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2013, vol. 10, br. 2, str. 117-134
Analiza likvidnosti finansijskog tržišta Srbije i Hrvatske
Institut ekonomskih nauka, Beograd

e-adresajelena.minovic@gmail.com
Projekat:
Evropske integracije i društveno-ekonomske promene privrede Srbije na putu ka EU (MPNTR - 47009)
Izazovi i perspektive strukturnih promena u Srbiji: strateški pravci ekonomskog razvoja i usklađivanja sa zahtevima EU (MPNTR - 179015)

Ključne reči: finansijsko tržište; tržišna likvidnost; mera procenta nultih prinosa (ZR); Republika Srbija; Republika Hrvatska
Sažetak
Ovaj rad analizira likvidnost finansijskog tržišta Srbije i Hrvatske. Nizak nivo likvidnosti je jedan od ključnih problema s kojima se suočavaju ova mala tržišta. Za analizu likvidnosti izabrana je mera procenta nultih prinosa koju su uveli Lesmond, Ogden i Trzcinka (1999). Za izračunavanje ove mere korišćeni su podaci za cene svih akcija koje su bile listirane na Beogradskoj i Zagrebačkoj berzi u periodu 2005-2009. Rezultati su pokazali da je nivo likvidnosti srpskog i hrvatskog tržišta veoma nizak, čak je srpsko tržište i nelikvidnije od hrvatskog. Za oba tržišta najmanje nelikvidna godina bila je 2007. (pretkrizna godina), dok je najnelikvidnija godina za Srbiju bila 2008, a za Hrvatsku 2009. Pokazano je da je nelikvidnost stalna (perzistentna) na ovim malim tržištima. Za integraciju srpskog finansijskog tržišta u finansijski sistem EU, potrebno je napraviti strukturne promene. Ovo tržište bi trebalo da prođe od faze graničnog, preko novonastalog, da bi postalo razvijeno tržište. Stoga je jedan od ključnih zahteva da bi se ovo desilo poboljšanje nivoa tržišne likvidnosti.
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jezik rada: srpski
vrsta rada: izvorni naučni članak
objavljen u SCIndeksu: 02.09.2013.

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