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English   Srpski  Publishing Activities > Bankarstvo Journal > 2018 > 1 2018

Bankarstvo Journal issue 1 2018

In this issue

Editorial

Original scientific paper

  • Nemanja Lojanica
    MACROECONOMIC EFFECTS OF MONETARY TRANSMISSION IN SERBIA: SVAR APPROACH
    doi: 10.5937/bankarstvo1801014L
  • Summary: Evaluations of the effects of transmission mechanisms in monetary policy are one of the essential macroeconomic issues. The main objective of this article is to examine the effects monetary policy has on the overall economic activity and prices in the Republic of Serbia by using the appropriate theoretical, methodological and empirical frame. Macroeconometric modelling has been carried out by means of the non-recursive SVAR model. The time period ranging from M01 2007 – M12 2015 has been selected as a suitable timeframe. The study has shown that the exchange rate is the most important channel of monetary transmission in Serbia. Also, the study has revealed that the movements and fluctuations in output are highly influenced by money supply. Policy makers should bear in mind the limited impact of exchange rates in the long run. Also, monetary authorities should pay special attention to the interest rate channel, as the main instrument of monetary policy, which has little influence due to the high rate of euroisation of the national economy.

    Keywords: monetary policy, transmission channels, Republic of Serbia, SVAR

    JEL: E32, E52

Original scientific paper

  • Ahmedin Lekpek
    CREDIT RISK MANAGEMENT IN ISLAMIC BANKING
    doi: 10.5937/bankarstvo1801032L
  • Summary: During the centuries of conventional banking practice, a number of credit risk mitigation techniques and instruments have been developed and the process of their evolution, due to constant changes in the banking business, is continuing. Islamic banks, however, have not yet managed to develop authentic, Shariah acceptable credit risk management techniques to the extent sufficient to meet their needs. Therefore, they are often forced to use conventional techniques, whose consistent application in Islamic banking, due to the Shariah non-compliance of certain techniques or the way in which they are implemented in conventional banking, is quite limited. In this paper, we will analyze the conventional credit risk management and mitigation techniques and their applicability in Islamic banking, the credit risk management practices in Islamic banks, the achieved results and factors that influence the emergence and intensity of credit risk in Islamic banking.

    Keywords: Islam, banking, credit risk, Basel standards, non-performing loans, credit risk factors

    JEL: G21, G32

Original scientific paper

  • Miljan Leković
    ALTERNATIVE MEASURES AND DECOMPOSITION OF MUTUAL FUNDS PORTFOLIO PERFORMANCE
    doi: 10.5937/bankarstvo1801052L
  • Summary: In addition to the well-established and most commonly used portfolio performance measures, both in theory and practice - the Sharpe ratio, the Treynor ratio and the Jensen’s or alpha index, the financial literature also includes other alternative portfolio measures, such as: two modified versions of the Sharpe ratio - the information ratio and the M2 portfolio performance measure, one modified version of the Treynor ratio - the T2 portfolio performance measure, models that measure the market timing abilities of fund managers - the Treynor-Mazuy and the Henriksson-Merton model and a ratio based on the downside risk and the downside deviation as its measure - the Sortino ratio. The paper aims to inform the investors in the Republic of Serbia about the basic features of the aforementioned portfolio performance measures, as well as to point to the importance of understanding the decomposition of the actual portfolio performance of mutual funds.

    Keywords: information ratio, M2 performance measure, T2 performance measure, Treynor-Mazuy model, Henriksson-Merton model, Sortino ratio

    JEL: G11, G23

Scientific review article

  • Slađana Sredojević
    CONTEMPORARY ROLE AND IMPORTANCE OF PROFESSIONAL QUALIFICATIONS IN THE BANKING SECTOR
    doi: 10.5937/bankarstvo1801082S
  • Summary: Education and training in the financial service sector, and banking in particular, are aimed at improving the level of employee competence as a key factor in the strategy of modern banks, which increasingly seeks to adequately deal with the foreseeable and surprising challenges of future business through investment in human capital. In this respect, the recent global economic crisis has revealed the need for flexibility, adaptability of acquired knowledge, retraining of employees, prompt and full application of newly acquired knowledge and skills. Due to all of this, there is also a need to establish a direct and live connection between the processes of work on the one hand and the process of acquiring new knowledge and professional qualifications, on the other hand. In order for professional qualifications to be usable and harmonized, it is important to define the existing competencies among employees in the banking sector, as well as to create their certification. This paper aims to highlight the importance of the systematic development of qualifications and the continuous professional development of bank employees within domestic and international frameworks, together with the importance of the existence of measurability and comparability of acquired qualifications through the application of the National or European Qualifications Framework.

    Keywords: continuous professional development, lifelong learning, professional qualifications, standards, financial service sector, education, national qualifications framework

    JEL: I21, J24

Scientific review article

  • Svetlana Pantelić
    THE AMERICAN
    doi: 10.5937/bankarstvo1801098P
  • Summary: After the First World War, the first banknote of the newly established National Bank of Serbs, Croats and Slovenes, the 10-dinar banknote, was made by the American Banknote Company in New York. A total of 50 million pieces of these banknotes were made in 50 series of one million pieces. They cost 750,000 dollars, which at that time amounted to 33,750,000 dinars. The banknote is dated 1 November 1920, and it was released on 5 August 1922. The withdrawal from circulation began in July 1932. It lost its status of a legal tender on 18 July 1935. The numismatists named it the American because of its appearance, since it was modelled after the dollar, featuring several shades of blue.

    Keywords: 10-dinar banknote; National Bank of the Kingdom of Serbs, Croats and Slovenes; American Banknote Company; New York; the American; circulation

    JEL: E42, N14

Expert article

  • Sead Jatić, Milena Ilić
    TRADITIONAL AND NEW BUSINESS MODELS IN THE BANKING INDUSTRY
    doi: 10.5937/bankarstvo1801106J
  • Summary: The management of today’s financial markets would be impossible without banks as the prime mediators in performing a large number of financial activities. The relationship established between banks and their clients is based on the exchange of financial resources and information, often in the long run, in order to achieve numerous common goals. Over the past few decades, banks have advanced and improved their management in order to offer their clients top services. A large part of their business is founded upon innovations as well as specific strategies that have proven to be more or less successful.

    The business models that are applied in bank management are various, and by continuous innovation in this field banks strive to secure a significant competitive advantage in the market. Recent years have seen the strong competition in the global market and continuous seeking for the business models that could secure long-term business success to the banks. Innovations have been implemented in every segment of the banking business, and development of business models and strategies is the priority at every level of management in today’s banks.

    Keywords: business models, banks, financial markets, strategies

    JEL: F60, G21, M20, O30

Expert article

  • Miloš Tanjević
    COMPLIANCE FUNCTION - STATUS AND PERSPECTIVE
    doi: 10.5937/bankarstvo1801118T
  • Summary: The lack of precise regulations and guidelines has caused various interpretations of the jurisdictions, methodology and organization of the compliance function, both by the regulators and the market players. Accordingly, this paper points to the variety of approaches to this function, and the need for its being guided and standardized. Special attention has been paid to the role and significance of the compliance function, not only for the business activities and the reputation of banks, but also for the overall economy and society with the conclusion that the variety of approaches in the compliance function could only be united in the deepest principles of measure, justice and equity, i.e. the culture of fair business.

    Keywords: Compliance, ethics, organization, methodology, culture

    JEL: D83, G21, M14

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