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Banking: Legitimate Network Or Money Laundering System?

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Banking: Legitimate Network Or Money Laundering System? FINANCIAL SYSTEMS INTEGRATION OF BALKAN COUNTRIES IN THE EUROPEAN FINANCIAL SYSTEM Editors Claude Berthomieu, PhD Srdjan Redžepagić, PhD Belgrade, 2008. Institute of Economic Sciences Zmaj Jovina 12, 11000 Belgrade, Republic of Serbia Tel. +381 11 2622-357; fax: +381 11 2181-471 E-mail: [email protected] Internet: http://www.ien.bg.ac.rs For publisher Director Professor Dejan Erić, PhD Reviewers Jean-Paul Guichard, PhD Mirjana Radović-Marković, PhD Computer layout Zorica Božić Published by «Čigoja štampa», Belgrade Published in 50 copies ISBN 978-86-80315-78-2 The most of articles here presented are the part of the researches realized within the first year of the research project titled Financial Systems Integration of Balkan Countries in the European Financial System within the program of integrated activities “Pavle Savić”, which is realized with support of French (Ministry of Foreign Affairs) and Serbian (Ministry of Science of Republic) Government. Copyright© 2008 by Institute of Economic Sciences Belgrade, All rights reserved. Publisher has the copyright to all published articles The publishing of the Collection of papers is assisted by the Ministry of Science and Technological Development of the Republic of Serbia. Former and actual generations of IES's would like to express their gratitude towards the Ministry for its kind assistance. Contents Preface................................................................................................................................................... vii Financial Sector Restructuring and Integration of Western Balkan Countries in the European Financial System........................................................................................................... 1 Claude Berthomieu, Jean-Charles Briquet-Laugier, Irina Syssoyeva (Masson) Testing Convergence in Europe: The Case of Integration of Balkan Countries in the European Financial System......................................................................................................... 10 Fabienne Bonetto, Anna Tykhonenko, Srdjan Redžepagić The Relationship Between Bank and SME: Evolution After Basel Capital Accord 2.......................... 21 Valter Cantino Underground Banking: Legitimate Network or Money Laundering System? ...................................... 30 Bojan Đorđević The World Financial Crisis and Effects on Serbian Financial Sector ................................................... 38 Đorđe Đukić, Mališa Đukić Comparative Analysis of Bank Concentration in Selected South East European Countries ................ 44 Kesnija Dumičić, Anite Čeh Časni, Irena Čibarić Interdependence of Development of Financial Markets and Efficiency of Monetary-Credit Instrumentarium .................................................................................................................................... 55 Milenko Dželetović, Slobodan Rakić, Andrea Andrejević Private Equity Funds as Possible Source of Capital for SMEs in Transitional Economies – Case of Serbia..................................................................................................................................... 62 Dejan Erić, Saša Stefanović, Aleksandra Bradić-Martinović The Main Feature of B&H Financial Structure and Integration in EU Financial System..................... 70 Mila Gadžić, Igor Živko La crise, l’Europe et les Balkans........................................................................................................... 77 Jean-Paul Guichard Effects of Capital Account Liberalization on Interest Rates in Croatia ................................................ 83 Tomislav Herceg, Fran Galetić Deficiencies of Regional Securities Supervisors’ Perational Independence with Particular Focus on the Serbian Securities Commission............................................................... 91 Tatjana Jovanić Foreign Direct Investment and Economic Growth: the Role of Domestic Financial Sector............... 100 Gradimir Kožetinac Competitiveness in Banking Sector of Serbia..................................................................................... 109 Marija Lazarević, Milica Mladenović Global Financial Meltdown: What Went Wrong, What Is Still Going Wrong and What the Consequences Will Be?....................................................................................................................... 117 Marko Malović Balance of Payment as the Indicator of B&H Economy Situation and Its Trends.............................. 125 Željko Marić Applying MGARCH Models in Finance............................................................................................. 133 Jelena Minović, Ivana Simeunović Venture Capital in the Central and Eastern European Countries and Croatia..................................... 142 Bojan Morić Milovanović, Tihana Šmitran, Dajana Cvrlje World Economy Crisis, Financial Hurricane or Structural Breakdown.............................................. 151 Ismail Musabegović vi CHALLENGES OF ECONOMIC SCIENCES IN THE 21st CENTURY Role and Comparative Efficiency of European Banks in Serbia's Financial Sector ........................... 156 Anastasia Ri, Kamilya Suleymanova, Aleksandar Zdravković Stock Exchange Indexes on World Market – Influences on Financial Markets of Western Balkan Countries .............................................................................................................. 164 Adnan Rovčanin, Sejfudin Zahirović, Jasmina Okičić Public Debt and the Financial Integration of the Balkan Countries in the Financial European System....................................................................................................... 175 Marius Samizafy The Importance of Required Reserves for Banks Liquidity Maintenance .......................................... 184 Slavica Stevanović, Grozdana Belopavlović Various Innovating Instruments of Financial Markets Recommended in Case of a Fall in the Underlying Asset Price................................................................................... 189 Vincent Šoltés, Michal Šoltés Integration of Financial System of Republic Serbia into Financial System of EU- Banking: Trends and Challenges ........................................................................................................................ 196 Nataša Tanjević Housing Actualities and Development of Housing Finance in Croatia............................................... 203 Mladen Mirko Tepuš Internationalization of the Shareholder Capital in Banks and Creation of the New Financial Products in Serbia................................................................................................................ 213 Milan Vujović, Hasan Hanić Structural Characteristics and Profitability of Banking in Selected Transition Economies................ 222 Vlastimir Vuković The Free Movement of Capital Under the Stabilisation and Association Agreement......................... 231 Jovan Zafirovksi Preface The international scientific conference “Challenges of Economic Sciences in the 21st Century” held in Belgrade on 4th and 5th of December 2008 gathered over one hundred prominent scientific researches, university professors and young economists from Italy, France, Portugal, Germany, United Kingdom, New Zealand, Hungary, Nepal, Nigeria, Slovakia, Slovenia, Croatia, Bosnia and Herzegovina, Monte- negro, Macedonia and Serbia. The conference was organized by Institute of Economic Sciences in Belgrade; Ministry of Sciences of the Republic of Serbia; Belgrade Banking Academy – Faculty for Banking, Insurance and Finance; University of Nice – Sophia Antipolis and University of Torino, Scuola di Amministrazione Aziendale on the 50th Anniversary of the Institute of Economic Sciences. The Institute of Economic Sciences, in cooperation with the research center CEMAFI ("Centre d'Etudes en Macroéconomie et Finance Internationale") of the University of Nice – Sophia Antipolis, is realizing the research project titled Financial Systems Integration of Balkan Countries in the Euro- pean Financial System within the program “Pavle Savić” of the “Partnership Hubert Curien”. It is realized with support of French (Ministry of Foreign Affairs) and Serbian (Ministry of Science) Gov- ernment. Within thematic section Financial Systems Integration of the Balkan Countries in the European Fi- nancial System, the following topics were treated: • Transformation of the Serbian Financial and Banking Sector • Financial Liberalization and Growth • Venture Capital, Finance, Taxation and Regulation • Foreign Direct Investment During the conference, 62 papers were presented and apart from presentation, over 100 papers have been submitted by the authors. It was a double blind review in order to achieve the high scientific level of the conference. As the result of the first year of the research project “Pavle Savić” it has been or- ganized the thematic section Financial Systems Integration of the Balkan Countries in the European Financial System, where 28 papers, apart from presentation were presented and discussed during the Conference. All of them are presented here. For that reasons we publish this special conference pro- ceedings book in order to allow wider population access to this very important scientific achievement. Belgrade, December 2008. Claude Berthomieu, PhD Srdjan Redžepagić, PhD UDC: 336.71 : 336(497) Financial Sector Restructuring and Integration of Western Balkan Countries in the European Financial System1 Claude Berthomieu, Jean-Charles Briquet-Laugier, Irina
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