After the first wave of the global crisis, in 2010 and 2011, the Serbian banking sector remained stable, largely owing to the preserved vitality of the real sector of the economy due to a moderate recovery of FDI inflow, as well as the Government's program for mitigating the adverse effects of...

The first generation of reforms in Serbia, especially in 2001–2002, was carried out “by the book” but the initial successful results blurred and concealed numerous problems that, especially in 2003, were becoming more evident and, finally, caused a delay in, and the blockade of, the...

This paper aims to address key issues in maintaining financial stability in the SEE economies and define the role of macroprudential policy in the overall policy framework. The massive inflow of foreign capital that made the boom years possible is now the source of a very large problem for the...

Since the end of 1999, Montenegro belongs to a group of dollarised economies. The process of dollarisation in Montenegro has had positive implications on economic performance. However, by renouncing the issuance function, the country gave up some significant monetary policy attributes. Since the...

This paper aims to address key issues in maintaining financial system integration of Serbia in the European financial system, through inevitable structural changes in financial sector. The primary task of the NBS's policy in the previous years was to regulate the inflow of capital into the...

Working productivity is part of the group of relatively old, but still sufficiently reliable indicators of efficiency. Historically, more than a century ago, working productivity firstly began by monitoring at the level of a particular workplace, manufacturing unit and/or sector. Success of that...

It is believed by many that that public works are certainly a sound and rational form of economic policy. However, this begs a question how these measures foster economic development and whether they aggravate macroeconomic imbalances. Additionally, one should be aware of the fact that public...

The global financial crisis has challenged the traditional monetary policy framework of one instrument (short-term interest rates) – one objective (price stability). More and more central banks nowadays consider financial stability as a monetary policy objective, whereas the Central Bank of...

Since the end of 1999, Montenegro belongs to a group of dollarised economies. The process of dollarisation in Montenegro has had positive implications on economic performance. However, by renouncing the issuance function, the country gave up some significant monetary policy attributes. Since the...