Pub Date : 2022-01-01DOI: 10.5937/bankarstvo2201032d
Bojan Đorđević
The most commonly used model to measure the quality of electronic services is the E-Service Quality - E-SQ (E-S-QUAL and E-RecS-QUAL). Acknowledging the results of existing research and the attempts to create a unique model for measuring the quality of e-services, the main goal of this paper is to rate the quality of e-banking in Serbia by testing the applicability of the E-SQ model. The results, gained through empirical research, design, and distribution of a distinctive questionnaire to the users of e-banking services in central and southeast Serbia, were systematized and statistically processed by factor analysis of the principal components (PCA). The outcome defined an initial instrument called E-BSrb-QUAL, with seven dimensions of e-banking quality in Serbia, and they are 1. Personalization, 2. Safety, 3. Accessibility, 4. Contact, 5. Efficiency/Response, 6. Trust, and 7. Reliability. The Importance-Performance analysis (IPA) showed the strength of Serbian banks and confirmed the most significant and crucial dimensions of e-banking service quality are Trust, Safety, and Reliability. On the other hand, Personalization, Accessibility, and Efficiency/Response dimensions are estimated as overrated.
{"title":"Development of the Instruments for measuring the quality of E-Banking services in the Republic of Serbia: E-BSrb-QUAL","authors":"Bojan Đorđević","doi":"10.5937/bankarstvo2201032d","DOIUrl":"https://doi.org/10.5937/bankarstvo2201032d","url":null,"abstract":"The most commonly used model to measure the quality of electronic services is the E-Service Quality - E-SQ (E-S-QUAL and E-RecS-QUAL). Acknowledging the results of existing research and the attempts to create a unique model for measuring the quality of e-services, the main goal of this paper is to rate the quality of e-banking in Serbia by testing the applicability of the E-SQ model. The results, gained through empirical research, design, and distribution of a distinctive questionnaire to the users of e-banking services in central and southeast Serbia, were systematized and statistically processed by factor analysis of the principal components (PCA). The outcome defined an initial instrument called E-BSrb-QUAL, with seven dimensions of e-banking quality in Serbia, and they are 1. Personalization, 2. Safety, 3. Accessibility, 4. Contact, 5. Efficiency/Response, 6. Trust, and 7. Reliability. The Importance-Performance analysis (IPA) showed the strength of Serbian banks and confirmed the most significant and crucial dimensions of e-banking service quality are Trust, Safety, and Reliability. On the other hand, Personalization, Accessibility, and Efficiency/Response dimensions are estimated as overrated.","PeriodicalId":53365,"journal":{"name":"Bankarstvo","volume":"98 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71205346","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.5937/bankarstvo2103036a
Almir Alihodžić
The main objective of this quantitative study is to examine the relationship between the following independent variables: capital adequacy ratio (CAR), liquid assets to total assets (LATA) and bank size (BS) and dependent variables: return on assets (ROA), credit worthiness indicator (Zscore) and return on equity (ROE) for selected Western Balkan bank countries. This model was estimated using a panel data methodology based on the assumption of a fixed and a random effect as decided in the Hausman test. The results showed that the variable size of the bank (BS) has a positive effect on the return on assets of banks in the Western Balkans, while the variable liquid assets to total assets (LATA) and capital adequacy ratio (CAR) have a negative impact. The results also showed that the variable share of liquid assets in total assets has a positive impact on the creditworthiness indicator of banks in the Western Balkans (ZScore). The third result is the variable return on equity (ROE) and it had the strongest positive impact with the independent variable size of the bank.
{"title":"Effects of banking regulation on the performance of the banking sector: Evidence of banks in the Western Balkans","authors":"Almir Alihodžić","doi":"10.5937/bankarstvo2103036a","DOIUrl":"https://doi.org/10.5937/bankarstvo2103036a","url":null,"abstract":"The main objective of this quantitative study is to examine the relationship between the following independent variables: capital adequacy ratio (CAR), liquid assets to total assets (LATA) and bank size (BS) and dependent variables: return on assets (ROA), credit worthiness indicator (Zscore) and return on equity (ROE) for selected Western Balkan bank countries. This model was estimated using a panel data methodology based on the assumption of a fixed and a random effect as decided in the Hausman test. The results showed that the variable size of the bank (BS) has a positive effect on the return on assets of banks in the Western Balkans, while the variable liquid assets to total assets (LATA) and capital adequacy ratio (CAR) have a negative impact. The results also showed that the variable share of liquid assets in total assets has a positive impact on the creditworthiness indicator of banks in the Western Balkans (ZScore). The third result is the variable return on equity (ROE) and it had the strongest positive impact with the independent variable size of the bank.","PeriodicalId":53365,"journal":{"name":"Bankarstvo","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71204933","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.5937/bankarstvo2104158g
Radmila Gaćeša
Collection is an instrument of foreign payment transactions intended for legal entities and entrepreneurs. Globally observed, after the bank remittances, collection is the most frequently used payment instrument based on foreign trade transactions. Utilization of this instrument is regulated by the Uniform Rules of the International Chamber of Commerce - ICC for collection - hereinafter the Text Uniform Rules, the first version of which was published in 1956, to be followed by some revisions. The advantages of collection are reflected in the fact that this instrument enables a simple and relatively fast collection proceedings, which is not accompanied by significant costs. The risk of providing a service based on collection transactions for the bank is exclusively reputational, since it arises in the event of a lack of response or untimely response of the bank to the instructions of the principal.
{"title":"Everything you have always wanted to know about documentary collection","authors":"Radmila Gaćeša","doi":"10.5937/bankarstvo2104158g","DOIUrl":"https://doi.org/10.5937/bankarstvo2104158g","url":null,"abstract":"Collection is an instrument of foreign payment transactions intended for legal entities and entrepreneurs. Globally observed, after the bank remittances, collection is the most frequently used payment instrument based on foreign trade transactions. Utilization of this instrument is regulated by the Uniform Rules of the International Chamber of Commerce - ICC for collection - hereinafter the Text Uniform Rules, the first version of which was published in 1956, to be followed by some revisions. The advantages of collection are reflected in the fact that this instrument enables a simple and relatively fast collection proceedings, which is not accompanied by significant costs. The risk of providing a service based on collection transactions for the bank is exclusively reputational, since it arises in the event of a lack of response or untimely response of the bank to the instructions of the principal.","PeriodicalId":53365,"journal":{"name":"Bankarstvo","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71205231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.5937/bankarstvo2102088b
M. Božović
This paper investigates the link between default rates by loan types and the systemic credit risk component. This link is described by a linear model that combines systemic and idiosyncratic contributions. The systemic component is a latent factor that depends directly on the aggregate loan default rate, while the idiosyncratic component drives specific variations of default rates across loan types. By transforming observable risk measures, the model can be econometrically represented as a mixed-effects model, where the systemic and idiosyncratic components represent, respectively, the slope and the intercept that are specific for each loan type individually. The proposed model is illustrated on a panel of defaulted loans of the Association of Serbian Banks. The obtained results show the model's very high power in explaining average default rates for all loan types. Thus, the aggregate default rate plays the role of a unique systemic component that mimics the influence of fundamental macroeconomic risk factors easily, without the necessity to model this relationship explicitly.
{"title":"One-factor model for default rates by loan type","authors":"M. Božović","doi":"10.5937/bankarstvo2102088b","DOIUrl":"https://doi.org/10.5937/bankarstvo2102088b","url":null,"abstract":"This paper investigates the link between default rates by loan types and the systemic credit risk component. This link is described by a linear model that combines systemic and idiosyncratic contributions. The systemic component is a latent factor that depends directly on the aggregate loan default rate, while the idiosyncratic component drives specific variations of default rates across loan types. By transforming observable risk measures, the model can be econometrically represented as a mixed-effects model, where the systemic and idiosyncratic components represent, respectively, the slope and the intercept that are specific for each loan type individually. The proposed model is illustrated on a panel of defaulted loans of the Association of Serbian Banks. The obtained results show the model's very high power in explaining average default rates for all loan types. Thus, the aggregate default rate plays the role of a unique systemic component that mimics the influence of fundamental macroeconomic risk factors easily, without the necessity to model this relationship explicitly.","PeriodicalId":53365,"journal":{"name":"Bankarstvo","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71204424","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.5937/bankarstvo2104128p
Svetlana Pantelić
The Law on Withdrawal from Circulation of Old Coins and on the Value of New Coins, passed on 3 July 1937, provided for the minting of: 50 dinars (in 16 million pieces with a nominal value of 800 million dinars), 20 dinars (25 million pieces in the value of 500 million dinars), 10 dinars (25 million pieces worth 250 million dinars), 2 dinars (75 million pieces worth 150 million dinars), 1 dinar (100 million pieces worth 100 million dinars), 50-para coins (100 million pieces worth 50 million dinars) and 25-para coins (40 million pieces worth 10 million dinars). The 50-para coins (composition: copper 91% and aluminium 9%, diameter 18 mm and weight 2 g), 2 dinars (91% copper and 9% aluminium, 24.5 mm and 5 g), 20 dinars (silver 75% and 25% other, 27 mm and 9 g) and 50 dinars (silver 75% and 25% other, 31 mm and 15 g) were put into circulation on 16 August 1939, 1 dinar (91% copper and 9% aluminium, 21 mm and 3.5 g) was released on October 20, 1939, 10 dinars (nickel 100%, 23 mm and 5 g) on 31 May 1940 and the 25-para coins (copper 98% and aluminium 2%, 20 mm and 2.5 g) on 21 November 1940. The 25-para coin with a 4 mm diameter hole in the centre, the 50-para coin, and the 1 and 2 dinars, featured a crown, the inscription Kingdom of Yugoslavia and their value denominations. In addition to these characteristics, the relief figure of King Petar II Karađorđević were also featured on 10-, 20and 50-dinar coins. The 10-, 20and 50-dinar coins have been withdrawn from circulation as of 19 March 1942, and the 25and 50-para coins, as well as the 1 and 2 dinars were withdrawn on 1 June of the same year.
{"title":"Last minted coins of the Kingdom of Yugoslavia","authors":"Svetlana Pantelić","doi":"10.5937/bankarstvo2104128p","DOIUrl":"https://doi.org/10.5937/bankarstvo2104128p","url":null,"abstract":"The Law on Withdrawal from Circulation of Old Coins and on the Value of New Coins, passed on 3 July 1937, provided for the minting of: 50 dinars (in 16 million pieces with a nominal value of 800 million dinars), 20 dinars (25 million pieces in the value of 500 million dinars), 10 dinars (25 million pieces worth 250 million dinars), 2 dinars (75 million pieces worth 150 million dinars), 1 dinar (100 million pieces worth 100 million dinars), 50-para coins (100 million pieces worth 50 million dinars) and 25-para coins (40 million pieces worth 10 million dinars). The 50-para coins (composition: copper 91% and aluminium 9%, diameter 18 mm and weight 2 g), 2 dinars (91% copper and 9% aluminium, 24.5 mm and 5 g), 20 dinars (silver 75% and 25% other, 27 mm and 9 g) and 50 dinars (silver 75% and 25% other, 31 mm and 15 g) were put into circulation on 16 August 1939, 1 dinar (91% copper and 9% aluminium, 21 mm and 3.5 g) was released on October 20, 1939, 10 dinars (nickel 100%, 23 mm and 5 g) on 31 May 1940 and the 25-para coins (copper 98% and aluminium 2%, 20 mm and 2.5 g) on 21 November 1940. The 25-para coin with a 4 mm diameter hole in the centre, the 50-para coin, and the 1 and 2 dinars, featured a crown, the inscription Kingdom of Yugoslavia and their value denominations. In addition to these characteristics, the relief figure of King Petar II Karađorđević were also featured on 10-, 20and 50-dinar coins. The 10-, 20and 50-dinar coins have been withdrawn from circulation as of 19 March 1942, and the 25and 50-para coins, as well as the 1 and 2 dinars were withdrawn on 1 June of the same year.","PeriodicalId":53365,"journal":{"name":"Bankarstvo","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71205173","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.5937/bankarstvo2104060s
M. Stojmenović
Every organization strives to achieve efficient business. In order to improve efficiency in one organization, various techniques, methods and tools are used in practice. One of these tools is the 5S tool, which enables the organization of the workplace in such a way so as to perform work in an efficient, effective and safe way. The application of a tool implies that a certain thing is placed in a certain place for easier identification when the time comes for its use. The 5S tool refers to 5 words derived from Japanese terminology that begin with the letter S, and which describe workplace practices that lead to visual control and lean production: seiri (sort), seiton (set in order), seiso (clean), seiketsu (standardize) and shitsuke (implement). The aim of this paper is to consider the application of the 5S tool in the banking sector of the Republic of Serbia, at the level of selected banking branches. The results of the research showed that the total average application of this tool in the analyzed branches is 48.6%.
{"title":"Application of 5S tool in the banking sector of the Republic of Serbia","authors":"M. Stojmenović","doi":"10.5937/bankarstvo2104060s","DOIUrl":"https://doi.org/10.5937/bankarstvo2104060s","url":null,"abstract":"Every organization strives to achieve efficient business. In order to improve efficiency in one organization, various techniques, methods and tools are used in practice. One of these tools is the 5S tool, which enables the organization of the workplace in such a way so as to perform work in an efficient, effective and safe way. The application of a tool implies that a certain thing is placed in a certain place for easier identification when the time comes for its use. The 5S tool refers to 5 words derived from Japanese terminology that begin with the letter S, and which describe workplace practices that lead to visual control and lean production: seiri (sort), seiton (set in order), seiso (clean), seiketsu (standardize) and shitsuke (implement). The aim of this paper is to consider the application of the 5S tool in the banking sector of the Republic of Serbia, at the level of selected banking branches. The results of the research showed that the total average application of this tool in the analyzed branches is 48.6%.","PeriodicalId":53365,"journal":{"name":"Bankarstvo","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71205086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.5937/bankarstvo2104146a
N. Antonić
The right to submit a copy of personal data was regulated for the first time in the legal system of the Republic of Serbia by the Law on Personal Data Protection (Official Gazette of the Republic of Serbia, Nos. 87/2018 of 13/11/2018), as part of the legal institute "Right to Access Personal Data''. This legal institute was assumed from the European Union, namely from Regulation (EU) 2016/679 of the European Parliament and of the Council as of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data and repealing Directive 95/46/EC (General Data Protection Regulation). From the beginning of implementation of the above law until today, the question of the form in which a copy of personal data is delivered to the data subject has been raised, i.e., whether the obligation to submit a copy of personal data necessarily means the obligation to submit a copy of documents containing personal data.
{"title":"Submission of a copy of personal data","authors":"N. Antonić","doi":"10.5937/bankarstvo2104146a","DOIUrl":"https://doi.org/10.5937/bankarstvo2104146a","url":null,"abstract":"The right to submit a copy of personal data was regulated for the first time in the legal system of the Republic of Serbia by the Law on Personal Data Protection (Official Gazette of the Republic of Serbia, Nos. 87/2018 of 13/11/2018), as part of the legal institute \"Right to Access Personal Data''. This legal institute was assumed from the European Union, namely from Regulation (EU) 2016/679 of the European Parliament and of the Council as of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data and repealing Directive 95/46/EC (General Data Protection Regulation). From the beginning of implementation of the above law until today, the question of the form in which a copy of personal data is delivered to the data subject has been raised, i.e., whether the obligation to submit a copy of personal data necessarily means the obligation to submit a copy of documents containing personal data.","PeriodicalId":53365,"journal":{"name":"Bankarstvo","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71205220","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.5937/bankarstvo2104098j
Ivana Jeremić
The purpose of this paper is to analyze the following aspects of the Republic of Serbia repo market: legislative frame in order to identify all documents related to repo market, the main repo market features and its role, institutional frame and participants, determination of the scope of the domestic repo market, the way of negotiating, processing and settlement of repo transaction, acceptable collaterals in the securities form, price aspects of repo transactions, transaction costs of completing repo transaction and suggestions for the improvement of this market. After analysing the facts, it is to be expected to gain ability to project future development trends of this segment of financial markets which has already become international.
{"title":"The Republic of Serbia repo market","authors":"Ivana Jeremić","doi":"10.5937/bankarstvo2104098j","DOIUrl":"https://doi.org/10.5937/bankarstvo2104098j","url":null,"abstract":"The purpose of this paper is to analyze the following aspects of the Republic of Serbia repo market: legislative frame in order to identify all documents related to repo market, the main repo market features and its role, institutional frame and participants, determination of the scope of the domestic repo market, the way of negotiating, processing and settlement of repo transaction, acceptable collaterals in the securities form, price aspects of repo transactions, transaction costs of completing repo transaction and suggestions for the improvement of this market. After analysing the facts, it is to be expected to gain ability to project future development trends of this segment of financial markets which has already become international.","PeriodicalId":53365,"journal":{"name":"Bankarstvo","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71205161","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.5937/bankarstvo2102178g
Radmila Gaćeša
The transaction is one of the unavoidable phenomena of the modern world. The transaction is accessible, ubiquitous, global, and necessary, hence the number of transactions and the number of users is constantly increasing, as statistics regularly confirm. Generators of further development of transactions in the world of financial and especially banking services are certainly ICT companies together with numerous providers that develop and improve information and communication technologies, and make available reliable information transmission systems without which the world of transactions we know today would not be possible. Banks pay special attention to the further development and improvement of each individual type of transaction. In doing so, banks actively cooperate with ICT companies, sending initiatives and giving ratings, and appropriate support, as they are vitally interested in providing innovative services and types of transactions to their existing and potential clients.
{"title":"Her majesty the transaction","authors":"Radmila Gaćeša","doi":"10.5937/bankarstvo2102178g","DOIUrl":"https://doi.org/10.5937/bankarstvo2102178g","url":null,"abstract":"The transaction is one of the unavoidable phenomena of the modern world. The transaction is accessible, ubiquitous, global, and necessary, hence the number of transactions and the number of users is constantly increasing, as statistics regularly confirm. Generators of further development of transactions in the world of financial and especially banking services are certainly ICT companies together with numerous providers that develop and improve information and communication technologies, and make available reliable information transmission systems without which the world of transactions we know today would not be possible. Banks pay special attention to the further development and improvement of each individual type of transaction. In doing so, banks actively cooperate with ICT companies, sending initiatives and giving ratings, and appropriate support, as they are vitally interested in providing innovative services and types of transactions to their existing and potential clients.","PeriodicalId":53365,"journal":{"name":"Bankarstvo","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71204500","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.5937/bankarstvo2102008j
D. Jović
By adopting the currency board at the end of the last century, and by pegging its exchange rate to the Euro, a quarter of a century ago, Bosnia and Herzegovina surrendered a great part of its monetary policy in the hand of European Central Bank in the hope that the synchronization of the business cycle will make foreign monetary policy completely suitable for Bosnia and Herzegovina. At the same time during these two decades, the Central Bank of Bosnia and Herzegovina has been developing and using reserve requirement and remuneration as discretionary instruments of monetary policy. The research shows that the domestic business cycle and the foreign one are relatively weakly synchronized compared to other countries' degree of synchronization, and by this findings current discretionary monetary policy and its further development and enrichment with new instruments is fully justified. Bosnia and Herzegovina must continue with developing its own discretionary monetary policy without relying on foreign monetary policy.
{"title":"Business cycle synchronization and monetary policy in Bosnia and Herzegovina","authors":"D. Jović","doi":"10.5937/bankarstvo2102008j","DOIUrl":"https://doi.org/10.5937/bankarstvo2102008j","url":null,"abstract":"By adopting the currency board at the end of the last century, and by pegging its exchange rate to the Euro, a quarter of a century ago, Bosnia and Herzegovina surrendered a great part of its monetary policy in the hand of European Central Bank in the hope that the synchronization of the business cycle will make foreign monetary policy completely suitable for Bosnia and Herzegovina. At the same time during these two decades, the Central Bank of Bosnia and Herzegovina has been developing and using reserve requirement and remuneration as discretionary instruments of monetary policy. The research shows that the domestic business cycle and the foreign one are relatively weakly synchronized compared to other countries' degree of synchronization, and by this findings current discretionary monetary policy and its further development and enrichment with new instruments is fully justified. Bosnia and Herzegovina must continue with developing its own discretionary monetary policy without relying on foreign monetary policy.","PeriodicalId":53365,"journal":{"name":"Bankarstvo","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71204798","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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