When firms borrow in foreign currency and are not perfectly hedged, exchange rate changes
can affect their ability to repay the debt. US loan-level data show that a 10 percent …

In literature there are different research results regarding the impact of borrower's size on
cyclicality of credit risk. The aim of this research is to determine whether the credit risk …

Macroeconomic shocks affect loan defaults in the credit markets. The South African rand has
been volatile with low economic growth and high unemployment. The objective of this paper …

Periods of high uncertainty bring liquidity concerns to the forefront for sovereign bond
investors. Arguably the most liquid and cost-effective way for retail and small institutional …

In the past decade Russia has experienced a period of sustained economic growth. Russia's
economy is largely based on natural resources, most notably oil and gas. Exhibit 10.1 shows …

The financial system of Serbia is highly bank-centric and euroised, which is a common
specific feature of financial systems in develo** countries. High level of euroisation …

This chapter describes the development of the housing market in Serbia in the past 10
years, including the recent period of global financial and housing crisis. Serbia has a unique …

Srbija već godinama živi u de facto dvovalutnom sistemu. Dinari se koriste za većinu
transakcija manjeg obima ali i kao formalno sredstvo plaćanja za transakcije obračunate u …

Avramović accepted a position of a governor of Central bank of Yugoslavia (at that time,
consisted of Republic of Serbia and Republic of Montenegro) in 1994. He has successfully …

Serbia is in a process of a fundamental shift in its economic structure. Prior growth model
has ended with the global financial crisis of 2007/2008 which has revealed an …