Živanović, Branko; Đulić, Katarina; Jolović, Ana - In: Journal of central banking theory and practice 9 (2020) 1, pp. 45-59
Serbian local state-owned enterprises (SOEs) owed in excess of EUR 220mn in late 2015, with estimates reaching a much higher figure. According to the national Fiscal Council, underinvestment by local governments amounted to some EUR 250mn annually. This paper looks at insufficient commercial...
