Suchergebnisse

This paper analyses state aid, as a type of measure for intervention in the economy, which should aim to improve competition in market. State aid was analysed in terms of its volume and structure in the Republic of Serbia, as well as comparatively in some neighbouring countries from the region. Special attention was given to specifics of Serbian state aid in the context of the European Union accession, as well as to efficiency of the state aid and its impact on the national competitiveness. The main objective of the paper is to point out the necessity of state aid measures, especially in the case of developing countries, as well as the necessity of more efficient and effective use of state aid. Also, the paper will point out weaknesses that occur when decisions about provision and implementation of state aid are made, and to stress out the need to improve horizontal, sectoral and regional allocation of state aid in order to achieve positive effects on the competitiveness of economy in Serbia, Montenegro, and Bosnia and Herzegovina. Finally, the paper emphasizes the importance of building an efficient state aid control system in the process of fulfilling the pre-accession obligations of the observed countries in the EU accession process.

In last few decades the significance of sustainable development is recognized by many international and public institutions. Climate changes and more frequent environmental degradation have influenced human awareness that their life and business style can seriously affect the quality of the environment, and therefore the future of the whole humanity. Developed countries have recognized the importance of sustainable development concept, but on the other side, developing countries still lag behind regarding the implementation of the sustainable development concept in all segments of society. Serbia and its neighbors are still at the beginning of implementation of the sustainable development concept, but through specific indicators the implementation of the sustainable development strategy can be successfully measured.

The aim of this study is to examine the influence of trade margins limitations to the prices of basic food products and general price level in the Republic of Serbia. Assessing the effects of the Regulation on the margins limitations from 2012, this paper considers the purpose of applying this instrument of indirect price control. In practice, prescribing a maximum trade margins can have positive effects on the food market stability only in the short term. It is therefore necessary a broader consideration of the factors of pricing on the food market and food inflation regulation by economic policy measures. A particular problem is the low degree of competition in the trade sector, which significantly affects the prices of the final products. Food price movements are very unstable, while their share in the consumer price index in the Republic of Serbia is significantly. It is logical to conclude that food prices have a dominant influence on inflation, so that the government actions in this area are justified.

Stylised facts of GDP growth patterns of developing (or transition) countries reveal huge difference to the GDP pattern observed in developed countries. Namely, they are characterised by a specific characteristic - instability, much higher and different from the ones observed in developed countries. This paper brings forward the assessment of the instability of growth, which is observed and tested in the case of several Balkan economies. In the course of transition, they experienced sudden turns from positive to negative average growth rates (or vice versa) caused by many structural, economic, political and social changes. Hence, the main purpose of the paper is to review the very recent literature on instability in growth and to empirically analyse it in the case of Balkan group of transition economies, performed by use of the simple linear regression analysis on the GDP growth data series. Main goal is to determine whether GDP growth patterns in the course of transition were characterised by instability and breaks. The results suggest that the growth process in Balkan economies cannot be described simply by a single rising trend, since the simple linear regression analysis shows very poor statistical fit. In general, the assessment guides towards an in-depth study of the instability of growth in the course of transition with a novel growth concept that will allow for shifts or breaks in trend, accompanied by a non-linear modelling approach that will allow the parameters to adjust to reflect structural changes in the course of transition.

Environmental protection presents one of the main goals of every social-responsible economy. Environmental taxes based on the principle "the polluter pays", within the system of fiscal measures, present the basic instruments of environmental protection. The member states of the European Union (EU) belong to a group of the leading countries in the implementation of environmental taxes. Since the aim of the Republic of Serbia is to join EU, it is quite clear that in the future it will have to harmonize its normative acts with the EU legislation in the field of environmental protection. In the field of environmental protection in Serbia, we still have the implementation of more regulatory-normative measures in relation to the implementation of economic measures. Therefore, the comprehensive environmental tax reform is imminent. In the future, making the traditional tax rates green, presents the inevitability both in the system of regulatory and the system of institutional changes as well. In this paper, a brief review of the types of environmental taxes, which have already been implemented in EU has been given, as well as the current state in Serbia concerning the implementation of valid regulations in this field. When the importance of revenue from taxes and compensations for the environmental protection are taken into account, then a more responsible approach is necessary in statistic monitoring, recording, as well as in the process of purposeful spending of collected funds. When these conditions have been fulfilled, we can talk about a serious analysis of the state and efficient implementation of environmental taxes in the field of environmental protection. ; Zaštita životne sredine predstavlja jedan od ključnih ciljeva svake društveno-odgovorne ekonomije. Ekološki porezi po principu "zagađivač plaća", u sistemu fiskalnih mera predstavljaju osnovne instrumente zaštite životne sredine. Zemlje članice Evropske unije (EU) pripadaju grupi vodećih zemalja kada je u pitanju primena ekoloških poreza. S obzirom da ...

Stylised facts of GDP growth patterns of developing (or transition) countries reveal huge difference to the GDP pattern observed in developed countries. Namely, they are characterised by a specific characteristic - instability, much higher and different from the ones observed in developed countries. This paper brings forward the assessment of the instability of growth, which is observed and tested in the case of several Balkan economies. In the course of transition, they experienced sudden turns from positive to negative average growth rates (or vice versa) caused by many structural, economic, political and social changes. Hence, the main purpose of the paper is to review the very recent literature on instability in growth and to empirically analyse it in the case of Balkan group of transition economies, performed by use of the simple linear regression analysis on the GDP growth data series. Main goal is to determine whether GDP growth patterns in the course of transition were characterised by instability and breaks. The results suggest that the growth process in Balkan economies cannot be described simply by a single rising trend, since the simple linear regression analysis shows very poor statistical fit. In general, the assessment guides towards an in-depth study of the instability of growth in the course of transition with a novel growth concept that will allow for shifts or breaks in trend, accompanied by a non-linear modelling approach that will allow the parameters to adjust to reflect structural changes in the course of transition.

Environmental protection presents one of the main goals of every social- responsible economy. Environmental taxes based on the principle "the polluter pays", within the system of fiscal measures, present the basic instruments of environmental protection. The member states of the European Union (EU) belong to a group of the leading countries in the implementation of environmental taxes. Since the aim of the Republic of Serbia is to join EU, it is quite clear that in the future it will have to harmonize its normative acts with the EU legislation in the field of environmental protection. In the field of environmental protection in Serbia, we still have the implementation of more regulatory-normative measures in relation to the implementation of economic measures. Therefore, the comprehensive environmental tax reform is imminent. In the future, making the traditional tax rates green, presents the inevitability both in the system of regulatory and the system of institutional changes as well. In this paper, a brief review of the types of environmental taxes, which have already been implemented in EU has been given, as well as the current state in Serbia concerning the implementation of valid regulations in this field. When the importance of revenue from taxes and compensations for the environmental protection are taken into account, then a more responsible approach is necessary in statistic monitoring, recording, as well as in the process of purposeful spending of collected funds. When these conditions have been fulfilled, we can talk about a serious analysis of the state and efficient implementation of environmental taxes in the field of environmental protection.

Political and economic changes in the former socialist countries in the early 90s of the 20th century have not only opened up possibilities for the future democratic development of these countries, but also an opportunity for solving economic, political, social and environmental situation in the context of building a new, market economic system. The unfavorable environmental situation in Serbia is caused by many factors, among which frequent changes in the economic system in the past and inadequate economic and system solutions occupy a significant place. A critical approach to the impact of economic system solutions to the political and institutional arrangements for environmental protection in the SFRY, FRY, Serbia and Montenegro and RS is therefore a suitable starting point for understanding the importance and the need to take a more active approach to solving environmental problems in Serbia. It is also a goal of this work. In addition, solving the problems in the field of environmental protection is crucial for achieving sustainable development and improving the competitiveness of the Serbian economy.

Abstract
The disparities between the regions are the main obstacle to a balanced and harmonious economic and social development. Increasing regional disparities in the countries in transition has led to the increasing attention paid to multicriteria analysis of regional disparity of economic and social development. The regional development in Republic of Serbia, as a country in transition, after wave of recession faced with additional challenges, such as: increasing the economic gap between regions and increasing regional demographic regression. The purpose of this research is to evaluate the regional disparity of economic development as well as the regional disparity of demographic development in the Republic of Serbia. The aim is to analyze the interdependence between economic and demographic development of the regions. According to the six indicators of economic development and the six indicators of demographic development, this paper makes the analysis by VIKOR and the method of ENTROPY as well as correlation analysis. The results of research indicate that there is a statistically significant relationship between economic and demographic development of regions in the Republic of Serbia. This paper indicates the need for a further research in order to identify the main obstacles that countries face within the process of economic and demographic development.

Abstract
The characteristics of the developing market to which the Serbian market belongs are: illiquidity, low turnover and nontransparency. The aim of this paper is to examine the possibility of application of the Markowitz's model for forming the set of efficient portfolios on the capital market in Serbia. The research is based on previous theoretical and empirical research in the world. Statistical methods of determining return and risk, matrix of variances and covariances for liquid shares have been applied. Portfolio optimization has been conducted by add-in programme Solver included in the Microsoft Excel package, respecting the limitations according to Markowitz's model. The results of the analysis have shown that the set of efficient portfolios, which meets the criterion that they give minimal risk for the given return, can be formed on the capital market in Serbia. The results show that Markowitz's model allows the investors to select the efficient portfolio, but only for liquid shares, depending on the risk they are ready to accept. The findings of this paper indicate that expressive illiquidity on the Serbian market and insufficient number of shares for diversification by sectors make the practical application of the research results difficult.

Regional differences are one of the most important forms of expression of uneven economic development. The unevenness of the level of development in the regions in the Republic of Serbia is one of the most complex development problems. The current economic policy has caused that the gap between rich and poor regions is increasing in Serbia. Different demographic development of the regions is consequences of differences of economic development. In this paper, the authors analyze the quantitative and qualitative population's characteristics. Attention is given to the implementation of VIKOR methods in order to rank the regions of Serbia according to the level of demographic development. Ranking regions by multiple criteria simultaneously, contributes to the determination of the real situation in terms of regional differences. The authors demonstrate that the multi-criteria analysis could be applied to determine the demographic disparities between the levels of development of the regions. The criteria and their importance could be changed depending on the consideration of demographic, economic and social development. Also, other methods of multi-criteria analysis in the evaluation of the demographic development of the region or state is applied.

The starting hypothesis is that the market structure to a large extent determines the conduct and the level of the achieved performance of economic entities. The aim of this paper is to determine the theoretical and empirical correlation between market structure, conduct, and performance of economic entities. The paper provides an analytical overview of the mobile telecommunications market in the Republic of Serbia. By using different indicators (the Concentration ratio, the HHI, the Lorenz curve, and the Gini coefficient), the supply concentration in this market is measured and the nature of competition is analysed. By using statistical methods (correlation and simple linear regression analysis), the correlation between the variables, which confirmed the existence of a strong positive correlation between the degree of supply concentration on the market and the level of achieved performance is examined.

Political and economic changes in the former socialist countries in the early 90s of the 20th century have not only opened up possibilities for the future democratic development of these countries, but also an opportunity for solving economic, political, social and environmental situation in the context of building a new, market economic system. The unfavourable environmental situation in Serbia is caused by many factors, among which frequent changes in the economic system in the past and inadequate economic and system solutions occupy a significant place. A critical approach to the impact of economic system solutions to the political and institutional arrangements for environmental protection in the SFRY, FRY, Serbia and Montenegro and RS is therefore a suitable starting point for understanding the importance and the need to take a more active approach to solving environmental problems in Serbia. It is also a goal of this work. In addition, solving the problems in the field of environmental protection is crucial for achieving sustainable development and improving the competitiveness of the Serbian economy. Key Words: economic system, reforms, environmental policy, Republic of Serbia

Energy crisis, reduced supplies of fossil fuels and enormous pollution of the planet caused many countries to turn to alternative sources of energy, especially renewable energy. To ensure energy security and economic competitiveness, and reduce negative impacts on the environment, the Republic of Serbia needs to make significant efforts towards the promotion and utilization of renewable energy and energy efficiency in all energy sectors. This paper tries to show the benefits of using renewable energy sources, in order to raise awareness about the importance of obtaining energy from these sources. This will improve the quality of the environment and reduce dependence on imported energy. This paper will also give an overview of the status and potential of renewable energy sources, a brief description of certain incentive measures with reference to international conventions, agreements and conditions of accession of the Republic of Serbia to the European Union related to the use of renewable energy sources.

The purpose of this study is to determine the relationship between individual dimensions of institutional quality and inflows of foreign direct investment (hereinafter: FDI) on a sample of European countries in 2020. In order to investigate this relationship, the data used are from the relevant World Bank databases. Taking into account the heterogeneity of the analyzed countries regarding the development level of the dimensions of institutional quality, cluster analysis is applied to define homogeneous groups. After identifying the significance of differences in the development level of the institutional quality dimensions between clusters, the analysis focus is placed on the group of countries that belong to the first cluster. The Gray relational analysis is applied to identify those institutional quality dimensions which development should be improved. The main empirical finding of this study reveals that the relative importance of the individual institutional quality dimensions in determining FDI inflows varies in the observed countries. Also, the analysis shows that a low level of political stability has the greatest negative impact on FDI inflows in countries that belong to the first cluster. Therefore, this study gives policy recommendation regarding the activities that should be taken by the authorities in order to create an enabling institutional environment for FDI in these countries.