• citations in SCIndeks: 0
  • citations in CrossRef:0
  • citations in Google Scholar:[]
  • visits in previous 30 days:9
  • full-text downloads in 30 days:6


article: 1 from 9  
Back back to result list
2019, vol. 53, iss. 1, pp. 59-80
The importance of the rule of law for the improvement of business environment in Serbia
Univeristy of Niš, Faculty of Economy
The sustainability of the identity of Serbs and national minorities in the border municipalities of eastern and southeastern Serbia (MESTD - 179013)

In the global economy, where countries compete for foreign investment, it is very important to build an institutional framework that will provide favourable environment for investment. Strengthening the rule of law contributes to a more favorable business environment as it creates a climate of stability and predictability, where business risks can be rationally assessed. Serbia made certain progress in the sphere of the rule of law, but the situation in this area can not be described as satisfactory. Improving the rule of law would contribute to the improvement of the business environment, which would ensure the comparative advantage of the domestic economy in the world market and compensate for other disadvatages in the area of attracting investment. Bearing in mind the importance of the rule of law for improving the business environment, the aim of the work is to analyze the achieved results in the area of improving the rule of law in Serbia and identify key weaknesses in this field. The analysis of the rule of law is based on the data of the World Justice Project on the quality of the rule of law, as well as other indicators that assess the ease of doing business, degree of competitiveness, quality of governance and degree of economic freedom and the degree of development of democracy, whose primary goal is not to measure the rule of law, but nevertheless contain some indicators of the rule of law. The results of the analysis should point to the achieved results in the field of the rule of law in Serbia, as a basis for identifying key weaknesses in this sphere and areas in which the deepening of the reforms would contribute to the improvement of the business environment.
Albers, P. (2007) How to measure the rule of law: A comparison of three studies. in: Rule of law conference, November 2007, Hague Institute for Internationalization and Law, 15.02.2019
Alfaro, L., Kalemli, S., Volosovych, V. (2007) Capital flows in a globalize world: The role of policies and institutions. in: S. Edwards [ed.] Paper prepared for the NBER Conference on Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, December 17-18. 2004, University Chicago Press, Chicago, August
Americas Society and Council of the Americas Working Group (2007) Rule of Law, Economic Growth and Prosperity
Barro, R. (1999) Determinants of Democracy. Journal of Political Economy, 107(S6): S158-S183
Barro, R.J. (1996) Determinants of economic growth: A Cross-country empirical study. NBER Working Paper, br. 5698, http: //
Bertelsman Foundation Bertelsman Transformation Index 2018: Serbia Country Report., 19.03.2019
Caselli, F., Gennaioli, N. (2008) Economics and Politics of Alternative Institutional Reforms. Quarterly Journal of Economics, 3, 1197-1250
Elbasani, A., Šelo-Šabić, S. (2018) Rule of law, corruption and democratic accountability in the course of EU enlargement. Journal of European Public Policy, 25(9): 1317-1335
European Commission (2006) Enlargement strategy and main challenges 2006-2007. Brussels, COM (2006) 649, 7. November
Fraser Institute (2016) Economic Freedom. 1&countries=SRB/, 25.03.2019
Freedom House (2019) Freedom in the World 2019: Serbia Country profile. 15.03.2019
Freedom House Nations in Tranzit 2018: Serbia Country Profile. 20.03.2019
Haggard, S., Tiede, L. (2011) The Rule of Law and Economic Growth: Where are We?. World Development, 39(5): 673-685
Heritage foundation (2019) Index of economic freedom. 15.03.2019
Hoff, K., Stiglitz, J.E. (2004) After the Big Bang? Obstacles to the Emergence of the Rule of Law in post-Communist Societies. American Economic Review, 94(3): 753-763
Hoff, K., Stiglitz, J. (2005) The Creation of the Rule of Law and the Legitimacy of Property Rights: The Political and Economic Consequences of a Corrupt Privatization. NBER Working Papers, No. 11772
Mendelski, M. (2016) The EU's Rule of Law Promotion in Central and Eastern Europe: Where and why Does It Fail, and What Can Be Done About It. Global Rule of Law Exchange Papers, Bingham Centre for the Rule of Law, February
Nogal-Meger, P. (2018) The Quality of Business Legal Environment and Its Relation with Business Freedom. International Journal of Contemporary Management, 17(2): 111-136
Property Rights Alliance (2018) International Property Rights Index 2018. available at 18.03.2019
Rawls, J. (1999) A Theory of Justice. New York: Harvard University Press
Raz, J. (1979) The Authority of Law: Essays on Law and Morality. New York: Oxford University Press
Rigobon, R., Rodrik, D. (2005) Rule of law, democracy, openness, and income. Economics of Transition, 3: 533-564
Savet za borbu protiv korupcije (2016) Izveštaj o stanju u pravosuđu.!.pdf /(10.03.2019)
von Hayek, F. (1960) The Constitution of Liberty. Chicago: University of Chicago Press
World Bank (2017) Worldwide Governance Indicators 2017. Full Professor, 15.03.2019
World Bank Group (2019) Doing Business 2019: Economy profile Serbia. 15.03.2019
World Economic Forum (2018) Global Competitiveness Report 2018. 15.03.2019
World Justice Project (2019) Rule of Law Index 2019. 15.03.2019
World Justice Project (2016) Rule of Law Index 2016. 15.03.2019
World Justice Project (2012) Rule of Law Index 2012.
Zywicki, T. (2003) The Rule of Law, Freedom, and Prosperity. Supreme Court Economic Review, 10: 1-26


article language: Serbian
document type: Original Scientific Paper
DOI: 10.5937/zrpfns53-21376
published in SCIndeks: 23/11/2019
peer review method: double-blind
Creative Commons License 4.0