Perspektive i mogući pravci razvoja finansijskog tržišta s osvrtom na Jugoslaviju
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The transformation of national segmented financial markets into integrated parts of the global financial markets involves complex cross-border and cross-sectoral integration in which capital movements and financial services are key determinants. The corporate sector plays a major role in this process. The national financial market is a part of the national financial system. The basic function of the financial system is to transfer loanable funds from lenders (savins-surplus units) to borrowers (savings deficit units). In a situation where there are “well-functioning” financial markets, both lenders and borrowers in the markets made better off as a result of the existence of the markets, because lenders can indirectly invest in productive opportunities and get a return on their investment, and borrowers can undertake the investment. The flow of funds can be direct finance, as opposed to indirect finance whereby lenders channel their funds to ultimate borrowers via financial intermediari...es. In this second case, savers may make deposit in saving of commercial banks, or they may buy secondary financial instruments issued by financial institutions.