ROLE OF REGULATORY FACTOR IN ECONOMIC DEVELOPMENT

The developed countries of Europe and the newly industrialized countries achieved their economic development due to the significant role of the country that with the economic policy measures removed deficiencies of the market, such as monopoly position, the changes of the exchange rate, the rigidity of the labor market and others. On the other hand, a large number of developing countries, including Serbia, accepted the so called neo-liberal concept of economic development that excludes the country from market developments. This model gave a very negative results in Serbia, where the economy has reached a state of general insolvency and high debt, with the established monopoly structures and bank-centric financial system that do not have the function in the development of the economy and improving the competitiveness of enterprises. Measures adopted by the Serbia at the end of 2012. in the field of introducing financial disciplines in respect of payment deadlines in commercial transactions, is a positive signal for the elimination of absolute asymmetry of power between participants in the Serbian market. It is good if these regulatory measures represent deflection from earlier irresponsible economic policies and represent a systematic approach to solving the accumulated economic problems