Foreign financial capital as the catalyst of Serbian economic development before the Second World War

The paper offers a general overview of the situation and examines the actual impact of foreign capital on the economy of the Kingdom of Yugoslavia in general, and the Serbian economy in particular, during the entire interwar period. Special attention is paid to the methods in which banks in majority foreign ownership invested their capital in various industrial sectors. The paper also analyses the role of the Kingdom of Yugoslavia’s National Bank during the Great Banking Crisis of the 1930s