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English   Srpski  Publishing Activities > Bankarstvo Journal > 2018 > 3 2018

Bankarstvo Journal issue 3 2018

In this issue


Original scientific paper

  • Slavica Stevanović
    Usefulness of Cash Flow Indicators in Credit Analysis: Case of Serbia
    doi: 10.5937/bankarstvo1803012S
  • This paper is a part of the following research projects: European Integration and Social and Economic Changes in the Serbian Economy on the Way to the EU No. 47009, and Challenges and Prospects of Structural Changes in Serbia: Strategic Directions for Economic Development and Harmonization with EU Requirements No. 179015, financed by the Ministry of Education, Science and Technological Development of the Republic of Serbia.

    Summary: The aim of this paper is to analyze the representation and usefulness of cash flow indicators in the credit analysis process in Serbia. The research methodology includes the content analysis taken for the research purpose. Key contributions of the paper are empirical research based on scientific surveys. The credit analysis practice in Serbia has been studied regarding the application of cash flow based financial indicators in the system of assessing the credit rating of the banks' business credit users. The research results indicate that cash flow-based indicators are less widely used in credit ratings compared to indicators based on balance sheet and income statement items. Nevertheless, surveyed credit analysts in Serbia confirm the usefulness of cash flow information of banks’ clients for making credit decisions. Liquidity indicator based on cash flow, selected coverage indicators and cash flow margin record the highest representation and usefulness of the application in the credit rating system of business clients among selected cash flow indicators.

    Keywords: cash flow indicators, assessment of usefulness, credit analysts, business credit users

    JEL: G24, G32, L25

Original scientific paper

  • Dragana Gnjatović
    Juridical Recognition of Property Rights Over the Facilities of Rehabilitation Centers in the Spa and Climatic Sites of Serbia
    doi: 10.5937/bankarstvo1803030G
  • This paper is part of the project no. 179066 “Improving the Competitiveness of the Public and Private Sector by Networking Competences in the Process of the European Integration of Serbia”, financed by the Ministry of Education, Science and Technological Development of the Republic of Serbia

    Summary: The paper analyzes the problem of determining the title holder of property rights over specialized hospitals and rehabilitation centers in the spa and climatic sites of Serbia. These healthcare institutions were built mostly in the 1970s and 1980s, by means of contributions for compulsory pension and disability insurance. They were socially owned until 1996, when they were renamed state property. In accordance with the 2001 Law on Privatization, twelve of them were declared "privatization entities" in 2008. However, the process of their privatization is still in the phase of analysis and preparation because the Pension and Disability Insurance Fund of the Republic of Serbia (PIO Fund) has initiated litigation to prove that the State is not their owner and therefore cannot privatize them. The paper starts from the hypothesis that different views about the title holder of the property rights over the spa rehabilitation centers are due to the specificity of the social-property powers that existed at the time of the construction of these centers, as well as due to the ambiguities of relevant economic-system regulations concerning the transformation of the social property, and then the state property into private property during the decades of economic transition. The aim of the paper is to highlight the significance of the source of investment financing as a criterion based on which the right of ownership of the PIO Fund over the facilities of spa rehabilitation centers is being established by the court today.

    Keywords: property rights, sources of investment financing, social investment funds, PIO Fund, spa rehabilitation centers, privatization, Serbia

    JEL: G22, P26

Scientific review article

  • Vesna Martin
    Presentation of the Foreign Exchange Market in Serbia
    doi: 10.5937/bankarstvo1803054M
  • The views expressed in this paper are those of the author, and do not necessarily represent the official view of the National Bank of Serbia. 

    Summary: In December 2008, the Monetary Policy Committee of the National Bank of Serbia adopted the Memorandum on Inflation Targeting as Monetary Strategy, which defines the formal implementation of the inflation targeting regime as of 1 January 2009. In accordance with that monetary strategy the National Bank of Serbia introduced the managed floating exchange rate. This exchange rate regime means that the exchange rate is formed freely, under the influence of supply and demand on the interbank foreign exchange market, and that the National Bank of Serbia applies foreign exchange interventions in order to prevent excessive short-term daily fluctuations in the exchange rate of the dinar against the euro. In doing so, the central bank strives to achieve and preserve the financial and price stability and relative stability of the dinar exchange rate. The movements in the value of the exchange rate of the dinar against the euro are affected by the factors of domestic origin, such as the activities of domestic and foreign enterprises and banks, but also external factors, such as the impact of the measures introduced by major global central banks, geopolitical tensions and changes in the price of oil and other products. The aim of the paper is to present the functioning of the foreign exchange market in Serbia, the types of transactions, the reporting system, formation and announcement of the official middle exchange rate of the dinar against the euro, types of foreign exchange interventions and foreign exchange risk protection instruments.

    Keywords: foreign exchange market, exchange rate, foreign exchange interventions, foreign exchange, foreign cash, spot transactions, swap transactions

    JEL: E58, F31

Scientific review article

  • Ksenija Popović
    Resolution of Non-performing Loans
    doi: 10.5937/bankarstvo1803074P
  • Summary: The aim of the analysis is to determine whether there are differences in the resolution of non-performing loans depending on the specificities of the economy, on the one hand, or of the business of the corporate borrower, on the other hand - or whether the processes of NPLs resolution are always the same. This paper is, therefore, divided into two parts: the first, which focuses on the recovery of non-performing loans from various corporate borrowers and the other, which focuses on the recovery of non-performing loans in different economies.

    Keywords: non-performing loans (NPLs), recovery of non-performing loans, banks, state policies

    JEL: E65, G21

Scientific review article

  • Svetlana Pantelić
    doi: 10.5937/bankarstvo1803088P
  • Summary: The 25-paras banknote from 1921 is the smallest paper banknote in the Kingdom of Serbs, Croats and Slovenes, the Kingdom of Yugoslavia, the post-war Yugoslavia, and the Republic of Serbia. Its dimensions are 92x62mm. In the printing houses in Novi Sad and Zagreb, a total of 199,127,376 pieces of these banknotes were printed, out of the planned 200 million, and were released on 14 June 1921. King Aleksandar I proclaimed the Law on the Printing of a ¼-Dinar Banknote and Replacement of the 1-, 2- and 10-Crown Banknotes of the Austro-Hungarian Bank on 31 November 1921, which, besides his own signature, bears the signatures of Dr L. Marković, Minister of Justice and Nikola Pašić, President of the Ministerial Council.

    Keywords: banknote, 25 paras, King Aleksandar I Karađorđević, Dr Kosta Kumanudi, Nikola Pašić, Kingdom of Serbs, Croats and Slovenes, Novi Sad, Zagreb

    JEL: E51, N14

Expert article

  • Vuk Ognjanović
    How to Advance the Financing of Transport Infrastructure in the Region
    doi: 10.5937/bankarstvo1803094O
  • Summary: Two reasons are usually given to explain delays and poor efficiency when constructing regional transport infrastructure. These are the lack of funds and the inadequate level of organisation among the participants in the construction and financing processes. All of this raises the cost of investments. Moreover, the fees for untimely withdrawals of approved loan funds are costly, as are the increased costs of road construction, due to the individual efforts of every country to solve the issues of providing funds for financing the construction of transport infrastructure on its territory.

    Obviously, it is time to consider new, innovative, advanced and organised joint actions. Namely, the primary and key activity could be the constitution of a new financial mechanism (the Fund), which would, on the principles of the PPP logistic platform, consolidate all local and international resources which are potentially available and directed towards the financing of transport infrastructure. With its business strategy, this mechanism would combine the means and resources of regional and international financial potential for the construction of roads, and thus greatly strengthen the responsibility for increasing the efficiency of investments and sustainable development in the region as a whole.

    Keywords: transport infrastructure, financing, delay and inefficiency of investments, logistics, regional cooperation, the Fund - new regional financing mechanism

    JEL: F21, H54

Expert article

  • Tilen Obradović, Andrijana Bergant
    Current International Development: New Rules on Whistleblower Protection in the EU

  • doi: 10.5937/bankarstvo1803110O

    Summary: A new EU Directive for protecting whistleblowers is under preparation. This directive aims to strengthen the standards, clearly define the obligations and taxpayers, as well as to better protect whistleblowers.

    Keywords: EU Directive, whistleblowing, protection of whistleblowers, new standards

    JEL: K42, L20


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