Research and Publications


This section contains a growing list of reports, studies, and assessments on the Serbian financial sector and its role in driving economic growth. It includes posts from many different sources. Some documents are published directly by the USAID Business Enabling Project or other USAID projects, or in partnership with other organizations. Some documents are prepared by other sources, including leading economists, policymakers, practitioners, and other donors that contribute to the goals of the site.

Documents are sorted by topic area as follows:

· Access to Finance

· Access to Finance for women

· Capital Market Development

· Commodity Exchange Development and Agribusiness Financing

· Financial Regulation

· Financial Sector Development in Serbia

· Global Financial Crises

· Regional Topics

· Municipal Bonds

· Government Bonds

· Factoring

· Leasing


Access to Finance



Source: Anthony Sinclair, USAID Business Enabling Project


Strategies to enhance the credibility & reliability of real estate valuation in Serbia, Part 2 (Transactions Database)

Source: USAID Business Enabling Project


Leasing Guide

Source: ALCS, March 2013


Financing of small and medium enterprises in Serbia

Monograph of national significance which is a part of independent, scientific and research efforts by five authors. Using several scientific methods and developing standardized research methodology it has been attempted to comprehensively analyze the problem of financing small and medium enterprises in the Republic of Serbia.
Source: Institute of Economic Sciences and Chamber of Commerce and Industry


USAID BEP's White Paper on Access to Finance becomes part of Report on Small and Medium-sized Enterprises and Entrepreneurship 2011

Ministry of Finance and Economy, Ministry of Regional Development and Local Self-Government and National Agency for Regional Development published a "Report on Small and Medium-sized Enterprises and Entrepreneurship 2011."


Financing the Growth of Small and Medium Sized Enterprises - A White Paper for the Government of Serbia
Financing the Growth of Small and Medium Sized Enterprises - Critical Issues and Recommendations for Serbia

Source: USAID Business Enabling Project


Required Reserves and Illiquidity in the Economy

This paper examines the impact of changes in the reserve requirements along various dimensions – changes in the volume of credit, interest rates, and bank borrowing from abroad.
Source: MAT, 2011


Highlights From the 7th Annual Conference on SME Finance, October 2011

The annual conference covered a range of important issues on access to finance.
Click for short set of notes on the main proceedings of the conference
Click for presentations made at the conference


Access to Financing in Southeast Europe

Presentation, analsis and discussion on data related to Southeast Europe
Source: USAID and RCI, May 2010


Report on small and medium-sized enterprises and entrepreneurship 2009

Report about the impact of the crisis on Serbian economy, particularly SME and entrepreneurs in 2009 and data analysis for this economy sector
Source: Ministry of Economy and Regional Development, Republic Development Bureau National Agency for Regional Development, November 2010


Republic of Serbia, Municipal Credit Market Development Report 2005 – 2010

Report on development of municipal credit development in Serbia
Source: USAID, October 2010


Analysis of Effects of Foreign Bank Entry on Credit Interest Rate Behavior in Serbia

This paper analyses the negative effects of foreign bank entries and monetary authorities’ poor predictions and strict monetary policy considering the interest rate level in Serbia.
Source: PANOECONOMICUS, October 2007


Legal and Regulatory Obstacles for Scaling Up Microfinance in Serbia

Obstacles for specialized micro crediting institutions development in Serbia
Source: Arminio Rosic research paper, March 2005


Environment and demand for microcredit in Serbia

This paper assesses the provision of microcredit in Serbia as an alternative source of financing to start-up entrepreneurs and poor people to facilitate their self employment activities
Source: FLAG International, LLC, November 2010


Venture financing of start-ups: a model of contract between VC fund and entrepreneur

The model of contract between the venture capital fund and the entrepreneur, focusing on probably the most important issue of this contract: the shares of the parties in the business.
Source: ECONOMIC ANNALS, October - December 2010


Access to Finance for Women

Women on Corporate Boards in Bosnia and Herzegovina, FYR Macedonia and Serbia

Board diversity in terms of skills, experience, education and gender is considered to impact positively on the functioning of the board. The authors of this book focus on gender diversity, one of the key diversity aspects for which International Finance Corporation (IFC) is advocating through its corporate governance work.
Author: Katarina Đulić, PhD, Tanja Kuzman, Msc


Findings and Recommendations From a Study of Women’s Entrepreneurship in Serbia and Gender Analysis of Selected Government Measures to Support Entrepreneurship

Author: Sonja Avlijaš, Marija Babović, PhD, Marko Vladisavljević, Sanja Popović-Pantić, MSc, Belgrade, 2012


Gender Analysis of Selected Government Measures to Support Entrepreneurship in Serbia

This report assesses the extent to which women entrepreneurs had access to the programs of state support to entrepreneurship in Serbia during the 2009th and 2010th year.
Author: Sonja Avlijaš, Marko Vladisavljević, Sanja Popović-Pantić, MSc, Belgrade, 2012


Initial Study on Women’s Entrepreneurship in Serbia

Studies provide insight into the measures which should be implemented and conditions that are necessary to create for women to start involving and successfully operate in entrepreneurship in a bigger number.
Author: Marija Babović, PhD, Belgrade, 2012


Obstacles and Potentials of Women’s Entrepreneurship in Serbia

Summary report based on initial studies of women’s entrepreneurship in Serbia
Author: Marija Babović, PhD, Belgrade, 2012


Profile of Women Entrepreneurs in Serbia

Summary report based on initial studies of women’s entrepreneurship in Serbia
Author: Marija Babović, PhD, Belgrade, 2012


Towards Quality Monitoring of Women’s Entrepreneurship

Summary report based on initial studies of women’s entrepreneurship in Serbia
Author: Marija Babović, PhD, Belgrade, 2012


Gender Pay Gap in the Western Balkan Countries- Evidence From Serbia, Montenegro and Macedonia

The specific motivation for studying the gender pay gap in these countries can be found in the hypothesis that low employment rates of women (that spill over into low overall employment rates) might be due to the large gender pay gap, which itself could be a consequence of various forms of discrimination or gender inequalities. However, the findings of our research are quite complex, nuanced and often country-specific. Still, some synthetic hints and cautious generalizations could be found in introductory and concluding chapters of this book.

Source: FREN- Foundation for the Advancement of Economics, Belgrade, May 2013


Fueling the Economic Potential of Women in Serbia

Overview of the situation in female entrepreneurship in Serbia, obstacles most often encountered by women in business and proposed answers
Author: Rada Arandjelovic, USAID Business Enabling Project


Financing women entrepreneurship: A global challenge

A presentation of OECD’s findings and views of women entrepreneurship, including best practices, policy responses and recommendations.
Author: Dina IONESCU, Administrator, LEED (Local Economic and Employment development) Programme, OECD, 2004?


Global Entrepreneurship Monitor 2010 Women’s Report

The paper presents women’s entrepreneurial attitudes, activities and aspirations, as well as frequency and nature and factors influencing women’s participation in entrepreneurship.
Author: Donna J. Kelley, Candida G. Brush, Patricia G. Greene and Yana Litovsky, Babson College, and the Global Entrepreneurship Research Association (GERA), 2010.


Strengthening Access to Finance for Women-Owned SMEs in Developing Countries

The paper examines contributions of women to economic development, financial and non-financial barriers, and presents suggested actions and policy recommendations.
uthor: IFC, October 2011.


Women in business and in decision-making: A survey on women entrepreneurs

The report is an overview of the results of a survey in the scope of the ‘Women in Business and in Decision-Making’ project, the aim of which was to find out the problems women face in starting up and running their own businesses. It also points to the issues that need to be addressed with a view to these hindrances.
Author: Eurochambres, August 2004.


Voices of Women Entrepreneurs in Bosnia and Herzegovina

The report is based on research and interviews with women entrepreneurs in Bosnia and Herzegovina, donors, government agencies and NGOs. It also presents MI-BOSCO as a micro-credit provider targeting women in BiH. It promotes women’s private sector participation.
Author: IFC, MI-BOSPO, May 2008.


Capital Market Development


Stock Market Prediction Using Technical Analysis

Technical analysis (TA) is a form of analysing market encompassing supply and demand of secu-rities according to the study of their prices and trading volume. Using the appropriate methods,TA aims to identify price movements in the stock market, futures or currencies. In short, TA analysis is the process by which „future price movements are formulated according to the price history”.
Source: Economic Annals, No. 170, July 2006 - September 2006


Initial Evidence from a New Database on Capital Market Restrictions

One of the key obstacles to the empirical analysis of capital controls has been the unavailability of a detailed set of indicators for controls that cover a broad set of countries over a range of years. In this paper, we propose a new set of indicators derived from the Annual Reports on Exchange Arrangements and Export Restrictions.
Source: PANOECONOMICUS, June 2012, 3, pp. 283-292


Modelling the Benchmark Spot Curve for Serbian Market
Source: Economic Annals, March 2010


Major Changes in the Serbian New Capital Markets Law

This paper discusses the major changes between the old securities law and the new capital markets law passed in May 2011.
Source: USAID Business Enabling Project


Illiquidity of Frontier Financial Market: Case of Serbia

The paper explores illiquidity of the Serbian financial market for the period of 2005-2009
Source: PANOECONOMICUS, January 2010


Analytical method of estimating value-at-risk on the Belgrade stock exchange

This paper presents market risk evaluation for a portfolio consisting of shares that are continuously traded on the Belgrade Stock Exchange, by applying the Value-at-Risk model – the analytical method.
Source: ECONOMIC ANNALS, October – December 2009


Commodity Exchange Development and Agribusiness Financing


Agricultural Finance in Serbia - Status and Recommendations

Access to finance among farmers and agricultural SMEs is among the poorest of any sector in Serbia. While information on the amount of formal financing used by farmers is not available, information on registered agricultural SMEs show they account of less than 5% of the total debt financing of all SMEs as reported by the national Business Registry, and this share has been dropping over the last few years. There is broad consensus that existing mechanisms for agricultural finance are not adequate and that a change should be made in approach. However, there has to date been no research dedicated to access to finance for agribusinesses , or into the sources of constraints and recommendations how to overcome them.


Expert Review of the Law of Public Warehouses for Agricultural Products

This publication provides an expert review of the Law of Public Warehouses for Agricultural Products, which provides a possibility to a public warehouse, which has a license for this type of work, to issue warehouse receipt, in the prescribed form, to the owner of agricultural products stored in the warehouse.
Source: Paragraf Lex, January 2013


Using Warehouse Receipts in Developing and Transition Economies

The report presents the benefits and uses of warehouse receipts as important instruments in a country’s financial sector, which can be especially useful in developing and transition economies where new market instruments need to be created.
Source: Finance & Development / September 1996


Warehouse Receipts & Commodity Futures

The paper is a report of the Working Group on Warehouse Receipts & Commodity Futures in India, constituted to examine the role of banks in providing loans against Warehouse Receipts and evolving a framework for participation of banks in the commodity futures market.
Source: Department of Banking Operations and Development, Reserve Bank of India, Mumbai, April 2005


Warehouse Receipts: Facilitating credit and commodity markets

This is part of a series of straightforward and practical papers by leading experts, addressing topics relevant to the design, monitoring, and assessment of projects and interventions for the promotion of agricultural enterprises and markets in developing countries.
Source: A Guide to Developing Agricultural Markets and Agro-enterprises


The role of warehouse receipt systems in enhanced commodity marketing and rural livelihoods in Africa

The focus of this paper is the development of regulated warehouse receipt (WR) systems as a means of improving agricultural marketing in African countries. The paper presents the benefits WR systems bring, as well as the ways of overcoming major problems in establishing WR systems in Africa.
Source: J. Coulter, G. Onumah, Natural Resources Institute, Central Avenue, Chatham Maritime, Kent ME4 4TB, UK, 2002


Improving Access to Rural Finance through Regulated Warehouse Receipt Systems in Africa

The report is about the promotion of efficient, sustainable and widely accessible rural financial systems in Africa, and hindrances to their development.
Source: Case Study on Paving the Way Forward for Rural Finance by Gideon E. Onumah


Auctions, warehouse receipts and agricultural exchanges

The document describes the concepts of cereal exchange and livestock managed market. It further delivers key considerations in the design of regulated warehouse receipt systems in Africa, a report on Agricultural Commodity Exchange in Africa, and examples of Kenya and South Africa in particular.
Source: Market information systems and agricultural commodities exchanges


Dematerialization of Warehouse Receipts in the Commodity Markets -Implications for Serbia

This paper discusses the process and practice of allowing warehouse receipts to be traded on the commodity exchange. The implication for Serbia is that warehouse receipts currently in use are materialized - ie they are paper receipts - and there are questions on how they should be handled if a national commodity exchange is eventually developed and receipts are to be traded. There are solutions.
Source: USAID Business Enabling Project


Commodity Exchange Legislation in Serbia:

Should It Be Separated From or Consolidated with the Capital Market Law? – Advisory Brief Including Experience in the U.S.
Source: Robert Zwirb, Commodity Exchange Development Advisor, USAID Business Enabling Project


Imperfect competition in the primary agricultural commodity market in Serbia

Regulation and development the agricultural commodity market
Source: ECONOMIC ANNALS, Volume LV, No. 184 / January − March 2010


The Structure of Derivatives Exchanges: Lessons from Developed and Emerging Market

This study examines the architecture, elements of market design and products traded in derivatives exchanges around the world.
Source: Development Research Group, The World Bank, December 1997


Financial Regulation


Serbia FSSA Update Basel Core Principles 2010
Source: World Bank, 2010


Serbia FSSA Update on Household Debt Restructuring
Source: World Bank, 2010


Crises Management Framework in Serbia
Source: World Bank, 2010


A Macro Prudential Approach to Financial Regulation
Source: Journal of Economic Perspectives, June 2010


The Economic Rationale for Financial Regulation
Source: FSA UK, April 1999


Integrating Reform of Financial Regulation with Reform of the International Monetary System
Source: Peterson Institute for International Economics, February 2010


Financial Regulation and Supervision in the Euro Area
Source: Wharton, January 2001


The Governance of Financial Regulation
Source: Brown University, March 2011


Durable Financial Regulation; Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions
Source: NBER, May 2011


Regulation of Financial Systems and Economic Growth in OECD Countries: An Empirical Analysis
Source: OECD, 2006


Finance, Regulation and Inclusive Growth
Source: Brown University, May 2011


Financial Regulatory Reform and the Economy


Pragmatic Perspectives on Re-Thinking Financial Regulation
Source: Brown University, 2008



Financial Sector Development in Serbia


Quarterly Review of the Dynamics of Financial Stability Indicators for the Republic of Serbia, Fourth Quarter 2012
Source: NBS, March 2013


Report on Dinarisation of the Serbian Financial System, December 2012
Source: NBS, March 2013


The Protection of Minority Shareholder Rights: Legal Framework and Enforcement

The aim of this paper is to analyze the legal aspects of the protection degree of the minority shareholders rights that is under the new law, particularly in relation to the degree of their rights under the EU directives and recommendations of the European Commission. The analysis aims to identify recommendations for improving the protection of minority shareholders.
Source: QM No. 30, July-September 2012


Corporate Bonds Market in Serbia

Corporate bond market can be a good alternative to borrowing from commercial banks. The main advantages of the development of this market are the following: to collect a relatively large amount of funds from more sources than would be possible by taking the loan and it can lead to lower costs of external borrowing. The paper analyzes the corporate bond market in Serbia, as well as suggestions and recommendations for future development.
Source: QM No. 30, July-September 2012


A Comparative Analysis of the Banking Systems of Serbia and South East European Countries

The article presents the results of a comparative analysis of the performance of the banking sector in Serbia and the econo¬mies in South East Europe in the past decade, i.e. until the end of 2010, the period which also includes the consequences of the first crisis surge. The analysis covers six national banking systems in SEEC: Albania, Bosnia and Herzegovina, Croatia, Former Yugoslav Republic of Macedonia and Serbia, and their evolution in the previous decade.
Source: Bosko Zivkovic, Quarterly Monitor No. 27, October-December 2011


Serbian Banking and Financial Sector 2011
Source: Alliance International Media, June 2011


Republic of Serbia: Financial Sector Assessment Program Update - Financial System Stability Assessment
Source: IMF, June 2010


Report on Dinarisation of the Serbian Financial System
Source: NBS June 2011


Financial Development and Economic Growth: Evidence From Ten New EU Members

This paper reviews the main features of the banking and financial sector in ten new EU members, and then examines the relationship between financial development and economic growth in these countries by estimating a dynamic panel model over the period 1994-2007
Source: Brunel University, West London, Department of Economics and Finance, October 2009.


Financial Sector Development and Economic Growth: An Empirical Analysis of Developing Countries

This paper discusses links between financial sector development, domestic capital, foreign capital and economic growth in a sample of 35 developing countries. In particular, the paper investigates the roles of financial-sector development, domestic capital and foreign capital in economic growth process through capital accumulation and total factor productivity (TFP) growth, and determines domestic capital and foreign capital within the model.
Source: Journal of Economic Cooperation and Development, 2009


Financial Sector Development, Economic Growth, and Poverty Reduction: A Literature Review

This paper reviews the theoretical and empirical literature on the role of financial sector development, with a view to deepening understanding of the rationale of development assistance to the financial sector of developing countries.
Source: Asian Development Bank, October 2009


Republic of Serbia: Financial Sector Assessment Program Update - Financial System Stability Assessment

Analysis on: macroeconomic and financial impact of the crisis, financial system structure and potential risks, banking supervision - regulatory framework and challenges, systemic Risk mitigation arrangements and other issues.
Source: International Monetary Fund, May 2010


Random Walk Theory and Exchange Rate Dynamics in Transition Economies

This paper investigates the validity of the random walk theory in the Euro-Serbian dinar exchange rate market
Source: PANOECONOMICUS, February 2010


Financial Sector Development in Serbia : Closing Ranks with Peers

Analyze of the development of Serbian financial sector, banking sector reforms, monetary policy measures and strategy of the NBS
Source: Oesterreichische Nationalbank (Austrian Central Bank) in its journal Focus on European Economic Integration, December 2008


Foreign direct investment in the western Balkans: privatization,institutional change, and banking sector dominance

The paper provides analysis of foreign direct investment (FDI) dynamics and its determinants for the group of countries lately referred to as Western Balkans (non EU Ex-Yugoslavia countries plus Albania).
Source: ECONOMIC ANNALS, October – December 2010


Serbian insurance market - select issues

The model presented in this paper has been developed for implementation in insurance risk management directly related to insurance company risk, i.e. it is a model that can reliably determine the manner and intensity with which deviations in the initial insurance risk assessment affect insurance company operations, in the form of changes in operational risks and consequently in insurance companies’ business strategies.
Source: ECONOMIC ANNALS, October – December 2010


Open issues in testing liquidity in frontier financial markets: the case of Serbia

This paper examines the impact of illiquidity and liquidity risk on expected asset returns in the Serbian stock market.
Source: ECONOMIC ANNALS, April − June 2010


Global Financial Crises


Credit Rating Agencies and Moral Hazard

The failure of credit rating agencies to properly assess risks of complex financial securities was instrumental in setting off the global financial crisis. This paper studies the incentives of companies and rating agencies and argues that the way the current rating market is organized may provide agencies with intrinsic disincentives to accurately report credit risk of securities they rate.
Source: PANOECONOMICUS, June 2011, 2, pp. 219-227


Overview of the ongoings in the global financial market 14th-25th January 2013

This review presents trends of reference interest rates of certain central banks, exchange rate EUR / USD, the securities markets, the price of gold and oil, as well as forecasts of trends in the global financial market.
Source: NBS, January 2013


Overview of the developments in the global financial market 31st December-11th January 2013

This review presents movements of reference interest rates of certain central banks, exchange rate EUR / USD, the securities markets, the price of gold and oil, as well as forecasts of trends in the global financial market.
Source: NBS, January 2013


Global Financial Safety Nets – Where Do We Go From Here?
Source: IADB, November 2010


Euro Crisis

Economic recession, impact on Eurozone and possible options for recovery
Source: PANOECONOMICUS, May 2010


From Crisis to Recovery - Sustainable Growth in South East Europe

Impact of the financial crisis on South East Europe, Impact of Greece crisis on neighbor countries, Reform challenges and growth prospects
Source: South East European Studies at Oxford, 2011


Credit Rating Agencies and Moral Hazard

This paper studies the incentives of companies and rating agencies and argues that the way the current rating market is organized may provide agencies with intrinsic disincentives to accurately report credit risk of securities they rate.
Source: PANOECONOMICUS, June 2011


South Eastern Europe after the Crisis: a new dawn or back to business as usual?

This book deals with the effects of the global economic downturn on the economies of South East Europe (SEE), the positions they were in before the crisis and the policies necessary for them to emerge from the recession.
Source: London School of Economics and Political Science: LSE European Institute, April 2011


Regional Topics


The Regulation of Microcredit in Europe

This report summarizes the main findings of an expert group that examined the different types of regulatory frameworks governing microcredit activities
Source: European Commission, Expert Group Report, April 2007


Implementation completion report on a loan/credit/grant in the amount of SDR 15.8 million (US $ 20.0 million equivalent) to Bosnia and Herzegovina for a local initiatives (microfinance) project II

Building on the achievements of the first Local Initiatives Project (LIP - Credit N002-0-BOS) which helped kick-start the development of the microcredit sector in Bosnia and Herzegovina, the Second Local Initiatives (Microfinance) Project was to increase the scale, financial viability and social impact of microcredit services in Bosnia and Herzegovina
Source: The World Bank, Human Development Sector Unit, Southeast Europe Country Unit Europe and Central Asia Region, December 2005


The economic crisis and the insurance industry: the evidence from the ex-Yugoslavia region

The paper analyses the impact of the economic crisis on the insurance industries of the ex-Yugoslavia region
Source: ECONOMIC ANNALS, April − June 2010



Municipal Bonds


Municipal bonds - The first experiences and opportunities

Source: MSP IPA 2007


Municipal bonds - The factors that determine the yield of municipal bonds

Source: MSP IPA 2007


Municipal bonds - Initial Public Offering

Source: MSP IPA 2007



Government Bonds


Institutional demand for Government Securities: Constraints and Opportunities




How companies use factoring? - Case studies


Factoring in the 21st Century The economic relevance of factoring and trade finance in Europe


Global Industry Activity Report - 2012
IFG every year now publishes a "Global Industry Activity Report" which gives an overview of the activity during last calendar year in the worldwide industry of Factoring, Commercial Finance and Asset Based Lending.


Accounts receivable management and the factoring option: Evidence from a bank-based economy


Market analysis on Factoring in EU 25+2 prepared by International Factors Group (IFG) for European Investment Fund (EIF) project JEREMIE


Regulatory Framework for Factoring Egypt Financial Services Project Technical Report NO.27


Factoring in Serbia 2011 - Report from the Republic of Serbia


Turkish Factoring Industry


The Role of Factoring for Financing Small and Medium Enterprises


Value of Reverse Factoring in Multi-stage Supply Chains





Implicit Risk Weights for SME Leasing in Europe
Source: A report by Deloitte, prepared for Leaseurope


The importance of leasing for SME finance
Source: Helmut Kraemer-Eis,


Supporting Europe’s SMEs
Source: European Investment Bank fact sheet for the European leasing industry




Disclaimer: This site posts information from a wide range of sources on a wide range of topics. The views expressed in this site do not necessarily reflect the views of the United States Agency for International Development or the United States Government, of the project implementing contractor Cardno Emerging Market or its affiliated businesses, subcontractors, or partners.