Financial Sector Progress in Serbia Toward European Integration

Vlastimir Vukovic () and Zoran Rajkovic
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Vlastimir Vukovic: Institute of Economic Sciences
Zoran Rajkovic: Institute of Economic Sciences

Chapter 28 in European Integration Process in Western Balkan Countries, 2012, vol. 1, pp 545-563 from 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.

Keywords: Financial sector; banking; insurance; financial leasing; voluntary pension funds; investment funds; transition economies (search for similar items in EconPapers)
Date: 2012
ISBN: 978-972-9344-05-3
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