Financial Sector Development in Serbia: Closing Ranks with Peers

Stephan Barisitz () and Sandor Gardo
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Stephan Barisitz: Oesterreichische Nationalbank, Foreign Research Division, http://www.oenb.at

Focus on European Economic Integration, 2008, issue 2, 94-119

Abstract: After a major structural reshuffling in the early 2000s, the Serbian banking sector embarked 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 representing 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.

Date: 2008
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