Suzana Balaban

SUSTAINABLE AGRICULTURE AND RURAL DEVELOPMENT VI, Book of proceedins

THE IMPACT OF GLOBAL CRISES ON FOOD PRODUCTION AND PRICES WORLDWIDE

Balaban Suzana, Živkov Dejan, Puškarić Anton

https://doi.ub.kg.ac.rs/doi/zbornici/zbiep25-423b/

Since late 2021, the world has been experiencing the fastest increase in food prices in the past fifty years. Numerous studies indicate that price dynamics and productivity trends often diverge, resulting in a negative relationship between them. Among the many influencing factors, two major global events have had a particularly strong impact on food markets and stock levels, with far-reaching consequences for production and international trade: the COVID-19 pandemic, and the war in Ukraine. The pandemic introduced a high level of uncertainty regarding overall food production and international trade flows. Countries around the world implemented restrictive measures including travel limitations, border controls, and quarantines which severely disrupted food supply chains. In 2021, the meat production and processing sector faced significant difficulties: obstacles in procuring feed, restrictions on animal transport, reduced access to labor and professional services, and disruptions in the supply of meat and meat products. Prices fluctuated due to shifts in supply and demand: panic buying at the beginning of the pandemic increased demand, while reduced consumption in the hospitality sector shifted preferences toward meats more commonly consumed at home (poultry and pork), and away from beef and lamb. When it comes to cereals, the price of rice increased early in 2020, only to decline after the global economic slowdown and the lifting of export bans. As the world economy recovered, rice prices returned to pre-pandemic levels, reflecting expectations of good harvests and stable production. In contrast, prices of wheat, corn, and soybeans initially fell in the first half of 2020, then rose sharply in the second half of the year. The recovery of demand particularly from China played a crucial role, while wheat prices were additionally driven up by poor harvests caused by droughts in the United States, Canada, the European Union, Turkey, and Iran. The upward trend in corn and soybean prices slowed in the second half of 2021, when forecasts indicated record production in the United States and Brazil. Overall, strong global demand was the key driver behind rising international agricultural prices, despite disruptions within supply chains.

Food, prices, crises, COVID-19 pandemic

M33

Third International Thematic Monograph: Technogenesis, Climate Change and Environmental Protection

Sustainability and Economic Growth: Do Green Policies Stimulate or Hinder Economic Expansion?

Jasmina Đurašković, Suzana Balaban

https://doi.fil.bg.ac.rs/pdf/eb_ser/tgesd/2025-3/tgesd-2025-3-ch10.pdf

Rad analizira primenu veštačke inteligencije u modernoj poljoprivredi i njen doprinos zelenoj ekonomiji. Istaknuti su AI alati, SWOT uvid za Srbiju i značaj institucionalne podrške, infrastrukture i edukacije za održivu primenu.

artificial intelligence (AI), agriculture, green economy, sustainable development, digital transformation

M45

Book of proceedings of International Conference Application Of Artificial Intelligence In Environmental Protection And Agriculture

Artificial Intelligence In Agriculture: The Path Towards A Green Economy And Sustainable Growth

Suzana Balaban, Jasmina Đurašković

https://enauka.gov.rs/handle/123456789/1026980

Rad razmatra mogućnosti i izazove primene AI u poljoprivredi sa fokusom na zelenu ekonomiju i održivi rast. Naglašeni su alati poput dronova, ML optimizacije navodnjavanja i potreba za institucionalnom podrškom i edukacijom.

artificial intelligence (AI), agriculture, green economy, sustainable development, digital transformation

M33

Strategic Management

The Euro exchange rate's resistance to the exogenous shock caused by COVID-19

Suzana Balaban, Ivan Milenković, Marijana Joksimović

https://scindeks-clanci.ceon.rs/data/pdf/1821-3448/2025/1821-34482503037B.pdf

Rad primenjuje GARCH model kako bi procenio otpornost EUR/USD kursa na egzogeni šok izazvan pandemijom COVID-19. Rezultati pokazuju da pandemija nema dugoročni uticaj na volatilnost kursa, uz praktične implikacije za upravljanje valutnim rizikom.

COVID–19, GARCH, EUR/USD volatility, Financial market, Shock resistance

M22

Ecologica

Application of the GHG Protocol in Management Accounting: Case Studies of Global Technology Companies

Bojan Stoiljković, Suzana Balaban, Ivana Putić

https://doi.fil.bg.ac.rs/pdf/journals/ecologica/2025-120/ecologica-2025-32-120-1.pdf

Rad ispituje ulogu upravljačkog računovodstva u kontroli i smanjenju GHG emisija kroz primere Apple-a i Microsoft-a. Zaključak je da integracija emisija u interne procese podržava optimizaciju troškova, smanjenje rizika i održivu konkurentsku prednost.

management accounting, GHG protocol, CO2 emissions, sustainability, decarbonization

M52

Teme

The Reliability Of The Monetary Trilemma Theory On The Example Of Transition Countries

Milica Simić, Lidija Madžar, Suzana Balaban

https://teme2.junis.ni.ac.rs/index.php/TEME/article/view/1894

Rad testira validnost monetarne trileme na primeru pet tranzicionih zemalja (2007–2021) primenom linearnog regresionog modela. Dobijeni rezultati ne potvrđuju hipotezu monetarne trileme u posmatranom uzorku.

monetary trilemma, monetary autonomy, exchange rate, free capital mobility, transition countries

M23

Book of proceedings of International Scientific Conference Sustainable Agriculture And Rural Development V

Impact of environmentally related taxes on reducing pollution in agricultural sector

Larisa Jovanović, Suzana Balaban

https://www.iep.bg.ac.rs/images/stories/izdanja/Tematski%20Zbornici/Zbornik%20radova%202025%20lq.pdf

Autori analiziraju uticaj ekoloških poreza na smanjenje zagađenja u poljoprivredi u Srbiji. Rezultati ukazuju na različitu efikasnost po vrstama emisija i zaključak da su ERL porezi relativno efikasni u posmatranom sektoru.

Environmentally Related Taxes, Air Pollution, Greenhouse Gases Emission, Correlation, Agricultural sector

M33

Acta Oeconomica

Short- and long-run exchange rate volatility and FDI: A dynamic panel study of transition economies

Suzana Balaban, Marko Milić, Marko Milošević

https://akjournals.com/view/journals/032/75/1/article-p1.xml

Rad dekomponuje realnu i nominalnu volatilnost kursa (CGARCH) i ispituje uticaj na FDI u 23 tranzicione ekonomije uz SYS-GMM. Nalazi pokazuju da se efekti dugoročne realne volatilnosti razlikuju među sektorima, dok druge komponente volatilnosti uglavnom nisu značajni determinanti FDI.

exchange rate volatility; FDI; CGARCH; SYS-GMM; transition economies

M22

Ekonomika

Analiza profitabilnosti preduzeća prerađivačke industrije u Srbiji pre i tokom pandemije Covid-19

Bojan Stoiljković, Marijana Joksimović, Bojan Stoiljković

https://scindeks-clanci.ceon.rs/data/pdf/0350-137X/2025/0350-137X2502089S.pdf

Analiza 50 preduzeća prerađivačkog sektora Srbije (2017–2022) ispituje razlike u profitabilnosti pre i tokom pandemije, uz primenu paired samples t-testa. Rezultati ukazuju da nije bilo značajnih razlika u profitabilnosti u posmatranim periodima.

prerađivačka industrija; profitabilnost; ROA; Covid-19 pandemija; Srbija

M51

Menadžment u sportu

Comparative analysis of the risk of the sports index applying the sharpe, sortino and treynor ratios

Ivana Putić, Suzana Balaban, Milica Simić

https://maninsport.rs/index.php/mus/article/view/51/40

Rad procenjuje prinos i rizik EFCI indeksa uz Sharpe, Sortino i Treynor pokazatelje i hedžing plemenitim metalima. Nalazi potvrđuju da hedžing značajno smanjuje rizik, uz različitu efikasnost u zavisnosti od instrumenta i mere performansi.

portfolio management, European Football Clubs Index, hedging, precious metals, risk, return, safe haven

M24

Economics of Enterprise

Hedžing bivarijantnog portfolija u kome je primarni instrument S&P 500 indeks

Ivana Putić, Suzana Balaban, Lidija Madžar

https://scindeks-clanci.ceon.rs/data/pdf/0353-443X/2025/0353-443X2505267P.pdf

Rad identifikuje realne aktive (nafta, zlato, srebro) koje doprinose smanjenju rizika bivarijantnog portfolija sa S&P 500 kao primarnim instrumentom. Rezultati ukazuju da kombinacija sa zlatom daje najjači efekat smanjenja rizika prema posmatranim pokazateljima.

hedžing; S&P500 index; nafta; zlato; srebro

M24

Research in International Business and Finance

Hedging gas in a multi-frequency semiparametric CVaR portfolio

Dejan Živkov, Suzana Balaban, Milica Simić

https://www.sciencedirect.com/science/article/abs/pii/S1062976925000572?via%3Dihub

Studija optimizuje portfolije i procenjuje ekstremni rizik NASDAQ indeksa primenom različitih VaR/CVaR pristupa i ne-normalnih raspodela. Pokazuje da izbor VaR modela utiče na pouzdanost rezultata i efikasnost hedžinga.

NASDAQ index, parametric VaR, logistic hyper secant, Laplace PDFs

M21

BizInfo

Promotional activities and implementation of blockchain technology in wine production in the Republic of Serbia

Bojana Ostojić, Dražen Jovanović, Milan Brkljač, Suzana Balaban

https://bizinfo.edu.rs/index.php/bizinfo/article/view/372/294

Rad razmatra promotivne aktivnosti povezane sa primenom blockchain tehnologije u proizvodnji vina u Srbiji, uz studiju slučaja vinarije „Kovačević” Irig. Ističe se uloga projektnog menadžmenta u planiranju i kontroli implementacije i potencijal za jačanje poverenja potrošača.

digital marketing, winery, digitization, innovations, blockchain

M51

Ekonomija: teorija i praksa

Trend of green growth indicators in EU countries after accession

Aleksandra Stojkov Pavlović, Suzana Balaban, Milica Simić, Larisa Jovanović

https://scindeks-clanci.ceon.rs/data/pdf/2217-5458/2024/2217-54582401001S.pdf

Rad komparativno analizira indikatore zelenog rasta u zemljama EU u odnosu na Srbiju koristeći OECD podatke (CO2 emisije i obnovljiva energija). Analiza grupiše zemlje po godini pristupanja EU i ukazuje na mogućnost procene pozitivnih trendova u Srbiji.

green growth, production, renewable energy, green economy, sustainable development, ecological economics

M52

Oditor

INTERDEPENDENCE OF OIL PRICE VOLATILITY AND RUBLE EXCHANGE RATE DURING THE CRISIS IN UKRAINE

Suzana Balaban, Vladimir Pavićević, Milica Simić

https://oditor.rs/index.php/oditor/article/view/217/180

Predmet rada je uticaj krize u Ukrajini na volatilnost rublje i sirove nafte, kao i njihovu međusobnu korelaciju. Korišćenjem analize vremenskih serija i GARCH modela utvrđene su promene u ponašanju tržišta i povećana volatilnost tokom posmatranog perioda.

rublja, sirova nafta, komparativna analiza, GARCH, korelacija

M24

Book of Proceeding of Second International Scientific Conference "Challenges of Digitalization in the Business World"

The State and Scope of the Digital Sector in the Republic of Serbia

Lidija Madžar, Suzana Balaban, Marko Milošević

https://alfa.edu.rs/wp-content/uploads/2024/05/Proceedings-Book-Challenges-of-Digitalization-in-Business-World-2024-2.pdf

Rad analizira stanje i obim digitalnog sektora u Srbiji i njegov značaj za razvoj nacionalne ekonomije. Ističe rast IT tržišta, GVA učešća i prometa, uz rast ekoloških poreza i GHG emisija u sektoru.

Computer programming sector, digital economy, environmental taxes, information technologies (IT), Republic of Serbia (RS)

M33

Second International Thematic Monograph The Role of Green Economy Transition in Green Growth and Environmental Protection

Effectiveness of Environmentally Related Taxes in the Republic of Serbia

Suzana Balaban, Bojan Stoiljković

https://doi.fil.bg.ac.rs/pdf/eb_ser/tgesd/2023-2/tgesd-2023-2-ch2.pdf

Rad ispituje efikasnost ekoloških poreza u Srbiji primenom panel FE modela za period 2008–2020. Rezultati ukazuju na relativnu efikasnost u smanjenju pojedinih emisija, uz napomenu o problemu emisije čestica.

Environmentally Related Taxes, Air Pollution, Greenhouse Gases Emission, Panel FE model, Correlation

M45

Economics of Enterprise

Uloga upravljanja obrtnim kapitalom u ostvarivanju profitabilnosti preduzeća u Srbiji

Suzana Balaban, Bojan Stoiljković, Lidija Madžar

https://scindeks-clanci.ceon.rs/data/pdf/0353-443X/2023/0353-443X2307388B.pdf

Cilj rada je ispitivanje uticaja upravljanja obrtnim kapitalom na profitabilnost 141 proizvodnog preduzeća u Srbiji. Sistemskim GMM modelom utvrđeno je da duže vezivanje zaliha negativno utiče na profitabilnost, dok druge kontrolne varijable nisu pokazale značajan uticaj.

upravljanje obrtnim kapitalom; profitabilnost; proizvodne kompanije; Srbija

M24

Oditor

Uticaj likvidnosti na profitabilnost preduzeća prerađivačkog sektora u R. Srbiji

Bojan Stoiljković, Suzana Balaban, Milica Simić

https://oditor.rs/index.php/oditor/article/view/19/12

Rad ispituje uticaj likvidnosti na profitabilnost 100 preduzeća prerađivačkog sektora u Srbiji (2016–2020) primenom panel regresije sa fiksnim efektima. Rezultati ukazuju da brži obrt kapitala povećava profitabilnost, dok veća zaduženost ima negativan efekat.

profitabilnost, ROA, likvidnost, panel analiza

M24

Ecologica

Ekonomska održivost u poljoprivredi na primeru zemalja EU

Suzana Balaban, Anđela Sotirov, Lidija Madžar

https://doi.fil.bg.ac.rs/pdf/journals/ecologica/2023-110/ecologica-2023-30-110-10.pdf

Rad koristi sistemski GMM model da ispita vezu indikatora održivosti (đubriva, pesticidi, GHG emisije, energija) i vrednosti poljoprivredne proizvodnje u razvijenim zemljama EU. Rezultati ukazuju da posmatrani indikatori nemaju direktan uticaj na BDP poljoprivredne proizvodnje.

sustainability, GHG emissions, agriculture, EU, pollutions

M52

Agricultural Economics (Zemědělská ekonomika)

Making a Markowitz portfolio with agricultural commodity futures

Dejan Živkov, Suzana Balaban, Marijana Joksimović

https://agricecon.agriculturejournals.cz/pdfs/age/2022/06/03.pdf

Rad konstruiše minimum-variance portfolio poljoprivrednih futures ugovora primenom Markowitz optimizacije i poredi pre-COVID i COVID periode. Rezultati ističu različite uloge sojinog ulja, soje i pirinča u zavisnosti od tržišnih uslova.

COVID crisis; efficient frontier line; hedge effectiveness index; minimum-variance portfolio; pre-COVID and COVID subsamples; subsample analysis

M21

Ecologica

Uticaj pandemije Covida-19 na međunarodne robne tokove / The impact of Covid-19 pandemic on international commodity flows

Marijana Joksimović, Miloš Zečević, Suzana Balaban

https://doi.fil.bg.ac.rs/pdf/journals/ecologica/2022-107/ecologica-2022-29-107-19.pdf

Rad razmatra uticaj pandemije COVID-19 na međunarodne robne tokove i lance snabdevanja. Prikazani su ključni problemi i posledice globalne zdravstveno-ekonomske krize na trgovinu i logistiku.

zdravstveno-ekonomska kriza, međunarodna trgovina, lanci snabdevanja, pandemija, COVID-19

M51

Ekonomika poljoprivrede

The determinants of growing agri-food export: The case of CEE countries

Suzana Balaban, Marijana Joksimović, Bojan Stoiljković

https://scindeks-clanci.ceon.rs/data/pdf/0352-3462/2022/0352-34622203877B.pdf

Studija analizira determinante rasta agro-prehrambenog izvoza u zemljama CEE korišćenjem SYS-GMM pristupa i kontrole endogenosti. Rezultati pokazuju da trgovinska liberalizacija povećava izvoz, dok proširenje EU ima indirektan uticaj.

economy; agri-food sector; EU accession and trade liberalization

M23

Agricultural Economics (Zemědělská ekonomika)

Measuring parametric and semiparametric downside risks of selected agricultural commodities

Živkov, Dejan, Joksimović Marijana, Balaban

https://agricecon.agriculturejournals.cz/artkey/age-202108-0001_measuring-parametric-and-semiparametric-downside-risks-of-selected-agricultural-commodities.php

In this paper, we evaluate the downside risk of six major agricultural commodities - corn, wheat, soybeans, soybean meal, soybean oil and oats. For research purposes, we first use an optimal generalised autoregressive conditional heteroscedasticity (GARCH) model to create residuals, which we later use for measuring downside risks via parametric and semiparametric approaches. Modified value-at-risk (mVaR) and modified conditional value-at-risk (mCVaR) provide more accurate downside risk results than do ordinary value-at-risk (VaR) and conditional value-at-risk (CVaR). We report that soybean oil has the lowest mVaR and mCVaR because it has two very favourable features - skewness around zero and low kurtosis. The second-best commodity is soybeans. The worst-performing downside risk results are in wheat and oats, primarily because of their very high kurtosis values. On the basis of the results, we propose to investors and various agents involved with these agricultural assets that they reduce the risk of loss by combining these assets with other financial or commodity assets that have low risk.

Cornish-Fisher expansion; generalised autoregressive conditional heteroscedasticity (GARCH) model; grains

M21

Hacienda Pública Española / Review of Public Economics

Validity of Wagner’s Law in Transition Economies: A Multivariate Approach

Balaban Suzana & Dejan Živkov

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We test the validity of Wagner’s law in transition countries using non-stationary panel estimators. First, we test cointegration between government final consumption expenditure and GDP, then we introduce the money supply as an additional explanatory variable. Finally, the Panel DOLS is used in order to estimate the long run relationship between the variables. According to our results, the government expenditure is an endogenous factor of an increase in national income. However, in observed economies in transition, there is reduction of public activity with the progress of the economy even in the case when a money supply is added.

Wagner’s Law, Government expenditure, Panel co-integration.

M23

First International Scientific Conference, ” Covid-19 and Challenges of the Business World”, Belgrade, March 25th 2021, Alfa BK University, Book of Proceedings

THE IMPACT OF COVID-19 ON BANK CAPITALIZATION

Joksimović Marijana, Balaban Suzana, Milošević Marko

https://www.researchgate.net/publication/355397321_Proceedings_Book_COVID-19_AND_CHALLENGES_OF_THE_BUSINESS_WORLD_Belgrade_Proceedings_Book_from_First_International_Scientific_Conference_Covid-19_and_Challenges_of_the_Business_World_March_25th_2021_Be

COVID-19 was declared to be a pandemic by the World Health Organization on 11 March 2020. It is the most searched term on the Internet, and has a great impact on the bank capitalization around the world. In this paper, we examine the impact of COVID-19 on the capitalization of European banks. In order to draw the adequate conclusions, we use the official data of the World Bank (WB), the Bank for International Settlements (BIS) in Basel, as well as the data of the International Monetary Fund (IMF) and the European Central Bank (ECB). The time series used in this paper include the quarterly data covering the period from 2019 to 2020.

bank capitalization, bank operations, capital adequacy, financial sector, profitability

M33

European Project Management Journal

Agile Project Management as an Answer to Changing Environment

Balaban Suzana, Đurašković Jasmina

https://doi.fil.bg.ac.rs/pdf/journals/epmj/2021-1/epmj-2021-11-1-2.pdf

The high level of volatility, uncertainty, complexity and ambiguity in business environments lead to the fact that traditional management has been in serious trouble. The required flexibility should provide the agile project management causing a silent revolution of the way projects are organized and executed. Although initially rooted in the software development industry, we can say that agile methodologies are spreading across a broad range of industries. The benefits of applying an agile approach are widely recognized, but there are still various challenges and problems that the organization faces with when adopting an agile practice.

Agile methodology, project management

M53

International Journal of Finance & Economics

Assessing the multiscale “meteor shower” effect from oil to the central and eastern European stock indices

Živkov Dejan, Balaban Suzana, Pećanac Marko

https://onlinelibrary.wiley.com/doi/10.1002/ijfe.1882

This paper investigates the idiosyncratic volatility spillover effect from the Brent oil futures market to the 11 stock markets of Central and Eastern European economies. As volatility proxies, we use regime-switching conditional volatilities, obtained from two-states MS-GARCH model. In order to determine the level of this effect in different market conditions and in different time-horizons, we combine wavelet methodology with the quantile regression approach. Our results indicate that the volatility spillover effect is not particularly strong across the countries and the wavelet scales, except in those conditions when stock market volatility is exceptionally high. Also, the wavelet-based quantile parameters report that the volatility transmission effect gradually subsides with the flow of time, and it applies for the majority of the indices. Romanian BET index experiences the strongest volatility spillover effect from oil in conditions when Romanian stock market is under extreme stress. The reason for this finding probably lies in the facts that Romania is the largest oil and gas producer among all CEECs, and oil and gas markets tend to comove strongly. Based on findings of wavelet quantile parameters and wavelet correlations, we can conclude that hedgers and portfolio managers can build their portfolio strategies, combining Brent oil futures with the CEE indices.

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M21