the budget deficit no higher than 3% of GDP. Toward the end of 2009, the investors’ distrust in the Greek government increased. According to revised data, the Greek budget deficit is higher than shown, which further aggravated the situation, as the Greek bond ratings declined. False statistics and the disguise of external debt with complex financial instruments even deepened the investors’ distrust. Greece was forced to ask for help in order to refinance its obligations. The European Union and International Monetary Fund aid package is worth €110 billion. Greece will receive the package over the next three years, and in return it has to carry out extensive reforms to revive its economy, increase competitiveness, and reduce the budget deficit as well as the external debt. The reforms affect mainly fiscal policies, government spending, government revenues, expenditure control, financial stability, social transfers, pension reform and structural changes. Beside Greece, other members of the monetary union broke the euro area rules as well. These are Portugal, Ireland, Italy and Spain. The difficulties in meeting repayment obligations also weakened the stability of the euro. To settle down the financial markets and stabilize the euro, the European Union accepted the €750 billion rescue mechanism. For a stable and strong euro, the European Union will have to reform the institutional framework of the monetary union.