Economic Analysis
type: channel
description: Economic Analysis is a scientific journal published by the Institute of Economic Sciences (IES). It is published twice a year (in June and in December) in English, as e-version. Economic Analysis's mission is to inform scientific and professional public about the results of original research in the field of economics, as well as about the positive public policies intended for surpassing the identified challenges. Since 2025, the journal is ranked as the leading national journal (M24) in the filed of economics and organizational science according to the decree of the Ministry of Science, Technological Development and Innovation of the Republic of Serbia. For any information, you can contact us on e-mail jelena.banovic@ien.bg.ac.rs
publisher: Institute of Economic Sciences, Belgrade, Serbia
language: en
publication name: Economic Analysis
issn: 1821-2573
copyright: Once the manuscript is accepted for publication, authors shall transfer the copyright to the publisher. If the submitted manuscript is not accepted for printing by the journal, the authors shall retain all their rights. The following rights on the manuscript are transferred to the publisher, including any supplementary materials and any parts, extracts or elements of the manuscript: the right to reproduce and distribute the manuscript in printed form, including print-on-demand; the right to print prepublications, reprints and special editions of the manuscript; the right to translate the manuscript into other languages; the right to reproduce the manuscript using photomechanical or similar means including, but not limited to photocopy, and the right to distribute these copies; the right to reproduce and distribute the manuscript electronically or optically using and all data carriers or storage media, and especially in machine readable/digitalized form on data carriers such as hard drive, CD-ROM, DVD, Blu-ray Disc (BD), Mini Disc, data tapes, and the right to reproduce and distribute the article via these data carriers; the right to store the manuscript in databases, including online databases, as well as the right to transmit the manuscript in all technical systems and modes; the right to make the manuscript available to the public or to closed user groups on individual demand, for use on monitors or other readers (including e-books), and in printable form for the user, either via the Internet, online service, or via internal or external networks.
items: Human Capital and Equity-Adjusted Income: A BMA-Based Decomposition Approach
items: Inflation Dynamics in Southeast Europe: A Panel Econometric Analysis of Monetary Policy Transmission
items: The Economic Feasibility of Solar-Photovoltaic Noise Barriers in Road Infrastructure: A Case Study of Serbia
items: Factors Affecting Investment Funds Investing in Different Asset Classes
items: Fiscal Transparency and Accountability in Local Self-Government Units: Evidence from North Macedonia
items: Technical Performance and Productive Dynamics in Angolan Maritime Fisheries: An Intertemporal DEA-VRS Approach
items: Imports versus Domestic Production and the Food Security Dilemma in the Arab World: Evidence from a Panel CS-ARDL Approach
items: An Empirical Analysis of Supply and Demand Determinants of Global Oil Prices: The Role of OPEC
items: Assessing Economic Takeoff and Growth in the Arab World
items: Two Sides of a Digital Coin: Comparison of CBDC and Cryptocurrencies
items: The Effects of Strict Social Norms on Home Bias
items: Flexible Work Arrangements and the Hybrid Work Model: Attitudes of Employees in the Scientific Research Sector in Serbia
items: Corporate Taxation and Subsidy Distortions as Barriers to Private Domestic Investment in Serbia
items: Digital Development of Serbia Compared to Selected European Countries: A Comparative Analysis
items: Navigating Sector Momentum: Evaluating Performance in the US and Global ETFs for Retail Investors
items: Is there a Connection between Finance and Innovation?
items: Revisiting the Consumption-Wealth Nexus: A Nonparametric Exploration
items: Judicial Impact on Bankruptcy Efficiency: An Empirical Analysis of Case Duration in Serbian Bankruptcy Liquidations
items: Economic Determinants of Export Diversification in Algeria:
items: Mapping Agility Factor Dependencies in the IT Sector of Humanitarian Organizations Using the ISM Approach
items: Empowering Sustainable Growth Through Emerging Technologies in Serbia and North Macedonia
items: The Relationship between Green Growth and Trade Openness: Empirical Evidence from Indonesia
items: The Effects of Patriotism, Consumer Xenocentrism, Cultural Sensitivity, Cultural Heritage, and Country of Origin Image on the Purchase of Luxury Foreign Brands
items: https://library.ien.bg.ac.rs/index.php/ea/article/view/1961
items: Do Labour and Political Will Affect Agricultural Output?: Evidence from Sub-Saharan Africa
items: ‘Green’ Energy in ‘Red’ Yugoslavia: The Failure of Renewable Energy in Yugoslavia between the 1960s and 1980s
items: European Sustainability Reporting Standards: Lack of Progress, Alignment, and Harmonization in Western Balkans
items: The MCDM-based Assessment of Solutions for Transition to Sustainable Industry 4.0: The Case of Serbia
items: Introductory Word from the Guest Editors
items: The Use of Information and Communication Technologies Among Generation X in Serbia: A Comparison Before and After the COVID-19 Pandemic

Human Capital and Equity-Adjusted Income: A BMA-Based Decomposition Approach
type: item
description: This paper utilizes the Bayesian Model Averaging (BMA) methodological approach to explore how human capital affects equity-adjusted income and its growth rate, commonly described as inclusive growth and defined as income growth adjusted for changes in income distribution. The equity-adjusted income measure that we use is broken down into real GDP per capita and the income equity index (IEI) as its component parts. Framed in this way, the measure is designed to capture how fairly different levels and changes in national income are shaped. In this paper, we study how the preferred measure responds to human capital, a factor widely established as a major driver of both higher income growth and greater equity. We proxy human capital using variables for education and health and, alongside a set of standard growth determinants as controls, incorporate them into a BMA estimation setting. In this context, the main objective of the paper is to determine whether human capital contributes to equity-adjusted income mainly by increasing real GDP per capita or by improving income distribution. Put differently, the paper asks which of these two dimensions accounts more for the overall link between human capital and equity-adjusted income. The estimation results indicate that human capital variables do not exhibit robust effects on inclusive growth rates as originally defined. However, both education and health show robust and positive effects on the level of equity-adjusted income in logarithmic form. The structural decomposition we perform further suggests that the GDP per capita channel is materially more important, although education also retains a meaningful role through the income equity component. This outcome holds regardless of which proxy is included in the estimation.
subject: Articles
  topic: section
subject: inclusive growth
  topic: keywords
subject: GDP growth
  topic: keywords
subject: human capital
  topic: keywords
subject: income inequality
  topic: keywords
subject: inclusive growth
  topic: subjects
subject: economic growth
  topic: subjects
subject: econometrics
  topic: subjects
subject: income inequality
  topic: subjects
subject: development economics
  topic: disciplines
subject: economic growth theory
  topic: disciplines
subject: applied econometrics
  topic: disciplines
subject: welfare economics
  topic: disciplines
subject: macroeconomics
  topic: disciplines
subject: economic analysis
  topic: disciplines
creator: Vasko Kelić
rights: Copyright (c) 2021 Economic Analysis http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-04-24
publication date: 2026-04-24
doi: 10.28934/ea.2404

Inflation Dynamics in Southeast Europe: A Panel Econometric Analysis of Monetary Policy Transmission
type: item
description: This paper investigates the relationship between monetary policy and consumer price inflation in nine Southeast European (SEE) economies, with the aim of identifying the key channels through which monetary policy influences inflation dynamics. The analysis is based on an annual panel dataset covering the period 2007–2022. Static panel econometric techniques are applied, combining fixed-effects and random-effects estimators with robust standard errors. Model validity is assessed through cross-sectional dependence tests, panel unit-root tests and the Hausman specification test. The model includes lending interest rates, exchange rates and broad money (M3), alongside control variables such as producer price inflation, unemployment, adjusted net income per capita, domestic credit and foreign direct investment. The results indicate that lending interest rates exert a strong positive and statistically significant effect on inflation, consistent with Neo-Fisherian dynamics under uncertainty. Producer price inflation, domestic credit and foreign direct investment also show positive and significant effects, while broad money (M3) displays a negative coefficient, reflecting structural characteristics and high collinearity with credit aggregates in SEE financial systems. By providing a harmonized multi-country dataset and a comprehensive panel diagnostic framework, the study contributes new empirical evidence on the non-standard transmission of monetary policy in transition economies and offers policy-relevant insights for countries aligning their monetary frameworks with European Central Bank practices.
subject: Articles
  topic: section
subject: Monetary policy transmission
  topic: keywords
subject: inflation dynamics
  topic: keywords
subject: panel data econometrics
  topic: keywords
subject: Southeast Europe
  topic: keywords
subject: Neo-Fisherian effect
  topic: keywords
subject: interest rate channel
  topic: keywords
subject: credit channel
  topic: keywords
subject: transition economies
  topic: keywords
subject: Monetary policy transmission
  topic: subjects
subject: Inflation dynamics
  topic: subjects
subject: Panel data econometrics
  topic: subjects
subject: Southeast Europe
  topic: subjects
subject: Neo-Fisherian effect
  topic: subjects
subject: Interest rate channel
  topic: subjects
subject: Credit channel
  topic: subjects
subject: Economics,
  topic: disciplines
subject: macroeconomics
  topic: disciplines
subject: monetary economics
  topic: disciplines
subject: econometrics
  topic: disciplines
subject: Finance
  topic: disciplines
creator: Zoran Grubišić
creator: Ljubomir Obradović
creator: Radoje Žugić
rights: Copyright (c) 2021 Economic Analysis http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-04-03
publication date: 2026-04-03
doi: 10.28934/ea.0304

The Economic Feasibility of Solar-Photovoltaic Noise Barriers in Road Infrastructure: A Case Study of Serbia
type: item
description: Implementing photovoltaic noise barrier (PVNB) systems may help facilitate significant energy, economic and environmental benefits, including reducing CO₂ emissions and increasing electricity production from renewable sources. Effectively implementing such systems requires conducting pilot projects, developing internal standards and design and construction norms, creating financial support models and putting incentives in place to encourage wider implementation. Through a case study focusing on their application in the Republic of Serbia (RS), this study seeks to analyse the economic feasibility and environmental benefits of PVNB systems as well as their economic potential and sustainability in road infrastructure. The study’s methodology employs cost-benefit analysis (CBA), net present value (NPV), internal rate of return (IRR) and payback period (PBP). Two technical solutions (Variant A and Variant B), oriented in eight possible positions in cardinal directions, are considered. The results point to the extended technical solution (Variant B), which achieves better economic indicators by including additional solar panels placed at optimal angles (especially facing south, south-east and south-west).
subject: Articles
  topic: section
subject: photovoltaic noise barrier
  topic: keywords
subject: infrastructure
  topic: keywords
subject: economic feasibility
  topic: keywords
subject: renewable energy integrations
  topic: keywords
subject: Serbia
  topic: keywords
subject: P28, Q42, O18, O44
  topic: subjects
subject: Energy economics
  topic: subjects
subject: Infrastructure investment analysis
  topic: subjects
subject: Economic feasibility analysis
  topic: subjects
subject: Cost–benefit analysis
  topic: subjects
subject: Sustainable infrastructure development
  topic: subjects
subject: Energy and Enviromental Economics
  topic: disciplines
subject: Renewable Energy
  topic: disciplines
subject: Sustainable Development Studies
  topic: disciplines
creator: Duško Bodroža
creator: Ondrej Jaško
creator: Željko Marković
rights: Copyright (c) 2021 Economic Analysis http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-05-08
publication date: 2026-05-08
doi: 10.28934/ea.0705

Factors Affecting Investment Funds Investing in Different Asset Classes
type: item
description: This paper examines how global financial and macroeconomic factors transmit shock and volatility spillovers to investment funds investing in different asset classes. Using daily data from January 2015 to December 2025, the authors analyse three U.S. funds representing bond, commodity, and equity exposures (PIMCO, USCI, and XLK) and five global factors: 1-month and 10-year U.S. interest rates, the S&P 500, Brent crude oil, and gold. The asymmetric TGARCH models are first estimated to obtain standardized residuals and conditional variances, after which a two-regime Markov switching framework is applied to capture the differences between high- and low-volatility periods. The results show strong regime- and fund-specific spillovers. S&P 500 shocks strongly affect XLK in both regimes, while oil and gold shocks dominate USCI during turbulent periods. Volatility spillovers are most pronounced for USCI and XLK, whereas PIMCO remains relatively insulated. These findings provide regime-aware implications for investors and fund managers.
subject: Articles
  topic: section
subject: Investment funds
  topic: keywords
subject: spillover effects
  topic: keywords
subject: macro factors
  topic: keywords
subject: regime dependence
  topic: keywords
subject: Investment funds
  topic: subjects
subject: spillover effects
  topic: subjects
subject: macro factors
  topic: subjects
subject: regime dependence
  topic: subjects
subject: finance
  topic: disciplines
subject: financial economics
  topic: disciplines
subject: econometrics
  topic: disciplines
creator: Mirjana Veselinović
creator: Dejan Živkov
creator: Suzana Balaban
rights: Copyright (c) 2021 Economic Analysis http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-03-18
publication date: 2026-03-18
doi: 10.28934/ea.2127

Fiscal Transparency and Accountability in Local Self-Government Units: Evidence from North Macedonia
type: item
description: The debate on the openness of governments and local self-government authorities toward improving transparency has become a fundamental postulate of democratic governance—not only in the Republic of North Macedonia but more broadly. Creating an efficient and transparent control system over public spending should prevent misuse of public funds and help combat the high incidence of corruption. Therefore, the aim of this research is to analyze the fiscal transparency and accountability of local self‑government units in the Republic of North Macedonia. A key novel contribution of this study is the integrated application of the PEFA framework and the Index of Open Municipalities (IOM), two complementary yet rarely jointly employed methodologies, to assess municipal fiscal transparency. By combining a performance-based expenditure assessment (PEFA) with an institutional openness index (IOM), the study offers a multidimensional evaluation of transparency. The research relies on publicly available data for a representative sample of 16 municipalities over a three-year period (2021–2023), supplemented by primary data obtained through interviews and structured survey questionnaires. Another innovative aspect of the study is the comparative perspective across municipalities, particularly the systematic differentiation between urban and rural local governments. This approach draws attention to structural disparities in transparency practices that remain largely unexplored in the domestic literature. The findings confirm that fiscal transparency is not merely a normative obligation but a key mechanism for strengthening accountability, inclusiveness, and responsible governance at the local level. Although positive trends have been observed, the analysis shows that the average level of transparency in Macedonian municipalities remains unsatisfactory. Significant differences were noted between urban and rural municipalities, with the former demonstrating higher levels of transparenc…
subject: Articles
  topic: section
subject: fiscal transparency
  topic: keywords
subject: accountability
  topic: keywords
subject: local self-government
  topic: keywords
subject: PEFA
  topic: keywords
subject: index of open municipalities
  topic: keywords
subject: fiscal transparency, accountability, local self-government, PEFA, index of open municipalities
  topic: subjects
subject: Public Finance, Local Governance, Fiscal transparency
  topic: disciplines
creator: Angela Zafirova
creator: Biljana Angelova
rights: Copyright (c) 2021 Economic Analysis http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-01-23
publication date: 2026-01-23
doi: 10.28934/ea.2301

Technical Performance and Productive Dynamics in Angolan Maritime Fisheries: An Intertemporal DEA-VRS Approach
type: item
description: The study aims to evaluate the trend of relative technical efficiency within the context of the optimization of productive resources of the seven Decision Making Units. The study encompasses the seven provinces of the Angolan coast. The Data Envelopment Analysis (Variables Returns to Scale model), with an input-oriented approach, was used, adapted to the Angolan production context, which is marked by financial constraints and exchange rate instability. The results show an upward trajectory of mean efficiency across the five analysis windows used, with a moderate positive trend. The results also revealed that intertemporal factors explain, in a differentiated way, a relevant part of the variation in the technical efficiency of the provinces, highlighting Cabinda, Zaire, Bengo, and Kwanza Sul, which showed upward evolution, and, on the other hand, Luanda, Benguela, and Namibe, which showed low performance or decline. Between 2016 and 2023, no province showed full technical efficiency, highlighting gaps in the optimization of available resources. The total fish catch load was a more critical variable, registering high levels of pure technical inefficiency, requiring a sustainable increase in production at the sectoral level. The absence of previous studies on technical efficiency in the Angolan fishing sector reinforces the pioneering nature of this research, which can serve as a basis for future investigations and the formulation of public policies. .
subject: Articles
  topic: section
subject: Angolan maritime fishing
  topic: keywords
subject: Intertemporal technical efficiency
  topic: keywords
subject: DEA-VRS
  topic: keywords
subject: C61
  topic: subjects
subject: H57
  topic: subjects
subject: Q22
  topic: subjects
subject: Applied Economics
  topic: disciplines
subject: Operational Research
  topic: disciplines
creator: Luzolo Domingos Sanches-António
rights: Copyright (c) 2021 Economic Analysis http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-30
publication date: 2025-12-30
doi: 10.28934/ea.2074

Imports versus Domestic Production and the Food Security Dilemma in the Arab World: Evidence from a Panel CS-ARDL Approach
type: item
description: This study examines the determinants of food security in a panel of eleven Arab countries over the period 2000–2023 using the cross-sectionally augmented autoregressive distributed lag (CS-ARDL) approach. The aim is to explore both short-run dynamics and long-run equilibrium relationships affecting food self-sufficiency. The results indicate that per capita income exerts a negative effect in the short run, reflecting changing consumption patterns and greater reliance on food imports, while agricultural production emerges as the most consistent positive driver of food self-sufficiency. Short-run dynamics also confirm a rapid adjustment process, with the error correction term (ECT = –1.3569, p < 0.01) indicating strong and more-than-complete convergence toward equilibrium. In the long run, agricultural value added is the only variable with a robust and significant influence, underscoring the strategic importance of the agricultural sector for sustainable food security. These findings highlight the structural vulnerability of food systems reliant on imports and call for policies aimed at enhancing agricultural productivity, promoting self-reliance, and reducing exposure to volatile international food markets.
subject: Articles
  topic: section
subject: Food security
  topic: keywords
subject: Food self-sufficiency
  topic: keywords
subject: Agriculture
  topic: keywords
subject: Imports
  topic: keywords
subject: CS-ARDL approach
  topic: keywords
subject: Arab countries
  topic: keywords
creator: Amina Benhaddou
creator: Bilal Toumi
creator: Boulenouar Ilias Zakaria Mennad
creator: Anes Meskini
rights: Copyright (c) 2021 Economic Analysis http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-02-11
publication date: 2026-02-11
doi: 10.28934/ea.1002

An Empirical Analysis of Supply and Demand Determinants of Global Oil Prices: The Role of OPEC
type: item
description: This paper examines the key determinants influencing global oil prices from both supply and demand perspectives, including structural and shock-related factors such as the COVID-19 pandemic. Particular emphasis is placed on the influence of OPEC production quotas, non-OPEC production volumes, trade openness, industrial production, and shock-related factors such as the pandemic and major geopolitical events. The analysis covers the period from 2000 to 2023 and applies multiple linear regression, including OLS, Newey-West, and Bootstrap techniques, to test three primary hypotheses concerning the relationship between oil prices and these explanatory variables. The results reveal that a one percent reduction in OPEC quotas leads to a 1.59 percent increase in global oil prices, confirming the organization’s significant influence on the supply side. Additionally, the findings show that a one percent increase in global industrial production results in a 12.06 percent price increase, underscoring the strong link between economic activity and oil demand. Conversely, greater trade openness is associated with lower oil prices; specifically, a one percent increase in openness correlates with a 1.62 percent price decrease, likely due to enhanced competition and greater supply efficiency. The COVID-19 variable was also found to have a statistically significant and negative effect on oil prices during the crisis period. These relationships are statistically significant and robust across all model specifications. In contrast, the variable representing non-OPEC production volumes yields a statistically significant positive effect only in the OLS and Newey-West models, while turning statistically insignificant in both Bootstrap models, highlighting potential sensitivity to distributional assumptions and underlying structural heterogeneity. Additionally, the 2001 geopolitical shift, included as a structural dummy variable, did not show statistical significance, suggesting that global …
subject: Articles
  topic: section
subject: OPEC quotas
  topic: keywords
subject: global oil prices
  topic: keywords
subject: trade openness
  topic: keywords
subject: COVID-19 shock
  topic: keywords
subject: oil market concentration
  topic: keywords
subject: Herfindahl-Hirschman Index (HHI)
  topic: keywords
subject: oil supply and demand
  topic: keywords
creator: Srđan Stevandić
rights: Copyright (c) 2021 Economic Analysis http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-09-09
publication date: 2025-09-09
doi: 10.28934/ea.2035

Assessing Economic Takeoff and Growth in the Arab World
type: item
description: Economic takeoff is a critical phase in the development of emerging economies, signifying a transition towards sustained economic growth. This study assesses the relationship between economic takeoff and economic growth in 11 Arab countries from 1990 to 2023 using econometric methods. Employing panel unit root tests, the Pedroni cointegration test, and the Fully Modified Ordinary Least Squares (FMOLS) estimation technique, the study examines the long-term equilibrium relationships between investment, capital accumulation, foreign trade, and economic growth. The findings reveal that economic takeoff is characterized by overcoming structural constraints through investment and capital formation. The study confirms that investment, capital accumulation, and trade balance positively and significantly influence economic growth, highlighting the need for policies that enhance infrastructure, financial systems, regional trade integration, and human capital development to sustain long-term economic expansion in Arab economies.
subject: Articles
  topic: section
subject: economic growth
  topic: keywords
subject: Economic Takeoff
  topic: keywords
subject: Arab Countries
  topic: keywords
subject: Panel Cointegration
  topic: keywords
subject: FMOLS Estimation.
  topic: keywords
creator: Ouissam Hocini
creator: Mohamed Boulesnam
creator: Abdelghani Kahela
rights: Copyright (c) 2025 Economic Analysis http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-06-30
publication date: 2025-06-30
starting page: 87
ending page: 102
doi: 10.28934/ea.2008

Two Sides of a Digital Coin: Comparison of CBDC and Cryptocurrencies
type: item
description: This paper aims to compare central bank digital currencies (CBDCs) and cryptocurrencies by examining their fundamental differences, with a focus on their implications for financial inclusion, political and corporate influence, and monetary policy effectiveness. The analysis is based on a conceptual and comparative approach, drawing on an extensive literature review and theoretical insights to identify and contrast the key characteristics, advantages, and disadvantages of both CBDCs and cryptocurrencies. The findings highlight that cryptocurrencies offer greater resistance to political and corporate control and support decentralized financial systems, while CBDCs provide enhanced tools for monetary policy implementation and state oversight. Both models have the potential to improve financial inclusion, but their approaches differ: CBDCs rely on institutional infrastructure, whereas cryptocurrencies depend on technological accessibility and user digital literacy. The study also reveals that CBDC could pose risks to personal financial autonomy, while cryptocurrencies may undermine monetary stability in less developed economies. This paper contributes to the understanding of digital money by presenting a structured comparison of two competing models, offering insights into their complementary potentials and long-term implications for the global financial system. Unlike most existing studies, the analysis integrates the perspectives of financial inclusion, political and corporate influence, and monetary policy effectiveness within a single comparative framework. In addition, it emphasizes the relevance of these issues for emerging markets and developing economies, where the introduction of CBDCs or the widespread use of cryptocurrencies could generate distinctive challenges and opportunities. It also highlights how their interaction may shape future developments in financial infrastructure, regulation, and user trust.
subject: Articles
  topic: section
subject: digital money
  topic: keywords
subject: central bank digital currencies
  topic: keywords
subject: cryptocurrencies
  topic: keywords
subject: monetary policy
  topic: keywords
subject: financial inclusion
  topic: keywords
subject: Finance
  topic: disciplines
subject: Digital finance
  topic: disciplines
subject: Cryptocurrencies
  topic: disciplines
creator: Nenad Tomić
creator: Predrag Stanković
rights: Copyright (c) 2021 Economic Analysis http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-22
publication date: 2025-12-22
doi: 10.28934/ea.1711

The Effects of Strict Social Norms on Home Bias
type: item
description: Despite the documented advantages of international portfolio diversification, investors tend to over-allocate to domestic markets, leading to exposure to home bias. This paper explores the behavioral explanation of this phenomenon by investigating the relationship between cultural tightness-looseness and equity home bias. Based on foreign portfolio holdings data from 28 of the most developed markets and over the period 2001-2022, we find empirical support using the OLS methodology that investors from culturally tighter countries register higher levels of home bias, compared to investors from looser countries. In cultures where stricter social norms are imposed and little deviation is allowed, investors exhibit higher confidence in domestic returns and associate international investments as more costly. Due to higher levels of innovation and fewer behavioral constraints, investors from looser countries overcome the cost associated with the unfamiliarity of foreign stocks, managing to better diversify their portfolios internationally. Additionally, we identify that financial education and economic openness of the investor country alleviate the effect stricter norms have on home bias. The significance of the study is reinforced by the robustness tests performed, such as employing alternative measures of both our dependent and independent variables and testing the identified relationships through different estimation methods. This paper contributes to the extensive literature on home bias by identifying the strictness of social norms as a key cultural determinant in shaping international portfolio allocation and exploring channels to mitigate its effect on home bias.
subject: Articles
  topic: section
subject: home bias
  topic: keywords
subject: cultural tightness-looseness
  topic: keywords
subject: foreign equity portfolio allocations
  topic: keywords
subject: financial education
  topic: keywords
subject: economic openness
  topic: keywords
creator: Cristina Harin
rights: Copyright (c) 2025 Economic Analysis
date: 2025-04-16
publication date: 2025-04-16
starting page: 107
ending page: 126
doi: 10.28934/ea.1999

Flexible Work Arrangements and the Hybrid Work Model: Attitudes of Employees in the Scientific Research Sector in Serbia
type: item
description: The paper analyses the advantages, disadvantages, and possibilities of implementing flexible work models in modern organisations, focusing particularly on the hybrid work model. The aim of the research is to identify the key benefits of the hybrid work model and examine the attitude of employees in the scientific research sector in Serbia regarding this relatively new and innovative concept. By using the desk research method and the empirical approach, the main advantages of flexible work models have been analysed, as well as the key challenges managers face during the implementation. The research findings indicate a growing popularity of the hybrid work model across various sectors, including scientific research in Serbia. Due to its numerous benefits, the model has been actively adopted by employees in the field of social sciences and humanities.
subject: Articles
  topic: section
subject: flexible work arrangements
  topic: keywords
subject: the hybrid work method
  topic: keywords
subject: job satisfaction
  topic: keywords
subject: productivity
  topic: keywords
subject: scientific research sector
  topic: keywords
subject: flexibility
  topic: keywords
creator: Marija Lazarević
rights: Copyright (c) 2025 Economic Analysis
date: 2025-05-09
publication date: 2025-05-09
starting page: 92
ending page: 106
doi: 10.28934/ea.2014

Corporate Taxation and Subsidy Distortions as Barriers to Private Domestic Investment in Serbia
type: item
description: This paper examines the structural barriers to private domestic investments in Serbia, with a particular focus on the role of corporate taxation and subsidy policy. The analysis combines descriptive empirical data, comparative legal assessment, and institutional diagnostics to explore why domestic investments have remained persistently low relative to both foreign direct investments and levels observed in comparable EU economies. Using Eurostat and World Bank data for the period 2013–2022, the paper documents that total investment growth in Serbia has been primarily driven by rising FDI inflows and increased public investments, while domestic private investments have remained weak. Despite a relatively high fiscal effort devoted to investment incentives, including both tax-based instruments and direct subsidies, the design and allocation of these measures appear to disproportionately benefit large investors – most often foreign. The paper contextualises Serbia’s statutory and effective corporate tax rates within EU norms and identifies significant structural asymmetries in incentive accessibility between firms of different sizes. It also develops a classification of corporate tax incentive regimes in selected EU member states and Serbia, based on the structure and conditions of tax-based investment support, which is used to assess Serbia’s position relative to prevailing EU practices in the design of fiscal incentives. Institutional barriers, including legal uncertainty and administrative inefficiency, further constrain domestic investments. The findings suggest that Serbia’s current investment model is unlikely to support sustainable long-term development unless policy is rebalanced to improve the investment climate for domestic firms. The findings inform policy recommendations aimed at rebalancing incentive structures and strengthening institutional and financial conditions for domestic investments.
subject: Articles
  topic: section
subject: domestic investments
  topic: keywords
subject: FDI
  topic: keywords
subject: investment incentives
  topic: keywords
subject: corporate taxation
  topic: keywords
creator: Pavle Medić
rights: Copyright (c) 2025 Economic Analysis
date: 2025-05-12
publication date: 2025-05-12
starting page: 72
ending page: 93
doi: 10.28934/ea.1964

Digital Development of Serbia Compared to Selected European Countries: A Comparative Analysis
type: item
description: The aim of this research is to analyze the level of digital development achieved by sixteen European countries based on Microsoft’s Digital Future Index from 2021. The countries analyzed in the report are classified into three groups: a) Digitally Advanced “Benchmark” Countries of Western Europe (the Netherlands, Denmark, Sweden, and Finland), b) Europe’s Fast-Growing Digital Leaders (Czech Republic, Estonia, Malta, Slovenia, and Portugal), and c) Digital Followers of Central & Eastern Europe (Croatia, Hungary, Poland, Romania, Russia, Serbia, and Greece). By applying comparative graphical analysis, using a 45-degree line, the relationship between the Level of Digital Development and the Benefits of Digitization in these countries was examined. The findings indicate that economies with a relatively lower Digital Development Score achieved relatively higher Economic and Social Gains Scores. This highlights the need for more efficient management of digitalization factors in countries leading the digital development process. Furthermore, the inputs to the development of digitization and the economic and social results of achieved digital development were visually compared both for the three previously identified groups of European countries and specifically for the Republic of Serbia. The research findings demonstrate that the digital Followers of Central & Eastern Europe significantly lag behind the “Benchmark” countries of Western Europe and Europe’s fast-growing digital leaders in terms of achieved digitalization levels. Serbia lags in the development of digital infrastructure, digital skills, the adoption of digital technologies, and the overall level of human capital development compared to other European countries.
subject: Articles
  topic: section
subject: digitization
  topic: keywords
subject: development of digitization
  topic: keywords
subject: Microsoft's Digital Future Index
  topic: keywords
subject: Serbia
  topic: keywords
subject: digital ecosystem
  topic: keywords
creator: Srdjan Milićević
creator: Lena Despotović
creator: Goran Perić
rights: Copyright (c) 2025 Economic Analysis
date: 2025-04-17
publication date: 2025-04-17
starting page: 53
ending page: 71
doi: 10.28934/ea.1920

Navigating Sector Momentum: Evaluating Performance in the US and Global ETFs for Retail Investors
type: item
description: Modern day investing comes with too many options and complexities for non-professional investors. An easy way for them to earn acceptable returns is investing in market index exchange-traded funds (ETFs). However, the previous research suggests that they can achieve superior results by using a simple sector momentum strategy. The aim of this study is to examine whether those conclusions remain when a different data set is used as well as to assess the performance attribution of such a strategy. The research is based on two sets of sector ETFs, which are focused on the US market and on the global market, in order to investigate whether the results are applicable in both cases. For each of them the performance measures were calculated, and the factor analysis was performed. The results suggest that the sector momentum strategies achieve superior results than the benchmark, though there is not one universally optimal strategy for every investor and for every investment opportunity set. The factor analysis confirms that the strategy generates alpha and that its performance cannot be explained by traditional factors fully. Therefore, the study further supports the use of sector momentum investing, especially for retail investors, though it has its limitations, e.g. the neglect of transaction costs.
subject: Articles
  topic: section
subject: ETFS
  topic: keywords
subject: sector investing
  topic: keywords
subject: momentum strategy
  topic: keywords
subject: geometrically decreasing weighted portfolio
  topic: keywords
subject: investment performance evaluation
  topic: keywords
subject: factor-based models
  topic: keywords
creator: Danica Pavlović
creator: Boris Korenak
creator: Mladenka Balaban
rights: Copyright (c) 2025 Economic Analysis
date: 2025-01-21
publication date: 2025-01-21
starting page: 40
ending page: 52
doi: 10.28934/ea.1936

Is there a Connection between Finance and Innovation?
type: item
description: Within the current macroeconomic environment, the innovation activity, especially the radical one is developed under extreme uncertainty conditions. There are a number of researches proving the existence of severely asymmetrical information generated by innovation activities. Our research objective focusses on whether or not the development of financial systems influences the level of innovation, also analyzing the real impact of several features of the financial system on the overall innovative process of a country. In this respect, we propose a two-fold contribution. First, we address the impact on innovation which is exercised by the financial intermediation entities granting credits to the private sectors of the economy. Such ‘financial resources availability’ view excludes the role played by financial markets or by the firms’ internal resources. Second, we employ a Bayesian nonparametric empirical framework able to deal with various types of uncertainty about the ‘true model’ governing the relationship between finance and innovation. Our findings show that, at an empirical level, finance does matter in explaining the status of innovation processes and outcomes. However, this conclusion should be nuanced by adding that different features of the financial system have a non-uniform importance: while the global supply of financial resources through credit granted to private sector is putting forth a positive and robust influence on innovation, the expansion of commercial banks network appears to play a more ambiguous and less robust role. Additionally, the existence of geographically spread specific mechanisms is clearly influencing the amplitude and shape of financial variables’ impact on innovation. It is our view that the paper may contribute to proving that the development as well as the functional capabilities of the financial systems are highly relevant for the status of innovation processes in modern ‘knowledge-based’ economies.
subject: Articles
  topic: section
subject: finance
  topic: keywords
subject: innovation
  topic: keywords
subject: Bayesian nonparametric ‘infinite-probits mixture linear’ regression model
  topic: keywords
creator: Bogdan Dima
creator: Ciprian Sipos
creator: Roxana Ioan
rights: Copyright (c) 2025 Economic Analysis
date: 2025-03-21
publication date: 2025-03-21
starting page: 22
ending page: 39
doi: 10.28934/ea.1992

Revisiting the Consumption-Wealth Nexus: A Nonparametric Exploration
type: item
description: This study investigates the relationship between non-durable consumption and asset prices in 12 developed and 11 emerging economies, members of the European Union, emphasising the presence of nonlinearities through a nonparametric framework. Utilising the Categorical Regression Splines (CRS) approach, the analysis challenges traditional parametric models by allowing data to dictate the functional form of the relationship. The findings reveal distinct consumption-wealth dynamics: income remains the key driver in the emerging economies sample, with stock market fluctuations exhibiting potentially non-linear effects. Furthermore, consumption is primarily income-driven, with housing wealth playing a more pronounced role due to less-developed mortgage and financial markets in these emerging economies. Money wealth effects vary in significance, depending on the economic context and time period. These results underscore the advantages of nonparametric methods in accurately capturing complex economic relationships, providing insights for policymakers in designing effective strategies to support household consumption and economic stability.
subject: Articles
  topic: section
subject: non-durable consumption
  topic: keywords
subject: asset prices
  topic: keywords
subject: nonparametric analysis
  topic: keywords
subject: Categorical Regression Splines
  topic: keywords
creator: Ioana Florina Burdet
rights: Copyright (c) 2025 Economic Analysis
date: 2025-05-12
publication date: 2025-05-12
starting page: 1
ending page: 21
doi: 10.28934/ea.1983

Judicial Impact on Bankruptcy Efficiency: An Empirical Analysis of Case Duration in Serbian Bankruptcy Liquidations
type: item
description: This paper examines how judges shape the efficiency of liquidation proceedings, using case duration as a central indicator of procedural performance. Drawing on a dataset of over 1,300 closed bankruptcy liquidation cases in Serbia from 2010 to 2024, we apply hierarchical and cross-classified random-effects models to quantify the influence of judges, courts, and administrators, while controlling for case-level characteristics such as estate size, case complexity, contested claims, and debtor type. The analysis reveals substantial variation in case duration attributable to both judges and administrators, with administrators emerging as particularly influential in the cross-classified specifications. Moreover, we assess whether specific judge–administrator pairings systematically affect outcomes beyond their individual effects. While interaction effects are modest, they account for additional variation in procedural efficiency. The results highlight the importance of operational capacity and coordination between key institutional actors, offering evidence that agent-level discretion, beyond the legal framework, plays a role in shaping case trajectories. These findings contribute to the literature on judicial behavior, bankruptcy governance, and institutional performance in transitional legal systems.
subject: Articles
  topic: section
subject: bankruptcy proceedings
  topic: keywords
subject: judges
  topic: keywords
subject: administrators
  topic: keywords
subject: hierarchical modeling
  topic: keywords
subject: cross-classified models
  topic: keywords
creator: Branko Radulović
rights: Copyright (c) 2025 Economic Analysis http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-05-23
publication date: 2025-05-23
starting page: 1
ending page: 25
doi: 10.28934/ea.1963

Economic Determinants of Export Diversification in Algeria:
type: item
description: This study aims to identify the key economic determinants of export diversification in Algeria, a rentier state, over the period 1995–2022. Using annual data from various official sources, a quantile regression model is employed to assess the heterogeneous effects of selected variables across different levels of export diversification. The results show that foreign direct investment does not support export diversification, while oil rents and trade openness are factors that hinder the process. Conversely, domestic investment and manufacturing exports contribute positively to a more diversified export structure. The study contributes to the literature by offering new insights into how structural economic factors shape diversification patterns in resource-rich countries, emphasizing the role of targeted investment and industrial development policies in reducing dependence on natural resources.
subject: Articles
  topic: section
subject: export diversification
  topic: keywords
subject: Algeria
  topic: keywords
subject: Herfindahl-Hirschman Index
  topic: keywords
subject: quantile regression
  topic: keywords
creator: Chafik Bouberrima
creator: Yassine Mostefai
rights: Copyright (c) 2025 Economic Analysis http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-05-23
publication date: 2025-05-23
starting page: 73
ending page: 86
doi: 10.28934/ea.2009

Mapping Agility Factor Dependencies in the IT Sector of Humanitarian Organizations Using the ISM Approach
type: item
description: Organizations are gradually relying on Information Technology (IT) to assist them in addressing unexpected challenges they face in their daily operations. The reliance is particularly essential in humanitarian settings where agility and adaptability are crucial. To examine the factors influencing IT agility in the humanitarian context, Interpretive Structural Modeling (ISM), along with MICMAC analysis, were applied. After identifying interconnections among the factors, they were classified according to their driving and dependence power. This study emphasizes the importance of continuous monitoring and flexible strategies to maintain operational efficacy. While the diverse insights gained from the research are valuable, this diversity could also be considered a limitation. The IT experts, who participated in the study, hold diverse positions across different IT sectors within the organization. The consistency of the results may be impacted by differences in how these factors are seen and prioritized in their specific work settings, rather than a unified perspective on IT agility. Future studies can explore the dynamics across different sectors or with a larger sample size to validate the results in a broader context. This study contributes to the understanding of how IT agility can be managed and optimized in humanitarian contexts, providing valuable insights for practitioners and researchers.
subject: Articles
  topic: section
subject: IT agility
  topic: keywords
subject: humanitarian organization
  topic: keywords
subject: ISM
  topic: keywords
subject: MICMAC analysis
  topic: keywords
creator: Marina Bosiljčić
rights: Copyright (c) 2025 Economic Analysis http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-05-12
publication date: 2025-05-12
starting page: 60
ending page: 72
doi: 10.28934/ea.1895

Empowering Sustainable Growth Through Emerging Technologies in Serbia and North Macedonia
type: item
description: This study explores the perceived economic, social, and environmental impacts of emerging technologies (including artificial intelligence, IoT, and big data) on sustainable growth in Serbia and North Macedonia. Drawing on survey responses from participants across professional sectors, the analysis employs descriptive statistics, Mann–Whitney U, and Kruskal–Wallis H tests to assess motivational factors, barriers to adoption, and sectoral differences. Findings indicate that innovation an competitiveness are dominant motivators, especially in North Macedonia, while high costs, skill shortages, and limited awareness remain key barriers. Economic benefits such as cost savings and operational efficiency are widely recognized, though environmental outcomes, particularly renewable energy adoption, are less developed. Sectoral comparisons reveal that business organizations lead in benefit realization, whereas government entities lag behind. The study highlights the need for context-specific policies and inclusive digital strategies to ensure that the adoption of emerging technologies supports long-term, sustainable development across varying institutional and sectoral environments.
subject: Articles
  topic: section
subject: Emerging technologies
  topic: keywords
subject: Digital transformation
  topic: keywords
subject: Sustainable development
  topic: keywords
subject: Innovation
  topic: keywords
subject: Serbia
  topic: keywords
subject: North Macedonia
  topic: keywords
subject: Technology adoption
  topic: keywords
subject: Environmental sustainability
  topic: keywords
subject: Emerging technologies
  topic: subjects
subject: Sustainable development
  topic: subjects
subject: Technology adoption
  topic: subjects
subject: Environmental sustainability
  topic: subjects
subject: Economic sustainability
  topic: subjects
subject: Social sustainability
  topic: subjects
subject: Western Balkans
  topic: subjects
subject: Digital transformation
  topic: subjects
subject: Artificial intelligence
  topic: subjects
subject: Blockchain
  topic: subjects
subject: Big data
  topic: subjects
subject: 5G
  topic: subjects
subject: Economics
  topic: disciplines
subject: Innovation and Technology Studies
  topic: disciplines
subject: Environmental Economics
  topic: disciplines
subject: Development Studies
  topic: disciplines
creator: Kristina Velichkovska
creator: Petar Mitić
creator: Milena Kojić
rights: Copyright (c) 2021 Economic Analysis http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-10-28
publication date: 2025-10-28
starting page: 103
ending page: 122
doi: 10.28934/ea.10490

The Relationship between Green Growth and Trade Openness: Empirical Evidence from Indonesia
type: item
description: This study explores the relationship between green economic growth, regional trade openness, renewable energy consumption, and CO2 emissions in the agglomeration area of Sumatra Island, Indonesia. Using panel data from 2010 to 2023, this research examines the region’s efforts to reduce the environmental impact of fossil-based energy consumption by transitioning to renewable energy, supporting ecological resilience. This transition, however, requires significant time and financial investments. The Sumatra Island agglomeration, with its shared environmental characteristics, plays a crucial role in trade openness and presents opportunities for alternative financing mechanisms to ensure economic sustainability. Employing ARDL and VEC model analysis, this study highlights both short- and long-term relationships between regional trade openness and green economic growth, providing insights into the future economic prospects of the Sumatra Island agglomeration. The findings indicate that regional trade openness significantly influences green economic growth in a positive direction in both the short and long terms. The study recommends fiscal policies, including tax incentives for trade that supports the green economy and the implementation of carbon taxes to regulate CO2 emissions, to promote sustainable development in the region.
subject: Articles
  topic: section
subject: trade openness
  topic: keywords
subject: renewable energy consumption
  topic: keywords
subject: CO2 emission, green economic growth
  topic: keywords
subject: autoregressive distributed lag
  topic: keywords
subject: vector error correction model
  topic: keywords
creator: Syahrimi Syahrimi
creator: Anna Yulianita
creator: Ariodillah Hidayat
rights: Copyright (c) 2025 Economic Analysis http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-04-10
publication date: 2025-04-10
starting page: 26
ending page: 45
doi: 10.28934/ea.1993

The Effects of Patriotism, Consumer Xenocentrism, Cultural Sensitivity, Cultural Heritage, and Country of Origin Image on the Purchase of Luxury Foreign Brands
type: item
description: The process of globalization has led to an increase in the number of multinational companies. However, current global crises such as the COVID-19 pandemic, the war in Ukraine, population migrations, and economic instability have led certain countries to implement protectionist measures in the form of sanctions against other countries, as well as the closure of national economies and a shift towards deglobalization policies. In times of crisis, conservative views, respect for one's own culture, and concern for the national economy come to the fore. On the other hand, consumers who have preferences for foreign cultures often travel abroad, visit cultural landmarks of other countries and prefer luxury brands that originate from countries known for their production. The research was conducted with the aim of analyzing the impact of patriotism, consumer xenocentrism, cultural sensitivity, cultural heritage of other countries, and country of origin image on consumers' decision to purchase foreign luxury brands. Empirical research was conducted through a survey method in early 2024 in the territory of the Republic of Serbia (Belgrade, Novi Sad, Kragujevac). The total number of respondents in the sample was 488. Their responses were analyzed using appropriate statistical methods with the SmartPLS 4 software. The research results showed that patriotism has a negative impact on consumers' purchase of luxury brands, while consumer xenocentrism, cultural sensitivity, cultural heritage of other countries, and country of origin image have a positive impact on consumers' purchase of luxury brands. The research provides useful information for marketers of multinational companies, and based on the results, it can be concluded that during crises, instead of a global or local marketing strategy, it is optimal to apply a glocal marketing strategy that considers the needs of consumers with pronounced nationalist sentiments, as well as consumers with cosmopolitan views.
subject: Articles
  topic: section
subject: patriotism
  topic: keywords
subject: consumer xenocentrism
  topic: keywords
subject: cultural sensitivity
  topic: keywords
subject: cultural heritage of other countries
  topic: keywords
subject: country of origin image
  topic: keywords
subject: luxury foreign brands
  topic: keywords
subject: global crises
  topic: keywords
subject: marketing strategy
  topic: keywords
creator: Stefan Zdravković
creator: Jelena Živković
rights: Copyright (c) 2025 Economic Analysis http://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-03-27
publication date: 2025-03-27
starting page: 46
ending page: 59
doi: 10.28934/ea.1889

https://library.ien.bg.ac.rs/index.php/ea/article/view/1961
type: item
title: Corrigendum: Kareem Abidemi Arikewuyo, Lateef Adewale Yunusa, Babatunde O. Oke, Babatunde Adekunle Okuneye (2021). Do labour and Political Will Affect Agricultural Output? Evidence from Sub-Saharan Africa, Vol. 54, no. 2 (2021). doi: https://doi.org/10.28
subject: Corrigendum
  topic: section
creator: Editorial Team
rights: Copyright (c) 2024 Economic Analysis
date: 2024-12-17
publication date: 2024-12-17
doi: 10.28934/ea.25.58.1.pp1

Do Labour and Political Will Affect Agricultural Output?: Evidence from Sub-Saharan Africa
type: item
description: Agriculture has been at the forefront in employment creation and revenue generation in Africa until there was a shift from the sector to the non-farm or service industry which threatens the economic sustenance despite the growing population of youth in the region. The neglect of the agricultural sector resulted from labour migration and lack of political will in sub-Saharan Africa (SSA), which has severe implications on agricultural output. This study, however, investigated the nexus among labour, political will and agricultural production in SSA from 1998 – 2018 using the dynamic System – GMM estimation technique. The study found employment in the agricultural sector, agricultural raw material, exchange rate, political will, and agricultural material and exchange rate interaction significantly influenced agricultural output in SSA. Therefore, it is recommended that for SSA future to be sustained, the governments should discourage labour migration from the agricultural sector through government supports to boost employment and poverty reduction. This article has been corrected. Link to the correction https://doi.org/10.28934/ea.25.58.1.pp1
subject: Articles
  topic: section
subject: Labour
  topic: keywords
subject: Political Will
  topic: keywords
subject: Agriculture Output
  topic: keywords
subject: SSA
  topic: keywords
subject: Economy
  topic: subjects
subject: Agriculture
  topic: subjects
subject: Governance
  topic: subjects
subject: sub-Saharan Africa
  topic: subjects
subject: Agriculture
  topic: disciplines
subject: Economy
  topic: disciplines
creator: Kareem Abidemi Arikewuyo
creator: Lateef Adewale Yunusa
creator: Babatunde O. Oke
creator: Babatunde Adekunle Okuneye
rights: Copyright (c) 2021 Economic Analysis
date: 2021-12-30
publication date: 2021-12-30
starting page: 104
ending page: 117
doi: 10.28934/ea.21.54.2.pp104-117

‘Green’ Energy in ‘Red’ Yugoslavia: The Failure of Renewable Energy in Yugoslavia between the 1960s and 1980s
type: item
description: This research focuses on the positive and negative experiences with renewable energy in socialist Yugoslavia in order to provide suggestions to contemporary policymakers based on a historical experience that is very limited. The fact that the country produced at times up to 75% of its electricity for industry and households in the hydroelectric power plants is an admirable achievement from the perspective of the contemporary EU Green Deal. However, the experiences were sometimes catastrophic, ranging from city blackouts to production stoppages in industry. The existing Serbian or regional scholarship has not yet analyzed this topic except from technological or engineering perspectives. Starting from that point, this research employs a critique of the sources as a standard historical method. It is based on primary and secondary sources, stretching from official Yugoslav policies and statistics, expert analyses, and newspaper articles. Previous experiences with electricity production in hydroelectric power plants in Yugoslavia, are crucial in adequately approaching the EU Green Deal agenda that includes the expansion of renewable energy sources, which is and will most certainly be one of the pressing challenges in the future. At the current level of technological capabilities, transition to renewable energy, whether from hydro, solar, wind, or geothermal sources, faces a challenge in providing a continuous flow of energy to industry and households. Lacking capacities for storage of vast amounts of electric energy, the solutions to this challenge will have to be found in conventional sources, among which nuclear power currently seems to be the best option, despite other environmental and safety concerns it raises.
subject: Special issue articles
  topic: section
subject: Yugoslavia
  topic: keywords
subject: hydroelectric power
  topic: keywords
subject: renewable energy
  topic: keywords
creator: Marko Miljković
rights: Copyright (c) 2024 Economic Analysis
date: 2024-12-02
publication date: 2024-12-02
starting page: 17
ending page: 35
doi: 10.28934/ea.24.57.2.pp17-35

European Sustainability Reporting Standards: Lack of Progress, Alignment, and Harmonization in Western Balkans
type: item
description: This paper aims to investigate the status of alignment and harmonization of corporate reporting in Western Balkans (WB) countries with the European Sustainability Reporting Standards (ESRS). Specifically, the research will focus on understanding the extent to which WB countries have initiated the adoption of ESRS, particularly in the context of the Corporate Sustainability Reporting Directive (CSRD) that mandates its use for companies within the European Union (EU) and its branches. The paper will compare the achieved level of sustainability reporting in Western Balkan countries with other countries located in Europe that are not members of the European Union. Despite the mandatory nature of ESRS for companies within the EU, our preliminary analysis indicates a lack of progress in the alignment and harmonization process among the WB countries. Western Balkan countries are also lagging behind, compared to other non-EU member countries, such as Switzerland and Norway, which have been selected for comparative analysis. The research seeks to uncover the reasons behind this lag and to explore the potential challenges faced by companies in the WB region in implementing these standards. It is crucial to understand the current state of sustainability reporting practices in WB countries and the challenges faced in aligning with ESRS. It will provide valuable insights for policymakers, businesses, and stakeholders on the necessary steps to enhance sustainability reporting practices in the region and foster alignment with international standards.
subject: Special issue articles
  topic: section
subject: European Sustainability Reporting Standards
  topic: keywords
subject: Corporate Sustainability Reporting Directive
  topic: keywords
subject: Sustainability Reporting Practices
  topic: keywords
subject: Western Balkans countrieses
  topic: keywords
creator: Ivana Ljutić
creator: Benina Veledar
creator: Amra Gadžo
creator: Mila Knežević
rights: Copyright (c) 2024 Economic Analysis
date: 2024-12-09
publication date: 2024-12-09
starting page: 36
ending page: 48
doi: 10.28934/ea.24.57.2.pp36-48

The MCDM-based Assessment of Solutions for Transition to Sustainable Industry 4.0: The Case of Serbia
type: item
description: Industry 4.0 implies the transformation of organizations into digital entities (Sony & Naik, 2020). It represents a new level of industrial development that has changed demands, competition, industry structure, and sustainability awareness (Dalenogare et al., 2018). The primary objective of this paper is to use Multiple-Criteria Decision Making (MCDM) to identify the principal obstacles and solutions for successfully adopting the technologies that will facilitate a transition of the Serbian industry to sustainable Industry 4.0. The barriers' significance was defined using the Preference Selection Index – PSI (Maniya & Bhatt, 2010). The assessment of the solutions was performed by three decision-makers using the following MCDM methods: PSI, Compromise Ranking of Alternatives from Distance to Ideal Solution – CRADIS (Puška et al., 2022), and Integrated Simple Weighted Sum-Product Method—WISP (Stanujkic et al., 2021). The results revealed that logistics, reverse logistics management, and technology integration are the most significant barriers. The significance of logistics and warehousing management lies in their role as crucial facilitators for the sustainable development of industries, ensuring efficient and responsible movement, storage, and distribution of goods. Also, the application and development of new technologies can improve efficiency and reduce the environmental impact of the Serbian industry. Based on the MCDM methods, the framework enabled the assessment of the barriers and solutions for technology adoption in light of the current business conditions in the Republic of Serbia. The managers and policymakers could easily perceive the main obstacles and optimal actions to fulfill the requirements of Industry 4.0 and promote sustainable operation.
subject: Special issue articles
  topic: section
subject: Sustainable Industry 4.0, PSI, WISP, CRADIS, technologies
  topic: keywords
creator: Gabrijela Popović
creator: Aleksandra Fedajev
creator: Dragiša Stanujkić
rights: Copyright (c) 2024 Economic Analysis
date: 2024-11-29
publication date: 2024-11-29
starting page: 1
ending page: 16
doi: 10.28934/ea.24.57.2.pp1-16

Introductory Word from the Guest Editors
type: item
subject: Editorial
  topic: section
creator: Petar Mitić
rights: Copyright (c) 2024 Economic Analysis
date: 2024-12-10
publication date: 2024-12-10
starting page: vii
ending page: vii

The Use of Information and Communication Technologies Among Generation X in Serbia: A Comparison Before and After the COVID-19 Pandemic
type: item
description: The aim of this paper is to examine the use of information and communication technologies (ICT) among Generation X in the years before and after the COVID-19 pandemic. The pandemic brought significant changes in digital technology usage and accelerated shifts in work, communication, and societal functioning. Generation X, comprising individuals born between the 1960s and 1980s, grew up during a time when digital technologies and the internet were not as prevalent. Given that they now live and work in a digital era, it is crucial to understand how they adapt to the rapid changes driven by digitalization. For this research, microdata from the study "The Usage of Information and Communication Technology by Individuals/Households in the Republic of Serbia" was analyzed for the years 2019 and 2023. Results show a slight increase in internet and computer use, particularly among younger members of Generation X. Additionally, 2023 saw a noticeable rise in online shopping and the use of communication services that gained popularity during the lockdown. Regarding public administration services, respondents in 2023 primarily accessed services related to the pandemic, such as vaccine information and green certificates. However, a significant number of respondents, 49%, did not use public services in either 2019 or 2023, suggesting potential issues with trust or perceived complexity. The main contribution of this paper is a detailed analysis of this group's behavior before and after the pandemic, focusing on ICT use and responses to changes triggered by the COVID-19 pandemic.
subject: Articles
  topic: section
subject: ICT
  topic: keywords
subject: digital technologies
  topic: keywords
subject: generation X
  topic: keywords
subject: COVID-19
  topic: keywords
creator: Đina Ivanović
creator: Jelena Banović
creator: Aleksandra Bradić-Martinović
rights: Copyright (c) 2024 Economic Analysis
date: 2024-11-04
publication date: 2024-11-04
starting page: 87
ending page: 100
doi: 10.28934/ea.24.57.3.pp87-100