Comparative Analysis of Financial Stability Policy of The National Bank of Serbia and The European Central Bank

Jemović, Mirjana; Krstić, Borko

doi:10.1515/ethemes-2015-0009

Cited by 2 publications

(2 citation statements)

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Section: The Institutional Framework In Serbiamentioning

confidence: 99%

“…As noted before, the Law on Markets for Securities and Other Financial Instruments of 2003 was replaced by the Capital Market Law of 2011. Although Capital Market Law is only partially in line with EU directives regulating investor protection (Jemovic and Krstic, 2015), it provides better protection of shareholders' interests through Investor Protection Fund (IPF), functioning as a part of the Deposit Insurance Agency (Cupic et al, 2013). Membership in the IPF is mandatory for all the investment companies and banks providing portfolio management, as well as for the management companies providing these services to clients other than investment funds.…”

Section: The Institutional Framework In Serbiamentioning

confidence: 99%

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Value relevance of accounting earnings and cash flows in a transition economy: the case of Serbia

Čupić

Todorović

Benković

2022

JAEE

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PurposeThe purpose of the study is to investigate the association of earnings and cash flows with stock prices and returns, and the impact of regulatory changes on the value relevance of accounting numbers.Design/methodology/approachThe authors examine a sample of non-financial firms listed on the Belgrade Stock Exchange from 2005 to 2018 and use three regression models – price, return and differenced.FindingsThe authors find evidence that accounting earnings are more value relevant than cash flows. The authors also find negative relation of earnings changes with stock returns and argue that this is due to the lower persistence of negative earnings levels and changes. Finally, the authors find that the value relevance of accounting information in Serbia increases after the improvements in capital market regulation.Research limitations/implicationsGiven the empirical focus on a transition economy, the widespread applicability of the study is limited. The findings, however, call for more research on transition economies to better understand the functioning of capital markets and the way information from financial statements is incorporated into stock prices.Practical implicationsThe results imply that policymakers in transition economies should improve the accounting and capital market regulation to provide better investor protection and to improve the capital market conditions.Originality/valueThe authors add to knowledge about the value relevance of accounting information in emerging and transition economies. The results could be of interest to standard setters in their efforts to better understand and improve the quality of accounting information in emerging and transition economies.

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Section: The Institutional Framework In Serbiamentioning

confidence: 99%

Section: The Institutional Framework In Serbiamentioning

confidence: 99%

Value relevance of accounting earnings and cash flows in a transition economy: the case of Serbia

Čupić

Todorović

Benković

2022

JAEE

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Assessment of the European banking regulatory framework in light of its significance for the Republic of Serbia

Ristić¹,

Živković²

2020

Bankarstvo

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The debt crisis in the European Union is known to be caused by the interdependence of banking and state financial stability, and, together with the non-existence of the fiscal union, it has taken on the existential dimensions of the EU project itself. Under the guise of financial fragmentation within the financial markets of the Eurozone, and from the aspect of the outbreak of the crisis, EU member states resorted to national interventions, thus closing national banking and financial markets, which ultimately resulted in deepened and stronger structural foundation of the crisis and its economic and financial consequences. In that context, the Banking Union is the regulatory and institutional response of the EU after the global financial crisis, about which the first proposals have found a place in institutional controversies since 2012. In addition to the key moment and motive for establishing such an institutional regulatory arrangement, the reason for its creation is more to create a union that is connected with the creation of a single market for financial services and free money circulation, and certainly with the tendency of fuller monetary integration. However, certain questions which arose remained relevant to date: whether these established and instrumentalized frameworks, mechanisms and procedures are in fact sufficient; whether the EU banking union, conceptually designed, really represents banking integration; and whether the "centralized-common" and "sovereign-national" relationships continued in the EU financial architecture, the use of the principle "one measure for all" in the implementation of the Basel III, non-inclusion of all types of banks, and the conflict of emission and supervisory roles of the Central Bank, be a structural conflict in achieving the desired financial stability, which is the ultimate goal. In the broader context of the functioning of the EU, financial stability can also be interpreted as a factor in the survival of the common currency and the European Union itself, regardless of the intertwined contradictions and construction conflict. In this paper, we analyze the functional scope of the regulatory framework for banking supervision in the EU during the five-year existence to date, and finally the effects and impact that this framework has had on the regulatory adjustment of the Serbian banking sector.

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Comparative Analysis of Financial Stability Policy of The National Bank of Serbia and The European Central Bank

Cited by 2 publications

References 0 publications

Value relevance of accounting earnings and cash flows in a transition economy: the case of Serbia

Value relevance of accounting earnings and cash flows in a transition economy: the case of Serbia

Assessment of the European banking regulatory framework in light of its significance for the Republic of Serbia

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