<abstract xmlns="http://www.w3.org/1999/xhtml"> The aim of the research in this paper is to analyse the issue of the treatment of the category of technological changes within the main aspects of economic growth theory. The analysis of the key positions of neoclassical theory (Solow), endogenous approach (Romer), and evolutionary growth theory (Freeman) advocates has pointed to the conclusion that these approaches agree on the fact that the category of technological changes is a key generator of economic growth. Neoclassicists were the first to explicitly analyse the category of technological changes in growth theory. They exerted a strong influence on a large number of governments to allocate significant funds for scientific and research development, to stimulate the creation and diffusion of innovation. Supporters of endogenous theory also see the category of technological changes as a key driver of economic growth. Unlike neoclassicists, they emphasise the importance of externalities, in the form of technological spillover and research and development activities, for the creation and diffusion of innovation. Finally, evolutionary and institutional economists explore the category of technological changes inseparably from the economic and social environment in which they are created and diffused. Recommendations of this research can be of particular use to economic growth and development policy makers in the knowledge economy, whose basic and substantial feature is the so-called fourth industrial revolution</abstract>

Business School of Applied Studies in Valjevo

University of Nis, Faculty of Economics, Republic of Serbia

Technological Changes in Economic Growth Theory: Neoclassical, Endogenous, and Evolutionary-Institutional Approach

<abstract xmlns="http://www.w3.org/1999/xhtml"> R&amp;D expenditures (R&amp;D) are an important precondition for the economic growth and development, as well as for the improvement of export performances and competitiveness of national economies. Knowledge has been increasingly identified as the primary factor of economic growth in the modern business environment. In order to outline appropriate policy on R&amp;D expenditures, it is necessary to analyse indicators of the dynamics and quality of R&amp;D expenditures as well as indicators regarding growth and development of national economies. In this paper, we present R&amp;D expenditures of old and new EU Member States as well as Serbia. Based on the correlation intensity of indicators of R&amp;D expenditures and economic growth and export, it’s been analysed if R&amp;D intensity has an impact on competitiveness and growth in mentioned countries since 2000. Although Serbia has implemented significant economic reforms since 2000 and there has been an overall awareness of the need on higher R&amp;D, the R&amp;D sector still lags behind developed countries of the EU. Therefore, this paper directs attention to the importance of identifying and implementing a national policy on R&amp;D expenditures, with special focus on necessity for improved R&amp;D funding of the business sector and growth of R&amp;D funding from abroad.</abstract>

Chamber of Commerce and Industry of Serbia, Serbia

Research and Development Investment as Determinant of International Competitiveness and Economic Growth in Eu28 and Serbia

<abstract xmlns="http://www.w3.org/1999/xhtml"> The paper evaluates the size of the cyclical and structural components of the fiscal deficit of the Republic of Serbia for the period from the first quarter of 2002 to the second quarter of 2014. The method of the European Central Bank was used, where it is assumed that cyclically sensitive elements of state are budget income tax, profit tax, value added tax on the value, excises, social security contributions and unemployment benefits. Elasticity of cyclically sensitive elements relative to their macroeconomic bases are estimated using the VEC model with error correction. The results suggest that automatic stabilizers generally played a more prominent role than consistent countercyclical discretionary fiscal policy, which means that the discretionary measures were late or were not well targeted.</abstract>

Empirical Evaluation of the Fiscal Position in Serbia

<abstract xmlns="http://www.w3.org/1999/xhtml"> Low labour costs as one of the key sources of export stimulation, the competitive advantage of domestic agricultural production and bilateral agreements with partner countries - all promote export as a potentially significant factor of encouragement of economic development of the Republic of Serbia.Taking into account this fact, on the one hand, and balance of payments problems that Serbia has been facing over the years, on the other hand, the subject of this paper is an analysis of trends in the Republic of Serbia export and explanation of variations in the export trends during the period from 2004 to 2014. The aim of the paper is to explore export trends forecast from January to December 2015.The analysis uses Holt-Winters and ARIMA methods for analyszing time series.The paper provides insight into the export trend forecasts for the period of 12 months, and thus confirms the possibility of practical usage of the time series analysis methods in forecasting macroeconomic variables such as export. The used methods identify increase of export during the summer and its decrease after October 2015. The paper establishes the existence of a high degree of congruence between forecasts obtained by using two methods, which confirm a high quality of the elaborated methods in the analysis of exports.</abstract>

Modelling and Prognosis of the Export of the Republic of Serbia by Using Seasonal Holt-Winters and Arima Method

<abstract xmlns="http://www.w3.org/1999/xhtml"> Local economic environment is characterised by a range of economic, social, political and demographic parameters, based on which we can perform its analysis. Heterogeneity of relevant characteristics of the local economic environment imposes multiple criteria analysis as one of the suitable tools for the evaluation. Assessment of local economic environment often falls within the scope of group decision-making, as it is usually performed on the basis of an analysis of preferences of economic subjects or relevant experts on the issue of the economic environment at the local level. Regardless of whether it is based on economic subjects or expert group, in order to form a multi-criteria model, it is necessary to generate preferences of individuals into a single weight coefficient, which shows groups’ preference on the importance of each criterion. The subject of this paper is determination of weight coefficients in the multi-criteria model for the analysis of local economic development based on the preferences from a group of experts, by applying adequate statistical tools, and then by ranking local governments according to the quality of business environment perceived by the expert group.In addition to descriptive statistics and testing the significance of differences, in the paper is applied multi-criteria method Simple Additive Weights - SAW.</abstract>

PhD student of Belgrade Banking Academy, Belgrade

Determination of Expert Group Preferences in the Multi-Criteria Model for the Analysis of Local Economic Environment

<abstract xmlns="http://www.w3.org/1999/xhtml"> In today’s business conditions, the internationalisation of business becomes an almost inevitable precondition for future growth and development of organisations. However, internationalisation of business usually requires organisations to implement some changes in the way they operated in the previous period. One of the areas that require some changes is the area of human resource management, too. Factors which require modifications in this system are related primarily to the legal regulations of other countries, but also to the characteristics of their national culture. The former influence comes from the fact that national culture exerts a powerful influence on the system of values, attitudes and behaviour of people in a particular country and, among the other things, on the preferences for policies and procedures in the field of human resources management. Starting from the above, this paper analyses the impact of certain dimensions of national culture on the preferred content of human resources management in organisations in certain countries. The aim of the paper is to provide the theoretical basis for organisations that internationalised their business, or intend to do so, to create system of human resource management in the entities abroad which, at least, will represent the balance between the system that is applied at headquarter and one that is preferred in entities abroad, in order to be effective.</abstract>

Impact of National Culture on International Human Resource Management

<abstract xmlns="http://www.w3.org/1999/xhtml"> Under the conditions of increased competition, imperatives for banking institutions are focusing on the provision of better quality services, meeting the needs of clients and adjusting to their specific demands, as these are the conditions for achieving satisfaction. Satisfaction has a consequent effect on the realisation of communication, but also economic business goals of market players. In accordance with these facts, the significance of measuring the quality of services needs to be pointed out. In recent years, the tendency of increase in the number of bank clients who use electronic banking services has been perceived in the Republic of Serbia. Advantages of this modern service are numerous, and the ones that stand out among them are saving time, more favourable price, comfortable and fast transaction execution. The purpose of this paper is to examine the satisfaction of clients in relation to electronic banking services, i.e. to come to a conclusion which elements of service quality have an impact on satisfaction, as well as to assess the intensity of such impact. In order to obtain the necessary information, we have used the measures of descriptive statistical analysis, reliability analysis, correlation and regression analysis. The data have been collected using the survey method and the questionnaire distributed to respondents for the purpose of specific research has been created on the basis of previous research in the quality of service field. The results have shown that three dimensions of modified SERVQUAL model (security, ease of use and responsibility) have a statistically significant impact on satisfaction, while other factors (reliability, empathy and website content) have, in their joint effect, indicated a non-significant impact on satisfaction. The contribution of this paper is reflected in the fact that the identification of factors (reliability, empathy, website content) that have not achieved a significant impact in their joint effect on the satisfaction of clients with electronic banking can be a signal for the management of financial institutions to take action in order to reduce the perceived risk, maintain trust, provide training and development of employees, modernize website appearance. </abstract>

Identification of Key Determinants of Satisfaction of Users of Electronic Banking Services

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Economic Themes

 The Faculty of Economics in Niš publishes the journal Economic Themes within the Center for Publishing. According to the categorization of the Ministry of Education and Science of the Republic of Serbia the journal is classified as the leading journal of national importance (M51) and is issued quarterly (in Serbian and English). In the upcoming period we wish to implement two important aims: first, to continually enhance the quality of the journal in compliance with generally accepted standards and second, to improve the ranking of the journal in the following years. All articles sent for publishing are anonymously reviewed.  Rejection Rate   App. 28%  Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 