{"title":"Blockchain as a method of resolving hold-up problem","authors":"Predrag Cvetković","doi":"10.5937/rkspp2102009c","DOIUrl":"https://doi.org/10.5937/rkspp2102009c","url":null,"abstract":"The hold-up problem is a form of opportunistic behavior of contractual partners. It occurs when the optimal volume and structure of transactions cannot be defined with ex ante certainty. The consequence of the hold-up problem is that, once a contractual relationship has been established, one of the parties seeks to modify the distribution of benefits in such a way that it has a higher level of profit from the contract than is justified by the contractual investments it has made. The paper examines the potential of the Blockchain concept to, applied as a framework of \"smart\" contracts, contribute to the elimination or reduce opportunities for the emergence of a hold-up situation. The Blockchain concept with its characteristics (transparency, protection of data integrity, shareability) deploys the foregoing potential in three ways: by witnessing the transaction via the Blockchain; ensuring the execution of a (by Blockchain certified) transaction; by verifying transactions through a decentralized system that replaces verification by third parties (courts or arbitration). Consequently, the Blockchain concept for storing and managing information substitutes the role played by the institute of trust in the classical (\"analog\") legal relationship.","PeriodicalId":236613,"journal":{"name":"Revija Kopaonicke skole prirodnog prava","volume":"140 7-8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129409113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Dispute review/adjudication boards: One more alternative to court litigation","authors":"Milena Petrović","doi":"10.5937/rkspp2002099p","DOIUrl":"https://doi.org/10.5937/rkspp2002099p","url":null,"abstract":"Dispute board is a relatively new, internationally recognised ADR method, a regular feature of international construction and infrastructure contracts. It is composed of three independent and impartial persons selected by the contracting parties. It's basic function is not only to resolve disputes among the parties, but also, if at all possible, to prevent them from happening. So, the board members help the parties avoid or overcome any disagreements or disputes that arise during the implementation of the contract. They also serve to ensure that, where differences between parties escalate into disputes, issues are resolved equitably and as expeditiously and cost-effectively as possible, so that relationships are enhanced (rather than harmed) for the future. The DBprocess is designed to be fast, cheap and well suited for construction disputes. The parties care fully pick their own panel based on integrity, knowledge of the work, and experience in dispute settlement. Dispute boards are certainly not new but experience over the last twenty years has proven them to be highly successful, relatively inexpensive and the only proactive form of ADR which promotes the avoidance of disputes.","PeriodicalId":236613,"journal":{"name":"Revija Kopaonicke skole prirodnog prava","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116759025","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The interpretation of law between balancing and reasonability in the case law of the Court of Justice of the EU","authors":"G. Benacchio","doi":"10.5937/rkspp1901275b","DOIUrl":"https://doi.org/10.5937/rkspp1901275b","url":null,"abstract":"","PeriodicalId":236613,"journal":{"name":"Revija Kopaonicke skole prirodnog prava","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123770712","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The concept of national treasures under Polish and EU cultural heritage law","authors":"A. Jakubowski","doi":"10.5937/rkspp2102061l","DOIUrl":"https://doi.org/10.5937/rkspp2102061l","url":null,"abstract":"\"National treasure\" is one of the key notions of cultural heritage law. It is of particular relevance for the European Union in the context of the free movement of goods in the Single Market and the permitted exceptions to this freedom. In principle, it refers to those objects \"possessing artistic, historic or archaeological value\" whose preservation is in the vital cultural interest of the Member State concerned. Hence national law constraints on their import and export do not violate treaty obligations in force so long as such constraints are not arbitrary or do not constitute disguised restrictions on trade between Member States. The question arises, however, as to the practical meaning of this notion, i.e. whether Member States can freely determine what constitutes a \"national treasure\". This article seeks to answer that question by analysing how the notion of national treasures was transposed into the Polish legal system in 2017, and what the consequences of this recent regulatory intervention might be.","PeriodicalId":236613,"journal":{"name":"Revija Kopaonicke skole prirodnog prava","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130151084","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Reform of key interest rates on the money market and some implications for credit markets","authors":"Đorđe Đukić","doi":"10.5937/rkspp2102189d","DOIUrl":"https://doi.org/10.5937/rkspp2102189d","url":null,"abstract":"Ongoing reform of key interest rates on the money market is one of the most significant events on financial markets in the world. This is due to the fact that most of the LIBOR rates in different currencies will be discontinued at the end of 2021. Cessation of LIBOR after a number of scandals following emerging global financial crisis in 2008 lead to existence of more benchmark rates constructed as risk-free rates based on transactions, from SOFR in the U.S.A. to SARON in Switzerland. Intention of EU regulators is to replace EURIBOR with ESTR in the future so that ESTR becomes benchmark for EU and EFTA. The last analysis of lenders and borrowers' positions indicates that EURIBOR is satisfactory reformed based on the fact that in its determination data about transaction and expert judgment are included. According to the current prevailed thinking in the banking industry EURIBOR could be continually used. True, not necessarily on the derivatives market, but certainly on the credit and mortgage markets which are particularly related to EURIBOR in eurozone.","PeriodicalId":236613,"journal":{"name":"Revija Kopaonicke skole prirodnog prava","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122893192","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Macroeconomics and political misuse: Interpreting economic policy","authors":"Aleksandra Praščević","doi":"10.5937/rkspp2102171p","DOIUrl":"https://doi.org/10.5937/rkspp2102171p","url":null,"abstract":"The paper focuses the impact of political abuse of economic policy on macroeconomic results, as well as the macroeconomic models that investigate this impact. The paper also presents the development of modern macroeconomics, along with main changes in the way of creating economic policy. Two key political motives - opportunistic (to stay in power as long as possible) and partisan - to achieve ideological goals in the field of economics, are considered in the context of traditional models that assume naive voters and adaptive expectations, but also in the context of rational models that include rational voters and expectations. The paper also gives certain recommendations for overcoming the politically motivated behavior of economic policymakers.","PeriodicalId":236613,"journal":{"name":"Revija Kopaonicke skole prirodnog prava","volume":"492 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123158338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Key issues in International distribution agreements","authors":"L. Tomić","doi":"10.5937/rkspp1901115t","DOIUrl":"https://doi.org/10.5937/rkspp1901115t","url":null,"abstract":"","PeriodicalId":236613,"journal":{"name":"Revija Kopaonicke skole prirodnog prava","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121092405","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Civil disputes as a consequence of COVID-19","authors":"Aleksandra Maganić","doi":"10.5937/rkspp2102115m","DOIUrl":"https://doi.org/10.5937/rkspp2102115m","url":null,"abstract":"The COVID-19 pandemic has undoubtedly brought and has still been bringing a number of changes to national legal regimes concerning civil disputes. In addition to the tremendous increase in the number of civil disputes, there are also specific legal areas in which these disputes arise as a result of the COVID-19 pandemic. The most common civil disputes arising from such circumstances concern employment relationships, cancelled travel arrangements, delays in fulfilling contractual obligations, but also compensation for damage caused by the COVID-19 infection. Various frameworks in which infection with COVID-19 can occur, such as organized trips, visits to restaurants, large events, but also visits to hospitals due to medical treatment require an attempt to respond on issues of potential claims for compensation for damage resulting from failure to act. However, the focus of our attention is on cases of compensation for damage suffered due to corona virus infection. In addition, it is interesting and challenging to focus on a group action (ger. Sammelklage) lawsuit for COVID-19 infection in the Austrian ski resort of Ischgl.","PeriodicalId":236613,"journal":{"name":"Revija Kopaonicke skole prirodnog prava","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125871223","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}