Analysis of the Serbian Capital Market
Main Article Content
Abstract
This paper analyses the Serbian capital market. Its main characteristic is that it is a very narrow and depth lacking market. For analysis we used data from the Belgrade Stock Exchange (BSE), Republic of Serbia Securities Commission (SEC), and National Bank of Serbia (NBS). The crisis has negatively influenced on the capital market in Serbia. Due to this fact, the analysis was done by dividing into two sub-periods: before the crisis (2006 – 2008), and during the crisis (2009 – 2011). Results showed that turnover decreased for over 70% for both BELEX indices, while the whole capital market has notably recovered thanks to an extensive borrowing of the state. Stock market capitalization has fallen. Results of analysis showed that government debt securities dominate after the crisis on the capital market (93% in 2011), while other shares from privatization make a negligible part of the market (equity market dropped for over 10 times from 2006 to 2010). We concluded that the privatization in Serbia significantly influenced on the features and volatility of the capital market in Serbia.
Article Details
Section
Once the manuscript is accepted for publication, authors shall transfer the copyright to the publisher. If the submitted manuscript is not accepted for printing by the journal, the authors shall retain all their rights. The following rights on the manuscript are transferred to the publisher, including any supplementary materials and any parts, extracts or elements of the manuscript:
- the right to reproduce and distribute the manuscript in printed form, including print-on-demand;
- the right to print prepublications, reprints and special editions of the manuscript;
- the right to translate the manuscript into other languages;
- the right to reproduce the manuscript using photomechanical or similar means including, but not limited to photocopy, and the right to distribute these copies;
- the right to reproduce and distribute the manuscript electronically or optically using and all data carriers or storage media, and especially in machine readable/digitalized form on data carriers such as hard drive, CD-ROM, DVD, Blu-ray Disc (BD), Mini Disc, data tapes, and the right to reproduce and distribute the article via these data carriers;
- the right to store the manuscript in databases, including online databases, as well as the right to transmit the manuscript in all technical systems and modes;
- the right to make the manuscript available to the public or to closed user groups on individual demand, for use on monitors or other readers (including e-books), and in printable form for the user, either via the Internet, online service, or via internal or external networks.