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Government expenditures represent one of the most important issues for policymakers both in ordinary and extraordinary conditions. The aim of this paper is to estimate and identify the effects of selected macroeconomic determinants on government expenditures in Serbia from 2002 to 2020. Using the ARDL technique, the empirical findings confirmed that there is a long-run relationship between gross domestic product, government revenues, inflation, and population size and government expenditures for the observed period. The significant and positive effects of explanatory variables are confirmed in the long run, except for inflation, whose impact is not significant in the short run. Specifically, GDP growth, higher inflation rate, greater government revenues and population contribute to the higher government expenditures level. The obtained findings give certain directions to fiscal authorities in creating and defining optimal government expenditures level in the context of influences of chosen macroeconomic variables.

Tourism plays an increasingly important role in the economic flows of each country. Recognizing the tourist potential of AP Vojvodina is an important task for the creators of the economic policy of our country. In order to make a favourable tourism environment with quality tourist content and products, it is necessary for tourist entities to operate stably and successfully. The aim of this paper is to highlight the importance of financial performance of firms in tourism sector in terms of profitability. The subject of the paper is to analyse the effects of internal factors on profitability level of 3456 firms in tourism sector in AP Vojvodina for the period 2015-2019. The results of the analysis indicate that observed firms were profitable during the analysed period, where average ROA was 1.81% and average ROE was 3.4%. Empirical analysis shows that internal factors such as firm size, sales revenue, earnings before interest and taxes and financial stability have positive impact on profitability, while liquidity and debt negatively affect the profitability of firms in tourism sector.

This research examines the relationship between indirect taxes and gross domestic product per capita in the Republic of Serbia from 2005 to 2019. The aim of this paper is to evaluate the long-run relationship between value added tax, excises and gross domestic product per capita based on Johansen cointegration test. The empirical analysis includes descriptive statistics, unit root test, cointegration test and FMOLS model. The results reveal a long-run relationship between indirect taxes such as value added tax and excises and the gross domestic product per capita in the Republic of Serbia for the observed period. Empirical findings confirm that revenues of value added tax and excises have positive and significant effect on the gross domestic product per capita in the long-run.

Modern business conditions are characterized by corporate governance that imposes the need for constant growth and development of the company. In such circumstances, it is necessary to measure the achievements of the company in the realization of the set of goals, among which is highlighted the effective financial performance and maximization of results in the long run. The paper analyzes the trend of liquidity performance of agricultural companies in the period 2011-2015. The sample is taken from medium and large agricultural companies of the sector A-Agriculture, forestry and fishing, which is headquartered in the territory of The Autonomous Province of Vojvodina. Analysis of the variation in the performance of agricultural companies is carried out in order to test stability and sustainability in achieving liquidity performance. Regardless of the fact that liquidity is a short-term category and as such cannot be the basis for making conclusions on long-term business performance, establishing an optimal level of liquidity is the starting point for the success of medium and large agricultural companies in the realization of the economic activity of The Autonomous Province of Vojvodina.

Public enterprises feature as an important field in Serbian economy. The aim of this paper is to point out the relevance of public enterprises and how their business can greatly influence the economic trends of the Republic of Serbia. The paper analyzes the operation of public enterprises Elektroprivreda Srbije, Srbijagas and Telekom in the period from 2011 to 2015. The paper is structured in four segments, with the first one focused on a theoretical and legislative approach to the explanation of the role and importance of public enterprises. Further, there are the key issues of these enterprises and a potential solution through the analysis of Fiscal Council. Finally, an empirical part is presented through the use of indicators of profitability, liquidity, indebtedness and solvency for the time horizon of 2011-2015.

In modern market conditions where the risk is very strong and present, the role of insurance has to be recognized and adequately positioned when managing risk points. One of the rapid growing types of insurance in the world is life insurance, which is essential for each individual. The aim of this paper is to point out the importance of life insurance in economy and with the people themselves. It provides protection and a certain form of security that is necessary to all subjects which are present on the market. The level of insurance market development depends on the economic situation in the country, an adequate regulatory framework and standards of living of the population with the willingness of insurance companies to create appropriate portfolios that will be adapted and made available to clients. The paper is divided into three parts, where the first emphasizes the role and importance of life insurance in economic flows. Also, it points out the risks that are presented in life insurance with the definition of insurance types which exist. The third part is focused on the analysis of life insurance market in Serbia with a comparative overview of the market in the region, respectively Montenegro, Bosnia and Herzegovina and Croatia. Special emphasis is placed on the number of insured, the amount of premiums and their relative changes and comparison with the non-life insurance in the period 2011-2015.

In terms of globalization, foreign direct investment is a major factor in competitiveness, in addition to developing and import new technology, entrepreneurship, education and innovation. The international movement of capital is the result of the globalization and affects the diversification of business activities, as well as gaining competitive advantage. Foreign investments are an important form of financing global economy and one of the crucial factors for the development of the national economy, and the interest of all countries in attracting investment capital from abroad to the extent possible. The current world financial and economic crisis indicates a decrease in the volume and dynamics of flows of foreign direct investment, especially in developing countries. Therefore, a given countries, including Serbia, watching foreign capital as an important source of economic growth, modernization of the economic structure, growth in output and employment, as well as strengthening export potential. The aim is to highlight the relevance of foreign direct investment in Serbia, as well as their impact on economic growth and sustainable development of the economy. The paper presents the effects of foreign capital inflows on key macroeconomic indicators in Serbia through graphical and tabular displays. Finally, a comparative analysis of investment flows into neighboring countries, in order to assess the level of investment in the region and defining the position of the Serbian economy in the inflow of foreign capital.