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Financial System Integration of Serbia in the European Financial System

In: Serbia and the European Union: Economic Lessons from the New Member States

Author

Listed:
  • Zoran Grubisic

    (Belgrade Banking Academy)

  • Perisa Ivanovic

    (Belgrade Banking Academy)

  • Nikola Fabris

    (University of Belgrade, Faculty of Economics)

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.

Suggested Citation

  • Zoran Grubisic & Perisa Ivanovic & Nikola Fabris, 2011. "Financial System Integration of Serbia in the European Financial System," Book Chapters, in: Mirjana Radovic Markovic & Srdjan Redzepagic & João Sousa Andrade & Paulino Teixeira (ed.), Serbia and the European Union: Economic Lessons from the New Member States, edition 1, volume 1, chapter 5, pages 77-91, Institute of Economic Sciences.
    • Handle: RePEc:ibg:chaptr:srbeu-5
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    References listed on IDEAS

    as
    1. Max Watson & Valerie Herzberg, 2007. "Economic Convergence in South-Eastern Europe: Will the Financial Sector deliver?," SUERF Studies, SUERF - The European Money and Finance Forum, number 2007/2 edited by Morten Balling, May.
    2. Carare, Alina & Stone, Mark R., 2006. "Inflation targeting regimes," European Economic Review, Elsevier, vol. 50(5), pages 1297-1315, July.
    3. Mr. Mark R. Stone, 2003. "Inflation Targeting Lite," IMF Working Papers 2003/012, International Monetary Fund.
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