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6RO ESSIONA 6A6ER

,nal sis of the Serbian +a3ital 6ar0et 1 6ino5i7 Jelena

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Vu0o5i7 Vlasti ir Ins$i$%$& o' Economic Sci&nc&s, B&l a &, S& /ia")+ G 33 .7 "!7.11FJ'$ GO16, G01, G10, G12 ID: 198572044

ABS()A*( + #his paper analyses the Serbian capital mar$et" Its main characteristic is that it isa !ery narro% and depth lac$ing mar$et" &or analysis %e used data from the Belgrade Stoc$ E'change(BSE), *epublic of Serbia Securities Commission (SEC), and +ational Ban$ of Serbia (+BS)" #hecrisis has negati!ely influenced on the capital mar$et in Serbia" ue to this fact, the analysis %as done

by di!iding into t%o sub-periods. before the crisis (200/ 200 ), and during the crisis (200 2011)"*esults sho%ed that turno!er decreased for o!er 04 for both BE5E6 indices, %hile the %hole capitalmar$et has notably reco!ered than$s to an e'tensi!e borro%ing of the state" Stoc$ mar$etcapitali7ation has fallen" *esults of analysis sho%ed that go!ernment debt securities dominate after thecrisis on the capital mar$et ( 34 in 2011), %hile other shares from pri!ati7ation ma$e a negligible part of the mar$et (e8uity mar$et dropped for o!er 10 times from 200/ to 2010)" 9e concluded that the pri!ati7ation in Serbia significantly influenced on the features and !olatility of the capital mar$et inSerbia"

&E, -.)DS/ capital mar$et, frontier mar$et, turno!er, : ;, BE5E6 indices, li8uidity

%ntroduction

S& /ian ca i$al ma &$ is /y i$s c a ac$& is$ics ca$& o i & in$o $ & o% o' ' on$i&ma &$s S i& &ll, 2#11F, 0 ic is s &cially in+&s$i a$& . : & i+a$i a$ion in S& /iasi ni'ican$ly in'l%&nc& on $ & '&a$% &s an +ola$ili$y o' $ & ca i$al ma &$ in S& /ia. : &sam& &''&c$s o' $ & i+a$i a$ion 0& & also no$ic& in o$ & $ ansi$ion &conomi&s & insonJ Bo%$c o+a, 2###F.

L on$i& ma &$? is an &conomic $& m 'i s$ %s& in 1!!2 /y $ & In$& na$ional inanc&Co o a$ion $o &sc i/& a s%/s&$ o' +& y small an illiM%i &m& in s$oc ma &$s. :0&n$y

y&a s la$& $ & & is no s$ ic$ &'ini$ion o' ' on$i& ma &$s, $ o% , /y &'a%l$, $ &y a &commonly +i&0& as $ os& ma &$s 0 ic a & n&i$ & &+&lo & no &m& in . @i li $in /o$ $ &i o o $%ni$y an $ &i c all&n &, ' on$i& ma &$s & &s&n$ on&-'i'$ o' $ & 0o l so %la$ion, y&$ l&ss $ an 1# o' lo/al


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Economic nalysis (2013,


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>ino!i?, @", et al", nalysis of the Serbian Capital >ar$et, E (2013,


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