POKRIVENE OBVEZNICE: NOVA ŠANSA ZA OPORAVAK TRŽIŠTA KAPITALA U SRBIJI

At the beginning of the XXI century, Serbia entered into transition process toward open market economy. One of the segments which should be developed in accordance with market economy principles was financial markets, more precisely capital market. Recovery of the Belgrade Stock Exchange and increasing trend in the first half of the XXI century gave optimism in prospective development of the Serbian capital market. Unfortunately, Serbian capital market did not make expected progress. In this paper, the situation on the Belgrade Stock Exchange is analyzed, trading with equity and debt instruments, emphasizing deficiencies which caused insufficient level of development of the Serbian capital market. As many opportunities for growth have been missed and capital markets are at the stagnant level for years, there are new, sophisticated products which could give an impulse to further development of financial markets. An example of such products is covered bonds, type of debt instruments with widespread use in the European Union. In this paper the main characteristics of those products are elaborated with experiences in other countries that could be very useful for Serbia.Početkom XXI veka Srbija je otpočela proces tranzicije ka otvorenoj tržišnoj ekonomiji. Jedan od segmenata koji je trebalo razviti u skladu sa principima tržišne ekonomije jesu finansijska tržišta, tačnije tržište kapitala. Oporavak Beogradske berze i rastući trend u prvoj polovini XXI veka su dali optimizam po pitanju budućeg razvoja srpskog tržišta kapitala. Nažalost, tržište kapitala u Srbiji nije napravilo očekivani napredak. U radu je sprovedena analiza stanja na Beogradskoj berzi, trgovanja vlasničkim i dužničkim instrumentima, uz identifikovanje nedostataka koji su doveli do nedovoljnog nivoa razvijenosti srpskog tržišta kapitala. Kako su mnoge šanse za rast propuštene i tržište kapitala stagnira nekoliko godina unazad, u radu je istaknuto da postoje novi, sofisticirani proizvodi koji mogu dati impuls daljem razvoj finansijskih tržišta. Primer takvih proizvoda su pokrivene obveznice, vrsta dužničkih instrumenata koji se široko primenjuju u Evropskoj Uniji. U radu se iznose osnovne karakteristike ovog proizvoda zajedno sa iskustvima drugih zemalja koja mogu biti vrlo korisna za Srbiju