Economics, Entrepreneurship and Management Research

Monetary and Fiscal Policy in Solving the Global Economic Crisis

Olgica Nestorović, Jugoslav Anicic, Dusan Anicic — Wed, 11 Oct 2023 00:00:00 +0000

The global economy has been in a serious crisis for several years, which has deepened and accelerated in 2022 and 2023, so that a large number of countries are threatened with an economic recession with the possibility of transitioning into stagflation. The rise in energy, food, and other input prices has caused high inflation rates, both in developed and developing countries,regardless of their geographical location. The general impression is that some central banks that apply inflation targeting regime have reacted with delay, considering the rise in prices as a passing phenomenon of a temporary nature. Developing countries are in the most difficult situation and will have to borrow under unfavorable conditions to avoid a recession in their economies. The paper analyzes the possibilities and limitations of monetary and fiscal policy in preventing inflation and maintaining positive economic growth rates, with the aim of reducing unemployment, preventing a debt crisis, and reducing the standard of living of the population.

Application of the Harrod-Domar model in planning the economic growth of less developed countries

Nataša Zrilić — Wed, 11 Oct 2023 00:00:00 +0000

In this paper, special attention will be paid to the theoretical and practical application of the Harrod-Domar model of economic growth, the mainstream of economic development analysis. The reason for this is in the fact that this model is still relevant to this day, since it promotes investments as primary component of economic growth. Harrod Domar's model is often used for planning economic development, as well as understanding development difficulties, especially in underdeveloped countries.The use of this model is explained by economists from leading international financial institutions. Even today they often use this model in order to calculate the projected GDP level of a country in the fastest manner, based on projected investments, and on that basis to determine its possibilities for external borrowing. Most of underdeveloped countries, due to a lack of domestic resources for investments, opt for borrowing. This paper analyzes the practical application of the Harrod-Domar model in planning economic growth in certain countries. Positive and negative experiences of certain countries in the application of the model are reviewed, what should help the Republic of Srpska to establish its own development model. The intention is to determine how to use the Harrod- Domar model to calculate the required investments and achieve a certain rate of economic growth in the Republic of Srpska.

Theories of Career Development Applicable to Career Development and Counselling of Higher Education Economics and Management Students and their Employability

Tatjana Ilić-Kosanović — Wed, 11 Oct 2023 00:00:00 +0000

Employability of the graduates is one of the most important elements of higher education and higher education institutions. In order to enable the students to become more employable, career development and counselling are one of the key activities of higher education institutions besides curricula. In order to provide career development and counselling services it is important to understand career development theories applicable to the students. In this paper, a qualitative analysis of existing literature on career development theories applicable to the career development and counselling of the students, especially economics and management students, and theoretical basis for career counselling of students is going to be performed in the light of increasing their employability. Recommendations for the career development and counselling of management and economics students are given, with the transferrable skills as a crucial element.