Prague, Czechia


and in the validity of decision-making. The assumption is that by eliminating this determination by amending Competition Law and by influencing the determinants (GDP, attracting FID, education, corruption), preconditions can be created for a more efficient competition policy in BiH. 2. Literature review The effective competition law implementation depends on different components within some national economy and it must take in consideration various relational macroeconomic indices. Many scholars consider that public enforcement of competition law is insufficient, and it needs to be complemented with private enforcement. These studies indicate that the level of economic development, the size of an economy, transition and economic reforms, foreign direct investment, sectoral structure, economic activity of the state, openness to trade, international organizations, membership in regional trade agreements, and corruption might have an impact on effective enforcement of competition law (Kronthaler, 2007, p. 6). Michael W. Nicholson (2008) discusses the Antitrust Index and turns the presence of “law” into a numerical measure of the competition regime by awarding binomial points in case there are competition laws in a particular national jurisdiction, and to get the final result by summing the individual components. The finding he made is the claim that “strong laws” do not necessarily represent an effective antitrust policy. He also believes that there is a nonlinear link between the adjustment of antitrust laws and the size of the national economy. Analysing the results, the view is that the impetus for the adoption of antitrust laws is linked to the guidelines of “model” laws and highlights the gap between de jure legislation and de facto implementation. There are a number of studies on the relationship between GDP and competition policy. It is indisputable that the growth of GDP per capita in one country is a precondition for higher allocations in the budget to antitrust authorities. Increasing the budget of antitrust bodies provides more financial resources for sophisticated equipment and education of employees in these bodies. Better equipment and education of employees in antitrust authorities are one of the internal factors of work efficiency and efficiency of law enforcement. On the other hand, an effective competition policy has a positive impact on economic growth (Voigt, 2009; Singh, 2002). The correlation between foreign direct investment and competition policy raises many questions. It is undisputed that Foreign direct investment is the engine of growth in small open economies and that foreign investors want legal certainty and protection of competition in the national market. On the other hand, policy makers in countries where there is an influx of foreign investment have a dilemma of how to protect domestic industries (Clarke, 2008). There are studies that


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