Financial Cycles and the Real Economy
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Financial Cycles and the Real Economy

Lessons for CESEE Countries

Edited by Ewald Nowotny, Doris Ritzberger-Grünwald and Peter Backé

What is the link between the financial cycle - financial booms, followed by busts - and the real economy? What is the direction of this link and how salient is this connection? This unique book examines these fundamental questions and offers a paramount contribution to the debate surrounding the recent financial and economic crisis.
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Chapter 16: How to deal with the financial cycle: the case of Serbia

Bojana Mijailović


This chapter aims to explore the latest business and financial cycles, their relationship, and the policy response which reduces the amplitudes of the cycle. I present risks and challenges of both the boom and the bust phase, as well as the effectiveness of the policy response (countercyclical measures) applicable in those periods. Finally, I discuss the upcoming opportunities and challenges, along with the possible future steps. Although some theoretical aspects are briefly presented, the focus is on practical experience, in particular the case of Serbia.

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