МЕСТО И ПЕРСПЕКТИВА БЕОГРАДСКЕ БЕРЗЕ У ЈУГОСЛОВЕНСКОМ ФИНАНСИЈСКОМ СИСТЕМУ
THE POSITION AND PROSPECTS OF THE BELGRADE STOCK EXCHANGE IN THE YUGOSLAV FINANCIAL SYSTEM

Summary/Abstract: The spheres of financial market, capital market and stock- exchange transactions has been more and more occupying the Yugoslav professional public. The foundations for the development of stock-exchange transactions in our country were laid by the economic and fiscal reform that started at the end of 1988 and by the enactment of the Law on Money Market and Capital Market in 1989. Unfortunately, all the necessary preconditions have not yet been provided for the efficient operation of the Belgrade stock exchange.The current position and development of the Belgrade stock exchange are globally discussed in this paper, with a particular attention given to the changes that might stimulate stock-exchange business. The modest results existing in the stock-exchange operations may be explained by the state of a deep economic crisis aggravated even more by the latest political events, as well as by the international status of Yugoslavia.The capital market development is imposed as an indispensable condition for the recovery of unstable Yugoslav economy. The future economic development is conditioned by the readiness to introduce other elements of market economy activities. The long stocks-and- bonds market, which makes the basis of stock-exchange transactions, is not yet sufficiently developed in our country. Mainly short-dated financial instruments are in demand at our stock exchange. Due to the deficiencies expressed during the stock exchange operations so far, we suggest some basic directions of changes aimed at their overcoming, which are related to the creation of economic stability and introduction of new institutions for the emission and circulation of stocks and bonds. Although the Belgrade stock-exchange transactions are really modest, the encouraging fact is that a way out of numerous economic problems has lately been sought by relying on the capital market.

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