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Financial Sector Progress in Serbia Toward European Integration

In: European Integration Process in Western Balkan Countries

Author

Listed:
  • Vlastimir Vukovic

    (Institute of Economic Sciences)

  • Zoran Rajkovic

    (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.

Suggested Citation

  • Vlastimir Vukovic & Zoran Rajkovic, 2012. "Financial Sector Progress in Serbia Toward European Integration," Book Chapters, in: Paulino Teixeira & António Portugal Duarte & Srdjan Redzepagic & Dejan Eric (ed.), European Integration Process in Western Balkan Countries, edition 1, volume 1, chapter 28, pages 545-563, Institute of Economic Sciences.
    • Handle: RePEc:ibg:chaptr:euinpro-28
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    References listed on IDEAS

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