Research background: Today’s world is torn between extreme conservatism and duality, in opposition, trying to break the classical framework of freedom in the movement of people. In the context of complex global relations, this impulse, especially related to the travels for tourism purposes, raises new issues concerning the safety and security. The tourism industry has a priority for the economic development of many countries in the world and is a large source of export earnings and, at the same time, an important factor in the balance of payments of a significant part of the national economies in the world. The growing importance of the tourism industry, however, puts tourist destinations worldwide at the forefront of new challenges, one of which is terrorism. In this environment, new relationships are emerging and this reflects on the development strategies, as well as on the financial outcomes of tourism industry which are also largely affected. Purpose of the article: Respecting the new realities, the study explores the link between the risk of terrorism and the revenues from international tourism. Its main purpose is to investigate the impact of terrorism on the financial revenues from tourism in the European countries and the United States. The research is deter-mined by the perception that the financial flows from the international tourism are the quantitative manifestation of the hidden effects of the terrorism. Methods: The research method includes a regression cross-section analysis and Granger Causality test. The survey is panel and includes 37 countries from Europe tourism region and the United States from Americas’ tourism region (according UNWTO) for the period 2012–2017. Findings & Value added: In conclusion, the effects of terrorism on the studied regions have been summarized, establishing dependence between terrorism and tourism, which illustrates a specific creative-destructive reflections of terrorism on tourism with regions particularities.

Research background: The globalization of the European countries within the EU and the Eurozone is primarily economic and is expressed by the free trade and the movement of capital and labour, which determines the incomes and the GDP. Globalization and its impact on inequality is becoming an essential and problematic issue, especially in the context of on-going economic integration processes between the countries in Europe, which seek to converge their economic, social and political systems in the Euro area. The process of inequality has become even more relevant in the context of globalization. Purpose of the article: The paper aims to examine the impact of globalization on the inequality in the developed and the emerging economies in Europe. Methods: On the basis of an econometric assessment, a comparative analysis of the effect of globalization on the inequality in the developed European countries and the emerging countries is carried out. Findings & Value added: The paper analyses the essential aspects and the effects of the income inequality dynamics, both horizontally and vertically. It also addresses the question of whether the effect of globalization on the economic growth and the inequality is the same for the developing and the developed countries, respectively. Based on the research, seven important conclusions are reached.

The goal of this paper is to study the effects of foreign direct investment (FDI) on the economic growth of ten new member states (NMS) from Central and Eastern Europe (CEE), which joined the European Union (EU) in 2004 and 2007 – the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, Slovenia, Bulgaria and Romania. Croatia is excluded from the analysis since it became a EU member relatively late - in 2013. A vector autoregression (VAR) of annual data for the period 2007-2019 is employed. The empirical results indicate that FDI does not affect the real GDP growth rate of the NMS from CEE. The research results also show that FDI Granger-causes the economic growth of the NMS from CEE neither in the short run nor in the long term.

This article examines the effects of the globalization on Germany's economic growth. The various aspects of the globalization and their impact on German economic development are explored. It is concluded that aggregate globalization and its economic aspect do not have a positive effect on Germany's economic development. On the other hand, the influence of the political and the social globalization, has a positive effect on the economic development of the German economy. Therefore, there is a controversy about the impact of various forms of globalization on Germany's economic growth. This contradiction shows a process of restructuring, but not of stopping the integration of the German economy into the development of the global economic trends.

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