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Optimal Banking and Other Financial Business for the Economic Growth of Serbia

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  • Nenad Milojević

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    (Belgrade banking academy - Faculty for banking, insurance & finance)

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    Abstract

    The analysis of the banking / financial business impact on economic growth is a topic present in the world economy for centuries. In recent years, this topic has gained on importance in international economic circles. Actuality of the aforementioned impact particularly sparked the global economic crisis. In the focus of this paper is the impact of the level and speed of the financial development, particularly banking, on the economic growth in Serbia. Within the overall financial development, the focus is primarily dedicated to the banking business, which is still highly dominant segment of the financial sector in Serbia. We have conducted an analysis of the most important elements that have marked recent years` banking impact on the economic growth in Serbia. Actual characteristics of the aforementioned impact are also presented. Possible predictions of the banking / financial business movement in the future, as well as its impact on economic growth are presented in the paper. The focus is on determination of the optimal banking business volume for achieving sustainable economic growth in Serbia. The analysis presented in the paper indicate that there is significant potential for moderate and balanced growth of the banking / financial business in the medium term, which could make a significant contribution to the achievement of sustainable economic growth in Serbia, while providing financial stability. However, for the realization of this important and demanding goal, it is necessary to meet a significant number of factors and creation of the adequate conditions at the micro and macro level, essential for achieving the above mentioned aim.

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    Bibliographic Info

    Article provided by Central bank of Montenegro in its journal Journal of Central banking Theory and Practice.

    Volume (Year): 3 (2014)
    Issue (Month): 2 ()
    Pages: 61-83

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    Handle: RePEc:cbk:journl:v:3:y:2014:i:2:p:61-83

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    Related research

    Keywords: Banking Business; Financial Sector; Economic Growth; World Economic Crises;

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    References

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    1. Beck, T.H.L. & Levine, R. & Loayza, N., 2000. "Finance and the sources of growth," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125520, Tilburg University.
    2. Beck, Thorsten & Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2004. "Bank Competition and Access to Finance: International Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 36(3), pages 627-48, June.
    3. Beck, T.H.L. & Demirgüç-Kunt, A. & Maksimovic, V., 2004. "Bank competition and access to finance," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125507, Tilburg University.
    4. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 717-37, August.
    5. Masten, Arjana Brezigar & Coricelli, Fabrizio & Masten, Igor, 2008. "Non-linear growth effects of financial development: Does financial integration matter?," Journal of International Money and Finance, Elsevier, vol. 27(2), pages 295-313, March.
    6. Merja Festiæ & Jani Bekõ, 2008. "The Banking Sector and Macroeconomic Performance in Central European Economies," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 58(03-04), pages 131-151, May.
    7. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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