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The Impact of Global Financial Crisis on Serbian Banking Sector – The NBS Response

In: Financial Systems Integration of Balkan Countries in the European Financial System: Impact of Global Crisis

Author

Listed:
  • Perisa Ivanovic

    (Belgrade Banking Academy – Faculty for Banking, Insurance and Finance, Belgrade)

  • Mladenka Balaban

    (Belgrade Banking Academy – Faculty for Banking, Insurance and Finance, Belgrade)

Abstract

This paper presents a set of measures and instruments which National Bank of Serbia has taken to prevent or at least ease the effects of global financial crisis on national financial system and support confidence in Serbian banking sector during the last two years. It describes the main drivers of global financial crisis and recognize their indirect impact on Serbian economy. Our aim was to recognize effectiveness of NBS monetary policy in maintaining financial stability as one of the potential guidelines and guarantees for the further development of Serbian banking sector. We found out that NBS activated both conventional and non-conventional measures and instruments of policy under Vienna Initiative and in relation to the arrangement with IMF. All these measures were very successful if we take in consideration that NBS was running last five years anti-cyclical policy and given that there were no serious liquidity problems and capital adequacy ratio for whole banking system is beyond required minimum even under performed stress tests.

Suggested Citation

  • Perisa Ivanovic & Mladenka Balaban, 2009. "The Impact of Global Financial Crisis on Serbian Banking Sector – The NBS Response," Book Chapters, in: Claude Berthomieu & Jean-Paul Guichard & Dejan Eric & Srdjan Redzepagic (ed.), Financial Systems Integration of Balkan Countries in the European Financial System: Impact of Global Crisis, edition 1, volume 1, chapter 5, pages 43-51, Institute of Economic Sciences.
    • Handle: RePEc:ibg:chaptr:finsys-5
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    References listed on IDEAS

    as
    1. Clerc, L., 2008. "A primer on the subprime crisis," Occasional papers 4, Banque de France.
    2. Anna J. Schwartz, 2009. "Origins of the Financial Market Crisis of 2008," Cato Journal, Cato Journal, Cato Institute, vol. 29(1), pages 19-23, Winter.
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