University of Belgrade, Faculty of economics and business, Publishing centre eng Innovations in insurance : from traditional to modern market startpage: 115 endpage: 130 Over the past two decades, several major events, including the global financial crisis, Brexit, the US-China trade war, the COVID-19 pandemic and the Russian invasion of Ukraine, have significantly increased global uncertainty and impacted economies around the world. Increased uncertainty can strongly influence the decisions and behaviour of market participants and policy makers. High levels of uncertainty about future economic conditions may cause compa-nies to postpone investment and hiring, while consumers concerned about their future income and job security may respond by saving more and spending less. As uncertainty increases, investors expect higher returns for greater risk, which ultimately drives up financing costs.163 In addition, some studies suggest that as uncertainty increases, economic agents tend to react less quickly to business changes, reducing the effectiveness of monetary and fiscal policy.164 Since uncertainty influences economic development, every economy has an interest in developing an indicator that monitors changes in uncertainty. A central question in empirical research is how to measure uncertainty, and in recent years, this topic has been widely studied by researchers. Various approaches to measuring uncertainty have been developed. The result is indicators that capture uncertainty in economic factors such as macroeconomic uncertainty, monetary policy uncertainty, inflation uncertainty, economic policy uncertainty and more. Key words: econometrica, economic uncertainty, Serbia application/pdf 426072 bytes Maksimović, Emilija, Mladenović, Zorica Rakonjac-Antić, Tatjana info:eu-repo/semantics/bookPart Economic uncertainty in Serbia http://creativecommons.org/licenses/by-nc-nd/4.0/legalcode https://phaidrabg.bg.ac.rs/o:36289 cobiss:170346761 ISBN: 978-86-403-1879-2 2025