No abstract

Prevod obezbedili autori RezimeCilj rada je da se ispita korelacija između dostignutog nivoa tehnologije i inovacija i razvoja finansijskog tržišta, indeksa humanog razvoja i bruto domaćeg proizvoda po glavi stanovnika. Istraživačko pitanje glasi: "Da li su, i u kakvoj vezi, nivo tehnologije i inovacija sa indeksom razvijenosti tržišta, indeksom ljudskog razvoja i BDP-om po glavi stanovnika?" Cilj istraživanja je da utvrdimo da li ima osnova za verovanje da je "kopiranjem" određene zemlje po nivou digitalizacije i inovacija moguće dodatno razviti finansijsko tržište, uticati na nivo ljudskog razvoja ili na povećanje BDP-a po glavi stanovnika. Metode korištene u radu su regresiona analiza, odnosno prosta linearna regresija, te analiza i sinteza prethodnih istraživanja i teoretskih nalaza, da bi zaključci bili izvučeni metodom indukcije. Rad predstavlja doprinos autora ekonomskoj teoriji i praksi, te široj javnosti. Rezultati istraživanja još ukazuju i da bi bilo racionalno da finansijski posrednici u zemljama u razvoju razmotre izmjenu svojih poslovnih modela i mogućnosti za njihovo prilagođavanje ubrzanim tehnološkim promjenama. SummaryThe objective of this paper is to examine the correlation between the achieved level of technology and innovations and the development of the financial market, index of human development and gross domestic product per capita. The research question reads: "Is the level of technology and innovations related to the market development index, the human development index and GDP per capita, and in what way?" The research objective is to determine whether there is a reason to believe that, by imitating a certain country in relation to the level of digitalisation and innovations, it is possible to further develop the financial market, affect the level of human development or the increase in GDP per capita. Methods used in this paper are regression analysis, i.e. simple linear regression, as well as the analysis and consolidation of preceding research and theoretical findings in order for conclusions to be drawn through an induction method. The paper represents the authors' contribution to the theory and application of economics, as well as to the wider public. The research results also indicate that it would be rational for financial intermediaries in developing countries to consider changing their business models and new possibilities for their adjustment to accelerated technological changes. Mekinjić B., Grujić M., Vujičić-Stefanović D. Primjena regresione analize u procjeni uticaja digitalizacije i tehnoloških inovacija na tri mjere razvoja privrede i društva

This paper presents an empirical verification of the effectiveness and usefulness of investment diversification using the main stock exchange indices and Bitcoin. The objective is to determine the effects applying the Markowitz portfolio optimization theory, i.e., the advantages of applying the modern portfolio theory for institutional investors. The research offers an answer to the following question: what are the advantages and disadvantages of using Bitcoin in portfolio optimization? The paper contributes to the representation of the reach and limitations of the modern portfolio theory for institutional investors. The conclusion is that rational behaviour of institutional investors requires consideration of portfolio optimization using the Markowitz model, because it is possible to create portfolios which, on the basis of historical returns, provide desired returns alongside certain risks. The methodology includes the analysis of high frequency data, i.e., daily trading data were used. The results indicate that the use of the Markowitz portfolio selection method, with all its limitations, is desirable, possible and applicable, but that it entails serious flaws in the sense of neglecting transaction costs, foreign exchange differences and the real value in the stock market. The results of the research show that Bitcoin is a good source of diversification in a portfolio that contains traditional financial instruments both for the risk-averse investor as well as for those investors who have a greater appetite for risk. The conclusion is that rational behavior of institutional investors requires consideration of investing in Bitcoin using the Markowitz model. However, given the high degree of volatility, investors should be very careful when making decisions about including Bitcoin in the portfolio.