DOCSLIB.ORG

Serbia and the European Union: Economic Lessons from the New Member States

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Serbia and the European Union: Economic Lessons from the New Member States SERBIA AND THE EUROPEAN UNION: ECONOMIC LESSONS FROM THE NEW MEMBER STATES Editors Mirjana Radović-Marković Srdjan Redžepagić João Sousa Andrade Paulino Teixeira in cooperation with Coimbra, 2011 Publisher University of Coimbra – Faculty of Economics, Coimbra, Portugal in cooperation with Institute of Economic Sciences, Belgrade and Belgrade Banking Academy, Belgrade Editors: Mirjana Radović-Marković Srdjan Redžepagić João Sousa Andrade Paulino Teixeira Reviewers: António Portugal Duarte Marta C. N. Simões Carlos Carreira ISBN 978-972-9344-03-9 Copyright©2011 by University of Coimbra – Faculty of Economics. All rights reserved. Publishers have the copyright to all published articles CONTENTS PREFACE..............................................................................................................7 PART I. THE MODERN EUROPEAN ECONOMY AND INTEGRATION..... 9 CHAPTER 1. MAASTRICHT CRITERIA AT THE AGE OF 18: ARE THEY EVEN CONVERGING, WHICH PARTY AND TO WHAT END?................................................................................................11 Marko Malović, Mališa Đukić, Srdjan Redžepagić CHAPTER 2. ATTRACTIVENESS OF WESTERN BALKAN COUNTRIES FOR FDI .....................................................................................27 Matija Rojec, Slavica Penev CHAPTER 3. ATTRACTIVENESS OF SERBIA FOR FOREIGN DIRECT INVESTMENTS: TENDENCIES, OBSTACLES AND PERSPECTIVES ................................................................................................47 Ivan Stošić, Draško Nikolić, Mihajlo Đukić CHAPTER 4. ACCESSION TO THE EUROPEAN UNION, INTEREST RATES AND INDEBTEDNESS: GREECE AND PORTUGAL ...................61 Pedro Bação, António Portugal Duarte CHAPTER 5. FINANCIAL SYSTEM INTEGRATION OF SERBIA IN THE EUROPEAN FINANCIAL SYSTEM ................................................77 Zoran Grubišić, Periša Ivanović, Nikola Fabris CHAPTER 6. HARMONIZATION OF SERBIAN ACCOUNTING STANDARDS WITH THE EU STANDARDS ................................................92 Gordana Vukelić, Sonja Đuričin, Grozdana Belopavlović CHAPTER 7. CREDIBILITY AND MONETARY POLICY: THE CASE OF SERBIA..................................................................................105 Gradimir Kožetinac CHAPTER 8. CULTURAL BARRIERS TO SERBIA JOINING THE EUROPEAN UNION ..............................................................................118 Živka Pržulj, Gordana Vukelić CHAPTER 9. MONETARY POLICY AND THE PATH TO SUCCESSFUL INTRODUCTION OF EURO IN SLOVAK REPUBLIC..133 Júlia Ďurčová, Ľudmila Bartóková CHAPTER 10. MISCONDUCT OF THE KEY POLICY RATE: THE CASE OF SERBIA..................................................................................147 Branko Živanović, Milena Kovačević, Una Vukoje 4 Serbia and the EU: Economic Lessons from the New Member States PART II. REGIONAL POLICY, AGRICULTURE AND EU ACCESSION... 165 CHAPTER 11. INEQUALITY AND GROWTH: RELEVANT LINKS FOR THE PORTUGUESE ECONOMY........................................................167 Adelaide P. S. Duarte, Marta C. N. Simões CHAPTER 12. FINANCIAL CONSTRAINTS: LESSONS FROM THE PORTUGUESE MONETARY INTEGRATION ..........................................185 Filipe Silva, Carlos Carreira CHAPTER 13. BANKING REFORM IN SLOVAKIA: CASE OF COMMERCIAL BANKS AND CENTRAL BANK ......................................200 Marianna Siničáková CHAPTER 14. HOW STRONG IS SERBIAN AGRICULTURE - COMPARATIVE ANALYSIS OF SEVERAL AGRICULTURAL INDICATORS OF SERBIA AND ROMANIA..............................................214 Marko Jeločnik, Lana Ivanović CHAPTER 15. REFORMS IN CHOSEN TRANSITION COUNTRIES WITH RECOMMENDATIONS FOR INCREASING COMPETITIVENESS......................................................................................234 Vesna Paraušić, Vladana Hamović, Branko Mihailović CHAPTER 16. PUBLIC ADMINISTRATION REFORM IN THE SLOVAK REPUBLIC AND OTHER RELATED REFORMS – TAKING LESSONS OF THE OTHER EU COUNTRIES...............................................................250 Lenka Horváthová CHAPTER 17. MULTIFUNCTIONAL DIMENSION OF THE SERBIAN AGRICULTURE SECTOR IN THE FUNCTION OF ACCESSION TO EU ................................................................................................................261 Ana Jaško, Nenad Popović, Ondrej Jaško CHAPTER 18. BANKING SECTOR: COMPARATIVE ANALYSIS SERBIA VS EU MEMBER STATES .............................................................282 Vlastimir Vuković CHAPTER 19. REGIONAL POLICY FUNDS: HOW PREPARED IS SERBIA TO ACCESS EUROPEAN UNION REGIONAL POLICY FUNDS? .............................................................................................................297 Đuro Đurić, Vladan Ivanović, Mladenka Balaban PART III. THE ROLE OF POLICY IN SME DEVELOPMENT AND EU ACCESSION .......................................................................................... 315 Contents 5 CHAPTER 20. POLAND'S INTEGRATION WITH THE EUROPEAN UNION AND ITS IMPLICATION FOR SMALL AND MEDIUM SCALE ENTERPRISES ..................................................................................317 Mirjana Radović-Marković, Imani Silver Kyaruzi CHAPTER 21. EU AND SERBIA: SME POLICY IN TIME OF CRISIS AND BEYOND.............................................................................332 Isidora Beraha, Elena Baranenko, Ana Јаško CHAPTER 22. REFORM OF ACCOUNTING AND ACCOUNTING EDUCATION IN THE SLOVAK REPUBLIC AFTER THE EURO ZONE ACCESSION...................................................................344 Radoslav Tušan CHAPTER 23. EDUCATIONAL AND TRAINING MODEL FOR IMPLEMENTATION OF E-CRM STRATEGY.................................359 Jovan Zubović, Ivana Domazet, Aleksandra Bradić Martinović CHAPTER 24. POLICY OF SMALL FARMS SUBSIDIZING IN THE FUNCTION OF ECONOMIC AND SOCIAL DEVELOPMENT OF VILLAGES IN SERBIA...................................................................................383 Božo Drašković, Zoran Rajković, Duško Bodroža CHAPTER 25. CORPORATE SOCIAL RESPONSIBILITY AS A TOOL FOR SMART, SUSTAINABLE AND INCLUSIVE GROWTH..................396 Bojana Radovanović, Filip Brković, Slavica Stevanović P R E F A C E Dear readers, The goal of the book "Serbia and the European Union: economic lessons from the new member states" is to provide an accessible presentation of the facts, theories and controversies that are necessary to understand this process. Its emphasis is on economics, covering both the microeconomics and macroeconomics of European integration. In addition, the book covers the essential aspects of integration, institutions, laws, politics and policies. The book does not only contribute to our understanding of the explanations of the enlargement through community rules and norms, but it also provides a strong theoretical contribution to the analysis of international institutions as well as try to extract some general lessons that can be learned from the history of EU admission of the member countries. The contributors demonstrate that integration process of each recent member country is characterized by particular circumstances that constrain further institutional developments, legitimacy and credibility. It is combined both the internal dimension and external dimension of the European integration process, whilst offering a tool for comparison. The EU framework on integration is based on knowledge-sharing, policy coordination and the exchange of information. We have enlisted leading researchers to synthesize existing knowledge and to make use of many different data sources. The different aspects of the integration process, presented into different chapters, enhancing readability of the book. In this context, successful experiences from the new member states can be taken across EU and apply to Serbia, too. We hope that the book will provide the analytical foundations for policy actions needed to foster Serbian integration into the EU and trust that readers will find the book thought-provoking and a motivating force for new ideas and solutions. In Coimbra, January 2011 Editors Mirjana Radović-Marković Srdjan Redžepagić João Sousa Andrade Paulino Teixeira PART I. THE MODERN EUROPEAN ECONOMY AND INTEGRATION CHAPTER 1. MAASTRICHT CRITERIA AT THE AGE OF 18: ARE THEY EVEN CONVERGING, WHICH PARTY AND TO WHAT END? Marko Malović1 Mališa Đukić2 Srdjan Redžepagić3 Abstract Maastricht criteria are well known to be arbitrarily designed. To top it all off, times and again they’ve been only briefly fulfilled and –worse even- often manipulated with. Among them, fiscal criteria and overall Stability and Growth Pact are perhaps the most controversial of all, as recent problems within the EMU amply demonstrate. Moreover, the epicentre of the EMS, so-called ERM2, and convergence criterion in this regard seem to be much more effective in protecting the interests of those already in the Eurozone, rather than serving as a vehicle for faster and safer euro-accession of the candidates. In addition, since some of the convergence criteria, quite regardless of their dubious effectiveness, leave room for ambiguous interpretations, let alone the often forgotten real convergence criteria earmarked in the Treaty as a carte blanche, existing members of the EMU in times of unprecedented economic hardships may well be tempted to block candidate countries on their way to Euroland. All of these issues raise numerous questions and urge for fundamental reassessment of the Maastricht criteria, as well as point at considering their reform or indeed alternative policy options from the view point of candidate- and acceding countries. Key words: EMU, Maastricht
Load more

Recommended publications
  • Monetary Conditions in the Kingdom of Serbia (1884-1914)
    Monetary Conditions in the Kingdom of Serbia (1884-1914) Branko Hinić, National Bank of Serbia Milan Šojić, National Bank of Serbia Ljiljana Đurđević, National Bank of Serbia Abstract: From 1884 to 1914, the Privileged National Bank of the Kingdom of Serbia managed to establish and maintain relatively stable monetary conditions. On the one hand, its interest rates and lending policy contributed to the lowering and stabilization of exceptionally high market interest rates, and on the other, the National Bank managed to preserve relative stability of the domestic currency. The conversion of paper money to gold or silver was ensured at all times, except in two instances – at the outbreak of the Balkan Wars and World War I. The National Bank could not eliminate agio, but did the best it could to ease its fluctuations. Agio declined as a result of a sharp turnabout in public finances never again to reach the level prior to 1903. The effectiveness of the National Bank in achieving relatively stable monetary conditions is particularly important in light of the circumstances prevailing at the time: wars and economic crises, budget deficits and internal political upheavals. It would be right to say that monetary conditions were largely shaped by the state of public finances. As budget expenditures outstripped the revenues, the government was forced to look for additional funds to cover the deficit by borrowing either abroad or locally, primarily from the National Bank. This had a direct negative effect on the level of gold reserves and indirectly affected the stability of the domestic currency and Bank lending activity.
    [Show full text]
  • Analysis of the Behavior of Foreign-Owned Banks in Serbia During Great Depression and Great Recession1
    ANALYSIS OF THE BEHAVIOR OF FOREIGN-OWNED BANKS IN 1 SERBIA DURING GREAT DEPRESSION AND GREAT RECESSION Dragana GNJATOVIĆ2 Vesna ALEKSIĆ3 Ana JOVANCAI4 Abstract In this paper we analyse the actions of foreign-owned banks on Serbian financial market during two largest financial crises in modern era, in 1931-1935 and 2008-2010. In crisis moments, during the first half of the 20th Century, due to major disruptions in international financial markets, foreign- owned banks quickly withdrew their capital. On the contrary, during global financial crisis, at the end of the first decade of the 21st Century, they continued to operate in Serbia, in undiminished volume, thanks to the implementation of the Vienna Initiative. The establishment of this unique public-private forum for overcoming the consequences of the global financial crisis in the South-Eastern and Central Europe was initiated by the European Bank for Reconstruction and Development. Thanks to creating new mechanisms for crisis management, macroeconomic and financial stability has been maintained in Serbia, and that is a striking contrast to the situation of more than 70 years ago. Key words: global financial crisis, Vienna Initiative, banking sector, Serbia MONOPOLIY POSITION OF FOREIGN-OWNED BANKS ON SERBIAN FINANCIAL MARKET In the interwar period, banking sector of The Kingdom of Serbs, Croats and Slovenes (SCS) consisted of four state, privileged banks as well as of numerous private shareholding banks and credit cooperatives. Private shareholding banking in Serbia in the interwar period was characterized by a visible contrast. On one hand, domestic capital was very fragmented, situated in relatively large number of small shareholding banks; on the other hand, strong concentration of foreign capital was present in extremely small number of foreign-owned banks.
    [Show full text]
  • Customs War of the Kingdom of Serbia and the Habzburg
    ЕКОНОМИКА Vol. 66, october-december 2020, № 4 ISSN 0350-137X, EISSN 2334-9190, UDK 338 (497,1) P. 95-103 Dušan Jerotijević1 SCIENTIFIC REVIEW ARTICLE Živanka Miladinović Bogavac,2 DOI: 10.5937/ekonomika2004095J University Union Nikola Tesla, Received: May, 08. 2020. Faculty of Business and Law Accepted: November, 16. 2020. Belgrade Serbia Ljubiša Stamatović3 Ministry of Foreign Affairs of the Republic of Serbia Belgrade Serbia CUSTOMS WAR OF THE KINGDOM OF SERBIA AND THE HABZBURG MONARCHY AT THE BEGINNING OF THE 20th CENTURY Abstract After gaining independence at the Berlin Congress, Serbia became the center around which all the surrounding Serbs gathered, seeking final liberation and unification. The great difficulty for a small Serbia was the Austro-Hungarian Empire, which in every way was trying to influence the Serbian internal and foreign policy. In doing so, she succeeded to a large extent during the reign of King Milan, even after his abdication, until the beginning of the XX century. The change in the throne after the May uprising led to the emancipation of Serbia from the influence of the Austro-Hungarian Empire and the influence of other powers, in particular France and Russia. On the other hand, Serbia is increasingly independent in foreign policy and tries to connect with other Balkan states as if it economically strengthens to carry out a national unification mission. That is why the Austro-Hungarian conflict with Serbia on the economic plane, the Customs War, was inevitable. At the same time, this conflict has shown the strength and weaknesses of both countries. Serbia’s victory in the Customs War showed her great economic rise, and Austro-Hungary became its fatal enemy.
    [Show full text]
  • Comparison of Structuring the Interest Rates on Micro Loans in Serbia and Montenegro
    TEM Journal. Volume 6, Issue 2, Pages 303-314, ISSN 2217-8309, DOI: 10.18421/TEM62-16, May 2017. Comparison of Structuring the Interest Rates on Micro Loans in Serbia and Montenegro Vera Zelenović 1, Maja Drobnjaković 2, Željko Vojinović 1 1 University of Novi Sad, Faculty of Economics in Subotica, Segedinski put 9-11, Subotica, Republic of Serbia 2 University Business Academy in Novi Sad, Faculty of Economics and Engineering Management, Cvećarska 2, Novi Sad, Republic of Serbia Abstract – The aim of this research paper is The goal of research is to define the interest rates on development of comparative analysis of the microcredit and developing models for analysis of microcredit sector in Serbia and Montenegro, as well interest rates in the microcredit sector in Serbia and as to carry out identification and analysis of the Montenegro. It is planned to, within the designed components that influence the determination of analyze model, isolate four basic components: interest rates on microloans in Serbia and Montenegro. Within the comparative study, there will be an analysis operating costs, financing costs, the amount of loss of the correlation between the total amount of granted and the expected profit (margin). The work would microcredits in these countries and their gross analyze a number of sub-components of influence. domestic product, by using the Pearson correlation When it comes to operating costs, the sub- coefficient. components that would be analyzed are: the representation of the field work, the scope and Keywords – microcredit, interest rate, valuation, content of the required documentation when applying Serbia, Montenegro. for a microcredit, the effective length of the duration of work of individual microcredit demands, type of collateral required from potential mikroloaners, the 1.
    [Show full text]
  • 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
    [Show full text]
  • Remittances from Austria
    Remittances from Austria Final Report Prepared for OeEB by Torsten Becker, Paul Hockenos, Elizabeth Holmes Vienna, April 2009 Assessment Study – Remittances from Austria Final Report April 2009 Prepared by: Torsten Becker Paul Hockenos Elizabeth Holmes Frankfurt School of Finance & Management Sonnemannstrasse 9-11 60314 Frankfurt a.M. Tel. +49-69-154008-620 Fax +49-69-154008-4620 [email protected] http://www.frankfurt-school.de Content 1 Executive Summary ................................................................................................................................. 1 2 Introduction ............................................................................................................................................. 4 2.1 Methodology ............................................................................................... 5 3 Mapping the Remittance Market in Austria ............................................................................................. 8 3.1 Outline of Remittances from Austria ...................................................................... 8 3.2 Remittance Service Providers in Austria ................................................................. 10 3.2.1 Overview of RSPs in Austria .................................................................... 10 3.2.2 Branch Network in Austria and SEE, Hours of Operation ...................................... 10 3.2.3 Overview of Remittance Transfer Products ...................................................... 12 3.2.4
    [Show full text]
  • The Role of Monetary and Financial Reform in Approaching the European Union
    o THE ROLE OF MONETARY AND FINANCIAL REFORM IN APPROACHING THE EUROPEAN UNION - THE CASE OF SERBIA - Jelena Zekic A thesis submitted in partial fulfilment of the requirements of the University of Greenwich for the Degree of Doctor of Philosophy September 2005 Abstract_____________________________________ By making use of various social science research methods, in particular semi-structured interviews, this thesis reveals the main features of the Serbia's 15-year long transition experience, which took place against a background of frequent constitutional changes over the period 1989 to 2004. Serbia's transition began in December 1989 with the Markovic programme, while the Republic was a constitutive part of the Socialist Federal Republic of Yugoslavia (SFRY). The study confirms that the SRFY was the first country to start transition from a socialist to a market economy, but that this advanced position was lost due to a lack of political consensus, and the dissolution of the country in 1991. As part of the Federal Republic of Yugoslavia (FRY) which was formed in 1992, Serbia during the 1990s went through the most devastating period in its modern (economic) history, experiencing the second highest and the second longest hyperinflation ever registered (1992-1994). The battle against (hyper)inflation and economic recovery took the form of the Avramovic programme of January 1994, but failed to deliver any prolonged stabilisation and growth. Additionally, during the period of FRY, when Slobodan Milosevic was in power, an extensive regime of economic and non-economic sanctions were imposed on Serbia by the international community (1991-2000). Moreover, in 1999, the country was faced with the seriousness of the Kosovo conflict and NATO bombing, and the concomitant impact of these events on economic life.
    [Show full text]
  • Consolidated Reports and Accounts VISION
    2016 Consolidated Reports and Accounts VISION: Our vision is to be “One bank, one UniCredit”: pan-European commercial bank with a simple business model, which is fully plugged in Corporate & Investment Banking, delivering our unique Western, Central and Eastern European network to our extensive client franchise. Everything we do to implement our vision is based on our Five Fundamentals. Our top priority, every minute of the day, is to serve our customers the very best we can (Customers First). To do this, we rely on the quality and commitment of our people (People Development), and on our ability to cooperate and generate synergies as “One Bank, One UniCredit” (Cooperation & Synergies). We take the right kind of risk (Risk Management) whilst being very disciplined in executing our strategy (Execution & Discipline). 2 2016 Annual Report · UniCredit Bank Serbia a.d. One Bank, One UniCredit. A shared vision based on Five Fundamentals. As a strong pan-European Group with leading banks in 14 core markets, and operations in another 18 countries, we perfectly embody our vision to be “One Bank, One UniCredit”. A simple pan-European commercial bank enriched by multiple cultures where everybody shares the same vision and are guided by our Five Fundamentals: Customers First, People Development, Execution & Discipline, Cooperation & Synergies and Risk Management. Contents ADDRESSING OF CEO 7 MACROECONOMIC OVERVIEW 8 SERBIAN FINANCIAL SECTOR 11 FINANCIAL PERFORMANCE OF UNICREDIT SERBIA GROUP IN 2016 13 STRATEGY FOR PERIOD 2017-2019 15 ORGANISATIONAL STRUCTURE OF UNICREDIT SERBIA GROUP 20 CORPORATE INVESTMENT BANKING (CIB) 21 RETAIL BANKING 23 RISK MANAGEMENT 24 GLOBAL BANKING SERVICES (GBS) 26 HUMAN RESOURCES 27 IDENTITY AND COMMUNICATION 28 CORPORATE SOCIAL RESPONSABILITYE 29 FINANCIAL STATEMENTS 2016 30 4 2016 Annual Report · UniCredit Bank Serbia a.d.
    [Show full text]
  • In This Issue
    Volume 4 October-November 2003 Issue 44-45 IN THIS ISSUE: • THE GREATEST PROBLEMS OF THE SERBIAN TRANSITION Macroeconomic Stability without Economic Growth and Inadequate Tax Policy which Stifles Economic Activity and Increases the Trade Deficit • MACROECONOMIC REVIEW • THE REFORM OF INSTITUTIONS • ANALYSIS OF THE SECURITY SECTOR REFORM IN SERBIA AND MONTENEGRO (from the previous Issue) Belgrade, January 20, 2004 Economic Review No. 44-45 Serbia w/o Kosovo and Metohija: Basic Economic Indicators θ 2002 X 2003 X 2003 I-X 2003 IX 2003 X 2003 θ 2001 IX 2003 X 2002 I-X 2002 GDP growth rate1 4.0% … … … … … Industrial production - total 1.7% … … 8.3% -3.6% -3.5% Central Serbia 1.6% … … 5.1% -3.9% -4.7% Vojvodina 2.1% … … 14.2% -3.2% -1.2% Average nominal net wage, in CSD2 51.8% 11,953 12,432 4.0% 23.8% 25.3% Nominal gross wage, in CSD … 17,277 17,986 4.1% 24.6% 25.7% Real growth in average net wage, in %3 30.2% … … 2.6% 14.8% 13.5% Ratio consumer basket / average net wage -31.1% 1.0 1.0 0.0% -16.7% -17.8% Unemployment rate, registered4 8.1% 32.2% … 0.5% 6.7% 12.2% Current account , in USD million5 227.8% -7 … -93.4% -93.5% 0.3% Trade balance, in USD million6 39.3% -328 ... 14.2% 9.1% 31.2% Exports, USD million 20.6% 210 ... 8.2% 8.2% 21.5% Imports, USD million 31.8% 538 ... 11.8% 8.8% 27.6% Money supply (M1) CSD billion (end of period) 110.8% 98 98 0.5% 9.9% 28.3% Cash 122.6% 39 40 2.6% 2.8% 15.0% Deposit 104.6% 59 58 -0.9% 15.4% 39.8% Real money supply, in EUR million 107.5% 1488 1481 -0.5% 1.1% 20.3% NBS for.
    [Show full text]
  • FOCUS on EUROPEAN ECONOMIC INTEGRATION 2/08 Financial Sector Development in Serbia: Closing Ranks with Peers
    Financial Sector Development in Serbia: Closing Ranks with Peers 1 Stephan Barisitz, After a major structural reshuffling in the early 2000s, the Serbian banking sector embarked Sándor Gardó 2 on a rapid catching-up process. Against the background of an emerging credit boom, financial deepening has advanced rapidly in recent years, largely making up for the late onset of banking reform. However, the pace of convergence to the intermediation levels of Serbia’s Central, Eastern and Southeastern European peers as well as the high degree of euroization have also raised financial stability concerns, with credit and foreign exchange risks represent- ing the main challenges. The sector’s high capitalization, its increasing efficiency, the predominance of foreign banks and the central bank’s efforts to rein in lending growth to more sustainable levels are important factors in alleviating financial stability concerns. Profitability is still comparatively low, but increasing. 1 Introduction 22 Serbian banks and financial markets have exhibited some of the most dynamic rates of expansion among transition economies in Central, Eastern and Southeastern Europe (CESEE) in recent years. While the speed of financial growth has given rise to concern, there can be no doubt that a sizeable slice of this growth is embodied by Serbia’s structural catching-up efforts with its regional peers after the “lost decade” of the 1990s. This study aims to retrace and analyze the momen- tous development of Serbian financial markets, in particular the banking system, since 2002. In this sense, the study constitutes an update and an extension of an earlier article in this publication’s predecessor, Focus on Transition (Barisitz, 2003).3 In the realm of banking, the topics covered comprise the evolution of legal foundations, banking supervision, banks’ asset, liability and earnings structure, bank restructuring, the role of foreign banks and FDI, credit growth, risks and reactions, and vulnerabilities.
    [Show full text]
  • Standardised In-Depth Coverage of 300 Listed Banks and 370 Non-Listed Banks in 45 European Countries
    Standardised in-depth coverage of 300 listed banks and 370 non-listed banks in 45 European countries COMPANY SNL IDENTIFIER COMPANY SNL IDENTIFIER COMPANY SNL IDENTIFIER AUSTRIA (23 BANKS) Croatia cont’d. FAROE ISLANDS (2 BANKS) Bank für Tirol und Vorarlberg BTS-WBO Podravska Banka PDBARA-ZSE BankNordik BNORDIK-CSE BAWAG P.S.K. 4155878 Privredna Banka Zagreb PBZRA-ZSE Eik Banki 4238346 BKS Bank BKS-WBO Raiffeisenbank Austria 4242246 FINLAND (6 BANKS) Erste Group Bank EBS-WBO Slatinska Banka SNBARA-ZSE Aktia AKTAV-HEL Hypo Alpe-Adria-Bank 4138555 Splitska Banka 4238410 Ålandsbanken ALBAV-HEL Hypo Alpe-Adria-Bank International 4242197 Vaba dd Banka Varaždin* BPBARA-ZSE Nordea Bank Finland 4242232 Hypo Landesbank Vorarlberg 4185986 Zagrebac˘ka Banka ZABARA-ZSE OP-Pohjola Group 4242235 Hypo Noe Gruppe Bank 4253553 CYPRUS (4 BANKS) Pohjola Bank POH1S-HEL Hypo Tirol Bank 4210296 Bank of Cyprus BOCY-CYP Sampo Bank 4242252 Investkredit Bank 4242208 Cyprus Popular Bank CPB-CYP FRANCE (73 BANKS) Kommunalkredit Austria 4242213 Hellenic Bank HB-CYP Banque Fédérative du Crédit Mutuel 4216441 Oberbank OBS-WBO USB BANK USB-CYP Banque Palatine 4141303 Österreichische Volksbanken VBPS-WBO CZECH REPUBLIC (7 BANKS) Banque Populaire Atlantique 4245492 Raiffeisen Bank International RBI-WBO Ceská Sporitelna 4242152 Banque Populaire Bourgogne Raiffeisen Bausparkasse 4242243 CSOB* 4242154 Franche-Comté 4245493 Raiffeisen Zentralbank Österreich 4112994 Hypotecˇní Banka* 4242198 Banque Populaire de l’Ouest 4242112 Raiffeisenlandesbank Komercni Banka BAAKOMB-PSE
    [Show full text]
  • Preuzmite Ediciju
    04 Jorgovanka Tabaković, NBS 102 AIK banka NBS ogledalo države pred narodom, Cilj - kreiranje najjače domaće privatne banke refleksija naroda pred svetom Aim - to create the strongest domestic The NBS as a reflection of the state before private bank the people and a reflection of the nation before the world 104 Eurobank a.d. Beograd Odgovoran partner 12 Prof. dr Nebojša Savić Responsible partner Sačuvana stabilnost bankarskog sektora Banking sector stability preserved 107 JUBMES banka a. d. Beograd Pristupačnost i inovativnost u poslovanju 16 130 godina od osnivanja NBS Accessibility and innovation in business 130 years of the National Bank of Serbia 110 Vladimir Zečar, VTB banka Beograd 34 Prof. dr Zoran Jeremić Bankarstvo će biti znatno konzervativnije Bankarstvo u Srbiji u periodu 2000-2013. Banking will be much more conservative Banking in Serbia during the 2000-2103 period. 114 Andrea Simončeli, Generali osiguranje Takmičari moraju poštovati ista pravila 52 Petar Arsić i Dušan Tomić, KPMG Competitors must respect the same rules Trendovi razvoja bankarske regulative u Evropi 118 Kristof Cetl, GRAWE osiguranje Development trends of banking regulation in Nastavljamo trend dobrih rezultata Europe We’re continuing the trend of good results 58 Nada Suđić, Deloitte 122 Obrad Sikimić, Diners Club Jak privatni sektor uslov ekonomskog rasta International Beograd Economic growth requires a strong private Rast bezgotovinskog plaćanja sector Cashless payments growing 60 Nikola Uzelac 126 NBG Leasing sa vama u proteklih 10 godina “Prvih deset
    [Show full text]