Comparative analysis of the economic policy response to COVID-19 in the EU-27 and Republic of Serbia

Nikolić, Ivan; Filipović, Sanja

doi:10.5937/ekopre2108460n

Cited by 4 publications

(3 citation statements)

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“…When the Covid shock occurred, several central banks significantly increased the quantity of assets on their already massive balance sheets. They were accompanied by a comprehensive variety of macroprudential and fiscal short-term initiatives [30].…”

Section: Resilience To the Cv-19 Shockmentioning

confidence: 99%

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Why EWSs for financial crises failed during the Covid-19 pandemic: The example of Serbia

Nikolić¹,

Kovačević²,

Stančić³

2023

Ekonomika preduzeća

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Early warning systems (EWSs) are designed to anticipate future crises, giving policymakers optimism that they would be able to make proactive management decisions. The demonstration of EWSs effectiveness in the economy was clear throughout the Asian financial crisis at the end of the 1990s, the financial crisis of 2007-2008, the Great Recession, and the European sovereign debt crisis of 2008-2012. However, EWSs failed during the COVID-19 pandemic. Using Eichengreen et al. [13], Kaminsky et al. [23], and Sachs et al. [33] methodology, the paper explains this phenomenon by analyzing the determinants of currency crises episodes in the Republic of Serbia from January 2001 to December 2021. The complexity of the current crisis required a change of approach. As reflected by the Statistical Office of the Republic of Serbia, one of the solutions is to develop a Decision-Making Support System (DMSS). EWSs presented here could serve as one of the many inputs in the assessment and identification of financial crises. However, these models are not accurate enough to be used as the sole method to anticipate crises. Like other crisis models, they bring benefits but obviously have their drawbacks. That is why it would be good to put them under the auspices of a more complex DMSS. Again, for now DMSS should be seen just as a better alternative to earlier practice. This is neither a final nor an almighty option, but it must be further worked on in the future.

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Section: Resilience To the Cv-19 Shockmentioning

confidence: 99%

“…COVID-19 has affected the overall economic system in many ways [22], [16], [38], [30]. We like to say it is an unprecedented shock to the world economy since WWII.…”

Section: Introductionmentioning

confidence: 99%

Why EWSs for financial crises failed during the Covid-19 pandemic: The example of Serbia

Nikolić¹,

Kovačević²,

Stančić³

2023

Ekonomika preduzeća

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“…According to the National Bank of Serbia (Tabaković, 2021), if the monetary and fiscal policy measures had not been implemented, Serbia's economic activity would have fallen by more than 6% in 2020. Unlike the Eurozone, the Serbian economy has had low debt growth, with a well-capitalized banking system that is resistant to credit risk expansion (Nikolić & Filipović, 2021). However, Serbia's present government strategy of a large budget deficit and increasing public debt might put the country in danger in the future (Labus, 2021).…”

Section: Marketing Activities Under the Impact Of The Covid-19 Pandemicmentioning

confidence: 99%

Measuring the impact of the COVID-19 pandemic on the marketing industry of Serbia

Adžić¹,

Ivanović²

2022

Marketing

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Although publications on the economic impact of the COVID-19 pandemic are widely available, papers on the economic impact of the COVID-19 pandemic on commercial firms, particularly marketing firms, are scarce. The aim of this exploratory study is to examine the impact of COVID-19 on the marketing industry in Serbia. Based on the variables generated from critical topics on marketing and the pandemic from the papers presented in the Literature Review section, we created a seven-pointLikert-type research scale entitled "Pandemic Impact on Marketing". The sample (n = 157) in the quantitative survey we conducted in November and December 2021 was intentional and predetermined. After confirming the sample was normally distributed, we conducted a reliability study of our 14-item scale. The calculated Cronbach's Alpha was 0.791. Since the Kaiser-Meyer-Olkin measure of sampling adequacy was 0.776 and the Bartlett'stest of sphericity was Sig = 0.000, we further reduced our scale and yielded two interpretable components, Internal Success Factors, and External Success Factors. Finally, we conducted a series of parametric tests. The assessment of marketing experts from our sample on how successfully they coped with the pandemic was above average. They gave the over all success of their activities during the pandemic a rating of 5.01 out of 7. The marketing industry of Serbia has successfully dealt with the risks posed by the coronavirus pandemic.

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The Darker Side of Fintech: the Emergence of New Risks

Jović

Nikolić

2022

Zagreb International Review of Economics and Business

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The financial sector has always been recognized as a traditional activity. One of the biggest challenges facing the financial sector recently is the introduction of new technologies. Financial innovations, and especially the development of financial technologies (FinTech), contribute to changing the way the entire financial system, including the banking sector, changes in the digital economy. The changes brought about by financial innovations and technologies condition all market participants, and especially banks, to continuously improve their business in order to keep up with the competition. FinTech enable easier access to financial services, improvement of traditional services, provide greater efficiency, lower costs and automation of regulatory reporting. They have changed the way we perceive financial institutions. Banks can increasingly be seen as an application on the phone and computer through which financial services can be performed, less and less as a grand building that instils confidence. However, it should be borne in mind that the application of financial innovations, in addition to the advantages, carries with it many risks, in a way that it can be said that digital technologies change existing ones, but also bring new risks in the field of financial services. The key risks caused by these technologies include strategic, operational and cyber risk, the risk of business compliance with data protection regulations, as well as liquidity risk. The importance of outsourcing risk is not negligible. It is precisely because of the speed of change and innovation that new risks are constantly emerging. With the growing importance and number of these firms, as well as the speed of their cross-border transactions, the fact is that it is necessary that these firms must adjust the way they measure risk in accordance with the speed and pace of their development. The importance of risk management must be one of the key points for FinTech companies, both now and in the future. Due to the observation of advances in financial technologies and the assessment of the risks that financial innovations bring, there is a need to harmonize regulatory frameworks, in order to ensure that none of the financial service providers would be at a disadvantage. However, regulatory bodies must carefully consider the dynamics and manner of regulation, bearing in mind that in a rapidly changing environment, excessive and rapid regulation carries the risk of undesirable outcomes in a way that does not exploit the full potential of innovative technologies. The development and increasing use of financial technologies affects the activities of all participants in the financial market, which imposes the need for continuous learning and adaptation of users and providers of these services, as well as supervisors and regulators. An additional challenge for financial institutions is the fact that competition in the provision of financial services comes from IT companies, which necessarily imposes the need to adapt its business models. Financial institutions are facing one of the biggest business challenges. All this brings special challenges for the creators of regulatory standards (RegTech) and the development of supervision based on new technologies (SupTech).

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Comparative analysis of the economic policy response to COVID-19 in the EU-27 and Republic of Serbia

Cited by 4 publications

References 10 publications

Why EWSs for financial crises failed during the Covid-19 pandemic: The example of Serbia

Why EWSs for financial crises failed during the Covid-19 pandemic: The example of Serbia

Measuring the impact of the COVID-19 pandemic on the marketing industry of Serbia

The Darker Side of Fintech: the Emergence of New Risks

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