miljan milenković - pregled finansijskih sistema

8/19/2019 Miljan Milenković - Pregled Finansijskih Sistema

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VISOKA POSLOVNA ŠKOLA STRUKOVNIH STUDIJA LESKOVAC

OSNOVNE STRUKOVNE STUDIJE

SEMINARSKI RAD

Predmet: FINANSIJSKA TRŽIŠTA

TEMA: PREGLED FINANSIJSKIH SISTEMA

Mentor: Stdent:

Pro!" dr Predr#$ R#do%#no%&' M&()#n M&(en*o%&'

+ro) &nde*,#: -../.

Smer: F&n#n,&)e & 0#n*#r,t%o

Le,*o%#12 .3-4"


2/15

Sadržaj

U%od """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""5

Pre$(ed !&n#n,&),*&6 ,&,tem# """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""7

-" F&n#n,&),*& ,&,tem """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""7

-"-" U(o$# !&n#n,&),*o$ ,&,tem# """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""/

." Po)#m & !n*1&)e !&n#n,&),*&6 tr8&9t# """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4

."-" Vr,te !&n#n,&),*&6 tr8&9t# """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""5" F&n#n,&),*& &n,trment& """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""--

7" F&n#n,&),*e &n,t&t1&)e """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""-5

;#*()


3/15

Uvod

A*o =o>emo od to$# d# )e =otro9n)# ,%r6# ?# =ro&?%odn) t#d# n8no do(#?&mo do =&t#n)#

no%1# & r#?mene" +e? =o,to)#n)# no%1# r#?men# 0& 0&(# ote8#n# & ,=oren# 9to ,%e,=or#%# =ro&?%odn) & ,m#n))e =otro9n) =# ,e t#*o *#8e d# )e no%#1 @()e ?#

me6#n&?#m r#?mene & ?# =ro&?%odn) o=9te"

No%#1 )e deo !&n#n,&),*o$ ,&,tem# odno,no =r&=#d# monet#rnom ,&,tem o*%&r

!&n#n,&),*o$ ,&,tem#2 ,to$# ,e mo8e re'& d# ,e !&n#n,&),*& ,&,tem n#(#?& ,red&9t

me>,o0n&6 odno,# e*onom,*&6 ,e*tor#2 $de o(#*9#%# ,#m =ro1e, r#?mene2 & n# t#)

n#


4/15

Pregled finansijskih sistea

!" #inansijski siste

U o*%&r =r&%redno$ ,&,tem# )ed#n od n#)%#8n&)&6 =od,&,tem# )e !&n#n,&),*& ,&,tem"

F&n#n,&),*& ,&,tem )e2 *#o deo =r&%redno$ ,&,tem#2 & ,#m ,#,t#%()en od %&9e e(emen#t# *o)&

omo$') ne,met#n to* !&n#n,&),*&6 ,red,t#%# )edno) dr9t%eno e*onom,*o)

?#)edn&1&" F&n#n,&),*& ,&,tem )e )ed#n od ,&,tem# *o)&


5/15

)edne ,tr#ne2 # ,# dr$e ,tr#ne ,#m& &m#o1& ,(o0odn&6 ,red,t#%# &m#) %e' ,&$rno,t &

o0e?0e>en)e ,%o)&6 ,red,t#%#"

F&n#n,&),*& ,&,tem n&)e ,t#t&


6/15

Pr%o2 e!&*#,#n !&n#n,&),*& ,&,tem mor# d# &m# ne*o(&*o n&%o# *re#tor# =o(&t&*e2 t)"

?#*onod#%,t%o *o)e dono,& ?#*one & od(*e *o)e ,e t&e mor# &m#t& r#?%&)en# !&n#n,&),*# tr8&9t# *o)#

omo$'#%#) tr#n,!er !&n#n,&),*&6 ,red,t#%# &?me> =o)ed&n1#2 &n,t&t1&)#2 =red?e'#2

%(#d# & &no,tr#n,t%#"

$" Poja i f%nk&ije finansijskih trži'ta

Tr8&9te eno %reme & n# odre>enom me,t" Pond# )e *o(&ene ro0e *o)# ,e

odre>eno %reme2 n# odre>enom me,t & =o odre>eno) 1en& nd& *=1&m#" Tr#8n)# )e

odre>en# *o(&en# %r,t# ro0e"

F&n#n,&),*# tr8&9t# =red,t#%()#) me,t# n# *o)&m# ,e tr$)e !&n#n,&),*&m &n,trment&m#"

T#*o>e2 on# ,e mo$ de!&n&,#t& & *#o or$#n&?o%#n# me,t# n# *o)&m# ,e ,,re' =ond# &

tr#8n)# ?# r#?(&


7/15

n#1&on#(ne =r&%rede )ednom %remen,*om =er&od )edn#* )e *=nom o0&m &n%e,t&1&)#2

9to ,e n#?&%# 9tedno &n%e,t&1&on& 1&*(,"

N# !&n#n,&),*om tr8&9t ,e *re&r#) & tr#n,!orm&9 !&n#n,&),*# =otr#8&%#n)# Bo0#%e?e &

&?r#8#%#) & re#(&?) =ond# & tr#8n)# ?# !&n#n,&),*&m &n,trment&m#" S0)e*t& *o)& &m#)

%&9#* no%1# ,t#%()#) $#2 =tem *red&t# &(& %(#,n&


8/15

$"!" (rste finansijskih trži'ta

G(#%n# =ode(# !&n#n,&),*&6 tr8&9t# )e on# *o)# &6 ,%r,t#%# d%e o,no%ne *#te$or&)e: #

tr8&9te no%1# B*r#t*oro)e (&*%&dno,t & ,o(%entno,t =r&%redn&m

,0)e*t&m#" Tr8&9te *#=&t#(# )e ,e$ment !&n#n,&),*&6 tr8&9t# n# *ome ,e tr$)e !&n#n,&),*om

#*t&%om


9/15

%redno,t& n#?&%#) ,e &?%edene ?#to 9to n)&6o%# %redno,t ?#%&,& od %redno,t& ne*e dr$e

#*t&%e *o)# ,e n#(#?& n)&6o%o) o,no%&"

Po(#?e'& od %remen# =(#'#n)# & &,=or*e !&n#n,&),*e #*t&%e r#?(&*) ,e: # =rom=tn# & 0

term&n,*# tr8&9t#" K#r#*ter&,t&*# =rom=tn&6 B$oto%&n,*&6 tr8&9t# )e d# ,e =o,(o%& &

tr#n,#*1&)e *o)e ,e n# n)&m# ?#*()


10/15

=r&n1&=&m# #*1&)e2 odno,no *=#1 =o,t#)e on#) ,0)e*#t *o)& =ond& n#)%&9 1en"

Po,redn&


11/15

)" #inansijski instr%enti

F&n#n,&),*& &,trment& =red,t#%()#) =redmet tr$o%#n)# n# !&n#n,&),*&m tr8&9t&m#" N)&6o%#

r#?%&)eno,t & d&%er?&!&*o%#no,t , n#)0o()& &nd&*#tor& & =o*#?#te()& ,te=en# r#?%&)eno,t&

=o)ed&n&6 !&n#n,&),*&6 tr8&9t#" K#d# ,e $o%or& o !&n#n,&),*&m &n,trment&m#


12/15

U ?#%&,no,t& od =r&no,# *o)& dono,e !&n#n,&),*& &n,trment& ,e de(e n#:

• F&n#n,&),*& &n,trmet& 0e? =r&no,#2

• F&n#n,&),*& &n,trment& ,# !&*,n&m =r&no,om2

• F&n#n,&),*& &n,trment& ,# =romen)&%&m =r&no,om"

Prem# ro* do,=e'# r#?(&*) ,e ,(ede'& !&n#n,&),*& &n,trment&:

• Kr#t*oroen# =r#%#" Kod n#, )e =r&6%#'en *on1e=t *#*#% =o,to)&

%e'&n& ?em#()# tr#n?&1&)& $de ,e 6#rt&)e od %redno,t& &?d#) dem#ter&)#(&?o%#nom

-.


13/15

o0(&*2 # e%&den1&) o &?d#%#o1&m# Bem&tent&m# & %(#,n&1&m# %od& ,=e1&)#(&?o%#n#

&n,t&t1&)# Centr#(n& re$&,t#r"

*" #inansijske instit%&ije

F&n#n,&),*e &n,t&t1&)e , ,!&1&tn&6 & de!&1&tn&6 e*onom,*&6 )ed&n&1#"

S%& tr#n,#*tor& t)" &n%e,t&tor& 6#rt&)e od %redno,t& n# !&n#n,&),*om tr8&9t2 *=)'& &

=rod#)'& !&n#n,&),*e &n,trmente2 =ro%ode ,%e,no &(& ne,%e,no2 e!&*#,no &(& nee!&*#,no2

rd&ment#rno &(& ,o!&,t&1&r#no2 =r#%()#n)e &n%e,t&1&)#m# 6#rt&)e od %redno,t&" ;#%&,no od

=o,(o%# *o)&m# ,e 0#%e2 ,%& ,e !&n#n,&),*& tr#n,#*tor& mo$ =ode(&t& n# ne!&n#n,&),*e &

!&n#n,&),*e =o,(o%ne ,0)e*te"

Ne!&n#n,&),*# =red?e'# ,e 0#%e =ro&?%odn)om r#?(&


14/15

1entr#(&?#1&) *#=&t#(#2 =r&*=()#n)e & =(#,m#n ,red,t#%#" O,no%n# n#


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-iterat%ra

Jedn#*2 J"2 F&n#n,&),*# tr8&9t#2 +PŠ2 +eo$r#d2 .33"

K(&'2 M"2 F&n#n,&),*# tr8&9t#2 Me$#trend n&%er?&tet2 +eo$r#d2 .33"

S#%&'2 J"2 Ke%e$&'2 G"2 F&n#n,&),*# tr8&9t# & 0er?#n,*& men#d8ment2 VPŠ2 #

miljan milenković - pregled finansijskih sistema

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