NEW APPROACHES IN INVESTMENT RISK MANAGEMENT IN PUBLIC SECTOR IN THE POST-CRISIS PERIOD: A CASE STUDY OF THE REPUBLIC OF SERBIA
Abstract
The subject of the research in this paper is giving an overview, description and analysis of the new approach in risk management of public sector investment, with a special focus on the Republic of Serbia as a domestic economy. The crisis of 2008 resulted, among other things, in an overall abandonment of neoliberal approach to market, and a complete redefining of market relationships, place and role and significance of particular participants in market. These new market circumstances have in particular affected the market position of public sector along with its market performance. Therefore the main goal of this research in this paper is getting new knowledge, which can be validated in practice, about new approaches to management of public sector investment risks in post-crisis period, with a special focus on the Republic of Serbia and its public sector. The results of the research should provide new knowledge on modalities and effects of new approaches in management of public sector investment risks in the post–crisis period, thus enabling an effective and efficient repositioning of the place, role and significance of the public sector on the market of the Republic of Serbia. In this way they will be useful to the academic community in broadening the scientific data base in this area of interest, as well as policymakers in the process of defining and implementing of public sector policies.
References
Andrews, R., (2010). New Public Management and the Search for Efficiency. In: T. Christensen and P. Laegrid (eds), Ashgate Research Companion to the New Public Management. Ashgate Press: Aldershot, pp281-94.
Afonso, S., (2003). Public sector efficiency, an international comparison, European Central Bank working paper series no 242.
Afonso, S., (2006). Public sector efficiency: evidence for new EU member states and emerging markets, European Central Bank working paper series no 581.
Eugenio Caperchione, Istemi Demirag, Giuseppe Grossi, (2017). Public sector reforms and public private partnerships: Overview and research agenda. Accounting Forum, Volume 41, Issue 1, Pages 1-7,
Dašić, G., (2018). Savremeni trendovi u razvoju javnog sektora. Srpska akademska misao, broj 5, pp 7-25.
Đuričin, S., Đukić, M., (2017). Ocena ekonomsko finansijske moći odabranih javnih preduzeća u Republici Srbiji. Opportunities for inclusive and Resilient Growth: tematski zbornik. Institut ekonomskih nauka, Beograd, pp. 89-104.
Jovanović, P., (2020). Izazovi upravljanja i motivacije u javnom sektoru u Srbiji. Edicija Zbornici. Institut društvenih nauka. Beograd, pp 118-139.
Madžar, Lj., (2015). Gordijev čvor javnih preduzeća u Srbiji: Drešiti ili seći? Restrukturiranje javnih preduzeća u uslovima institucionalnih ograničenja, Ekonomski fakultet, Beograd.
Nedić, V., Despotović, D., Cvetanović, S., Đukić, T., Petrović, D., (2020). Insitutional reforms for economic growth in the Western Balkan Countries”, Journal of Policy Modeling, Volume 42, Issue 5, pages 933-952.
Tim Neerup Themsen, Peter Skærbæk, (2018). The performativity of risk management frameworks and technologies: The translation of uncertainties into pure and impure risks. Accounting, Organizations and Society,Volume 67, Pages 20-33,
Veselinović, P., (2014). Reforma javnog sektora kao ključna determinanta uspešnosti tranzicije privrede Republike Srbije, Ekonomski horizonti, Volumen 16, Sveska 2, 141 – 159.