The aim of this paper is to analyze the impact of the COVID-19 crisis on the business operations of small and medium-sized enterprises (SMEs) in Serbia as well as to identify the best ways to overcome the crisis effects and stimulate further SME growth. On a sample of 689 SMEs in Serbia, in the present paper we study the impact of the COVID-19 crisis on both the overall business of firms and certain aspects of their business (demand, logistics, organization of business activities, collection of trade receivables, and access to financing). The results of our research suggest that the crisis effects vary across the SME sector depending on the business activity, size, region an SME operates in, and the extent of achieved business digitalization and networking during the pandemic. Lastly, based on the effects of the COVID-19 crisis on the business operations of SMEs in Serbia and taking into account the experiences of other economies with the COVID-19 crisis as well as the lessons learned from previous crises, in this paper we highlight the significance of innovation and possible innovation responses of SMEs to the crisis effects as the ways to overcome it.

demografija i budžetski prihodi. Indikatori su analizirani na sva tri NTSJ nivoa, definisanih Zakonom o regionalnom razvoj, i na lokalnom nivou (opštine i gradovi). U analizi se primenjuje neponderisani Gini indeks regionalnih razlika koji je korišćen za određivanje razlika u okviru svakog posmatranog indikatora. Rezultati analize su prestavljeni u okviru tabela i grafika koji prikazuju promene Gini indeksa tokom godina posmatranja. U radu je pokazano da su najveće regionalne razlike u Srbiji prisutne na lokalnom i na NTSJ 3 nivou. Regionalne razlike na ova dva nivoa su stabilne tokom godina. Sa druge strane, razlike na nivoima NTSJ 1 i NTSJ 2 su takođe velike ali manje nego na nižim teritorijalnim nivoima. Međutim, razlike u ova dva nivoa rastu mnogo brže nego na nižim nivoima. .OMXĉQH UHĉL regionalne razlike, regionalni razvoj, Gini indeks, Srbija $EVWUDFWThe paper presents a legislative and institutional framework of regional development in Serbia, as well as the analysis of regional disparities across different geography, elaborated through six selected indicators: population and population density (analysed as a single indicator), Regional GDP, Employment, Unemployment, Business Demography and Budgetary Revenues per capita. Indicators are analysed at the all three NUTS, as defined by the Law on Regional Development, and at the local level (cities and municipalities). In the analysis, the paper applies the unweighted Gini index of regional disparity that was used in calculating disparities within each observed indicator. The results are presented within the tables and figures that show changes of the Gini index across years of observation. The paper showed that highest regional disparities in Serbia are at the local and NUTS 3 level. Disparities at those two levels are stable across the years. Disparities at NUTS 1 and NUTS 2 levels are also high, yet lower than at the bellow territorial levels (NUTS 3 and the local level). However, disparity at these two levels grows much faster than at the NUTS 3 and local level.

za preduzetničkom transformacijom preduzeća u budućnosti nužno će tražiti nove forme organizacije i širi spektar mogućih rešenja. .OMXĉQH UHĉL NRUSRUDWLYQR SUHGX

SažetakRecesija nije podjednakom žestinom pogodila sve regione u Srbiji, neki regioni su bili otporniji od drugih. Razlike u regionalnoj otpornosti su se, pored tržišta rada, najviše odrazile u regionalnim granama prerađivačke industrije. Ekonomska kriza najviše je pogodila razvijene grane prerađivačke industrije. Pored toga, ključni ekonomski parametri (zaposlenost i novostvorena vrednost) su u preduzetničkom sektoru pali za 20%.Dubinsko istraživanje regionalne otpornosti u Srbiji usmereno je u dva pravca: testiranje regionalne industrijske otpornosti pre i posle globalne recesije i identifikovanje ključnih regionalnih industrijskih grana u kontekstu regionalne specijalizacije.U radu je promovisan i nov metodološki pristup baziran na dinamičkoj strukturnoj analizi prerađivačke industrije Srbije. Istraživački doprinos autora je i afirmacija novih analitičkih instrumenata (dva nova kompozitna indeksa: IRIS i Regionalni koeficijent uspešnosti privatizacije).Ekonomske poruke u radu usmerene su u više pravaca: regionalna otpornost primarno zavisi od sektorske povezanosti i endogenih regionalnih resursa, regionalnu otpornost povećavaju faktori koje se odnose na tehnologiju, znanje i inovativni kapacitet, kao i da se regionalna otpornost povećava specijalizacijom tradicionalnih grana. U narednom periodu ključna će biti privredna transformacija ka preduzetničkoj ekonomiji i dinamičkim strukturama preduzeća.Ključne reči: regionalna otpornost, regionalni efekti privatizacije, strukturna analiza, regionalna konkurentnost, preduzetništvo, specijalizacija prerađivačke industrije AbstractThe recession did not affect all the regions with the same intensity, as some were more resilient than others. The differences in regional resilience, besides the labor market, have mostly reflected on regional branches of the manufacturing industry. Developed industrial branches within the manufacturing industry have been affected the most. In addition, key economic parameters (employment and value added) in the entrepreneurial sector decreased by 20%.The in-depth research in the study is aiming in two directions: the testing of regional industrial resilience before and after the global recession and identifying of the key regional industrial branches in the context of regional specialization.This study promotes a new methodological approach based on dynamic structural analysis of the manufacturing industry of Serbia. In addition, the research contribution of authors also encompasses the affirmation of new analytical instruments (two new composite indexes: RISI and Regional coefficient of successfulness of privatization).The economic messages in this study are being targeted in several directions: regional resistance depends primarily on sectoral connections and endogenous regional resources, factors that increase regional resilience include technology, knowledge and innovation, and regional resistance is increased through the specialization of traditional branches of manufacturing industry. The economic transformation toward the entreprene...

SažetakPočev od 1. januara 2016. godine, u zemljama Evropske unije primenjuje se Solventnost II, kao nov, na rizicima zasnovan regulatorni okvir sektora osiguranja kojim su postavljeni visoki zahtevi u pogledu adekvatnosti kapitala, upravljanja rizicima i izveštavanja za osiguravajuće kompanije. Na osnovu publikovanih statističkih podataka, u radu se analiziraju prvi efekti Solventnosti II na bilans stanja i solventnost osiguravača. Kao ključni problemi primene koncepta identifikovani su: kamatna osetljivost riziko margine, nestabilnost kapitala, visoki i neprecizni zahtevi za obelodanjivanjem, neusklađenost sa međunarodnim standardima finansijskog izveštavanja i preterana konzervativnost standardnog pristupa, i predloženi su mogući načini njihovog prevazilaženja. Zaključuje se da je, u svrhe uspešnog funkcionisanja u praksi, neophodno kontinuirano prilagođavanje Solventnosti II aktuelnim makroekonomskim kretanjima. Stoga se proces razvoja ovog koncepta, uprkos početku njegove primene, ne može smatrati okončanim, niti se njegovi metodologija i parametri mogu okarakterisati kao trajno definisani. Ključne reči: osiguranje, Solventnost II, kapital, riziko margina, MSFI 17 AbstractSolvency II as a new, risk-based regulatory framework for the insurance sector, setting high requirements in terms of capital adequacy, risk management and reporting for insurance companies, has been applied in the European Union as of January 1 st , 2016. The paper deals with the analysis of the first effects of Solvency II on the insurers' balance sheet and solvency, based on the published statistical data. Risk margin sensitivity to interest rates, volatility of the capital, high and imprecise disclosure requirements, incompliance with international financial reporting standards and excessive conservatism of the standard approach are identified as key problems in the concept implementation, and possible ways to overcome these are proposed in the paper. It is concluded that continuous adjustment of Solvency II to the current macroeconomic trends is necessary for the purpose of its successful functioning in practice. Therefore, the process of developing this concept, despite the fact that its application has officially started, cannot be considered as terminated, or its methodology and parameters as permanently defined.