The tourism industry represents a significant part of the global economy. However, tourism demand is very sensitive to crisis events, such as economic crises, epidemics, pandemics, natural disasters and terrorist attacks. Regarding this, the primary research goal of the paper is to analyze the impact of the Covid-19 disease on global tourism. During 2020, in order to prevent further spread of this contagious disease, almost all countries in the world have introduced a ban on movement, closing of borders and other important health measures. The review of the relevant literature provided in the paper shows that the introduced measures have a negative impact on the global hospitality, travelling and tourism industry.

This paper studies the causal relationship between government revenue and government expenditure in Serbia, using quarterly data for the 2003 (Q1) -2012 (Q4) period. In addition to the theoretical arguments regarding this causality, extensive empirical literature is also available. The problem of the fiscal deficit has been a significant burden for the economic system of Serbia for a number of years. Therefore, the relationship between government revenue and government expenditure represents an important issue that should be studied empirically in order to draw certain conclusions. In this paper, the Toda-Yamamoto long-run non-causality method is used to determine whether the causal relationship between government revenue and government expenditure exists in Serbia. The application of this method confirms the existence of a unidirectional (one-way) causality running from government expenditure to government revenue, which means that government expenditure Granger-causes government revenue.

In the international literature, a great number of studies have sought to determine the relationship between the characteristics of the national tax systems and globalization. Most of the research was conducted to prove the impact of the tax system on the competitiveness of the national economy, in order to give a clear recommendation for how economic and fiscal policy should create a stimulating economic background and enable greater involvement of the national economy in international flows. However, the process can be viewed from the reverse perspective, in the sense that the process of globalization and international competition can shape the characteristics of national tax systems. This paper aims to determine by empirical evidence the impact of the process of globalization and international competition on the characteristics of taxation in observed European countries.

Rezime U radu je razmatrana perspektiva razvoja globalnog tržišta kapitala na kraju 2018. godine, odnosno deset godina nakon nastanka globalne finansijske krize. Imajući u vidu da SAD i Kina predstavljaju najveće svetske ekonomije, sa zajedničkim učešćem u globalnom bruto domaćem proizvodu od približno 40%, fokus istraživanja je usmeren na ove dve velike i sistemski važne zemlje. Takođe, u radu je ukazano na najvažnije makroekonomske probleme koji su se znatno uvećali u posmatranom desetogodišnjem periodu. Finansijske poteškoće sa kojima se suočavaju vodeće ekonomije sveta u značajnoj meri ograničavaju sposobnost intervenisanja i pružanja pomoći u slučaju pojave novih potresa na globalnom finansijskom tržištu.

The subject matter of the research study conducted in this paper is the interactive relationship between banks' credit activity and economic growth. In connection with that, the paper is aimed at examining the existence and direction of the cause and effect relationship between the credit activity of the banking sector and the overall economic activity in the Republic of Serbia. The quarterly data related to the period from 2003 to 2019 were collected for the purposes of the research. The share of the loans granted to enterprises in the GDP and the share of the loans granted to households in the GDP are used as the indicators of the credit activity in the study, whereas the real GDP growth rate is determined as the indicator of economic growth. Given the fact that the observed time series are of the different order of integration, the analysis is conducted within the VAR model by applying the Toda-Yamamoto procedure of the Granger causality test. The results of the research show a significant unidirectional causal relationship according to Granger, which starts from the direction of banks' credit activity towards economic growth. The results of the conducted research study can be useful to the makers of the economic policy and the creators of a strategy for the development of the national economy.