Abstract
In market-oriented financial systems numerous financial institutions intermediate in the process of indirect financing or provide services in the process of direct financing. Their structure and functions are conditioned by institutional specificities and the level of the concerned financial system's development. The development of a financial system in transition economies, in line with the needs of market economy, requires, among other things, the formation of previously non-existent financial institutions - non-deposit financial intermediaries and stock exchange market. The stock exchange market, as an integral part of the financial system, depending on the level of economic and overall social development, more or less successfully channels financial funds towards various groups of economic entities. Given that the achieved balance among the diverse financial flows and diversified financial instruments indicates the level of capital market development, each national economy unquestionably needs to adjust its own development according to the stock exchange market requirements. Bearing in mind all of the above, this paper will indicate the position of the Belgrade Stock Exchange in relation to the countries in the region, in the period marked by the global recession. With a view to reviewing the achieved level of capital market development in Serbia, the paper analyzes Belgrade Stock Exchange, Zagreb Stock Exchange and Warsaw Stock Exchange.
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