The aim of the work is to determine the impact of macroeconomic factors (GDP and inflation) on the performance of the capital market in the former Yugoslav republics, in terms of their market capitalization, in the period from March 2021 to February 2023, as well as determining the moderating role of the former Yugoslav republics that do not use the euro. Namely, previous research has suggested that macroeconomic factors typically have a major impact on stock market performance, but other research has only revealed a minimal correlation. It's also important to keep in mind that the majority of these research were carried out in developed markets, with few exceptions. Empirical results showed that inflation had a positive and significant impact on market capitalization in the observed period, while the impact of GDP was positive, but not statistically significant. In addition, the results showed that the former Yugoslav republics, which do not use the euro, are a significant moderator of the relationship between market capitalization and GDP and market capitalization and inflation. The obtained results can be useful to investors when making their investment decisions.

The relevance of value added tax is reflected in the generation of a significant amount of revenue and the suppression of tax evasion. The purpose of the research is aimed at assessing collected revenues and measuring the efficiency of VAT revenue collection in the Benelux countries (Belgium, the Netherlands and Luxembourg) for the period 2011-2020. years. Empirical research results indicate that the average VAT efficiency was 59.84% in the observed countries. where the highest degree of efficiency was recorded in Luxembourg, and the lowest value in Belgium. Panel regression results show that economic growth, final consumption, government expenditures and VAT revenues have a positive effect on VAT efficiency in the observed countries. At the same time, variables such as unemployment and inflation, as well as the standard VAT rate, have a negative effect on the efficiency of VAT revenue. The obtained empirical findings can be of help to economic policy makers in the analyzed countries when profiling and adjusting tax policy from the point of view of value added tax.

In many developed economies, a stable financial market is the basis for the growth and development of a country's well-being. The movement of stock prices is, in many ways, a reflection of the development of the largest companies in a country. In this paper, we deal with the analysis of the impact of macroeconomic indicators such as inflation, interest rates, and exchange rates on stock prices on the stock market. The goal of the paper is a deeper understanding of how the movements of macroeconomic indicators affect the movement of stock prices and, at the same time, the economic growth of the largest companies. The analysis used monthly data on changes in inflation, interest rates, and exchange rates, together with the prices of shares of companies listed on the Belgrade Stock Exchange (BelexLine index) for the period from 2015 to 2021. The index itself contains a sample of 29 companies. The findings indicate the existence of a unidirectional relationship between interest rate changes and stock prices, and a bidirectional relationship between stock price changes and changes in inflation and interest rates. In addition to these two tests, the authors graphically show the impulse response of indicators as well as the decomposition of data variation, which indicates that the changes in stock price are explained mostly by the variance in the stock price itself. The results also indicate that the primary change of the BelexLine index to itself is positive, while in other periods there is a negative reaction, but at the end of the period, there is stabilization after the original occurrence of the shock.

Government expenditures represent one of the most important issues for policymakers both in ordinary and extraordinary conditions. The aim of this paper is to estimate and identify the effects of selected macroeconomic determinants on government expenditures in Serbia from 2002 to 2020. Using the ARDL technique, the empirical findings confirmed that there is a long-run relationship between gross domestic product, government revenues, inflation, and population size and government expenditures for the observed period. The significant and positive effects of explanatory variables are confirmed in the long run, except for inflation, whose impact is not significant in the short run. Specifically, GDP growth, higher inflation rate, greater government revenues and population contribute to the higher government expenditures level. The obtained findings give certain directions to fiscal authorities in creating and defining optimal government expenditures level in the context of influences of chosen macroeconomic variables.

(1) Background: The aim of this paper is to identify a critical non-performing loans threshold and to examine whether the impact of macroeconomic and bank-specific determinants on bank liquidity differs across credit-risk regimes. (2) Methods: Using annual panel data for EU countries over the period 2007–2022, this study applies a threshold panel ARDL approach to identify regime-dependent liquidity dynamics under different levels of credit risk. (3) Results: The empirical results find a critical NPL threshold of 6%, in which the impact of credit risk on bank liquidity becomes statistically significant. In the low-NPL regime, liquidity is positively affected by profitability, capital adequacy, bank size, GDP growth, and unemployment. In contrast, in the high-NPL regime, credit risk exerts a significant negative effect on liquidity, while the positive effects of profitability, capital adequacy, bank size, GDP growth, and unemployment become stronger. Inflation remains statistically insignificant across both regimes. (4) Conclusions: The main contribution of this research lies in providing robust empirical evidence of a nonlinear liquidity–credit risk relationship in the banking system of EU and quantifying how the strength of liquidity determinants intensifies once non-performing loans exceed a critical threshold.

Today, external factors are increasingly influencing companies and financial management. Intense competition among corporations, technological change, fluctuations in inflation and interest rates, global economic uncertainty, fluctuating exchange rates, changes in tax laws and ethical concerns about certain financial affairs, are everyday phenomena that need to be addressed. It is this previously mentioned intense competition between companies that leads to various forms of financial restructuring. One of the most common types of financial restructuring is an acqusition, which will be the subject of this paper. There are different types of corporate restructuring of the company, which include, organizational, financial, ownership, etc. And as already mentioned, one of the main organizational types of restructuring is acquisition. The aim of this paper is to see the effect of acquisition on the company's business through the basic ratio analysis of indicators before and after the acquisition of companies and to see the synergetic effect of the acquisition and projected expected future financial results of the company.