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References Bekaert, J.G., Hodrick, R.J. (2011). International Financial Management, New Jersey, NJ: Pearson Prentice Hall. Cœuré, B. (2016), Sustainable Globalisation: Lessons from Europe, Public Speech to the Workshop: Financial globalization and its spillovers – monetary and exchange rate policy in times of crises, European Central Bank. Copeland, L. (2014), Exchange Rates & International Finance, Pearson Education. Eun, C., Resnick, B. (2014), International Financial Management, McGraw-Hill Education, 7 th Edition. Madura, J. (2014), Financial markets and

US Dollar and Euro as Global Currencies

The paper is aimed at presenting the extent to which dollar and euro fulfil particular functions of world money. At the beginning, the author presents theoretical discussion about functions that money should perform in order to be universally used by foreign entities in trade and international finance. Then, the degree to which dollar and euro functioned as world money in the period 1999 - 2007 is subject to verification. Finally, dollar and euro prospects for becoming international currencies are discussed.


The issue of global economic inequality has inspired researchers to explore the potential connection between income inequalities and foreign direct investment (FDI), as it is one of the driving forces of globalization. Although there is a large body of theoretical as well as empirical studies linking these variables, the empirical literature on the relationship between FDI, production factors productivity and income inequalities is not conclusive because most scientists treat FDI as uniform. Therefore there is a lack of reliable empirical evidence on the distributional effects of FDI, especially in emerging countries, such as in Central and Eastern Europe (CEE). The research presented in the article fills this gap.

The aim of the study is to analyze the impact of the inflow of foreign direct investment on the productivity of production factors (labor, capital and total factor productivity) and income inequality of households in four Central and Eastern European countries (Poland, the Czech Republic, Slovakia and Hungary) in the period 1990–2016. The four countries were selected for analysis as a classic example of European countries transforming their economic structures and similar in terms of the level of economic development. In turn, the choice of the analysis period was related to the availability of necessary statistical data.

According to the theory of economics, the inflow of foreign direct investment should have a positive impact on production factors productivity as well as on income inequalities of households in investment receiving countries. In the study, a research method based on the study of economic literature in macroeconomics and international finance and econometric methods (vector autoregression models—VAR) was used. Results of the research suggest a significant and positive impact of greenfield investment inflow on labor productivity and total factor productivity, as well as a positive impact of brownfield investment inflow (mergers and acquisitions) on capital productivity in countries receiving investments. Moreover, the results also revealed the lack of a statistically significant impact of greenfield and brownfield investment on income inequalities in all of the examined countries. The statistical data used in the study came from the statistical databases of the Organization for Economic Cooperation and Development (OECD), the World Bank (World Development Indicators), World Income Inequality Database (United Nations University World Institute for Development Economics Research) and Total Economy Database (The Conference Board of Canada).

References Jovanovski, T. (2007). Megunarodni finansii. Skopje: Euro-mak Company. Kapor, P. (2007). Bank basics of banking and international banking. Megatrend univerzitet Beograd. Krstić, B. (2001). International Banking. Ekonomski fakultet Niš. Kozomara, J. (2001). Foreign Trade. Beograd: Besjeda i Ars Libri. Ognjanović, V. (2004). International Banking - basics, structure, functioning. Podgorica: Grifon. Stakić, B. i Barać, S. (2008). International Finance. Univerzitet Singidunum Beograd. Tomić, M. (2009). Bank guarantee - an instrument of securing payment and

), Creditor rights, enforcement and bank loans. Journal of Finance ,64, 823-861. De Alwis, S and Basnayake B. M. R. (n.d), Credit Guarantee Schemes in Sri Lanka-Way Forward available online at Djankov, S., Caralee, M & Andrei, S. (2007), Private Credit in 129 Countries, Journal of Financial Economics, 84(2): 299-329. Edirisuriya, P. (2007). Effects of financial sector reforms in Sri Lanka:Evidence from the banking sector, Asia Pacific Journal of Finance and Banking Research 1(1), 45-63. International Finance Corporation. (2009). The

. (2015). Board diversity and its effects on bank performance: An international analysis. Journal of Banking & Finance, 53, 202-214. Houbenova-Delisivkova, T. (2015). The financial sector in Bulgaria: Problems and challenges of the regulation and policies alternatives. In: Demarrage or Slow Motion for the Economy and Finance. Sofia: UNWE Printing House, 15-27. International Finance Corporation (2016). The corporate secretary: The governance professional. Washington DC. International Finance

Configuration Models, Strategic Management Journal 18(1) pp. 2-23. [5] FICCI report: 2013Retrived from: dated 12-02-2018 [6] Haldia Petrochemicals: dated 15-02-2018 [7] International Finance Corporation, World Bank Group. (2012). Micro, Small and Medium Enterprise Finance in India - A Research Study on Need, Gaps and Way Forward. International Finance Corporation (World Bank Group). Retrieved 11-5-2013, from

References Abishev, A. A., Sidorovich, A. V. (2009). National economy: Textbook . Almaty: Ekonomika. Borzl, T. (2011). Move closer! New modes of governance and accession to the European Union. DANUBE: Law and Economics Review , 2, 1–22. Brealey, R. (1999). The Asian Crisis: Lessons for Crisis Management and Prevention. International Finance , 2(2), 249–272. Code of the Republic of Kazakhstan, dated December 10, 2008. No. 99-IV. On taxes and other obligatory payments to the budget (Tax Code) . Retrieved April 4, 2016, from http

References Badea, D. & Nicolae, C. (2015). Specific procurement procedures – sources of risk in the management of Structural Funds in Romania . Bucharest: Proceedings of the International Finance and Banking Conference FI BA 2015 (XIIIth Edition), Retrieved from . Badea, D. & Nicolae, C. (2015). Insurance of risks specific to non-reimbursable funds management system in Romania. Bucharest: Financial Studies, Year XIX – New series – Issue 2A(68A)/2015, Retrieved from . Badea, D. (2003). Insurance & reinsurance

References Bezpośrednie inwestycje zagraniczne w latach 2001-2010 - ogólne tendencje , 2011, Ministerstwo Gospodarki, Department Analiz i Prognoz, Warszawa. BRIDDELL E. T., 2010, A Guide to Global Real Estate Investment Options , BNY Mellon Asset Management. Doing business in a more transparent world. Comparing regulation for domestic firms in 183 economies , 2012, a copublication of the World Bank and The International Finance Corporation, Washington D.C. EICHOLTZ P., GUGLAR N., KOK N., 2010, Transparency, Integration, and the Cost of International Real Estate