Analysis of the behaviour of foreign-owned banks in Serbia during great depression and great recession

Gnjatović, Dragana and Aleksić, Vesna and Jovancai, Ana (2013) Analysis of the behaviour of foreign-owned banks in Serbia during great depression and great recession. In: Economic Sciences on the Crossroad / International Scientific Conference on the Occasion of the 55th Anniversary of the IES. Institute of Economic Sciences, Belgrade, pp. 275-283. ISBN 978-86-89465-10-5

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Abstract

In this paper we analyse the actions of foreign-owned banks on Serbian financial market during two largest financial crises in modern era, in 1931-1935 and 2008-2010. In crisis moments, during the first half of the 20th Century, due to major disruptions in international financial markets, foreignowned banks quickly withdrew their capital. On the contrary, during global financial crisis, at the end of the first decade of the 21st Century, they continued to operate in Serbia, in undiminished volume, thanks to the implementation of the Vienna Initiative. The establishment of this unique public-private forum for overcoming the consequences of the global financial crisis in the South-Eastern and Central Europe was initiated by the European Bank for Reconstruction and Development. Thanks to creating new mechanisms for crisis management, macroeconomic and financial stability has been maintained in Serbia, and that is a striking contrast to the situation of more than 70 years ago.

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