Farm tourism is often considered a form of tourism whose main characteristic is sustainability. Nevertheless, the existing literature also provides a partial approach, where the development of farm tourism is analyzed within the context of sustainable development and crisis situations, such as the COVID-19 pandemic. The aim of the paper is to analyze environmental, social, and economic factors as vectors for the sustainable development of farm tourism by applying a specially designed SFT model. An empirical study was carried out on a sample of nine farms in the peri-urban area of the city of Novi Sad (the Republic of Serbia). Sustainable development was analyzed using dynamic social, economic, and environmental indicators with the aim of finding a model that could be used to ensure more stable economic income for the population, social equality, and environmental protection. By applying the SFT model, it was determined that the current position of farm tourism is not fully compliant with the aims of sustainable development due to its clearly dominant economic dimension and less developed social and environmental sustainability. The results were further analyzed with the aim of achieving a balanced development of farm tourism, which needs to be based on the continued application of the concept of sustainability. The results could be used by public and private institutions in the tourism sector, as well as creators of legal regulations and strategies in the field of sustainable and rural tourism, with the aim of further developing and improving its sustainability.

Small settlements in Serbia are confronted with long-term processes of depopulation, ageing, and migration, characterised by pronounced spatial and structural heterogeneity. This raises questions about the effectiveness of uniform development policies and underscores the need for a differentiated, place-based approach. The aim of this paper is to identify the demographic heterogeneity of small settlements (with fewer than 100 inhabitants) and to analyse its implications for decentralised territorial development. The research is based on the analysis of 1302 settlements in Serbia, using 26 demographic, socio-economic, and geographical indicators. The methodological framework is based on principal component analysis and cluster analysis, complemented by nonparametric tests and logistic regression. The results indicate pronounced population ageing, low labour potential, and a clear spatial polarisation between accessible and peripheral settlements. Four clearly differentiated types of small settlements are identified. It is concluded that demographic heterogeneity represents a key determinant of development capacity, indicating the need for territorially sensitive and differentiated development policies. In this context, decentralisation and tailored development models may contribute to the revitalisation and long-term sustainability of rural areas.

The objective of this research is to examine the interbank network of clients as a channel for credit risk transmission by groups of banks in Serbia characterized by different levels of credit risk (clusters). Two of the four observed groups of banks have experienced increase in NPLs through the channel of contagion spread in the interbank network. The spread of the infection through the banking network is a consequence of the impact of the economic connection among clients. The third group of banks (banks with high levels of credit risk) takes over the effects of systemic factors and transfers their influence to the second and the first group (banks with average and below-average credit risk level) through the banking network channel. There were different models of bank behaviour, from a group of banks that fully aligned their risk taking with risk capacity to a group of banks that exhibited an excessive risk propensity far beyond their own risk-taking capacity. There is also the confirmation that moral hazard was an important determinant of credit risk and an additional impulse to spread credit contagion.

Research Question: We investigate the effectiveness of state incentives of industrial policy in terms of investment and employment. Motivation: Serbia implements various support models of industrial support to attract investments and increase employment. Total spending on state aid in Serbia is much higher than in EU countries. State incentives are deemed justified if they effectively lead to an increase in direct investments, that is, if they enable the implementation of investment projects that would not have been realized in the absence of such support. Incentives are considered acceptable insofar as the benefits generated by the supported projects exceed the costs of the incentive programmes, including both direct and indirect expenditures. However, previous research showed that there is not enough transparency in allocated incentives, and their effectiveness is questioned. Data: This research analyses 197 investment projects that received incentive funding during the period 2016–2022. Data are obtained from the Ministry of Economy and contain project data on total investment and incentive amount, as well as the number of newly employed workers. Tools: We use a bootstrap methodological framework to generate both point and interval estimates of average values of investment and incentive amount, number of newly employed workers, and incentive amount per employee. Findings: We find a high degree of heterogeneity in all four indicators analysed. We observe that average incentive per employee increased during the analysed period. Also, average investments increased during the period, with the peak in 2020 of 80 mil. euros. Average newly created jobs ranged between 255 and 399 and average investment ranged between 15.9 and 39.2 million euros with the confidence of 95%. Contribution: Our findings provide an evidence-based assessment of the effectiveness of state incentives for attracting investment and employment in Serbia and offer recommendations for the reform.

Industrijska politika je važno sredstvo koje vladama omogućava da promovišu industrijski razvoj i ubrzaju ekonomski rast. Ipak, specifične mere koje su usvojene od strane uspešnih industrijalizovanih zemalja ne mogu se lako primeniti na ostale zemlje, ne samo zbog posebnih društveno-ekonomskih uslova pojedinačnih zemalja već i što promene u globalnom okruženju utiču na efikasnost instrumenata industrijske politike. Novi pristupi industrijskoj politici prisutni su širom sveta, naročito posle krize izazvane pandemijom koronavirusa. Jačanje industrijskog sektora je ključ oporavka. Da bi se postigao ovaj važan cilj, industrijska politika mora biti u centru reakcija vlada. Ne može se očekivati da se put razvoja karakterističan za visoko razvijene zemlje sveta primeni na Srbiju. Neophodna je promena dosadašnje strategije razvoja industrije Srbije. Cilj nove industrijske politike Srbije je da promoviše strukturne promene u industriji u korist proizvodnje roba i usluga sa većom dodatom vrednošću, modernizacijom, integracijom u globalne lance vrednosti, razvojem ekonomije zasnovane na znanju i pozicioniranjem za Četvrtu industrijsku revoluciju. Analiza u radu posvećena je državnim podsticajima koji su deo nove industrijske politike Srbije i jedna su od mera pomoću kojih država utiče na povećanje obima investicija, rast zaposlenosti i stvaranje privlačnijeg poslovnog ambijenta za domaće i strane ulagače.

Industrial policy is an important mean that enables governments to promote industrial development and accelerate economic growth. However, specific measures adopted by successful industrialized countries cannot be easily applied to other countries, not only because of the special socio-economic conditions of individual countries but also because the changes in the global environment affect the effectiveness of industrial policy instruments. New approaches to industrial policy are present worldwide, especially after the crisis caused by COVID19 pandemic. Strengthening the industrial sector is the key to recovery. To achieve this important goal, industrial policy must be at the center of government reactions. It cannot be expected that the direction of development which is characteristic for developed countries of the world will be applied to Serbia. It is necessary to change the current strategy for the development of Serbian industry. The goal of Serbia's new industrial policy is to promote structural changes in industry in favor of higher value-added goods and services, modernization, integration into global value chain, development of a knowledge-based economy and positioning for the Fourth Industrial Revolution. The analysis is dedicated to state incentives which are part of the new industrial policy of Serbia and are one of the measures by which the state influences the increase in investment, employment growth and creating a more attractive business environment for domestic and foreign investors.