IDEAS home Printed from https://ideas.repec.org/h/ibg/chaptr/euinpro-28.html
   My bibliography  Save this book chapter

Financial Sector Progress in Serbia Toward European Integration

In: European Integration Process in Western Balkan Countries

Author

Listed:
  • Vlastimir Vukovic

    (Institute of Economic Sciences)

  • Zoran Rajkovic

    (Institute of Economic Sciences)

Abstract

The purpose of this chapter is the investigation of financial sector progress in Serbia toward European integration. The domestic financial sector developed very fast in the last decade after establishing a contemporary institutional framework and opening to foreign investors. Banking was the fastest growing, dominating the sector and encouraging the development of non-banking financial institutions. Thanks to this, the financial sector developed much faster than the real sector. The development was interrupted in 2009, due to a spillover of the global financial crisis in Serbia. Gradual recovery has not resulted in reaching the previous turnover yet, but at the same time it is a regulative improved in the harmonization process with the EU legislation. The development of the whole financial sector in Serbia is shown here, before and during the crisis. The sector structure characterized by bank centricity was also shown. Every individual segment was analysed including the changes in their regulative and supervision. At the end, an evaluation was given to the financial sector progress and its contribution to European integrations, which is generally positive. Therefore, this is the content of the chapter: 1. Introduction; 2. Financial Sector Development: 2006-2011; 3. Banking; 4. Insurance; 5. Financial Leasing; 6. Voluntary Pension Funds; 7. Investment Funds; and 8. Conclusion.

Suggested Citation

  • Vlastimir Vukovic & Zoran Rajkovic, 2012. "Financial Sector Progress in Serbia Toward European Integration," Book Chapters, in: Paulino Teixeira & António Portugal Duarte & Srdjan Redzepagic & Dejan Eric (ed.), European Integration Process in Western Balkan Countries, edition 1, volume 1, chapter 28, pages 545-563, Institute of Economic Sciences.
  • Handle: RePEc:ibg:chaptr:euinpro-28
    as

    Download full text from publisher

    File URL: https://www.ien.bg.ac.rs/images/stories/download/eurointprocess_ch28.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Eller, Markus & Haiss, Peter & Steiner, Katharina, 2006. "Foreign direct investment in the financial sector and economic growth in Central and Eastern Europe: The crucial role of the efficiency channel," Emerging Markets Review, Elsevier, vol. 7(4), pages 300-319, December.
    2. International Monetary Fund, 2010. "Republic of Serbia: Financial Sector Assessment Program Update: Financial System Stability Assessment," IMF Staff Country Reports 2010/147, International Monetary Fund.
    3. Paul Wachtel & Iftekhar Hasan & John Bonin, 2008. "Banking in Transition Countries," Working Papers 08-22, New York University, Leonard N. Stern School of Business, Department of Economics.
    4. Guglielmo Maria Caporale & Christophe Rault & Robert Sova & Anamaria Sova, 2009. "Financial Development and Economic Growth: Evidence from Ten New EU Members," Discussion Papers of DIW Berlin 940, DIW Berlin, German Institute for Economic Research.
    5. International Monetary Fund, 2010. "Republic of Serbia: Financial Sector Assessment Program Update: Technical Note on Banking Sector Soundness and Stress Testing," IMF Staff Country Reports 2010/149, International Monetary Fund.
    6. Robert Holzmann & Landis MacKellar & Jana Repansek, 2009. "Pension Reform in Southeastern Europe : Linking to Labor and Financial Market Reforms," World Bank Publications - Books, The World Bank Group, number 2587.
    7. Mr. Mohsin S. Khan & Mr. Abdelhak S Senhadji, 2000. "Financial Development and Economic Growth: An Overview," IMF Working Papers 2000/209, International Monetary Fund.
    8. Peter Broer & Jürgen Antony, 2010. "Linkages between the Financial and the Real Sector of the Economy: A Literature Survey," CPB Document 216, CPB Netherlands Bureau for Economic Policy Analysis.
    9. International Monetary Fund, 2010. "Republic of Serbia: Financial Sector Assessment Program Update: Technical Note on Insurance Sector," IMF Staff Country Reports 2010/154, International Monetary Fund.
    10. International Monetary Fund, 2010. "Republic of Serbia: Financial Sector Assessment Program Update: Technical Note on Deposit Insurance," IMF Staff Country Reports 2010/151, International Monetary Fund.
    11. Peter Broer & Jürgen Antony, 2010. "Linkages between the Financial and the Real Sector of the Economy: A Literature Survey," CPB Document 216.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
    12. Stephan Barisitz & Sándor Gardó, 2008. "Financial Sector Development in Serbia: Closing Ranks with Peers," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 94-119.
    13. repec:zbw:bofitp:2008_012 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jobst, Andreas A., 2014. "Measuring systemic risk-adjusted liquidity (SRL)—A model approach," Journal of Banking & Finance, Elsevier, vol. 45(C), pages 270-287.
    2. Mikhail Stolbov, 2014. "International Credit Cycles: A Regional Perspective," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 21-47.
    3. Sebastian Ankargren & Mårten Bjellerup & Hovick Shahnazarian, 2017. "The importance of the financial system for the real economy," Empirical Economics, Springer, vol. 53(4), pages 1553-1586, December.
    4. Klaus Abberger & Biswa Nath Bhattacharyay & Chang Woon Nam & Gernot Nerb & Siegfried Schönherr, 2014. "How Can the Crisis Vulnerability of Emerging Economies Be Reduced?," ifo Forschungsberichte, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 65.
    5. Michael A. Stemmer, 2017. "Revisiting Finance and Growth in Transition Economies - A Panel Causality Approach," Documents de travail du Centre d'Economie de la Sorbonne 17022, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    6. Duchi, Fabio & Elbourne, Adam, 2016. "Credit supply shocks in the Netherlands," Journal of Macroeconomics, Elsevier, vol. 50(C), pages 51-71.
    7. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    8. Óscar Rodil-Marzábal & Vicente Menezes-Ferreira-Junior, 2016. "The Wealth Effect in the Eurozone," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(1), pages 87-112, March.
    9. Georgios Papadopoulos & Dionysios Chionis & Nikolaos P. Rachaniotis, 2018. "Macro-financial linkages during tranquil and crisis periods: evidence from stressed economies," Risk Management, Palgrave Macmillan, vol. 20(2), pages 142-166, May.
    10. Coen Teulings & Frits Bos, 2010. "CPB and Dutch fiscal policy in view of the financial crisis and ageing," CPB Document 218.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
    11. Jung-Suk Yu & M. Kabir Hassan & Abdullah Mamun & Abul Hassan, 2014. "Financial Sectors Reform and Economic Growth in Morocco: An Empirical Analysis," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 13(1), pages 69-102, April.
    12. Mustafa Canakcıoglu, 2019. "Evaluation Of Banking Performance Of The Balkan Countries With An Integrated Mcdm Approach Consist Of Entropy And Ocra Techniques," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 13(1), pages 341-366.
    13. Chimere O. Iheonu, 2019. "Governance and Domestic Investment in Africa," Working Papers 19/001, European Xtramile Centre of African Studies (EXCAS).
    14. repec:agr:journl:v:4(605):y:2015:i:4(605):p:229-236 is not listed on IDEAS
    15. repec:agr:journl:v:3(604):y:2015:i:3(604):p:171-186 is not listed on IDEAS
    16. Alex Bara & Pierre LeRoux, 2018. "Technology, Financial Innovations and Bank Behavior in a Low Income Country," Journal of Economics and Behavioral Studies, AMH International, vol. 10(4), pages 221-234.
    17. Amassoma Ditimi & Azeez Oluwatobiloba, 2020. "Capital Inflows, Financial Deepening And Economic Growth Nexus: The Missing Link," Economic Review: Journal of Economics and Business, University of Tuzla, Faculty of Economics, vol. 18(1), pages 61-73, May.
    18. Hui Wang & Huifang Liu, 2017. "An Empirical Research of FDI Spillovers and Financial Development Threshold Effects in Different Regions of China," Sustainability, MDPI, vol. 9(6), pages 1-21, June.
    19. Halil D. Kaya, 2021. "The Impact Of The 2008 Global Crisis On The Efficiency Of The Financial System," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 86-97, October.
    20. Cândida Ferreira, 2021. "Financial development and macroeconomic performance: a panel data approach," Working Papers REM 2021/0173, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    21. J. François Outreville, 2013. "The Relationship Between Insurance and Economic Development: 85 Empirical Papers for a Review of the Literature," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 16(1), pages 71-122, March.
    22. Max Gillman & Michal Kejak, 2005. "Inflation and Balanced-Path Growth with Alternative Payment Mechanisms," Economic Journal, Royal Economic Society, vol. 115(500), pages 247-270, January.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ibg:chaptr:euinpro-28. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Zorica Bozic (email available below). General contact details of provider: https://edirc.repec.org/data/ienbgyu.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.