The impact of global financial crisis on Serbian banking sector: the NBS response

Ivanović, Periša and Balaban, Mladenka (2009) The impact of global financial crisis on Serbian banking sector: the NBS response. In: Financial system integration of Balkan countries in the European financial system: impact of global financial crisis. University of Nice - Sophia Antipolis, Nice (France), pp. 43-58. ISBN 978-2-7466-1290-7

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Abstract

This paper presents a set of measures and instruments which National Bank of Serbia has taken to prevent or at least ease the effects of global financial crisis on national financial system and support confidence in Serbian banking sector during the last two years. It describes the main drivers of global financial crisis and recognize their indirect impact on Serbian economy. Our aim was to recognize effectiveness of NBS monetary policy in maintaining financial stability as one of the potential guidelines and guarantees for the further development of Serbian banking sector. We found out that NBS activated both conventional and non-conventional measures and instruments of policy under Vienna Initiative and in relation to the arrangement with IMF. All these measures were very successful if we take in consideration that NBS was running last five years anti-cyclical policy and given that there were no serious liquidity problems and capital adequacy ratio for whole banking system is beyond required minimum even under performed stress tests.

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