The purpose of the paper is to provide the ranking of Central

The article empirically explores bank-specific, industry-specific and macroeconomic determinants of the net interest margin (NIM) in the Serbian banking industry. The baseline regression results suggest that banks with an above-average equity-to-asset ratio tend to report higher NIMs. The chosen proxy for loan default risk also appears statistically significant, but contrary to what is suggested by theory, indicates that the relation between default risk and the NIM is inverse. Amongst industry-specific determinants, only the proxy for concentration appears significant, as expected, and carries the prefix envisaged. Despite its narrow focus, this article does not ignore other possible determinants of the bank NIM. The type of bank ownership, as well as size effects, are explored further in order to gain insights into the influence of those variables on the NIM. The approach we follow does not include proxies for such determinants, but rather involves testing differences in regression results for banks that belong to different groups (proposed by Angbazo, 1997). Where size is taken into account, results indicate that large banks are better able to insulate books against interest rate risk by managing liabilities, while the superior performance of foreign banks could be attributed to their conservative lending practices and better access to foreign finance.

Despite the fact that different types of financial crises are rooted in similar weaknesses of economy or may have common determinants, the very transmission mechanism may determine one category as leading or lagging behind others. We are focused on financial crises that necessarily have the features of systemic banking crises and assess econometric early warning system of 64 systemic banking crises that occurred in the period from 1977 to 2013. The paper employs two different procedures, based on panel logit regression. The dynamic discrete‐choice (binary) early warning model clearly outperformed the static model. The set of significant explanatory variables changed relative to the findings of the static model. The most significant predictor of the crises in the better performing model is deposit insurance system, followed by international reserves, M2‐to‐international reserves ratio, M2 multiplier, bank deposits, and bank reserves ratio. The statistical significance of the lagged variable confirmed the necessity to take the effect of crisis persistence into account.

The aim of this paper is to investigate, on the basis of comparative analysis of social capital development in Western Balkan countries, the availability of different forms of social capital and to identify segments of social

Currency substitution is widespread in less developed countries. Since it increases financial vulnerability and limits the effectiveness of monetary policy, it is often in the focus of scientists and experts. In this paper, we analyze the importance of euroization determinants in Serbia and neighboring countries -Albania, Bosnia and Herzegovina, FYR Macedonia, Romania and Croatia for the period 2003-2014. We examine the impact of domestic inflation, nominal exchange rate of the domestic currency against the euro, interest rate spread on domestic and foreign currency, foreign currency inflow in the form of foreign direct investments and exports, as well as the euroization of banks'financial resources on the degree of loan euroization. The results obtained by multiple regression panel methods confirm the statistical significance and assumed direction of the influence of all analyzed variables except inflation and current account balance.