Economic policy in the function of economic development of the Republic of Serbia
Abstract
Since economic policy has changed its direction and course of action, from the functioning of
market mechanisms and rules to the introduction of regulatory policy, discretion and the state as the main
carrier of economic policy, various economic and development schools have been developed and
changed. The turning point in the functioning of economic policy as well as the replacement of economic
schools was mainly related to the appearance of various economic crises that have affected economic
development. Thus, the appearance of the recent economic crisis again revived the important role of the
state and regulatory policy in the implementation of economic policy. The basis of economic policy is
becoming a fiscal policy and its instruments that affect economic development. Special attention is
dedicated to changes in fiscal indicators, public debt and budget deficit. No less important are monetary
indicators that are also taken into account, with regard to price stability and exchange rate fluctuations.
Also, relations with foreign countries, i.e. payments and trade balances must be taken into account when
discussing about economic policy. On the other side, a responsible economic policy needs to achieve
certain goals and economic development. For indicators of economic development were used indicators
of economic growth, changes in GDP and GDP per capita, unemployment rate and the Human
Development Index as a wider measure of sustainable development. Using the multivariate linear
regression, the effect of economic policy on the indicators of economic development is determined. In this
way, the relationship between the indicators of economic policy and economic development in the
Republic of Serbia in the period 2008-2016 is examined, with special emphasis on the economic crisis
and the economic policy after it. The paper also presents the importance of conducting a responsible
economic policy in order to bring the observed indicators to acceptable reference values. The aim of the
research is to demonstrate the effect of economic policy on overcoming the negative impact of the global
economic crisis in Serbia and creating economic development, where key elements of fiscal and monetary
policy measures taken as well as foreign operations and their direct linkage and activity to indicators of
economic development. Unlike the indicators in which a positive change is observed from year to year in
the observed period, such as a fall in inflation and an increase in the trade and balance of payments,
public debt has recorded growth, which rightfully this period is also characterized as a crisis of public
debt. Bearing in mind that unemployment and inflation in the observed period were not related and that
inflation recorded a positive trend, it was necessary to reduce unemployment to the natural one, but also
to achieve appropriate GDP growth rates so that unemployment would not increase. In addition to all
indicators that do not lag behind much on benchmarks or show improvement from year to year, the effects
of economic policy are omitted on economic activity and employment, which is why the choice between
rules and discretion is the current one.
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