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Macroeconomics Department

Description of the research objectives and areas of interest

The Department for Macroeconomics brings together IES researchers on fiscal and monetary stability, growth and investments, and international trade and capital flows. The Department's primary goal is to contribute to academia, policymakers, and the broader society through excellent research on economic and social development topics. To this end, research efforts are focused on the contemporary issues of crucial importance for small open economies, such as Serbia, in the fields of monetary and fiscal policy: fiscal and monetary stability, shocks, crisis, and policy instruments; economic growth: foreign direct investments, sectoral analysis, and business cycles; and international economics: competitiveness, foreign exchange rates, trade policies, capital mobility. The Department also produces a semiannual publication – SEE-6 Economic Outlook – on macroeconomic trends and developments in the region (in cooperation with the Association of Economic Institutes of Southeast Europe), organizes workshops and seminars and provides tailor-made analytical services according to policymakers and the business sector.

Department members

Selected references

  1. Marjanović, D., Domazet, I., & Vukmirović, V. (2022). Social Environment as a Factor of Capital Investment in Serbia. Eastern European Economics, 60 (3), pp. 247-264;
  2. Zdravković, A., Kamenković, S., & Kaličanin, T. (2022.) The Size of the Fiscal Stimulus in European Countries. In: Economic and Financial Implications of Covid-19 Crises. Université Côte d'Azur, Nica, pp. 69-91;
  3. Marjanović, D., Beraha, I., & Domazet, I. (2022). Belt and Road Initiative as a Development Chance for the Western Balkan Countries – The Case of Serbia. In Bhuiyan, M.A. and Beraha, I. (Eds.), Opportunities and Challenges for Multinational Enterprises and Foreign Direct Investment in the Belt and Road Initiative, pp. 172-193. Hershey: IGI Global.
  4. Bodroža, D., Kolavčić, М. (2022). The impact of investment on the economic activity of the Balkan silk road Countries. In Bhuiyan, M.A. and Beraha, I. (Eds.), Opportunities and Challenges for Multinational Enterprises and Foreign Direct Investment in the Belt and Road Initiative, pp. 144-171. Hershey: IGI Global.
  5. Ljumović, I., Lečovski-Milojkić, I., Obradović, V. (2020). What Drives Private Equity and Venture Capital in Central and Eastern Europe Countries: Focus on Serbia. Economic Analysis: Applied Research in Emerging Markets, 53 (1), pp. 133-148.
  6. Malović, M., Özer, M., Zdravković, A. (2019). Misunderstanding of FDI in Western Balkans: Cart before the Horse and Wheels without Suspension. Journal of Balkan and Near Eastern Studies. vol. 21(4), pp. 462-477.
  7. Grubišić, Z., Kamenković, S., Zdravković, A. (2018). Impact of government balance and exchange rate regime on current account during the economic cycle: evidence from CEE countries. Zbornik radova Ekonomskog fakulteta u Rijeci, vol. 36(1), pp. 307-334.
  8. Bodroža, D., Đukić, M. (2018). Influence of FDI Inflows on Economic Activity in CEE Countries. In: Western Balkans Economies in EU Integration: past, present and future. CEMAFI International Association, Nice, pp. 107-132.
  9. Malović, M., Zdravković, A. (2017) Export-led growth of a small open economy in the post-globalised world. The State and the Market in Economic Development: in Pursuit of Millennium Development Goals. Brisbane, Australia: The International Institute for Development Studies, 2017, pp. 30-44.
  10. Zdravković, A., Đukić, M. & Bradić-Martinović, A. (2017) Impact of FDI on unemployment in transition countries: panel cointegration approach. Industry, 45 (1). pp. 161-174.

Selected projects

  1. 2020-2024: COST Action CA18215 - "China In Europe Research Network".
  2. 2022: Contemporary Economic and Financial Trends analysis, UNDP
  3. 2017 – 2019: Presentations on Macroeconomic Research at the Request of the National Bank of Serbia, National Bank of Serbia
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