TY  - JOUR
AU  - Radivojević, Nikola
AU  - Muhović, Almir
AU  - Joksimović, Milica
AU  - Pimić, Miroslav
PY  - 2021
UR  - http://RIVeC.institut-palanka.rs/handle/123456789/396
AB  - The Baltic Dry Index (BDI) is one of the most well-known indices, as it is perceived as a leading indicator of economic activity. Reductions in the movement of people, commodities, and capital in the conditions of economic crises, such as the one in 2008 and 2009, as well as the current economic crisis generated by the COVID-19 pandemic, were affected by the reduction of economic activities. It is interesting to point out that the analysis of the basic trend of the BDI movements in the period before the economic crisis shows that the index fell to near record lows just before the derivatives and credit crisis hit stocks full force. This is a clear signal that the index can be used as a tool for stock market forecasting. The paper aims to examine whether the changes in these raw materials affect the changes in the value of BDI. For these purposes in the paper was use GMM and 2SLS estimator. The results show that different raw materials have a different impact on the value of the BDI, which indicates that based on individual movements value of raw materials which composes the BDI cannot forecast its movement.
PB  - Editorial Board
T2  - Asian Journal of Economics and Empirical Research
T1  - Examining the Impact of Movements of the Commodity Price on the Value of the Baltic Dry Index during Covid19 Pandemic
EP  - 72
IS  - 2
SP  - 67
VL  - 8
DO  - 10.20448/journal.501.2021.82.67.72
ER  - 

@article{
author = "Radivojević, Nikola and Muhović, Almir and Joksimović, Milica and Pimić, Miroslav",
year = "2021",
abstract = "The Baltic Dry Index (BDI) is one of the most well-known indices, as it is perceived as a leading indicator of economic activity. Reductions in the movement of people, commodities, and capital in the conditions of economic crises, such as the one in 2008 and 2009, as well as the current economic crisis generated by the COVID-19 pandemic, were affected by the reduction of economic activities. It is interesting to point out that the analysis of the basic trend of the BDI movements in the period before the economic crisis shows that the index fell to near record lows just before the derivatives and credit crisis hit stocks full force. This is a clear signal that the index can be used as a tool for stock market forecasting. The paper aims to examine whether the changes in these raw materials affect the changes in the value of BDI. For these purposes in the paper was use GMM and 2SLS estimator. The results show that different raw materials have a different impact on the value of the BDI, which indicates that based on individual movements value of raw materials which composes the BDI cannot forecast its movement.",
publisher = "Editorial Board",
journal = "Asian Journal of Economics and Empirical Research",
title = "Examining the Impact of Movements of the Commodity Price on the Value of the Baltic Dry Index during Covid19 Pandemic",
pages = "72-67",
number = "2",
volume = "8",
doi = "10.20448/journal.501.2021.82.67.72"
}

Radivojević, N., Muhović, A., Joksimović, M.,& Pimić, M.. (2021). Examining the Impact of Movements of the Commodity Price on the Value of the Baltic Dry Index during Covid19 Pandemic. in Asian Journal of Economics and Empirical Research
Editorial Board., 8(2), 67-72.
https://doi.org/10.20448/journal.501.2021.82.67.72

Radivojević N, Muhović A, Joksimović M, Pimić M. Examining the Impact of Movements of the Commodity Price on the Value of the Baltic Dry Index during Covid19 Pandemic. in Asian Journal of Economics and Empirical Research. 2021;8(2):67-72.
doi:10.20448/journal.501.2021.82.67.72 .

Radivojević, Nikola, Muhović, Almir, Joksimović, Milica, Pimić, Miroslav, "Examining the Impact of Movements of the Commodity Price on the Value of the Baltic Dry Index during Covid19 Pandemic" in Asian Journal of Economics and Empirical Research, 8, no. 2 (2021):67-72,
https://doi.org/10.20448/journal.501.2021.82.67.72 . .

TY  - JOUR
AU  - Muhović, Almir
AU  - Radivojević, Nikola
AU  - Ćurčić, Nikola
PY  - 2019
UR  - http://RIVeC.institut-palanka.rs/handle/123456789/206
AB  - The paper examines factors that influence the occurrence and movement of nonperforming agricultural loans in Serbia, Montenegro and Bosnia and Herzegovina. The aim of the paper is to determine the direction and significance of the relationship between the key micro and macroeconomic factors and the impractical agricultural loans in these countries, but also to point out the importance of applying dynamic data panel evaluators when it comes to the study of this problem.
PB  - Naučno društvo agrarnih ekonomista Balkana, Beograd, Institut za ekonomiku poljoprivrede, Beograd i Akademija ekonomskih nauka, Bukurešt
T2  - Ekonomika poljoprivrede
T1  - Research of factors of non performing agricultural loans by primary data panels
EP  - 578
IS  - 2
SP  - 569
VL  - 66
DO  - 10.5937/ekoPolj1902569M
ER  - 

@article{
author = "Muhović, Almir and Radivojević, Nikola and Ćurčić, Nikola",
year = "2019",
abstract = "The paper examines factors that influence the occurrence and movement of nonperforming agricultural loans in Serbia, Montenegro and Bosnia and Herzegovina. The aim of the paper is to determine the direction and significance of the relationship between the key micro and macroeconomic factors and the impractical agricultural loans in these countries, but also to point out the importance of applying dynamic data panel evaluators when it comes to the study of this problem.",
publisher = "Naučno društvo agrarnih ekonomista Balkana, Beograd, Institut za ekonomiku poljoprivrede, Beograd i Akademija ekonomskih nauka, Bukurešt",
journal = "Ekonomika poljoprivrede",
title = "Research of factors of non performing agricultural loans by primary data panels",
pages = "578-569",
number = "2",
volume = "66",
doi = "10.5937/ekoPolj1902569M"
}

Muhović, A., Radivojević, N.,& Ćurčić, N.. (2019). Research of factors of non performing agricultural loans by primary data panels. in Ekonomika poljoprivrede
Naučno društvo agrarnih ekonomista Balkana, Beograd, Institut za ekonomiku poljoprivrede, Beograd i Akademija ekonomskih nauka, Bukurešt., 66(2), 569-578.
https://doi.org/10.5937/ekoPolj1902569M

Muhović A, Radivojević N, Ćurčić N. Research of factors of non performing agricultural loans by primary data panels. in Ekonomika poljoprivrede. 2019;66(2):569-578.
doi:10.5937/ekoPolj1902569M .

Muhović, Almir, Radivojević, Nikola, Ćurčić, Nikola, "Research of factors of non performing agricultural loans by primary data panels" in Ekonomika poljoprivrede, 66, no. 2 (2019):569-578,
https://doi.org/10.5937/ekoPolj1902569M . .

TY  - JOUR
AU  - Muhović, Almir
AU  - Radivojević, Nikola
AU  - Brzaković, Tomislav
PY  - 2018
UR  - http://RIVeC.institut-palanka.rs/handle/123456789/199
AB  - Finansijske institucije igraju važnu ulogu u razvoju svake privrede vršeći optimalnu alokaciju kapitala od kapitalno suficitarnih ka kapitalno deficitarnim sektorima u privredi. Važnu ulogu u tom procesu imaju banke, jer one predstavljaju institucije čija najvažnija funkcija jeste da obezbede efikasan kanal za preusmeravanje sredstava. Glavnih problema sa kojim se suočavaju zemlje u razvoju jeste nestabilnost finansijskog, odnosno pre svega bankarskog sektora jer kreditni rizik predstavlja rizik da dužnici neće biti u mogućnosti da vrati kredit u roku i pod uslovima pod kojima su se zadužili. Otuda se nameće potreba da se izučavaju faktori koji determinišu pojavu neperformansnih kredita (Non-performing loan - NPL), kao jednog od najpoznatijih i najznačajnijih indikatora pojave kreditnog rizika.
PB  - Ministarstvo odbrane Srbije - Vojnoizdavački zavod, Beograd
T2  - Vojno delo
T1  - Empirijsko istraživanje determinanti NPL-a na tržištima u razvoju primenom metode fiksnih efekata - studija slučaja Srbije, Crne Gore i Bosne i Hercegovine
EP  - 344
IS  - 7
SP  - 335
VL  - 70
DO  - 10.5937/vojdelo1807335M
ER  - 

@article{
author = "Muhović, Almir and Radivojević, Nikola and Brzaković, Tomislav",
year = "2018",
abstract = "Finansijske institucije igraju važnu ulogu u razvoju svake privrede vršeći optimalnu alokaciju kapitala od kapitalno suficitarnih ka kapitalno deficitarnim sektorima u privredi. Važnu ulogu u tom procesu imaju banke, jer one predstavljaju institucije čija najvažnija funkcija jeste da obezbede efikasan kanal za preusmeravanje sredstava. Glavnih problema sa kojim se suočavaju zemlje u razvoju jeste nestabilnost finansijskog, odnosno pre svega bankarskog sektora jer kreditni rizik predstavlja rizik da dužnici neće biti u mogućnosti da vrati kredit u roku i pod uslovima pod kojima su se zadužili. Otuda se nameće potreba da se izučavaju faktori koji determinišu pojavu neperformansnih kredita (Non-performing loan - NPL), kao jednog od najpoznatijih i najznačajnijih indikatora pojave kreditnog rizika.",
publisher = "Ministarstvo odbrane Srbije - Vojnoizdavački zavod, Beograd",
journal = "Vojno delo",
title = "Empirijsko istraživanje determinanti NPL-a na tržištima u razvoju primenom metode fiksnih efekata - studija slučaja Srbije, Crne Gore i Bosne i Hercegovine",
pages = "344-335",
number = "7",
volume = "70",
doi = "10.5937/vojdelo1807335M"
}

Muhović, A., Radivojević, N.,& Brzaković, T.. (2018). Empirijsko istraživanje determinanti NPL-a na tržištima u razvoju primenom metode fiksnih efekata - studija slučaja Srbije, Crne Gore i Bosne i Hercegovine. in Vojno delo
Ministarstvo odbrane Srbije - Vojnoizdavački zavod, Beograd., 70(7), 335-344.
https://doi.org/10.5937/vojdelo1807335M

Muhović A, Radivojević N, Brzaković T. Empirijsko istraživanje determinanti NPL-a na tržištima u razvoju primenom metode fiksnih efekata - studija slučaja Srbije, Crne Gore i Bosne i Hercegovine. in Vojno delo. 2018;70(7):335-344.
doi:10.5937/vojdelo1807335M .

Muhović, Almir, Radivojević, Nikola, Brzaković, Tomislav, "Empirijsko istraživanje determinanti NPL-a na tržištima u razvoju primenom metode fiksnih efekata - studija slučaja Srbije, Crne Gore i Bosne i Hercegovine" in Vojno delo, 70, no. 7 (2018):335-344,
https://doi.org/10.5937/vojdelo1807335M . .

TY  - JOUR
AU  - Radivojević, Nikola
AU  - Dević, Željko
AU  - Muhović, Almir
PY  - 2016
UR  - http://RIVeC.institut-palanka.rs/handle/123456789/181
AB  - In this paper the authors present a new VaR model for the estimation of market risk in banks and other financial institutions. The model is labeled BootstrapHS500, since it is theoretically based on historical simulation and implementation of the bootstrap method. The aim of the paper is to provide answers to the question whether incorporating the bootstrap method in the standard model of historical simulation contributes to the improvement of the historical simulation's applicability in terms of meeting the backtesting rules of the Basel II standards. In order to obtain the answer to this question, in this paper we conducted and dealt with the testing of applicability and comparison of performances of the HS500 and the BootstrapHS500 models at the capital markets of Serbia, Croatia, Greece, Spain, Germany, Slovakia, the Czech Republic, Romania and Hungary. The research methodology involves the use of the appropriate quantitative analysis and tests of unconditional and conditional coverage. The results of the research show that the BootstrapHS500 model achieved a better performance than the standard model of historical simulation, from the perspective of both backtesting tests. It can be concluded that incorporating the bootstrap method in the standard model of historical simulation contributes to the improvement of the historical simulation' applicability.
AB  - U radu autori predstavljaju novi model VaR za procenu tržišnog rizika u bankama i drugim finansijskim institucijama. Model je označen kao BootstrapHS500, budući da se zasniva na teorijskim osnovama istorijske simulacije VaR i primeni bootstrap metode. Glavni cilj rada jeste da se dobije odgovor na pitanje da li inkorporiranje bootstrap metoda u standardni model istorijske simulacije vrednosti pri riziku dovodi do unapređenja aplikativnosti istorijske simulacije u kontekstu zadovoljenja pravila validnosti internih modela uz procenu tržišnog rizika Bazel II standarda. Kako bi se odgovorilo na ovo pitanje u radu je izvršeno testiranje aplikativnosti i komparacija performansi HS500 i BootstrapHS500 modela na tržištu kapitala Srbije, Hrvatske, Grčke, Španije, Nemačke, Slovačke, Češke, Rumunije i Mađarske. Metodologija istraživanja podrazumeva primenu odgovarajuće kvantitativne analize i testa bezuslovnog i uslovnog pokrića. Rezultati istraživanja pokazuju da BootstrapHS500 model, na testiranim tržištima, postiže bolje performanse iz vizure oba testa, te da se može zaključiti da inkorporiranje bootstrap metode u standardni model istorijske simulacije doprinosi unapređenju njegove aplikativnosti.
PB  - Udruženje banaka Srbije, Beograd
T2  - Bankarstvo
T1  - Bootstrap historical simulation
T1  - Bootstrap model istorijske simulacije vrednosti pri riziku
EP  - 49
IS  - 3
SP  - 36
VL  - 45
DO  - 10.5937/bankarstvo1603036R
ER  - 

@article{
author = "Radivojević, Nikola and Dević, Željko and Muhović, Almir",
year = "2016",
abstract = "In this paper the authors present a new VaR model for the estimation of market risk in banks and other financial institutions. The model is labeled BootstrapHS500, since it is theoretically based on historical simulation and implementation of the bootstrap method. The aim of the paper is to provide answers to the question whether incorporating the bootstrap method in the standard model of historical simulation contributes to the improvement of the historical simulation's applicability in terms of meeting the backtesting rules of the Basel II standards. In order to obtain the answer to this question, in this paper we conducted and dealt with the testing of applicability and comparison of performances of the HS500 and the BootstrapHS500 models at the capital markets of Serbia, Croatia, Greece, Spain, Germany, Slovakia, the Czech Republic, Romania and Hungary. The research methodology involves the use of the appropriate quantitative analysis and tests of unconditional and conditional coverage. The results of the research show that the BootstrapHS500 model achieved a better performance than the standard model of historical simulation, from the perspective of both backtesting tests. It can be concluded that incorporating the bootstrap method in the standard model of historical simulation contributes to the improvement of the historical simulation' applicability., U radu autori predstavljaju novi model VaR za procenu tržišnog rizika u bankama i drugim finansijskim institucijama. Model je označen kao BootstrapHS500, budući da se zasniva na teorijskim osnovama istorijske simulacije VaR i primeni bootstrap metode. Glavni cilj rada jeste da se dobije odgovor na pitanje da li inkorporiranje bootstrap metoda u standardni model istorijske simulacije vrednosti pri riziku dovodi do unapređenja aplikativnosti istorijske simulacije u kontekstu zadovoljenja pravila validnosti internih modela uz procenu tržišnog rizika Bazel II standarda. Kako bi se odgovorilo na ovo pitanje u radu je izvršeno testiranje aplikativnosti i komparacija performansi HS500 i BootstrapHS500 modela na tržištu kapitala Srbije, Hrvatske, Grčke, Španije, Nemačke, Slovačke, Češke, Rumunije i Mađarske. Metodologija istraživanja podrazumeva primenu odgovarajuće kvantitativne analize i testa bezuslovnog i uslovnog pokrića. Rezultati istraživanja pokazuju da BootstrapHS500 model, na testiranim tržištima, postiže bolje performanse iz vizure oba testa, te da se može zaključiti da inkorporiranje bootstrap metode u standardni model istorijske simulacije doprinosi unapređenju njegove aplikativnosti.",
publisher = "Udruženje banaka Srbije, Beograd",
journal = "Bankarstvo",
title = "Bootstrap historical simulation, Bootstrap model istorijske simulacije vrednosti pri riziku",
pages = "49-36",
number = "3",
volume = "45",
doi = "10.5937/bankarstvo1603036R"
}

Radivojević, N., Dević, Ž.,& Muhović, A.. (2016). Bootstrap historical simulation. in Bankarstvo
Udruženje banaka Srbije, Beograd., 45(3), 36-49.
https://doi.org/10.5937/bankarstvo1603036R

Radivojević N, Dević Ž, Muhović A. Bootstrap historical simulation. in Bankarstvo. 2016;45(3):36-49.
doi:10.5937/bankarstvo1603036R .

Radivojević, Nikola, Dević, Željko, Muhović, Almir, "Bootstrap historical simulation" in Bankarstvo, 45, no. 3 (2016):36-49,
https://doi.org/10.5937/bankarstvo1603036R . .