Economic Themes (2009) 47 (3) 2, 15-28
Tatjana Stefanović, Nataša Golubović
Abstract: According to World Bank’s analysts the process of transition from plan to market is finished for almost all former communist countries. Most of them have recently become members of the EU. For those countries foreign capital raised from global financial market was amongst the most important factors of economic growth. Economic development model based on foreign debt, fiscal and current account deficit was Serbian choice as well. In this paper the impact of global financial crises on further capital inflow and financial market development in Serbia will be analyzed. The paper will also examine some potential government measures for fighting with recession to come as well as possible advantages of restrictive monetary policy implemented by Serbian Central bank till now. At the end of the paper some data comparison between transition countries and Serbia will be presented. This comparison might be potentially helpful in finding the recipe for economic recovery and boosting of economic growth in Serbian economy.
Keywords: financial crises; financial market; economic growth; transition countries
THE IMPACT OF GLOBAL FINANCIAL CRISES ON FINANCIAL AND REAL SECTOR: EVIDENCE FROM SERBIA
Tatjana Stefanović, Nataša Golubović
Abstract: According to World Bank’s analysts the process of transition from plan to market is finished for almost all former communist countries. Most of them have recently become members of the EU. For those countries foreign capital raised from global financial market was amongst the most important factors of economic growth. Economic development model based on foreign debt, fiscal and current account deficit was Serbian choice as well. In this paper the impact of global financial crises on further capital inflow and financial market development in Serbia will be analyzed. The paper will also examine some potential government measures for fighting with recession to come as well as possible advantages of restrictive monetary policy implemented by Serbian Central bank till now. At the end of the paper some data comparison between transition countries and Serbia will be presented. This comparison might be potentially helpful in finding the recipe for economic recovery and boosting of economic growth in Serbian economy.
Keywords: financial crises; financial market; economic growth; transition countries
