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Abstract
Since the 1990s there have been major changes in the way monetary policy is conducted. Since other monetary strategies did not result in the desired outcome, the first concept of inflation targeting was presented in New Zealand (1990), then in Canada (1991), England (1992), Sweden and Finland (1993), Australia and Spain (1994), Israel, Chile, Brasil, the Czech Republic, Poland, Hungary, Serbia and other countries. Thus, the application of this monetary regime has spread from economically developed to developing countries. This article examines the adoption, the formal framework for inflation targeting and the experience of the two countries that were leaders in the adoption of this modern strategy, New Zealand and Canada. At the time of the announcement of the inflation targets, inflation in both countries was around 6%. However, there are differences regarding the time frame. So, in New Zealand in a shorter period of time, credibility should have been achieved regarding the imbalance of monetary and fiscal policy. While, on the other hand, a longer time frame is envisaged for the Central Bank of Canada regarding achieving greater flexibility to mitigate price shocks. After all the above, it can be concluded that both observed countries (Canada and New Zealand) during the period 2008-2017, achieved positive effects from inflation targeting. In this sense inflation rates in the target range of 1-3% were achieved, except for a few years after the financial crisis (2008-2011), but after certain revisions of the formal framework, both countries successfully fought for greater economic growth and financial stability. The inflation targeting regime proved to be very successful in achieving the set targets, so both Central Banks continued to constantly update the formal and informal inflation targeting frameworks, in order to continuously achieve the expected effects.

The conventional macroeconomic paradigm is that monetary policy provides the nominal anchor for inflation expectations and that fiscal policy is disciplined in implementing credible and timely revenue-expenditure measures when debt rises, in order to ensure sustainability. In this scenario monetary policy is active, whereas fiscal policy is passive, which is referred to as monetary dominance. However, the proponents of the Fiscal Theory of the Price Level emphasize that another regime may be possible - the one of fiscal dominance. In this setup, primary balance follows some arbitrary path, not necessary compatible with the evolution of government debt, and monetary policy is faced with limited room for manoeuvre as it has no option but to adjust to fiscal developments. Following these theoretical foundations, the aim of this paper is to empirically ascertain the prevailing policy regime (monetary versus fiscal dominance) in five emerging European economies (Hungary, Romania, Bulgaria, Serbia and Macedonia). In line with expectations, results overwhelmingly suggest that monetary policy may have been subordinated to fiscal policy over the period of analysis in all economies under scrutiny and that fiscally-led regime prevailed. ; Konvencionalno makroekonomsko stanovište podrazumeva da je monetarna politika ključna za usidravanje inflacionih očekivanja, dok je fiskalna politika disciplinovana u sprovođenju kredibilnih i blagovremenih prihodno-rashodnih mera u slučaju rasta javno duga, a kako bi osigurala održivost. U ovom scenariju monetarna politika je aktivna, dok je fiskalna politika pasivna, što se u literaturi označava kao monetarna dominacija. Međutim, zagovornici fiskalne teorije nivoa cena naglašavaju da može postojati još jedan režim – režim fiskalne dominacije. U ovoj postavci, primarni budžetski saldo prati neki arbitraran put, koji nije nužno kompatibilan sa evolucijom javnog duga, a monetarna politika se suočava sa ograničenim prostorom za manevar budući da na raspolaganju nema mnogo opcija i u ...

Monetary policy is an important segment of the economic policy of each country where inflation and monetary aggregates represent its significant components. Their movement reflects the trends in the volume of money and the price level which is of great relevance for the economic situation in the country. The aim of the paper is to manifest the impact of macroeconomic indicators on the real gross domestic product. In this paper, inflation (INF), monetary aggregate (M3), public expenditures (PE) and foreign direct investment (FDI) are used as independent variables, while the gross domestic product is determined as a dependent variable. The results showed that there is a positive relationship between GDP and INF, PE and FDI, but it is statistically not significant. On the other hand, M3 has a negative impact on GDP, it is statistically significant. Using correlation matrix, a very high correlation between INF and PE was found, while the lowest correlation was recorded between GDP and INF. ; Monetarna politika je važan segment ekonomske politike svake zemlje gde inflacija i monetarni agregati predstavljaju značajne komponente. Njihovo kretanje prikazuje trendove u količini novca i nivou cena koje su od velike važnosti za ekonomske prilike u zemlji. Cilj rada je prikazati uticaj makroekonomskih indikatora na realni bruto domaći proizvod. U radu, inflacija (INF), monetarni agregat (M3), javni rashodi (PE) i strane direktne investicije (FDI) su korišćeni kao nezavisne varijable, dok je realni bruto domaći proizvod (GDP) određen kao zavisna varijabla. Rezultati su pokazali da postoji pozitivan odnos između GDP i INF, PE i FDI, ali nije statistički značajan. S druge strane, M3 ima negativan uticaj na GDP i statistički je značajan. Koristeći korelacionu matricu, utvrđena je vrlo visoka korelacija između INF i PE, dok je najniža korelacija zabeležena između GDP i INF.

Abstract
The aim of the paper is to identify a potential linear correlation between direct taxes and economic growth. The subject of the paper includes estimating the level and intensity of correlation between direct taxes and economic growth in OECD countries for the period 1996-2016. The study analyses tax forms such as personal income tax, corporate income tax and tax on property, and their potential relationship with economic growth, measured by GDP growth rate. Also, tax revenues growth has been included to determine whether it directly affects the economic growth in observed countries. The results of the group correlation matrix have shown that there is a statistically significant relationship between tax revenues growth, personal income tax, corporate income tax and gross domestic product in OECD countries. However, it is important to note that tax on property and gross domestic product are not significantly correlated at the OECD level, which is logical given the low share of this tax in those countries.