Shaping the future of Serbia's economy: The new growth model and related economic policy platform

Đuričin, Dragan; Lončar, Dragan

doi:10.5937/ekopre2002001d

Cited by 13 publications

(14 citation statements)

References 4 publications

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“…Both changes are preconditions for recovery in the short term and for rebound in the longer term, which means following a sustainable and inclusive growth pattern in the post-crisis period. We discussed the related conceptual framework extensively in our previous work, for example in [2] and [4]. A core idea is the harmonization of industrial policies through impact investments and macroeconomic automatic stabilizers from core economic policies, both monetary and fiscal.…”

Section: Where Is Serbia's Economy Going In the Middle Of Covid-19 Crisis?mentioning

confidence: 99%

“…To made long-term debt sustainable, in the next five years Serbia will need the compound average growth rate (CAGR) of minimum 2.8 percent. 2 In very unusual times, marked by enormous difficulties and opportunities, unlike paranoid optimists, cautious optimists are constantly questioning their optimism. The adverse consequences of not doing enough are more dangerous than agility followed by trials and errors.…”

Section: Nota Benementioning

confidence: 99%

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The great reset of Serbia's economy during and after the COVID-19 crisis

Đuričin¹,

Herceg²

2021

Ekonomika preduzeća

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Since 2020 the modern world has been witnessing a complex crisis, which is essentially a medical crisis (the COVID-19 pandemic) within a structural economic crisis. In addition to the current nexus of risk stressors, such as anthropogenic climate crisis, biodiversity loss, financialization and income inequality, all global and cross-cutting by their very nature, in the last period biorisk has been growing dramatically. The COVID-19 pandemic is a devastating and tragic moment which is rapidly becoming a matter of primary public concern. Social distancing, as the most effective anti-pandemic measure, has pushed the economy into sleep mode. Hibernation provokes a truly systemic economic downturn. The current crisis is particularly deepening structural imbalances of the neoliberal model of capitalism. Core policies responses, such as liquidity infusion and fiscal stimulus, are massive and permanent. Increasing moral hazard and irrational exuberance, such policies are destroying capital markets, as a brain of the market economy. But every crisis is also a chance to change. By tackling the neoliberal capitalism' fault lines in a more effective way, it may actually accelerate the pace to the future we had in mind. A quick restart (or recovery) of the economy and a later rebound require systemic and concerted action in order to mitigate the negative effects of both medical and economic crisis. In managing a complex crisis such as this one, guided by the vision of a sustainable, inclusive and prosperous economy, governments all around the world should take radical reform steps. It means, at least, two things at once. First, dealing with the pandemic as a macroeconomic variable. Second, implementing core economic policies (monetary and fiscal) in a structural way. To do so, the transition from shareholder capitalism to stakeholder capitalism is imminent. An emerging system will combine two institutional choices, the "visible hand" of state (impact investments based on structural or industrial policies) and the "invisible hand" of market forces. It's time to give the government a stronger voice in the economy. To create value instead of redistributing value, the major part of impact investments will be in circular and regenerative economy, health care, infrastructure (physical and conceptual), science, and education. The objective of this paper is twofold. First, to fill the present conceptual vacuum created by the neoliberal doctrine economics rules with the aim of identifying key components of Serbia's economy revival based on its macroeconomic specifics and catalytic impact of new economics rules during and after the COVID-19 pandemic. Second, to highlight the relevance of key components of stakeholder capitalism, including the regenerative and circular model of growth and heterodox economic policy platform for the Great Reset, or recovery and rebound respectively.

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Section: Where Is Serbia's Economy Going In the Middle Of Covid-19 Crisis?mentioning

confidence: 99%

Section: Nota Benementioning

confidence: 99%

The great reset of Serbia's economy during and after the COVID-19 crisis

Đuričin¹,

Herceg²

2021

Ekonomika preduzeća

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“…This is especially true due to low private investment. However, these figures are expected to improve due to newly introduced tax incentives for companies that invest in research and innovation [10].…”

Section: Literature Reviewmentioning

confidence: 99%

The impact of innovation indicators on increasing exports of high technology products

Domazet¹,

Marjanović²,

Ahmetagić³

et al. 2021

Ekonomika preduzeća

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Competitiveness of high-technology products (HTP) is more significant on the world market than products of medium and low quality. Increase in the innovation performance should lead to the growth of high technology application in production consequently rising exports of HTP as an important factor in increasing competitiveness. In this paper we wanted to analyze the correlations and conditionality of exports of HTP (share of exports in total country exports) and selected indicators that influence innovation: GDP, R&D costs (research and development cost in four sectors), degree of education of the population, number of researchers (in four sectors) and global innovation index (GII). The main aim was to identify which indicators contributed to the growth of exports of HTP in the analyzed countries (Serbia, Romania, Bulgaria and Hungary) in the observed period of ten years (2009-2018), in order to give certain recommendations on the measures and procedures Serbia should take to increase the level of innovation index and exports of HTP. In this paper, the exports of HTP was analyzed in Serbia, Romania, Bulgaria and Hungary. The influence of the chosen indicators on export of high technology products was analyzed using the POLS model, the fixed effects model and the random effects model. The results indicate that if analyzed countries do not find resources to intensify investment in education and R&D, they will not reach the average EU innovation indicators for many years. Also, it will seriously harm the competitiveness of the economies of the observed countries in the conditions dictated by the modern business environment and the challenges of the fourth industrial revolution (Industry 4.0).

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“…Posle raspada federalne države, Srbija napušta socijalističko uređenje, propadaju veliki privredni sistemi, tržište se smanjuje, a stanovništvo gubi kupovnu moć (Milošević, 2004). Velika je fluktuacija radne snage zbog migracija i nesigurnost u pogledu toga kako zadržati radno mesto i izboriti se sa efektima konkurencije na poslu (Đuričin i Lončar, 2020;Cerović, 2009;Majstorović, 2012;Pavlov, 2011;Stojiljković, 2012). Izmenjeni zahtevi posla dovode u pitanje kvalifikacije i obučenost koju pružaju obrazovne ustanove i same u značajnim promenama (Petrović et al, 2019).…”

Section: Uvodunclassified

“…Izmenjeni zahtevi posla dovode u pitanje kvalifikacije i obučenost koju pružaju obrazovne ustanove i same u značajnim promenama (Petrović et al, 2019). Nova društvena elita nema kapacitet da izvede potrebne društvene promene, dok nivo postignutog konsenzusa u pogledu pravaca daljeg razvoja ne može da obezbedi zajedničko delovanje društvenih snaga (Đuričin i Lončar, 2020;Maksić i Pavlović, 2012;Petković Gajić, 2019).…”

Section: Uvodunclassified

Is theory the best practise: A review of research in work psychology in Serbia (1995-2019)

Đurišić-Bojanović¹,

Maksić²

2021

Psihol istraživanja

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The paper deals with the relationship between academic, applied and practical knowledge in the field of applied psychology, which has the potential to contribute to economic and social development. The aim of the analysis is to make an initial insight into the dominant topics and social relevance of research activities in the field of work psychology in Serbia in the period of significant social changes (1995-2019). The material for the analysis consisted of abstracts of papers in the field of work psychology, which were presented at two leading national conferences - Empirical Research in Psychology and the Meeting of Psychologists of Serbia (N = 657). The thematic analytical procedure was used for the construction of the code system used for defining the criteria for collecting relevant data. Exploratory sequential design and comparative longitudinal analysis were used for data processing. The general conclusion based on qualitative data analysis suggests the existence of social relevance of research activities in the field of work psychology in this period. The results of the analysis were also considered from the perspective of some recent models of strategic planning and social development. The obtained results indicate the emergence of new topics and areas, as well as the existence of a link between significant social changes and research activities in the field of work psychology in this period. Some elements of the new paradigm of the positive human resource development practice are highlighted. The paper concludes with discussing the broader theoretical-methodological and practical implications of the obtained findings for work psychology.

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Shaping the future of Serbia's economy: The new growth model and related economic policy platform

Cited by 13 publications

References 4 publications

The great reset of Serbia's economy during and after the COVID-19 crisis

The great reset of Serbia's economy during and after the COVID-19 crisis

The impact of innovation indicators on increasing exports of high technology products

Is theory the best practise: A review of research in work psychology in Serbia (1995-2019)

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