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Vol 20, No 39 (2026)

Volume 20 Issue 39 2026

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Edited by:

Vitomir Starčević

Vol. 20, No. 39 (2026):

Published: 01.06.2026.

Novi Ekonomist

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Scientific article
C EFFICIENCY RATIO AS A MEASURE OF VAT EFFICIENCY IN EU DEVELOPING COUNTRIES AND SERBIA

By Jadranka Đurović-Todorović, Milica Ristić, Marina Đorđević

The policy led by a large number of developing countries, with the aim of increasing indirect taxes, has opened the issue of Value Added Tax (VAT) efficiency. Reforms of tax systems of developing countries generally involve an increase in standard rates in order to increase VAT, which is the main source of public revenues. In such a way, developing countries determine the VAT efficiency and the amount of revenue that could be collected by indirect taxation. The article sums up works of different scientists, dealing with the impact of determinants on VAT efficiency. The subject of this paper is an analysis of the factors that influence the C efficiency ratio. The main objective of the paper is to analize the impact of the change in the standard rate on the ratio. Theoretical analyses of standard rates and other factors that have reflections on the VAT collection efficiency explicitly prove that there are different ways to improve the efficiency of VAT collection, and exclude an increase in the standard rate. An increase in the standard rate provides a balance of negative effects, which can be blurred by recorded tax revenues. We focused on the countries of the European Union: Bulgaria, Czech Republic, Estonia, Greece, Croatia, Latvia, Hungary, Poland, Romania, Slovakia, Slovenia, Lithuania during the 2000-2016 period. These countries experienced significant changes in government during economic transformation, and where VAT is the main source of public revenues. The last section analize an increse in VAT rate and C efficiency ratio in Serbia and conteins conclusions. The paper indicates the imperfection of inadequately defined VAT rates on economic growth and development in analized countries. Based on analyses we can conclude that the increase in the standard rate have negative reflections on the VAT efficiency, and that it was one of the factors of the continuous decline in C-efficiency.

Review
THE CONCEPT OF CLOUD MARKETING

By Mirjana Maksimović, Zvjezdana Gavrilović

30.12.2024. Scientific article
MONEY LAUNDERING USING CRYPTOCURRENCIES

By Marijana Joksimović, Marija Paunović, Stevica Dedjanski

This paper examines the growing issue of money laundering through cryptocurrencies on a global scale. Criminals use digital assets to launder illicitly obtained funds, converting them into cryptocurrencies to obscure the origins of the money. Unlike traditional financial systems, decentralized finance (DeFi) platforms lack mechanisms to freeze or block funds from suspicious sources, presenting a unique challenge for law enforcement. However, the blockchain underlying cryptocurrencies allows for the tracking of transactions across DeFi protocols, making it possible to trace asset movement, albeit with difficulty due to complex methods criminals use to mix and transfer funds across multiple wallets. The study employs official data from financial institutions between 2019 and 2023, using time-series analysis to forecast money laundering trends under both optimistic and pessimistic scenarios. The paper concludes by highlighting the ongoing efforts by regulatory bodies to strengthen measures aimed at preventing cryptocurrency-related money laundering.

In order to draw adequate conclusions, the data used in the paper are official data from financial institutions relevant to money laundering. The time series used in the paper includes data related to the period from 2016 to 2023 and the forecast model based on optimistic and pessimistic scenarios is constructed.

Review
CREDIT RISK OF SMALL AND MEDIUM-SIZED ENTERPRISES IN THE CONDITIONS OF THE COVID-19 CRISIS

By Miloš Pjanić, Stevan Luković, Mirela Mitrašević

28.06.2024. Scientific article
THE ROLE OF THE MONETARY POLICY IN STABILIZING INFLATION IN THE EUROPEAN MONETARY UNION DURING THE ENERGY CRISIS

By Vlatko Paceskoski, Filip Taskovski

Monetary policy, together with fiscal policy, are key policies in stabilizing economies from shocks that come from offers and demands. The monetary policy, with the application of its instruments and channels of transmission, among other things, aims to maintain a stable level of prices, that is, a low level of inflation by permanently creating targeted measures and establishing a target corridor in which inflation should move towards.The emergence of the Corona crisis in 2020 indirectly through the governments' health care measures, which included the ban on movement, implied the disruption of global supply chains, the reduction of aggregate demand, and the depletion of state budgets, in addition to this, the beginning of the Russian-Ukrainian conflict and the imposition of sanctions on banning trading in Russian oil and gas on the world stock exchanges caused a rapid increase in the prices of energy in Europe, this reflected in the prices of almost all products and services, and the same resulted in a characteristically high or double-digit inflation rate within the Eurozone.

The subject of the research is the analysis of the role of monetary policy in the stabilization of inflation in the Eurozone through monetary measures, instruments of the European Central Bank and transmission channels. The scientific goal of the research is to examine the impact of monetary measures on the stabilization of inflation in the Eurozone by applying a theoretical-methodological basis and quantitative analysis.

From the research it can be concluded that with a high inflation rate, the monetary policy has a significant role in creating policies and measures for stabilization and reduction of inflation precisely because a significant correlation has been identified between inflation and the variables that can be affected by monetary measures, it can also be concluded that the Eurozone, even though known as a complicated optimal currency area due to the fact that different countries are in different business cycles, the ECB's measures had a stabilizing role and contribute to the reduction of inflation and macroeconomic stability as a whole.

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