Professional Documents
Culture Documents
:7%s, $7& ann%al $%,no+&, o' s&c%,i$i&s inc,&as&. ',om 7." /illion EUR Ein 2##5F $o 1.
/illion EUR Ein 2##F, $7&n ,&ac7&. 51.3 /illion EUR Ein 2##7F, an. .1 /illion EUR Ein 2##8F.
In $7& 5os$ c,isis y&a,s $o$al ann%al $%,no+&, o' $7& s&c%,i$i&s .&clin&. $o 3.2 /illion EUR Ein
2##!F, an. 27." /illion EUR Ein 2#1#F. :7& a+&,a-& +ol%m&, in 2##! an. in 2#1#, on $7&
S&,/ian ca5i$al ma,3&$ 7as .&c,&as&. /y mo,& $7an 55O $7an $7& a+&,a-& +ol%m& in $7&
5&,io.G 2##5-2##8.
8i-%,& 3 s7o0s $7& mo+&m&n$ o' $7& $%,no+&, on $7& S&,/ian ma,3&$. Alon-si.& $7& $o$al
$%,no+&,, $7&,& is also $7& $%,no+&, on &M%i$y an. /on. ma,3&$s. Coo3in- a$ $7is, on& can
no$ic& no$ only $7& .ynamics in c7an-&, /%$ also som& s$,%c$%,al c7an-&s E=%3o+i2 J
1ino+i2, 2#12F.
=%3o+i2 J 1ino+i2 E2#12F s7o0&. $7a$ $%,no+&, mo+&m&n$ /y y&a,s 0as +&,y %n%s%alG
/&'o,& $7& c,isis i$ .,o55&. +&,y 'as$, $7&n i$ 0as almos$ 'as$&, ,&co+&,y .%,in- $7& c,isis, so
$7& ,&co,. l&+&l 0as ac7i&+&. las$ y&a, E"."2 /illion EURF Es&& 8i-%,& 3F.
&igure 3" Securities trading (in million ED*) %ithout +BS securities on the Serbian Capital >ar$et
Source. SEC E2##F J E2#1#FV =%3o+i2 J 1ino+i2 E2#12F.
=%3o+i2 J 1ino+i2 E2#12F 5oin$&. o%$ $7a$ $7& $o$al $%,no+&, co+&,s %5 a 3&y s$,%c$%,al
c7an-&G ma,3&$ .ynamics 0as .&$&,min&. /y $7& &M%i$y ma,3&$ /&'o,& $7& c,isis, an. a'$&, i$
>ino!i?, @", et al", nalysis of the Serbian Capital >ar$et, E (2013, <ol" =/, +o, 1-2, 1-11)
7
/y $7& /on. ma,3&$. Cons&M%&n$ly, $7& s7a,& o' .&/$ s&c%,i$i&s ma,3&$ 0as inc,&as&. ',om
2#O in 2##8 $o 5,&.ominan$ !3O in 2#11. :7&y sai. $7a$ $7is .,ama$ic 'all o' &M%i$y ma,3&$
0as also ill%s$,a$&. /y $7& .a$a $7a$ $7& $o$al $%,no+&, o+&, $7& las$ $7,&& y&a,s 0as only 1.#"
/illion EUR.
Bon. ma,3&$ 0as &n$i,&ly consis$&. o' -o+&,nm&n$ .&/$ s&c%,i$i&s. S$a$& /o,,o0in- on
$7& ca5i$al ma,3&$ &K5losi+&ly ,os& T $7& $%,no+&, o' -o+&,nm&n$ /on.s ',om 2##8 $o 2#11
0as inc,&as&. 'o, 12 $im&s. :7an3s $o $7is, $7& ca5i$al ma,3&$ no$ only ,&co+&,&., /%$ also
si-ni'ican$ly ,os& E'o, 1H3 com5a,&. $o 2## an. 3.2 $im&s com5a,&. $o 2##8F. By $7is, $7&,&
0as no sM%&&Ain- o' co,5o,a$& /on.s, /&ca%s& $7&y 0&,& no$ iss%&., .&s5i$& $7& 5,o)&c$ions
E*&''&,son Ins$i$%$&, 2##5F E=%3o+i2 J 1ino+i2, 2#12F.
EM%i$y ma,3&$ .,o55&. 'o, almos$ 1# $im&s ',om 2## $o 2#1#. :7& 5,ima,y ca%s& o'
ma,3&$ 'all 0as no$ $7& -lo/al 'inancial c,isis
6
, /%$ $7& na$%,& o' $7& s7a,&s iss%&. 0i$7 $7&
5%,5os& o' 5,i+a$iAa$ion. 6,i+a$iAa$ions 7a+& .,ama$ically inc,&as&. $7& n%m/&, o'
s7a,&7ol.&,sV la,-& n%m/&,s o' s7a,&7ol.&, a,& no$ a s$a/l& o0n&,s7i5 s$,%c$%,& E1&--inson
J Bo%$c7o+a, 2###F. I$ is no$ s%,5,isin- 07y i$ cam& $o $7& 0i$7.,a0al o' $7& a$$,ac$i+&
EliM%i.F s7a,&s ',om $7& $%,no+&, a'$&, $7& &n. o' $7& $a3in- o+&, 5,oc&ss
7
o' $7& 5,i+a$iA&.
com5ani&s, i.&. conc&n$,a$ion EQi+3o+i2, 2##8F. A$ $7& &n., i$ co%l. /& s&&n $7a$ $7& &K5&c$&.
,a5i. -,o0$7 o' &M%i$y ma,3&$s ECi&/&,man J 9i,3n&ss, 1!!8F 0as no$ s%s$aina/l& 'o, a lon--
$&,m 5&,io. a'$&, $7& 5,i+a$iAa$ion E=%3o+i2 J 1ino+i2, 2#12F.
Un.&,.&+&lo5m&n$ o' $7& .om&s$ic ca5i$al ma,3&$ is also s7o0n /y $7& in'o,ma$ion $7a$
$7& $o$al $%,no+&, 0as /&lo0 1#O <D6 ENBS, 2#12aF. A 5,&.ominan$ s7a,& $,a.in- 0as .on&
in $7& BSE, 07il& $7& ,&s$ 0as in $7& O:C ESEC, 2#12F. A small &M%i$y ma,3&$ co%l. no$
si-ni'ican$ly &nco%,a-& $7& &conomic -,o0$7 in S&,/ia, 07ic7 is s$ill 'acin- $7& $,ansi$ion
5,o/l&ms. Nam&ly, <D6 7as /&&n no$ic&a/ly lo0&, .%,in- $7& 5,&+io%s y&a,s $7an in 1!8!
EEBRD, 2#11F, E=%3o+i2 J 1ino+i2, 2#12F.
=%3o+i2 J 1ino+i2 E2#12F s7o0&. $7a$ .&s5i$& a small +ol%m& $%,no+&, $7&,& 0as no
si-ni'ican$ ,&.%c& in ma,3&$ ca5i$aliAa$ion. By $7& BSE .a$a, s$oc3 ma,3&$ ca5i$aliAa$ion 0as
8.7 /illion EUR in 2##8, an. 7."3 /illion EUR in 2#11. :7&s& a%$7o,s sai. $7a$ 'all in
ca5i$aliAa$ion 'o, 1"O co%l. /& &K5lain&. only /y ,&s&,+&. s7a,&7ol.&,s, 07&,& many o'
$7&m 0&,& 0ai$in- 'o, $7& ma,3&$ ,&co+&,y $o iss%& $7& sal& o,.&,s. 8,om 2## $o 2#1#, $7&,&
0as ,&.%cin- o' 'o,&i-n in+&s$o,sN 5a,$ici5a$ion in $,a.in- 0i$7 all $7& s&c%,i$i&s in $7& BSE
E',om "8O $o 33O, ,&s5&c$i+&lyF.
Turno5er of #'$';
I
indices
:7& B&l-,a.& S$oc3 EKc7an-& 0as $7& 'i,s$ ,&-&s$a/lis7&. s$oc3 &Kc7an-& a'$&, $7& S&con.
Ro,l. Ra, in Eas$ E%,o5& E1!8!F. N&+&,$7&l&ss, %5 %n$il &a,ly 2##2, i$ &Kis$&. as an
o,-aniAa$ion 0i$7o%$ no,mal ,%l&s o' $7& -am&. Only .%,in- $7a$ y&a, $7& ma,3&$ /&-an $o
o5&,a$& in a mo,& o, l&ss s$an.a,. mann&,. :7& main class&s o' ass&$s $,a.&. on S&,/ian
6
Most of other European frontier emerging stock markets showed a great resilience to the adverse effects of the
financial crisis (Nikkenen et al., 2011).
7
Therefore, the turnover on equity market was the largest in the period 2002 2004 (Privatization Agency,
2005).
8
The Belgrade Stock Exchange, Serbia
Economic nalysis (2013, <ol" =/, +o" 1-2, 1-11)
8
ma,3&$ a,& s7a,&s iss%&. as a ,&s%l$ o' a 5,oc&ss o' insi.&, 5,i+a$iAa$ion mo.&l EQi+3o+i2 &$
al. 2##5F, EQi+3o+i2 J 1ino+i2, 2#1#F.
:7& B&l-,a.& S$oc3 EKc7an-& 7as calc%la$&. an. 5%/lis7&. $7& in.&K BECESline sinc&
A5,il 2, 2##7, as a /&nc7ma,3 'o, moni$o,in- /,oa. ma,3&$ mo+&m&n$s Ehttp://www.belex.rsF.
BECESline in.&K is .&sc,i5$i+&, in $7& s$a$is$ical s&ns&, an. no$ in+&s$i/l&. :7& in.&K
0&i-7$in- is /as&. on ma,3&$ ca5i$aliAa$ion. BECES15 is a ',&&-'loa$ ma,3&$ ca5i$aliAa$ion
0&i-7$&. 5,ic& in.&K, 07ic7 'ollo0s $7& mo+&m&n$s o' $7& 15 mos$ liM%i. s7a,&s $,a.&. /y
$7& con$in%o%s m&$7o. an. '%l'illin- c,i$&,ia 'o, incl%sion in $7& in.&K /as3&$
Ehttp://www.belex.rsF E1ino+i2 J Qi+3o+i2, 2#1#F.
R& %s& .a$a 'o, $7& $%,no+&, o' /o$7 BECES in.ic&s ',om $7& B&l-,a.& S$oc3 EKc7an-&
EBSEF 'o, $7& 5&,io.G Oc$o/&,, 2##5 H *an%a,y, 2#1#. In $7& :a/l& 3 is $7& c7an-& o' $%,no+&,
'o, /o$7 BECES in.ic&s $7a$ &ns%&. /y $7& 0o,l. &conomic c,isis. :7is $a/l& s7o0s $7a$ $7&
$%,no+&, o' $7& /o$7 BECES in.ic&s '&ll 'o, mo,& $7an 7#O ',om $7& o$7&, 7al' o' 2##8 $o $7&
&n. o' 2##!.
#able 3" #he a!erage !alue of the daily turno!er e'pressed in *S, for BE5E6 indices, before and
during the crisis, and its relati!e change
Turno5er ,5era9e J.1K.2KKL- 12..2KKI 1L..2KKI-J1.12.2KK. (elati5e chan9e
BECESline 1,!"!,#"5 2,5#8,"82 7#2,1#8 -72.#O
BECES15 8,777,#22 11,221,731 3,327,!72 -7#.3O
Source. BSE E authorFs calculationG =%3o+i2 J 1ino+i2 E2#12F.
D&s5i$& $7& &conomic c,isis, $7& ,&ason 'o, $7& .&c,&as& in $o$al $%,no+&,, an. in $%,no+&,
o' BECES in.ic&s is ,&.%c$ion in $7& n%m/&, o' s7a,&s .%& $o $7& 0i$7.,a0al o' a$$,ac$i+&
EliM%i.F s$oc3s ',om $7& ma,3&$, a'$&, $7& com5l&$ion o' $7& $a3&o+&, 5,oc&ss, o,
conc&n$,a$ion EQi+3o+i2, 2##8F.
In $7& c,isis con.i$ions, i$ is o/+io%s $7a$ $7& lac3 o' $,%s$ in $7& m&c7anism o' 5%/lis7in-
$7& 'ai, +al%& o' $7& 'inancial ass&$s, ca%s&. a 'all in $7& $%,no+&, an. a$ $7& sam& $im& a 'all
in ma,3&$ liM%i.i$y an. massi+& 0i$7.,a0al o' 'o,&i-n in+&s$o,s Es&& Qi+3o+i2 J 1ino+i2,
2#1#F.
:7& in+&s$o,s, &s5&cially ,&$ail in+&s$o,s, 7a+& $7& &K5&c$a$ion $7a$ $7&y can /&
&K5,o5,ia$&. /y $7& mana-&m&n$ o, mo,& in'o,m&. in+&s$o,s. :7&y also 7a+& ,&la$i+&ly lo0
.is5osa/l& incom& $o in+&s$ in $7& s$oc3 ma,3&$ an. limi$&. ,&so%,c& $o o/$ain in'o,ma$ion
E(7an-, 2#1#F. @& 5oin$&. o%$ $7a$ all $7&s& 'ac$o,s ,&s%l$ in $7& on a+&,a-& lo0 $,a.in-
ac$i+i$y in $7& &m&,-in- ma,3&$s E1ino+i2, 2#11F.
E,i2 E2#1#F $ol. $7a$ ,&+&n%&s ',om 5,i+a$iAa$ion, -,an$s an. 'o,&i-n .i,&c$ in+&s$m&n$s
7a+& .&clin&., som& &+&n .,i&. %5 0i$7 $7& inc,&as& o' c,isis. :7&,&'o,&, $7&,& is a slo0.o0n
in S&,/ian &conomic -,o0$7. :7is a%$7o, 5oin$&. o%$ $7a$ $7& .&+&lo5m&n$ o' $7& S&,/ian
ca5i$al ma,3&$ is an &K$,&m&ly im5o,$an$ iss%& an. in+ol+&s a +&,y s&,io%s an. ,&s5onsi/l&
a55,oac7. :7&,& a,& no n&0 l&-al ,&-%la$ions, $7& .&+&lo5m&n$ o' ins$i$%$ions is slo0, $7&,&
a,& no n&0 ins$,%m&n$s an. $7& $%,no+&, o' $7& &Kis$in- ins$,%m&n$s 7as /&&n ,&.%c&.. All
$7&s& 'ac$s m%s$ /& %n.&,s$oo. as an im5o,$an$ 0a,nin- EE,i2, 2#1#F, E1ino+i2, 2#11F.
>ino!i?, @", et al", nalysis of the Serbian Capital >ar$et, E (2013, <ol" =/, +o, 1-2, 1-11)
!
R&.4&5a-i2 J Ric7&$ E2##8F 5oin$&. o%$ $7a$ $7& $,ans'o,ma$ion o' $7& R&s$&,n Bal3an
co%n$,i&s &conomi&s in$o ma,3&$ &conomi&s co%l. no$ 7a+& $a3&n 5lac& 0i$7o%$ $7&
assis$anc& o' $7& 'o,&i-n ca5i$al. :7&s& a%$7o,s $ol. $7a$ $7& R&s$&,n Bal3an ,&-ion 7as /&&n
$,ans'o,m&. in$o a ma,3&$5lac& 0i$7 .ynamic -,o0$7, a$$,ac$in- a si-ni'ican$ amo%n$ o'
8o,&i-n Di,&c$ In+&s$m&n$s E8DIF. 8DI in $7& R&s$&,n Bal3ans a,& mos$ly conc&n$,a$&. in $7&
s&,+ic& s&c$o, E/an3s, $&l&comm%nica$ions, ins%,anc&F in non-$,a.a/l& in0a,. o,i&n$&.
s&c$o,s Econs$,%c$ions, ,&al-&s$a$&F ER&.4&5a-i2 J Ric7&$, 2##8F, E1ino+i2, 2#11F.
+onclusion
:7& ca5i$al ma,3&$ o' $7& R&5%/lic o' S&,/ia lac3s .&5$7, i$ is small illiM%i. ma,3&$ in
$,ansi$ion. :7&,& is no$ m%c7 5a5&,s in analys&s o' $7& S&,/ian ca5i$al ma,3&$. :7is 5a5&,
con$,i/%$&s $o $7is 'i&l. o' ,&s&a,c7. :7& 5a5&, analys&. $7& S&,/ian ',on$i&, ca5i$al ma,3&$.
R& %s&. .a$a ',om $7& B&l-,a.& S$oc3 EKc7an-& EBSEF, R&5%/lic o' S&,/ia S&c%,i$i&s
Commission ESECF, an. Na$ional Ban3 o' S&,/ia ENBSF. In analysis, 0& s7o0&. $7a$
-o+&,nm&n$ .&/$ s&c%,i$i&s E7OF 0&,& $7& .ominan$ s&-m&n$ on $7is ca5i$al ma,3&$ in $7&
o/s&,+&. 5&,io. E2##-2#11F. O%, ,&s%l$s s7o0&. $7a$ s7a,&s ma.& $7& ,&s$ o' $7is ma,3&$
E33OF, /&ca%s& $7&,& 0&,&nN$ any co,5o,a$& .&/$ s&c%,i$i&s" In c,is&s 5&,io. E2#11F
-o+&,nm&n$ .&/$ s&c%,i$i&s .omina$& on $7& ca5i$al ma,3&$ 0i$7 !3O. O$7&, s7a,&s ',om
5,i+a$iAa$ion 5,oc&ss ma3& a n&-li-i/l& 5a,$ o' $7& S&,/ian ma,3&$. So, $7& 5,i+a$iAa$ion
5,oc&ss in S&,/ia si-ni'ican$ly in'l%&nc&. on $7& '&a$%,&s an. +ola$ili$y o' $7is ma,3&$. O%,
,&s%l$s s7o0&. $7a$ $7& $%,no+&, .&c,&as&. 'o, o+&, 7#O 'o, /o$7 BECES in.ic&s, in $7is
5&,io. Ec,is&sF. @o0&+&,, ma,3&$ ca5i$aliAa$ion 0as no$ si-ni'ican$ly ,&.%c&. an. i$ 0as
a55,oKima$&ly 33O o' $7& <D6. :7%s, $7& S&,/ian &M%i$y ma,3&$ .,o55&. 'o, o+&, 1# $im&s
',om 2## $o 2#1#.
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