Financial System Integration of Serbia in the European Financial System

Zoran Grubisic (), Perisa Ivanovic () and Nikola Fabris
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Zoran Grubisic: Belgrade Banking Academy
Perisa Ivanovic: Belgrade Banking Academy
Nikola Fabris: University of Belgrade, Faculty of Economics

Chapter 5 in Serbia and the European Union: Economic Lessons from the New Member States, 2011, vol. 1, pp 77-91 from Institute of Economic Sciences

Abstract: This paper aims to address key issues in maintaining financial system integration of Serbia in the European financial system, through inevitable structural changes in financial sector. The primary task of the NBS's policy in the previous years was to regulate the inflow of capital into the banking system in such a way that it supports, rather than impedes sustainable economic growth through its unchecked expansion. In the coming period supervision of financial institutions will be improved which is an important condition for stability of the financial system as a whole, and guarantee for timely and compatible integration in wider European financial system framework. Exchange rate volatility during the global financial crisis was the price Serbia had to pay for imported instability because of its new monetary framework adopted in 2006 (very similar to targeted inflation). This is in accordance with the principle of impossible trinity and general idea was the expectation that the fluctuating nominal exchange rate reinforces the adaptability and eases the effects of possible shocks. The authors` aim was to recognize effectiveness of implied measures in maintaining financial stability as guarantees for the further development of Serbian financial system and its integration in the European financial system.

Keywords: Financial system; banks; exchange rate; capital market; monetary policy; financial stability; confidence (search for similar items in EconPapers)
Date: 2011
ISBN: 978-971-9344-03-9
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