Template-Type: ReDIF-Article 1.0 Author-Name: Aleksandar Zdravković Author-Email: aleksandar.zdravkovic@ien.bg.ac.rs Author-Name: Duško Bodroža Author-Name: Elena Jovičić Title: The Impact of Capital Flows on the Real Exchange Rate: Evidence from Serbia Abstract: As a small open economy increasingly integrated into global financial markets, Serbia is exposed to fluctuations in cross-border capital movements that may influence exchange rate dynamics and macroeconomic stability. This paper examines the relationship between international capital flows and the real effective exchange rate in Serbia, with particular attention to the structure of capital inflows. The structural vector autoregression (SVAR) model is applied to capture the dynamic interactions between external economic conditions, capital flows, monetary policy, domestic economic activity, and the real effective exchange rate, using quarterly data for the period from 2007 to 2024. The results, obtained through impulse response analysis, indicate that shocks to capital inflows lead to a moderate appreciation of the real exchange rate, although the magnitude and persistence of the effect vary depending on the composition of capital flows. Equity inflows show a somewhat more persistent appreciation effect compared with debt inflows, while the overall impact of total capital flows appears relatively limited. These findings highlight the importance of capital flow composition for exchange rate dynamics and provide useful insights for the design of exchange rate and macroprudential policies in small open economies. Keywords: capital flows, real effective exchange rate, small open economy, Serbia, vector autoregression Journal: The European Journal of Applied Economics Pages: 1-17 Volume: 23 Issue: 1 Year: 2026 DOI: 10.5937/EJAE23-65604 File-URL: https://journal.singidunum.ac.rs/files/2026-23-1/the-impact-of-capital-flows-on-the-real-exchange-rate-evidence-from-serbia.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/the-impact-of-capital-flows-on-the-real-exchange-rate-evidence-from-serbia File-Format: text/html Handle: RePEc:sng:ejae01:239 Template-Type: ReDIF-Article 1.0 Author-Name: Nemanja Lojanica Author-Email: nemanjalojanica@yahoo.com Author-Name: Nenad Janković Author-Name: Tijana Tubić Ćurčić Title: Is the Exchange Rate Pass-Through Effect Valid in Serbia? Empirical Evidence Using Cointegration Techniques Abstract: The aim of this paper is to examine the presence and extent of the exchange rate pass-through effect on consumer prices in Serbia. In a small and open economy operating under a managed floating exchange rate regime, understanding the impact of exchange rate changes on inflation is crucial for effective monetary policy. Since this topic has been extensively studied, the contribution of this paper lies in applying several cointegration techniques to monthly data spanning a specific time period from 2007 to 2021, with a focus on the Serbian context. The research results show that the exchange rate pass-through effect on prices is incomplete. Additionally, it has been found that the effect is more significant over the long run and that the strength of the impact depends on the cointegration technique used. Keywords: exchange rate, inflation, ARDL, case study Journal: The European Journal of Applied Economics Pages: 18-35 Volume: 23 Issue: 1 Year: 2026 DOI: 10.5937/EJAE23-60665 File-URL: https://journal.singidunum.ac.rs/files/2026-23-1/is-the-exchange-rate-pass-through-effect-valid-in-serbia-empirical-evidence-using-cointegration-techniques.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/is-the-exchange-rate-pass-through-effect-valid-in-serbia-empirical-evidence-using-cointegration-techniques File-Format: text/html Handle: RePEc:sng:ejae01:240 Template-Type: ReDIF-Article 1.0 Author-Name: Danko Jevtović Author-Email: danko.jevtovic.19@singimail.rs Author-Name: Nikola Stefanović Title: Financial Resilience to the Economic Shock of COVID-19: An Empirical Study of Enterprises in Serbia Abstract: This paper examines the financial resilience of medium and large enterprises in Serbia during and after the COVID-19 pandemic. Using economic data from 3,020 firms over six years (2018-2023) obtained from financial statements submitted to the Serbian Business Registers Agency, and following standard data-cleaning procedures, the study employs fixed-effects regression with robust standard errors. The results reveal that firm size and state ownership mediate resilience in ways that challenge established models. Large enterprises increased their operating revenues by 19.4% during the pandemic and by 33.7% in the post-COVID period, compared to medium-sized firms. Profit margins diverged sharply: large private firms improved operating margins, while state-owned firms experienced significant declines despite having larger asset bases. Foreign ownership did not confer significant advantages. These findings indicate that resilience models developed for advanced economies may not fully translate to transitional contexts such as Serbia. The results underscore the need for tailored policy measures to support medium-sized enterprises and for a reassessment of how short-term stabilisation efforts influence long-term efficiency and market structure. Keywords: financial resilience, COVID-19, firm size, economic shocks, ownership structure Journal: The European Journal of Applied Economics Pages: 36-57 Volume: 23 Issue: 1 Year: 2026 DOI: 10.5937/EJAE23-60658 File-URL: https://journal.singidunum.ac.rs/files/2026-23-1/financial-resilience-to-the-economic-shock-of-covid-19-an-empirical-study-of-enterprises-in-serbia.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/financial-resilience-to-the-economic-shock-of-covid-19-an-empirical-study-of-enterprises-in-serbia File-Format: text/html Handle: RePEc:sng:ejae01:241 Template-Type: ReDIF-Article 1.0 Author-Name: Yong Chen Author-Name: Gordana Dobrijević Author-Email: gdobrijevic@singidunum.ac.rs Author-Name: Duo Li Title: A Technical Framework for Data-Driven Industrial Transformation in Northeast China Abstract: This study develops a dynamic evaluation framework to analyze the interaction between digital and traditional industries in Northeast China from temporal and regional perspectives. Using a 24-year dataset (2000–2024) across five major Chinese economic regions, the framework integrates coupling coordination modeling, system dynamics, and time-series forecasting with SARIMA and LSTM models. Results indicate that digital investment and human capital development significantly enhance industrial performance, with strong positive correlations between coordination and regional growth (r = 0.89, p < 0.01). The LSTM model demonstrates superior adaptability to nonlinear fluctuations compared with SARIMA, achieving a 25% reduction in forecast error. Evidence from Liaoning Province validates that targeted policy interventions – particularly demonstration zone strategies – can accelerate coordination between digital and traditional sectors. The framework provides methodological and empirical foundations for regional development strategies in transitional economies. Keywords: industrial transformation, SARIMA Model, LSTM Neural Networks Journal: The European Journal of Applied Economics Pages: 58-75 Volume: 23 Issue: 1 Year: 2026 DOI: 10.5937/EJAE23-61114 File-URL: https://journal.singidunum.ac.rs/files/2026-23-1/a-technical-framework-for-data-driven-industrial-transformation-in-northeast-china.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/a-technical-framework-for-data-driven-industrial-transformation-in-northeast-china File-Format: text/html Handle: RePEc:sng:ejae01:242 Template-Type: ReDIF-Article 1.0 Author-Name: Jelena Gruslav Author-Email: jelena.gruslav.23@singimail.rs Author-Name: Miroslav Perić Author-Name: Goranka Knežević Title: The Impact of Digitalization on Statutory Auditing in Serbia Abstract: Digitalization is profoundly transforming audit operations in Serbia, significantly enhancing the efficiency, accuracy, and speed of audit processes. This paper investigates how the adoption of digital tools and technologies is reshaping traditional audit methodologies. Key advancements include the integration of data analytics, automated systems, and blockchain technology, which collectively revolutionize the way auditors conduct reviews and assessments. The digital shift is not merely about adopting new tools; it fundamentally alters the skill sets required for today's auditors. Professionals must now navigate complex digital environments, develop competencies in data interpretation, and harness analytical tools to derive meaningful insights from vast amounts of information. Emerging challenges, such as cybersecurity threats, also require auditors to remain vigilant and responsive in safeguarding sensitive data. While digitalization offers substantial benefits, including increased data precision, enhanced reporting capabilities, and streamlined workflows, it also necessitates significant adaptation. Firms must invest in innovative technologies, upgrade their infrastructure, and prioritize ongoing skill development to leverage these advancements effectively. This strategic focus will enable audit firms to remain competitive in a rapidly evolving landscape while addressing the multifaceted challenges of the digital age. Ultimately, embracing digitalization is crucial for enhancing the value and effectiveness of audit services in Serbia. Keywords: digitalization, audit, Serbia, technology, skills, cyber security Journal: The European Journal of Applied Economics Pages: 76-101 Volume: 23 Issue: 1 Year: 2026 DOI: 10.5937/EJAE23-57134 File-URL: https://journal.singidunum.ac.rs/files/2026-23-1/the-impact-of-digitalization-on-statutory-auditing-in-serbia.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/the-impact-of-digitalization-on-statutory-auditing-in-serbia File-Format: text/html Handle: RePEc:sng:ejae01:243 Template-Type: ReDIF-Article 1.0 Author-Name: Branko Vranešević Author-Email: branko.vranesevic.23@singimail.rs Author-Name: Aleksandra Vujko Author-Name: Miroslav Knežević Author-Email: mknezevic@singidunum.ac.rs Title: Assessing the Potential of Electric Mobility for Low-Carbon Transit Tourism: Evidence from the Belgrade–Zlatibor Corridor Abstract: Transit tourism in mountainous regions generates a considerable carbon footprint due to the dominant use of internal combustion vehicles, particularly along intensively used routes such as the Belgrade-Zlatibor corridor. Although electric mobility offers the potential to reduce transport-related emissions, its relevance for Serbia’s transit tourism has not been systematically examined. This study addresses this gap by integrating an assessment of the existing charging infrastructure, an on-site survey of travelers conducted on Zlatibor (N=500), and a comparison of electric and conventional vehicles using established life cycle assessment (LCA) data. The aim is to evaluate the extent to which electric mobility can support a transition toward lower-carbon transit tourism along this corridor. The findings show that adventure- and nature-based activities represent the primary motivation for travel, increasing the importance of sustainable transport solutions in environmentally sensitive mountain destinations. Survey results further indicate that more than half of respondents would be willing to use electric vehicles if the charging infrastructure were more accessible and spatially distributed along the route. In line with international evidence, established LCA data consistently show significantly lower life-cycle CO₂ emissions for electric vehicles relative to conventional vehicles, depending on the energy mix and vehicle segment. Overall, the study highlights electric mobility as a feasible pathway for reducing transit-tourism-related emissions and strengthening destination sustainability planning. Keywords: low-carbon transport, sustainable mobility, electric vehicle infrastructure Journal: The European Journal of Applied Economics Pages: 102-112 Volume: 23 Issue: 1 Year: 2026 DOI: 10.5937/EJAE23-63025 File-URL: https://journal.singidunum.ac.rs/files/2026-23-1/assessing-the-potential-of-electric-mobility-for-low-carbon-transit-tourism-evidence-from-the-belgrade-zlatibor-corridor.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/assessing-the-potential-of-electric-mobility-for-low-carbon-transit-tourism-evidence-from-the-belgrade-zlatibor-corridor File-Format: text/html Handle: RePEc:sng:ejae01:244 Template-Type: ReDIF-Article 1.0 Author-Name: Pero Labus Author-Email: pero.labus@mbs.edu.rs Author-Name: Bojana Ostojić Author-Name: Jelena Lukić Nikolić Title: The Impact of Marital and Parental Status on Burnout and Well-Being Among Hospitality Employees Abstract: This paper examines the relationship between marital and parental status and professional burnout among hospitality employees, utilizing the Maslach Burnout Inventory. Drawing on statistical evidence from a field study of 1234 participants, the analysis reveals that marital and parental status significantly influence the three core dimensions of burnout. Marriage and parenthood appear to serve as protective resources, reducing emotional exhaustion and depersonalization, while simultaneously shaping different perceptions of personal accomplishment. Notably, the lower sense of accomplishment among married individuals suggests that competing with family and professional demands may constrain feelings of success, underscoring the dual role of family responsibilities as both supportive and demanding. These findings demonstrate that family-related factors are not merely demographic attributes but critical determinants of resilience and vulnerability in high-stress service industries such as hospitality. From a practical perspective, the results highlight the importance of family-supportive organizational policies, including flexible scheduling, parental leave, and wellness initiatives, to mitigate burnout and enhance employee well-being. Overall, this research advances understanding of how personal life circumstances intersect with professional burnout, offering insights that can guide organizational strategies, inform mental health interventions, and promote sustainable workforce practices aligned with global well-being and decent work agendas. Keywords: burnout, well-being, marital status, parental status, employee retention, hospitality Journal: The European Journal of Applied Economics Pages: 113-125 Volume: 23 Issue: 1 Year: 2026 DOI: 10.5937/EJAE23-62934 File-URL: https://journal.singidunum.ac.rs/files/2026-23-1/the-impact-of-marital-and-parental-status-on-burnout-and-wellbeing-among-hospitality-employees.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/the-impact-of-marital-and-parental-status-on-burnout-and-wellbeing-among-hospitality-employees File-Format: text/html Handle: RePEc:sng:ejae01:245 Template-Type: ReDIF-Article 1.0 Author-Name: Ivan Kosta Author-Name: Angelina Njeguš Author-Email: anjegus@singidunum.ac.rs Author-Name: Jelena Gajić Author-Email: jgajic@singidunum.ac.rs Title: Digital Marketing Strategies for Positioning Religious Tourism Destinations: Evidence from Bosnia and Herzegovina Abstract: This paper examines the role of digital marketing in positioning religious tourism destinations, focusing on Bosnia and Herzegovina (BiH). Using a mixed-method approach, the study integrates institutional and tourist perspectives to identify digital tools and governance strategies that improve destination visibility, visitor engagement, and competitiveness. Findings show a significant gap between the perceived potential of religious tourism and its limited operational framework, mainly due to institutional fragmentation and weak digital capacity. Social media, digital storytelling, and influencer collaborations stand out as key drivers of visitor decisions, loyalty, and destination image. The research introduces the Development–Cooperation– Dialogue framework, linking digital maturity and inter-institutional coordination as core factors of destination management in post-conflict, multifaith societies. Policy recommendations emphasize the need for coordinated governance, digital innovation, and sustainable branding of sacred sites to boost Bosnia and Herzegovina’s visibility as a spiritual destination. Keywords: religious tourism, digital storytelling, destination governance, Bosnia and Herzegovina, spiritual heritage Journal: The European Journal of Applied Economics Pages: 126-145 Volume: 23 Issue: 1 Year: 2026 DOI: 10.5937/EJAE23-62418 File-URL: https://journal.singidunum.ac.rs/files/2026-23-1/digital-marketing-strategies-for-positioning-religious-tourism-destinations-evidence-from-bosnia-and-herzegovina.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/digital-marketing-strategies-for-positioning-religious-tourism-destinations-evidence-from-bosnia-and-herzegovina File-Format: text/html Handle: RePEc:sng:ejae01:246 Template-Type: ReDIF-Article 1.0 Author-Name: Birgitta Dian Saraswati Author-Name: Daniel Daud Kameo Author-Name: Sotya Fevriera Author-Name: Andrian Dolfriandra Huruta Author-Email: andrian.huruta@uksw.edu Author-Name: Thomas Andra Martian Title: Roles of Financial Literacy and Digital Financial Literacy in Enhancing MSME Financial Well-Being Abstract: This study examines the effects of financial literacy and digital financial literacy on the financial well-being of micro and small enterprise (MSE) owners. Primary data were collected through surveys administered to MSE owners in Bantul Regency, Special Region of Yogyakarta Province. This research generated a sample through various sampling selection techniques (cluster, purposive, and accidental sampling). A total of 168 respondents were used for data analysis employing Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLS software. The findings reveal that financial knowledge affects financial behaviors and attitudes, while digital financial knowledge affects digital financial behaviors and digital financial attitudes, with digital financial attitudes further impacting digital financial behaviors. In addition, this study also documents that the financial behaviors, digital financial knowledge, and digital financial behavior dimensions affect financial well-being. Micro and small enterprises will arguably make sound judgments, manage financial matters more effectively, and develop sustainable businesses if they have a better understanding of financial management and digital technology. Keywords: financial literacy, digital financial literacy, financial well-being, micro and small enterprises, PLS-SEM Journal: The European Journal of Applied Economics Pages: 146-170 Volume: 23 Issue: 1 Year: 2026 DOI: 10.5937/EJAE23-61816 File-URL: https://journal.singidunum.ac.rs/files/2026-23-1/roles-of-financial-literacy-and-digital-financial-literacy-in-enhancing-msme-financial-well-being.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/roles-of-financial-literacy-and-digital-financial-literacy-in-enhancing-msme-financial-well-being File-Format: text/html Handle: RePEc:sng:ejae01:247 Template-Type: ReDIF-Article 1.0 Author-Name: Vladimir Ristanović Author-Name: Aleksandra Tošović Stevanović Author-Email: aleksandra.tosovic.stevanovic@gmail.com Title: The Economic Role of Small Farms in the Serbian Economy Abstract: Countries at different stages of development view the economic importance of small farms differently. Small and medium farms should be the foundation of agricultural development, with large farms leading technological innovation and research. However, in most countries, discussing the economic role of small farms essentially implies examining a specific form of agricultural production that operates within an unfavorable market environment. For this reason, the primary goal of this work is to analyze and present the position and role of small farms in the Serbian economy, their market position operating environment, and explore their long-term prospects for survival and development. This paper draws on the data from the latest agricultural census, public policy documents and SWOT analysis derived from available results and observations, with the aim to objectively list all advantages and disadvantages in order to improve the economic position of small farms in the Serbian economy. Keywords: agricultural economy, economic development, small farms Journal: The European Journal of Applied Economics Pages: 171-185 Volume: 23 Issue: 1 Year: 2026 DOI: 10.5937/EJAE23-58562 File-URL: https://journal.singidunum.ac.rs/files/2026-23-1/the-economic-role-of-small-farms-in-the-serbian-economy.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/the-economic-role-of-small-farms-in-the-serbian-economy File-Format: text/html Handle: RePEc:sng:ejae01:248