Determining the Impact of COVID-19 pandemic on the financial system of Serbia

Abstract

The coronavirus disease has induced financial stress by destabilizing national economies, financial capital markets, financial management, financial markets, and commodity prices. The aim of the authors is to determine the impact of COVID-19 on the financial system of Serbia. For the purposes of this exploratory study, the authors developed a research scale "Impact of COVID-19 on Financial System" and conducted a quantitative survey () to understand and explain the problems and perspectives of the finance industry during the outbreak of the COVID-19 pandemic. The overall result of the success of the measures taken during the pandemic leads us to the conclusion that the financial sector in Serbia managed to survive during the pandemic with great efforts. The financial industry preserved its position mainly due to the successful digitalization and online banking transition. The authors concluded that the financial system in Serbia was efficient and sustainable during the COVID-19 pandemic and that the Serbian financial system could maintain its strong position even after the end of the COVID-19 pandemic.

Financial Inclusion Through Technology: A Review of Trends in Emerging Markets

“…Small and medium-sized companies, as well as womenled SMEs, have been particularly affected by the pandemic, experiencing a decline in financial performance (Chozarira et al, 2023;Yuliansyah et al, 2022). Additionally, the pandemic has impacted the financial performance of life insurance companies and the financial system of various countries (Shadiq & Hanggraeni, 2022;Adžić et al, 2022). Furthermore, the pandemic has led to changes in the composition of household financial management and has affected the financial health of individuals, including dental students (Lestari et al, 2022;Sulistiyowati & Dessyarti, 2022).…”