16-28

• Bejatović, Milorad
• Dukić-Mijatović, Marijana
• Spalević, Žaklina

In this paper the authors analyze comparative review of the impact of central banks on dynamics of fluctuations in the financial markets and point out the significance of the heretofore accomplished harmonization of the domestic banking legislation with the current world standards set up in the field of banking, pointing out that we, by rendering a modern law, such as the Law on Banks, created prerequisites not only for the development of the banking system but for the development of mortgage and financial markets which are characteristic for the countries in transition at the very beginning of development. The qualities of the Law on banks are both the direct implementations of the world corporative solutions and harmonization with the regulations of the European Union ( Directive 2000/12/EC) and principles and definitions established by the Basel Committee for banking supervision (Basel I, Basel II). Authors concluded that it is necessary to continue with the harmonization of the domestic banking legislation and the development of the domestic mortgage and financial market, especially instructed by the experiences of the countries which have developed economies, taking into consideration the fact that current global recession is actually a circumstance of the shortcomings in the organization of the corporative management in the banks, firstly investment ones, crisis of the developed mortgage and financial markets, but also a liberal politics of the central banks. Conclusions have been verified with results of empirical research of various scientists in the field of economy.

• Economics and Business
• Law

• Financial management
• Legislation

financial markets, central banks, financial systems, credit capacity of banks, corporate management, regulatory framework, mortgage market

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