2017, vol. 14, br. 2, str. 1-22
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Nastanak i rast srpskog bankarstva do Prvog svetskog rata - treći deo - srpski bankarski sistem - operacije i odnosi privatnih banaka i Narodne banke (1878-1914)
The rise and growth of Serbian banking until World War I: Part three: Serbian banking system - operations and relations of the private banks and the National Bank (1878-1914)
Keywords: banks; National Bank; national banking system; discount rates; lender of the last resort
Sažetak
Razvoj srpskog bankarstva tokom 19. veka je bio postepen process koji se odvijao u dve faze sa prekretnicom 1878. godine, kada je međunarodnim ugovorom Srbiji priznat status nezavisne države na Berlinskom kongresu. U drugoj fazi, posle 1878. godine, odlučan program ekonomskog razvoja i modernizacije doveo je do velikog porasta banaka i stvaranja nacionalnog bankarskog sistema koji se sastojao od Privilegovane banke Kraljevine Srbije (Narodna banka) kao emisione banke, privatnih banaka, državnih banaka i seljačkih zadruga. Većina privatnih banaka su bila mala akcionarska društva bez filijala, univerzalnog tipa, koje su razvile osnovne bankarske aktivnosti (diskontovanje, štedne depozite, pasivne i aktivne tekuće račune, lombardne kredite, bezgotovinska plaćanja, trgovinu efektima) kao i nebankarske poslove (osnivanje industrijskih preduzeća,vođenje domaće i spoljne trgovine). Odnosi između banaka i Narodne banke su se pojačavali do 1908. godine na dobrovoljnoj bazi, prevashodno kreditnim operacijama, pravilima i merama Narodne banke. Međutim, od 1908. godine, te odnose je regulisao novi Zakon o Narodnoj Banci (1908) preko instrumenta limitiranja kamatnih stopa (Član 6e) koji je postao obavezan za obe strane. Nažalost, sprovođenje ovog novog instrumenta je dovelo do slabljenja odnosa između banaka i Narodne Banke, što je onemogućilo Narodnu Banku da nastavi sa jačanjem svoje uloge kao centralne banke. Srpska Narodna banka je uspešno sprovela dva snovna cilja centralne banke - monetarnu stabilnost i potpomaganje razvoja nacionalne trgovine i proizvodnje, posebno industrije. Međutim, u postizanju stabilnosti bankarskog sistema bila je ograničena, zato što nije mogla u potpunosti da obavlja funkciju kreditora u poslednjoj instanci. Ograničenost u ovoj funkciji nije bila posledica nesklonosti ili nesposobnosti Narodne banke, već njene dve zakonske obaveze - održavanja zakonskog pokrića i poštovanja limita emisije srebrnih novćanica, tj.kredita u srebru. Stoga su dve sistemske bankarske krize koje su se desile 1908 i 1912. godine, uspešno prevaziđene zajedničkim delovanjem Narodne Banke i srpske države.
Abstract
The development of Serbian banking during the 19th century was a gradual process that underwent two distinctive stages with the turning point in 1878 when Serbia became an independent state by the international agreement concluded at the Berlin Congress. During the second stage, after 1878, a decisive programme of economic development and modernization resulted in the mushrooming growth of banks and creation of the national banking system that consisted of the Privileged National Bank of the Kingdom of Serbia (National Bank) as a bank of note issue, private banks, state banks and farm cooperative societies. The majority of private banks were small joint-stock unit and universal banks which developed basic banking (discounting, savings deposits, passive and active current accounts, cashless payments, Lombard credits, trade in securities) and non-banking activities (establishment of industrial firms and conducting domestic and foreign trade). Relations between banks and the National Bank had been intensified until 1908 on voluntary basis, primarily by the National Bank's everyday credit operations, undertaken rules and measures. From 1908, however, these relations were regulated by the new Act on the National Bank (1908) through the instrument of interest rate ceiling (Article 6e) and thus became obligatory for both parties. Unfortunately, implementation of this new instrument led to deteriorating of relations between the banks and the National Bank, thus preventing the National Bank to continue with strengthening its role as a central bank. The Serbian National Bank succeeded in achieving two main aims of a central bank - monetary stability and helping in development of national trade and production, particularly industry. However, it was limited in achieving stability of the banking system because it could not fully perform its lender of the last resort function. This function was constrained, not by unwillingness or incapability of the National bank, but by its two legal obligations - to maintain legal cover and to respect limited issue of the silver notes, i.e. credits in silver. Thus, two systemic banking crises that took place in 1908 and 1912 were successfully managed by the concerted actions of the National Bank and the Serbian state.
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