IZAZOVI FINANSIRANJA DEFICITA TEKUĆEG RAČUNA REPUBLIKE SRBIJE
Ključne reči:
deficit tekućeg računa, doznake, strane direktne investicije, spoljni dug
Sažetak
Jedno od centralnih pitanja vezanih za prisustvo deficita tekućeg računa i generalno platnobilansne neravnoteže odnosi se na pronalaženje izvora za njegovo finansiranje. Zemlje u razvoju, među kojima i Republika Srbija, usled nedostatka kapitala i dispariteta između domaće akumulacije i investicione potrošnje rešenje za finansiranje deficita tekućeg računa pronalaze u uvozu stranog kapitala, što rezultira suficitima finansijskog bilansa. U uslovima nedovoljnog priliva stranog kapitala, glavni izvor za finansiranje platnobilansne neravnoteže predstavlja zaduživanje u inostranstvu. Cilj istraživanja je da se identifikuju ključni izvori finansiranja deficita tekućeg računa Republike Srbije u periodu 2007-2022. godine. Rezultati istraživanja sugerišu da, iako se tokom poslednjih nekoliko godina, obezbeđuje pokrivenost deficita tekućeg računa neto prilivom stranih direktnih investicija, ova sredstva još uvek nisu dovoljna za finansiranje platnobilansne neravnoteže u potpunosti usled visokih odliva dohotka po osnovu stranih direktnih investicija. Preciznije rečeno, neto efekat stranih direktnih investicija je još uvek nedovoljan da obezbedi finansiranje celokupnog deficita tekućeg računa, usled čega se relativno značajan deo deficita i dalje finansira zaduživanjem u inostranstvu.
Reference
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25. Kastratović, R. (2016). The influence of foreign direct investments on economic and social development of Serbia. Banking. 45(4), 70-93. https://doi.org/10.5937/bankarstvo1604070K
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29. Kovačević, R. (2020). The Causal Relationship Between Current Account and Financial Account Balance in Western Balkan Countries- the Case of Serbia. Banking 49(4), 9-41. https://doi.org/10.5937/bankarstvo2004009K
30. Kovačević, R. (2021). Serbia’s foreign exchange reserve adequacy and the factors influencing their accumulation. Economic Horizons. 23(1) 33-53. https://doi.org/10.5937/ekonhor2101033K
31. Kovačević, R. (2022). The effects of FDI net inflow on the current account of Southeast Europe countries – a panel causality analysis. Economic Annals 67(235), 95-122. https://doi.org/10.2298/EKA2235095K
32. Marjanović, D., Beraha, I., Simović, V. (2021). The Impact of Import, Export and FDI on the Economic Growth of the Western Balkans Countries. Economic Analysis. 54(2), 20-29. https://doi.org/10.28934/ea.21.54.2.pp20-29
33. Milićević, D. (2006). Balance of payments and exchange rate. Belgrade: Institte of economic diplomacy
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35. National Bank of Serbia (2023). Inflation report – february. Available at: https://www.nbs.rs/sr/drugi-nivo-navigacije/publikacije-i-istrazivanja/IOI/
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40. Sanfey, P., Milatović. J., Kresić, A. (2016). How the Western Balkans can catch up. EBRD Working paper No. 186. London: EBRD
41. Stanišić, N. (2020). External economic imbalance of the Republic of Serbia. in Institutional changes as a determinant of the economic development of the Republic of Serbia. (pp 223-236). Faculty of Economics, University of Kragujevac.
42. Tmušić, M., Rapaić, S. (2022). Analysis of institutional determinants of the policy of attracting foreign direct investments in Serbia. Serbian Political Thought. 76(2), 27-54. https://doi.org/10.22182/spm.7622022.2
2. Atanasijević, J., Čupić, V. (2019). Financial integration in new Europe – overview and implications for furhter growth polices in Serbia. Ekonomika preduzeća 60(1-2), 51-62. https://doi.org/10.5937/ekopre1202051A
3. Borio, C., Disyatat, P., (2015). Capital flows and the current account: Taking financing (more) seriously. BIS Working Papers No. 525.
4. Bošnjak, M. (2019). Determinants of Current Account in Cases of Serbia and Romania: Time-Varying Parameters Approach. South East Journal of Economics and Business. 14(1), 21-33. http://dx.doi.org/10.2478/jeb-2019-0004
5. Bucevska, V. (2017). Current Account Deficits in the EU Candidate and Potential Candidate Countries: A Panel Analysis. Economic Themes 55(3), 305-318. http://dx.doi.org/10.1515/ethemes-2017-0017
6. Burgess, R., Haksar, V., (2005). Migration and Foreign Remittances in the Philipines, IMF Working Paper No. 05/111.
7. Cota, B., Erjavec, N., Bogdan, Ž. (2017). External Imbalances in emerging and advanced European countries. Economic Research 30(1), 1553-1571. https://doi.org/10.1080/1331677X.2017.1340179
8. Čakajac, B., Janković, N., Luković, S. (2023a). The Role of Remittances in Financing the Current Account Deficit: The Case of Serbia. Our Economy. 69(3), 35-44. https://doi.org/10.18690/10.2478/ngoe-2023-0016
9. Čakajac, B., Janković, N., Luković, S. (2023b). Migration movements as a way of balancing the balance of payments of the Republic of Serbia. In: Regional development and demographic trends of Southeastern European countries. (pp 273-285). Faculty of Economics, University of Niš.
10. Delević, U. (2020). Employment and state incentives in transition economies: are subsides for FDI ineffective? The case of Serbia. UNCTAD Transnational Corporations Journal. 27(2), 31-63.
11. Dugalić, V., Kovačević, R., Janković, N. (2023). International Finances. Kragujevac: Faculty of Economics, University of Kragujevac.
12. Đukić, M., Bodroža, D. (2022). Diaspora Contribution to the Economic Development of the Republic of Serbia: Remittances and Investments. In: Redžepagić, S. et al. (Eds), Economic and Financial Implications of Covid-19 Crises (pp. 181-199). Nica: Université Côte d'Azur.
13. Edwards, S. (2002). Does the Current Account Matter. in Edwards, S., Frankel, J. Preventing Currency Crises in Emerging Markets. National Bureau of Economic Research.
14. Ercegovac, D. Beker Pucar, E. (2021). The nexus between FDI and external balance in selected Emerging European Economies – a panel data approach. The Annals of the Faculty of Economics in Subotica. 58(47), 147-164. https://doi.org/10.5937/AnEkSub2247147E
15. Fabris, N., Kilibarda, B. (2008). Analysis of the sustainability of the current account deficit of Montenegro. Working Paper No. 14. Central bank of Montenegro
16. Gabrisch, H., Hanzl-Weiss, D., Holzner, M., Landesmann, M., Poschl, J., Vidovic, H. (2016). Improving Competetivenes in the Balkan Region – Opportunities and Limits. The Vienna Institute for International Economic Studies. Report No. 411.
17. Ghosh, A., Ramakrishnan, U. (2006). Back to Basics: Do Current Account Deficits Matter? Finance&Development 43(4), 44-45. https://doi.org/10.5089/9781451922509.022
18. Gligorić, M., & Janković, I. (2013). Opportunities for greater remittances' channeling into savings and investments in Serbia. Ekonomski vidici, 18(4), 495-506.
19. Gligorić, M., & Janković, I. (2015). Improvement Possibilities of Remittances Economic Potential in Serbia. Quartal Monitor, 43, 48-55.
20. Janković, N., Stanišić, N. (2013). The current account deficit as a limiting factor for economic development of the Republic of Serbia. in Institutional changes as a determinant of the economic development of the Republic of Serbia (pp. 225-242) Kragujevac: Faculty of Economics, University of Kragujevac.
21. Janković, N. (2015). A twin deficit – the issue of the Serbian economy. Economic Horizons. 17(2), 107-132. https://doi.org/10.5937/ekonhor1502109j
22. Janković, N., Čakajac, B., Luković, S., & Mitrašević, M. (2022). The tourism sector as a determinant of reducing the balance of payments deficit in the Republic of Serbia. Hotel and Tourism Management. 10(2), 137-151. https://doi.org/10.5937/menhottur2202137J
23. Jushi, E., Hysa, E., Cela, A., Panait, M., Catalin Voica, M. (2021). Financing Growth through Remittances and Foreign Direct Investment: Evidences from Balkan Countries. Journal of Risk Financial and Management. 14(3), 1-17. https://doi.org/10.3390/jrfm14030117
24. Kalinović, M., Todorović, M., Marković, I. (2022). The Significance of ICT Services for the Balance of Payments in the Republic of Serbia. Economic Themes 60(2), 187-204. https://doi.org/10.2478/ethemes-2022-0011
25. Kastratović, R. (2016). The influence of foreign direct investments on economic and social development of Serbia. Banking. 45(4), 70-93. https://doi.org/10.5937/bankarstvo1604070K
26. Kovačević, R. (2016). International Finances. Belgrade: Faculty of Economics, University in Belgrade
27. Kovačević, R. (2017). Financing the current account deficit in Southeastern European countries. Banking 46(3), 96-111. https://doi.org/10.5937/bankarstvo1703096K
28. Kovačević, R. (2018). Structural and Cyclical Factors of Serbia’s Current Account. Economic Annals 43(217), 75-98. https://doi.org/10.2298/EKA1817075K
29. Kovačević, R. (2020). The Causal Relationship Between Current Account and Financial Account Balance in Western Balkan Countries- the Case of Serbia. Banking 49(4), 9-41. https://doi.org/10.5937/bankarstvo2004009K
30. Kovačević, R. (2021). Serbia’s foreign exchange reserve adequacy and the factors influencing their accumulation. Economic Horizons. 23(1) 33-53. https://doi.org/10.5937/ekonhor2101033K
31. Kovačević, R. (2022). The effects of FDI net inflow on the current account of Southeast Europe countries – a panel causality analysis. Economic Annals 67(235), 95-122. https://doi.org/10.2298/EKA2235095K
32. Marjanović, D., Beraha, I., Simović, V. (2021). The Impact of Import, Export and FDI on the Economic Growth of the Western Balkans Countries. Economic Analysis. 54(2), 20-29. https://doi.org/10.28934/ea.21.54.2.pp20-29
33. Milićević, D. (2006). Balance of payments and exchange rate. Belgrade: Institte of economic diplomacy
34. Ministry of Finance (2023). Public Finance Bulletin No. 227. available at: https://mfin.gov.rs/en/activities/bulletin-public-finances-july-2023-2
35. National Bank of Serbia (2023). Inflation report – february. Available at: https://www.nbs.rs/sr/drugi-nivo-navigacije/publikacije-i-istrazivanja/IOI/
36. National Bank of Serbia (2023). External debt of the Republic of Serbia. Available at: https://nbs.rs/en/drugi-nivo-navigacije/statistika/spoljni_dug/#
37. National Bank of Serbia (2023). Balance of Payments Statistics. Available at: https://www.nbs.rs/sr/drugi-nivo-navigacije/statistika/platni_bilans/
38. Radenković, I. (2016). Foreign Direct Investments in Serbia. Research Paper Series of Rosa Luxemburg Stiftung Sotuheast Europe No. 6.
39. Ratha, D. (2009). Remitances in Development: A Lifeline to Poor Countries. Finance&Development 46(4), 30-31.
40. Sanfey, P., Milatović. J., Kresić, A. (2016). How the Western Balkans can catch up. EBRD Working paper No. 186. London: EBRD
41. Stanišić, N. (2020). External economic imbalance of the Republic of Serbia. in Institutional changes as a determinant of the economic development of the Republic of Serbia. (pp 223-236). Faculty of Economics, University of Kragujevac.
42. Tmušić, M., Rapaić, S. (2022). Analysis of institutional determinants of the policy of attracting foreign direct investments in Serbia. Serbian Political Thought. 76(2), 27-54. https://doi.org/10.22182/spm.7622022.2
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2024/04/19
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