THE ROLE OF THE CENTRAL BANK AS A PARTICIPANT IN THE FINANCIAL DERIVATIVES MARKET
DOI:
https://doi.org/10.5937/Oditor2001021BKeywords:
derivatives, OTC market, swapAbstract
The subject of the research is an analysis of the role of central banks in the financial derivatives market and the role of the National Bank of Serbia as an intermediary in order to enable efficient hedging against currency risk. The research was conducted on the basis of the method of analysis and synthesis of available data on the market of the Republic of Serbia. The research results indicate that the domestic financial derivatives market is underdeveloped. Their use has been low in the previous period. Some progress has been noticed in the development of the futures market, and a bilateral swap arrangement between the National Bank of Serbia and the National Bank of China has been concluded as one of the steps. In order to improve the secondary market, it is necessary to develop legal regulations, to grow and develop concluded derivative arrangements with other countries, as well as to educate and raise awareness of the usefulness of using derivative instruments.
Downloads
References
Anderson, R., Joeveer, K. (2014): The Economics of Collateral, The London School of Economics Study;
Baba, N., Shim, I., (2010), Policy Responses to Dislocations in the FX Swap Market: The Experience of Korea, SSRN;
Bank for International Settlements (2011): Portfolio and risk management for central banks and sovereign wealth funds, BIS Papers No 58;
Bank for International Settlements (2015): Central bank operating frameworks and collateral markets, BIS CGFS, Papers No 53;
Bergljot, B. (2010): FX Swaps: Implications for Financial and Economic Stability, International Monetary Fund, Working Paper WP/10/55;
Borio, C. (2014): Monetary Policy and Financial Stability: What Role in Prevention and Recovery, BIS, Working Papers No 440;
Bryan, D., Rafferty, M., (2006), Financial derivates and the theory of money, Economi and society;
Decision on the terms and manner of conducting swap purchases and swaps of foreign exchange between the National Bank of Serbia and banks, (downloaded: http://www.pravno-informacionisistem.rs/SlGlasnikPortal/eli/rep/sgrs/narodnabanka/odluka/2011/10/2/reg, date of access: 02.09.2019.);
Djordjević, N. (2012): Interest Rate Swap, Institute of Law and Finance, Belgrade;
Djukić Đ., Bjelica V., Ristic Ž. (2003), Banking, Faculty of Economics, Belgrade;
Domazet. I, Hanić, H., Simeunović, I. (2013): Market Research – A Factor for Successful Strategic Marketing for Financial Organizations, Marketing, Vo44, Issue 4,pp. 310-320;
Erić D. (2003), Financial Markets and Instruments, Second Amended Edition, Belgrade;
Fender, I. (2015): Corporate Hedging: The impact of financial derivatives on the broad credit channel of monetary policy, BIS Working Paper, No. 94, November;
Finan, M. (2013): Theory of Interest and Derivatives Market, Arkansas Tech University;
Googhart, C., (1988), The Evolution of Central Banks, MIT Press Books, The MIT Press, edition 1, volume 1, number 0262570734, March;
Hanić, A. (2015): Structural Change in Serbia - Results and Perspectives to date, Chapter 7: Prospects and Development of Financial Derivatives in Serbia, Thematic Collection;
Hull, J. (2010): OTC Derivatives and Central Clearing: Can All Transactions Be Cleared, Financial Stability Review;
Jovanić, T ., Legal nature of netting agreements and preconditions for its enforceability;
Krunić N., Matić I., Đukić D., (2019): Zakon vrednosti kao osnova održivog razvoja, Održivi razvoj, vol. 1, br. 2, str. 17-26
Mák, I., Páles, J., (2009), The role of the FX swap market in the Hungarian financial system, IDEAS;
Martin, V., (2018): Overview of the foreign exchange market in Serbia, Banking, 2018, vol. 47;
Mihaljek D., Packer F. (2016): Derivatives in emerging markets, BIS Quarterly Review, December, pp. 43-58;
Mitić, M., (2011), Računovodstvo finansijskih derivata, UBS ASB, Beograd;
Moeesner, R., Allen, W., (2013), Central bank swap line effectiveness during the euro area sovereign debt crisis, Science Direct;
Moreno, R., Mihaljek, D., Villar, A., (2011), The Global Crisis and Financial Intermediation in Emerging Market Economies, SSRN;
National Bank of Serbia, downloaded: http://www.narodnabanka.rs/internet/latinica/33/33_3/publikacije/konferencija_20180403_prezentacija_instrumenti_zastite.pdf, date of access: 02.09.2019;
National Bank of Serbia, downloaded: http://www.nbs.rs/internet/latinica/scripts/showContent.html?id=9805&konverzija=no, date of access: 01.09.2019.;
National Bank of Serbia, downloaded: https://www.nbs.rs/internet/latinica/20/mon/svop_kupoprodaja_deviza_p_20120319.pdf, date of access: 02.09.2019.;
National Bank of Serbia, taken over from: http://demo.paragraf.rs/demo/combined/Old/t/t2012_03/t03_0199.htm, date of access: 01.09.2019.;
National Bank of Serbia, taken over from: https://www.nbs.rs/internet/latinica/33/33_3/publikacije/brosura_finansijski_derivati.pdf, date of access: 01.09.2019
Obradović, B., Aureo, B., Miljković, M., (2018), VaR analysis to identify financial risks, Oditor, Journal of Management, Law and Finance;
Pjanić, M., (2015): Strategy for managing the portfolio of institutional investors in the financial market of selected emerging countries, doctoral dissertation, Faculty of Economics in Subotica;
Rudić, S. (2016): The role of derivatives in currency risk management in the financial market of Serbia, Belgrade;
Šabović Š., (2015): Contemporary Bank Credit, Faculty of Economics in Pristina, Kosovska Mitrovica;
Šmigić-Miladinović, J. (2016): Importance and role of the Central Bank in creating sound monetary and investment policies;
Vemić, M., (2008), Nauka o finansijskom menadžmentu, Novi Sad;
West banks, downloaded: https://www.zapadbanka.me/mne/index.php/corporate-clients/fxoperacije, date of access: 01.08.2019;
Zlatar, J., (2015): Currency risk hedging instruments on the Croatian foreign exchange market, Specialist thesis, Split.
Downloads
Published
Issue
Section
How to Cite
