The suspension of economic sanctions and the liberalization of Serbian economic system after the year 2000 led to free space for foreign direct investment. The delay, caused by economic sanctions, in opening the country towards the environment for more than ten years have a great impact to...

This paper presents a set of measures and instruments which National Bank of Serbia has taken to prevent or at least ease the effects of global financial crisis on national financial system and support confidence in Serbian banking sector during the last two years. It describes the main drivers...

In this paper, we attempt to measure the leverage effect generated by public indebtedness by showing that it is advisable for a Government to jointly use public funds and public debt when financing public expenditures because of the improvement in public fund profitability produced by such a...

This paper has attempted to analyse certain influence aspects the global crisis has had on the Western Balkans countries, above all on Serbia, Croatia, Bosnia and Herzegovina, Macedonia and Montenegro. Our analysis focuses on events on stock exchanges, for which we have applied comparative...

The current global crisis is systemic by being propagated in a banking, financial and economic crisis. It represents a negative external demand shock for Western Balkan Countries (WBC) with an impact on the banking and financial sector first (dice the third 2008 quarter) and then, since the...

The impact of international financial integration on economic performance continues to be one of the most debated issues among economists. Theoretical models have identified a number of channels through which financial integration can promote economic development and growth in developing...

The aim of this paper is to, through analysis of the clearing and settlement system within the securities market and operating of the Central Securities Depository and Clearing House-a joint-stock company, Belgrade (ser. Centralni registar, depo i kliring hartija od vrednosti a.d. Beograd,...

The current crisis is spreading from the rich countries to those which surround them respectively, countries wherein its degree of gravity is even greater; in turn, that effect sets off a yet stronger backwash in those countries in the Centre, which further aggravates the situation. This...

In time of crisis, surprising developments: changes in currency rates can be observed; the large countries which are suffering the most see their respective currencies appreciate while at the same time the gold price decreases. There is an explanation for these paradoxes!