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Transactions: WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS
Transactions ID Number: 53-181
Full Name: Petar Spalevic
Position: Professor
Age: ON
Sex: Male
Address: Belgrade
Country: YUGOSLAVIA
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E-mail address: petarspalevic@gmail.com
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Title of the Paper: Тhе comparative review of the impact of Central banks on the dynamics of fluctuations in the financial market
Authors as they appear in the Paper: Milorad Bejatovic, Marijana Dukic-Mijatovic
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Number of paper pages: 19
Abstract: In this paper the authors depict the significance of the heretofore accomplished harmonization of the domestic banking legislation with the current world standards set up in the field of banking, pointing out that we, by rendering a modern law, such as the Law on Banks, created prerequisites not only for the development of the banking system but for the development of mortgage and financial markets which are characteristical for the countries in transition at the very beginning of development. In order to accomplish a successful transition of one economic system it is necessary that the developed system of institutions exists which would be controlled by the Central bank, which could not be said if we take into consideration the domestic economic framework, so it could be said that it is the consequence of the absence of strong domestic banks which would absorb greater amount of money than it is needed which appears in the economic system as a consequence of grea!
t direct foreign investments which are greater than it is necessary , which has as a consequence a negative influence on the general level of prices, in other words, on inflation. Financial markets are intermediaries on which ownership transformation is done which is being one of the basic preconditions for the successful process of transition. Underdevelopment of the financial instruments on the domestic market leads to the impossibility regarding the successful work of financial institutions thus leading to the impossibility of the successful accomplishment of the transition process via the financial system which is being the only one which is correct and realistically possible. The qualities of the Law on banks are both the direct implementations of the world corporative solutions and harmonization with the regulations of the European Union ( Directive 2000/12/EC) and principles and definitions established by the Basel Committee for banking supervision ( Basel I, Basel !
II). Authors concluded that it is necessary to continue with the harmo
nization of the domestic banking legislation and the development of the domestic mortgage and financial market, especially instructed by the experiences of the countries which have developed economies, taking into consideration the fact that current global recession is actually a circumstance of the shortcomings in the organization of the corporative management in the banks, firstly investment ones, crisis of the developed mortgage and financial markets, but also a liberal politics of the Central banks.
Keywords: financial institutions, the central bank, controls, financial systems, credit capacity of banks, regulatory framework
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