On Friday 7th July, 20th IES Summer School of Economics titled MACROECONOMICS OF EMERGING MARKETS - From Crisis Backyard to the Poles of Growth - has been finished in Belgrade. School gathered 25 participants, students of final years of economics and related social sciences from Serbia, Macedonia, Montenegro, B&H, Croatia and Slovakia. They had opportunity to attend 14 lectures held by recognised domestic and international academic professors, representatives of the financial institutions as well as successfull businessmen. 20th Summer School has been supported by the Konrad Adenauer Stiftung and SOG Law firm.

During the first day, lectures were held by IES researchers Prof. Marko Malovic, Programme Director of the School and Mihajlo Djukic. First lecture of the Prof. Malovic was on the possibilities to achieve export-led growth in a small open economy which is particularly relevant for the countries in the WB region striving to catch up with developed EU members. In the second lecture titled Clinical Picture of the Eurozone Crisis - Is there any Room for Optimism?, he explained the core problems of the structural crisis of the EU economy and potential alternatives to overcome existing problems.

Mr. Djukic held short presentation on the role of the IMF in Serbia during the transition period. He discussed with participants the impact that the IMF had on the political and economic transformation processes in the region. Lectures served as an opportunity to provoque students’ reflection on the pros and cons for close cooperation of the policy makers in the Western Balkan with the IMF.

Prof. Mladjan from the European Business School Wiesbaden held lecture on lessons learned from the financial crisis in the context of emerging markets. In his lecture, Prof. Mrdjan has particularly focused on historical aspects of the financial turbulences. Challenges of the emerging markets were also covered by Prof. Sabri Kiratli, Professor of International relations at the Bogazici University in Istanbul, Turkey. He presented political aspects of development in emerging world stressing the consequences of globalisation and shifting global order. Last presentation on Tuesday was held by Prof. Vladan Ivanovic, Faculy of Economics, University of Kragujevac. Prof. Ivanovic research interests are, among others, related to the social market economy. In that respect he presented main ideas of the social market economy concept as it has been applied in Germany during the mandate of the Konrad Adenauer. He has what would be the main areas for the policy intervention towards social market economy given the current socio economic situation in Serbia and the region.

Prof. Richard Frensch, Head of Department of Economics at the Leibniz Institute for East and Southeast European Studies of the University of Regensburg, opened the third day of the School presenting the paper „Diffusion of Technology and Technological Convergence“. His lecture has been followed by Brian Fabo, researcher at the Centre for European Policy Studies and Marie Curie Fellow at CEU, Budapest. Fabo held lecture „Statistical Inference and Measures of Economic Growth and Economic Crises“. Final lecture was given by Mr. Aleksandar Zdravkovic, researcher at the Institute of Economic Sciences, who highlighted economic policy measures applied by the policy makers in the region arguing that contrary to the economic logic, they have been always applied procyclical rather than countercyclical policy measures. Negative impact of such a policies were particularly visible during the financial crisis.

In addition to discussing main economic trends and problems of development and growth in the postcrisis period, school aimed at gathering most prominent students and professors in informal environment in order to build long lasting networks of the future leaders in the region. For that purpose, on Wednesday 5th of July, Institute organised boat cruise on Sava and Danube. It was an opportunity for students to relax and have fun with their peers from the region.

Prof. Milos Bozovic from the Faculty of Economics, Belgrade University and Prof. Milan Nedeljkovic, from Metropolitan University and also leading economist at the National Bank of Serbia held lectures on the systemic risk of interbank lending networks and on the development and dynamics of corporate bonds segment across the emerging markets, respectively. At the end of the day, participants had opportinity to discuss growth model of the social market economy and differences of the model comparing to Serbian development pattern with Mr. Milan Parivodic, former Minister of the International Economic Relations and Minister of Finance of the Government of the Republic of Serbia. Prof. Parivodic shared his experience as a policy maker but also as an expert in the field of international and corporate law.

Final lectures were given by Prof. Carmine D'Arconte, Professor of economics at the University of Roma Tre and La Sapienza University in Rome and Mr. Milan Deskar, representative of the Erste Bank in Croatia and participants of the Summer School 2010. He tried to shed more light on the role of human capital and entrepreneurial competences as one of the main factors of economic growth. Prof. D’Arconte expressed his views and beliefs on the economic policy measures if applied in Serbia, could result in better economic conditions for enterpreneurs meanwhile leading to higher economic growth and better economic develoment in general. Mr. Deskar on the other hand held lecture on computation of the fiscal multipliers in SEE region trying to connect rigid economic theory foundation with the real practice performed in one of the leading banks in Europe.

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About Summer School of Economics

The Summer School of Economics is a unique education programme in the Western Balkans that brings together eminent lecturers, young researchers and outstanding students from the Region and beyond. The School gives participants the chance to learn about contemporary issues in economic theory and practice, to interact and share their views and experiences with eminent professors and young intellectuals.

The School offers: 16 hours of lectures and 8 hours of interactive workshops and discussions. The School's goal is twofold:

  • To provide education on contemporary economic issues which are usually not covered by the university curriculum
  • To establish durable links between young professionals and likely future leaders in the SEE region.

The School applies interactive methods of education by combining lectures and debates. Emphasis is put on the active participation of students in the education process. Lecturers at the Summer School of Economics are distinguished international scholars, professors from the region and beyond and local economic policy makers, experts from various institutions including World Bank, OECD, IMF and other domestic and international organisations. Participation at the Summer School of Economics is completely free of charge for all selected participants.

The School is organised by the Institute of Economic Sciences in cooperation with the Konrad Adenauer Stiftung

Target Group

The target group are advanced undergraduate (at least 3rd year of bachelor studies) and graduate students in social sciences and humanities from the Western Balkan region. The Organization Committee will select around 30 candidates (15 students from the Western Balkan region and 15 from Serbia), with outstanding applications who demonstrate an interest in the main topics of the school and eagerness to learn and interact.


Course Topics:

  • Impact of International Financial Crises on Developing Countries
  • Empirics of Measuring Crises and Growth
  • The End of Globalisation (?) and its Consequences for Small Open Transition Countries
  • Alternatives to the current economic policies in the CEE countries
  • Deindustrialisation and its consequences
  • Sustainable development perspectives

Key Lecturers (inter alia):

  • Richard Frensch, PhD, Regensburg University, Regensburg
  • Brian Fabo, PhD, Marie Curie Fellow, CEU, Budapest
  • High representative of the World Bank in Serbia, Belgrade
  • Mlađan Mrđan, PhD, EBS Universität für Wirtschaft und Recht
  • Miloš Božović, PhD, Faculty of Economics, University of Belgrade
  • Marko Malović, PhD, Institute of Economic Sciences, Belgrade
  • Carmine D’Arconte, PhD, Universita Roma III, Italy
  • Aleksandar Zdravković, Msc, Institute of Economic Sciences, Belgrade


The list of other requirements is set out below:

  • Under 30 years of age
  • Application form
  • Motivation letter (up to 300 words describing why you would like to take part in the school, what you expect to gain from it and how you think you will contribute to its overall organization while participating in it and in future
  • Short Resume or CV
  • Two recommendation letters (from professors or superiors, must include their contact details)
  • High average mark during (if still a student) or at the end of studies (if the applicant has already graduated)
  • Good knowledge of the English language (if available, please send us some proof)

Please send the aforementioned documents to in a single attachment to the following e-mail: isse@ien.bg.ac.rs


Hostel San Mara, Belgrade, Kralja Milana 3
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