Vol.2, No 1, 2003 pp. 23 -36
UDC 336.7(497.1) + 336.67

---

THE YUGOSLAV FINANCIAL DISASTER IN THE 1990'S:
Was it Pointed Out by the Financial Yield Dynamics
Srdjan Marinković
Faculty of Economics, University of Niš, 18000 Niš, Serbia and Montenegro

---

The paper provides sufficient details on the development of the Yugoslav financial situation in the 1990s and analyses the reasons and consequences of the financial crisis experienced by Yugoslav society. This study reveals that numerous interest rate indicators are proved as extremely informative in explaining concrete financial crisis phenomena. The analysis was conducted referring to most recent contributions on financial theory, i.e. asymmetric information paradigm, so it could be considered as a special way to implement the theory.
Key words:  banking crises, interest rate dynamics, yield curve, and default risk premium, asymmetric information.

---

JUGOSLOVENSKA FINANSIJSKA KATASTROFA 90-IH:
Da li je dinamika kamatnih stopa ukazivala na ishod U radu se detaljno obrađuju obeležja jugoslovenskog finansijskog sistema u 1990-im i analiziraju uzroci i posledice finansijske krize kroz koju je prošlo jugoslovensko društvo. Istraživanje otkriva da se jedan broj kamatnih indikatora potvrdio kao izuzetno informativan kod objašnjenja konkretne finansijske krize. Analiza je obavljena uz osvrt na najnovija teorijska dostignuća u finansijskoj teoriji, tj. paradigmu asimetričnih informacija, tako da se može smatrati jednim od pravaca za implementaciju te paradigme.
Ključne reči:  bankarska kriza, dinamika kamatnih stopa, kriva prinosa, premija kreditnog rizika, asimetrija informacija.