<abstract xmlns="http://www.w3.org/1999/xhtml">Insurance market is characterized by growing competition. This has imposed needs relating to the continuous capacity building of insurance companies, the continuous improvement of operating results and the assessment of the effects of insurers’ financial investment. The ultimate goal of these activities is to implement the planned goals and achieve positive business results. It is evident that the financial stability and efficiency of the insurance sector strengthens the confidence of citizens in this type of financial intermediaries. Bearing in mind the importance of the insurance sector for the financial system and economic system growth and development, the research subject is the analysis of the insurance sector efficiency in the Republic of Serbia. The main research objective is to look at the insurance sector efficiency through the performance analysis of nine selected insurance companies in the period 2007-2018, using DEA window analysis. The analysis and systematization of theoretical research findings, along with empirical data interpretation, description and comparison yielded results pointing to very poor performance of the insurance sector as a whole, because in all years of the observed period the relative average efficiency (technical, pure technical and scale efficiency) was below 100%, especially in the period 2015-2018.</abstract>

DEA Window Analysis of Insurance Sector Efficiency in the Republic of Serbia

<abstract xmlns="http://www.w3.org/1999/xhtml">The importance of certain tax forms for the economy of any country is confirmed by the fact that they can be used to impact on the achievement of fiscal aims as they play a significant role when it comes to their share in a total amount of public revenue of certain countries. Another important characteristic of taxes is that they can affect the trends of gross domestic product (GDP) as one of the most important economic indicators of achieved development of a national economy. It is for this reason that we must point out that the authors will pay special attention to determining the impact that corporate income tax has on trends of gross domestic product in the Republic of Serbia and their interdependency. This will provide an answer to a question whether corporate income taxes have a positive effect on gross domestic product trends and what is its relation with this indicator. On the basis of quantitative research, through the application of regression analysis, the authors will confirm or refute the hypothesis concerning this problem. Finally, we will reach a conclusion which will offer answers to questions related to the impact of this tax type tax on the gross domestic product trends, the extent of the impact and its nature – whether it has a positive or a negative effect on gross domestic product trends in the Republic of Serbia</abstract>

The Impact of Corporate Income Tax on Gross Domestic Product - The Case of the Republic of Serbia

<abstract xmlns="http://www.w3.org/1999/xhtml">The disparities between the regions are the main obstacle to a balanced and harmonious economic and social development. Increasing regional disparities in the countries in transition has led to the increasing attention paid to multicriteria analysis of regional disparity of economic and social development. The regional development in Republic of Serbia, as a country in transition, after wave of recession faced with additional challenges, such as: increasing the economic gap between regions and increasing regional demographic regression. The purpose of this research is to evaluate the regional disparity of economic development as well as the regional disparity of demographic development in the Republic of Serbia. The aim is to analyze the interdependence between economic and demographic development of the regions. According to the six indicators of economic development and the six indicators of demographic development, this paper makes the analysis by VIKOR and the method of ENTROPY as well as correlation analysis. The results of research indicate that there is a statistically significant relationship between economic and demographic development of regions in the Republic of Serbia. This paper indicates the need for a further research in order to identify the main obstacles that countries face within the process of economic and demographic development.</abstract>

Faculty of Law and Business Studies “Lazar Vrkatić” Novi Sad

A Multicriteria Analysis on Regional Disparity of Economic and Demographic Development in the Republic Of Serbia

<abstract xmlns="http://www.w3.org/1999/xhtml">This paper analyses trends in three key aspects of economic globalization: international trade, foreign investment and global product chains. The paper points to downward tendencies of the world economic integration in all three segments. The paper finds that causes of these trends are not cyclical, but structural, that is, the process of deglobalization of the international market and transformation of the very foundations of the international economic system is underway. The paper also includes an empirical analysis of the potential effects of these changes on six economies of the Western Balkan. The multiple regression models reveal very strong statistic connection between these economies and the world economy trends. There are direct relations with global foreign trade and production, but inverse relation with FDI share in the world economy. That indicates significant challenges such as declining income and job losses, but also certain opportunities to reduce trade deficits and increase domestic production.</abstract>

Deglobalization of the World Economy and its Effects on the Western Balkan Countries

<abstract xmlns="http://www.w3.org/1999/xhtml">The degree of increased indebtedness in the Western Balkan countries is generated by increasing consumption in terms of increased economic growth and structural reforms. Although these countries have shown an increase in exports and foreign direct investment over the past few years, the current account deficit remains high, especially in the ratio between external debt and GDP, which is not only high but at the stage of growth. Also, as domestic financial markets are underdeveloped, these countries are to a large extent exposed to an increase in the price of foreign borrowing. The current borrowing policy continues with increasing investment in non-productive consumption, which requires renewed borrowing. The presentation of debt trends, analysis and comparison of external debt of these countries show relevant guidelines in the selection of an adequate economic policy that would enhance the competitiveness of this part of the Balkans. Also, a comparative analysis of the indebtedness ratio will especially assess the state of indebtedness in Serbia, the structure and the movement of external debt towards international financial institutions. The comparison in this paper is made using standard indices of indebtedness based on the data obtained from the national statistical institutes and international financial institutions.</abstract>

The Impact of Debt on Economic Development of the Western Balkan Countries

<abstract xmlns="http://www.w3.org/1999/xhtml">The goal of the paper is to present the intervention strategies used by central banks in order to influence the value of the domestic currency, transparency versus discretion when it comes to publishing data about FX intervention and the cost and effectiveness of intervention. It is rarely that nowadays countries allow for an exchange rate to be formed on the market basis through the effects of supply and demand for foreign exchange on the foreign exchange market. The central bank buys or sells a foreign currency in the foreign exchange market in order to increase or decrease the value of its national currency in comparison to the foreign currency. The reasons for the intervention are the reduction of short-term oscillations of the exchange rate, the impact at the level of foreign exchange reserves, as well as the maintaining the price and financial stability as the ultimate goal of most central banks. The paper will present intervention strategies on foreign exchange market, which involves the implementation of interventions in the market of options, forward, foreign currency repo and foreign currency swaps. Then, on the spot market, interventions using an auction, as well as the application of foreign currency indexed certificates.</abstract>

Intervention Strategies in Foreign Exchange Market

<abstract xmlns="http://www.w3.org/1999/xhtml">Since the 1990s there have been major changes in the way monetary policy is conducted. Since other monetary strategies did not result in the desired outcome, the first concept of inflation targeting was presented in New Zealand (1990), then in Canada (1991), England (1992), Sweden and Finland (1993), Australia and Spain (1994), Israel, Chile, Brasil, the Czech Republic, Poland, Hungary, Serbia and other countries. Thus, the application of this monetary regime has spread from economically developed to developing countries. This article examines the adoption, the formal framework for inflation targeting and the experience of the two countries that were leaders in the adoption of this modern strategy, New Zealand and Canada. At the time of the announcement of the inflation targets, inflation in both countries was around 6%. However, there are differences regarding the time frame. So, in New Zealand in a shorter period of time, credibility should have been achieved regarding the imbalance of monetary and fiscal policy. While, on the other hand, a longer time frame is envisaged for the Central Bank of Canada regarding achieving greater flexibility to mitigate price shocks. After all the above, it can be concluded that both observed countries (Canada and New Zealand) during the period 2008-2017, achieved positive effects from inflation targeting. In this sense inflation rates in the target range of 1-3% were achieved, except for a few years after the financial crisis (2008-2011), but after certain revisions of the formal framework, both countries successfully fought for greater economic growth and financial stability. The inflation targeting regime proved to be very successful in achieving the set targets, so both Central Banks continued to constantly update the formal and informal inflation targeting frameworks, in order to continuously achieve the expected effects.</abstract>

Comparative Analysis of the Implementation of the Inflation Targeting Monetary Strategy in Canada and New Zealand

<abstract xmlns="http://www.w3.org/1999/xhtml">This study investigates the impact of trade and transport services on the environment in Africa. Secondary data for 21 countries spanning 2000 and 2014 were used and analysed using POLS, FE, RE and PMG. These techniques revealed diverse results. The Hausman test was used to decide between FE and RE in the study. The Hausman test accepts the FE result due to it 5% significant result. The POLS reveal that trade and economic growth reduces degradation in Africa, while transport services in the export and import sector and energy consumption increases degradation. Notably from the FE result, trade, energy consumption and economic growth showed a positive impact on environmental degradation in Africa, while transport services in the import and export sector reduces environmental degradation. For the PMG result, findings show that in the long-run, trade, transport services (export and import), energy consumption, and economic growth increase degradation in Africa. This implies as these activities increases in the long run, there are no measure to ensure environmental quality. In the short-run, trade and transport services in the import sector reduce degradation as many of the importation is dominated by improved technology products, while transport services in the export sector, energy consumption and economic growth positively impact on environmental degradation in Africa. The study concludes a mixed effect of trade and transport services on the environment in Africa. A major recommendation is that more energy efficient technologies should be used in Africa to meet the sustainable environment goal and this can be done by reviewing trade policy to encourage inflow of improved technology into the economies.</abstract>

Centre for Petroleum, Energy Economics and Law

Economics Programme, College of Social and Management Sciences

Department of Social Sciences, Federal Polytechnic

The Impact of Trade and Transport Services on the Environment in Africa

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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. 