Marko Malović

• PhD
• Professor (Full) at University of E. Sarajevo

After a multi-year period of low interest rates and monetary expansions following the so-called great moderation, the issue of how to protect capital from value erosion became highly relevant once again. Recent notable increase in inflation re-woke theoretical and practical disagreements about what causes inflation in the first place, in which ways...

Overcoming macroeconomic hurdles as a trade assumes that branches of government are almost continuously charged with various assignments, or particular tasks attached to a finite set of resources and talents owned by organizational subunits with decision rights in corrective policy-making. Even though open-economy cases of disinflation programs rem...

The outburst of COVID-19 pandemics has heavily contracted and structurally altered both the size and the flows of international trade throughout 2020 and 2021. Even though contagion effect on global trade is clearly a negative one for a number of reasons elaborated in the paper, we venture to argue that this is in fact an evolutionary, expected and...

In this paper we argue that in spite of the grave economic, political and health consequences of the ongoing exogenous crises (COVID19 cum economic downturn stemming from Russian-Ukranian conflict), before too long Serbian tourism exhibited something similar to the V-shaped recovery (and then some) by means of a) government subsidies, b) substituti...

Research Question: The objective of this particular piece of research was to evaluate the condition of the real estate market in the period preceding the pandemic outbreak. Motivation: Our goal was to determine whether real estate has been overpriced, i.e., whether and when speculative bubbles began to form and whether there were indications of the...

Persistent and unsustainable current account deficits imply continuous foreign borrowing. In this study, we investigate the causal relationship between Turkish current account deficits (CAD) and growth, by using both traditional Granger and Frequency Domain Causality Tests developed by Breitung and Candelon (BC hereafter) over the period of first q...

Serbia and the world are facing the largest health-cum-financial crisis in the living memory. By utilizing the novel class of macroeconomic SIR models, we demonstrate that neither its origin nor its transmission is fully exogenous, but crucially depends on the complicated interaction of governments, firms and individuals? economic behavior. Hence,...

Sanja Jelisavac Trošić, Urednik tematskog zbornika Strane investicije u Srbiji – novi pogledi, Institut za međunarodnu politiku i privredu, Beograd, 2019, ukupno 218 str, ISBN 978-86-7067-269-7, COBISS.SR-ID 281063948

One of the key characteristics of the world economy in the last few decades has been the rise of foreign direct investments (FDI), which represent the major and most desirable form of capital flows from developed to developing and transition countries. The aim of this paper is to investigate specificities of FDI inflow to six small open transition...

Objective of this paper is to empirically examine whether widespread unofficial dollarisation plays significant role in determination of exchange rate dynamic in Turkey and Serbia, as one big and one small of the EU candidate countries under managed floating currency regime and synthesize consequent policy recommendations. Our time-series approach...

Currency substitution is widespread in less developed countries. Since it increases financial vulnerability and limits the effectiveness of monetary policy, it is often in the focus of scientists and experts. In this paper, we analyze the importance of euroization determinants in Serbia and neighboring countries - Albania, Bosnia and Herzegovina, F...

The so called twin nature of the ongoing global crisis emphasizes the importance of link between a set of key macro variables and a quality of loan portfolios of commercial banks. The aim of this paper is to explore the differences in prevailing macroeconomic determinants of the banks’ NPLs (non-performing loans) in many respects similar economies...

Abstract: Bitcoin, a peculiar crypto-currency has been the loudest buzzword in global finance over the last year or so, both for its spectacular and seemingly robust appreciation trend as well as for more recent equally ostentatious demise. After reviewing the history of bitcoin and specificities of its cyber-construct, this paper adds to the criti...

Abstract: By joining the recent research bandwagon in international finance, this paper reexamines the potential of Chinese yuan for becoming a leading world currency. After analysing historical perspective and the ongoing state of affairs in de facto tripolar global monetary system, both external and internal impediments to internationalisation of...

This paper deals with phenomenon of the increasingly indicative global imbalances and lagging genesis of balance of payments (BoP) accounting in an attempt to accommodate the ongoing mutation of international trade and finance. Namely, although BoP of the world as a whole should be zero since international trade in goods, services and financial ass...

In this paper, we put under scrutiny the blueprint of the Eurozone's banking union in trying to confront and contrast the shortcomings of the currency union and malaise of the euro-crisis at hand with the aims, instruments and scope of the banking union itself. After investigating direction of causality between the weak banking sectors and the week...

ABSTRACT: The purpose of this paper is to challenge couple of dangerous theoretical misconceptions in contemporary open-economy macro, namely, in respect to desirability or sustainability of available exchange rate regimes and monetary strategies and their mutual compatibility in small open economies with incomplete (emerging) markets. First of a...

Banking Academy KEY WORDS: Balance of payments deficit, Serbia, Dinar depreciation, Sudden stop crisis, Foreign debt, Macroeconomic adjustment UDC: 332.053.2 (497.1) JEL: F32, F34 When you are in a hole, first thing you should do is to stop digging ‐Anglo‐American proverb‐ " Yes there are two paths you can go by but in a long run, There is still ti...

One of the pillars of open-economy macro is the well-known axiom of "inconsistent trinity", which claims it is impossible to simultaneously achieve significant liberalisation of international capital movements, monetary policy independence and fixed exchange rate. Ignorance or inability to accept this identity, have recently placed many developing...

In this chapter* we explore the history of the privatisation process in Serbia during the past decade. The first privatisation programme implemented in the Serbian economy was designed and taken by the last federal government of the former Yugoslavia under very specific political surroundings in the early 1990s. The programme lasted only a short ti...