Uloga centralne banke na finansijskom trzistu.doc

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    PANEVROPSKI UNIVERZITET APEIRON

    FAKULTET POSLOVNE EKO NO MIJE

    JANKOVI DUBRAVKA

    ULOGA CENTRALNE BANKE NA FINANSIJSKOM TR ITU

    SPECIJALISTIKI RAD

    BANJA LUKA,OKTOBAR 2009.

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    PANEVROPSKI UNIVERZITET APEIRON

    FAKULTET POSLOVNE EKO NO MIJE

    BANJA LUKA

    ULOGA CENTRALNE BANKE NA FINANSIJSKOM TR ITU

    SPECIJALISTIKI RAD

    S!"#$%

    J&$' ()*+ D!-&)' &B-.*$"#'&%/01VUMS

    M#$(-%

    D(3."- B(4"&$& V!5$()*+G6*4(-*+

    B&$5& L!' &,('(&- 2009.

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    S A D R A J

    UVOD............................................................................................................................................../

    7.CENTRALNA BANKA..............................................................................................................8 7.7.P(5& * :!$'3*5# 3#$-&6$# &$'#....................................................................................8 7.2.I(-*5& $&&$'& 3#$-&6$*; &$'*..................................................................................< 7./.O-4&$*=&3*($& -!'!-&..................................................................................................> 7.8.S*# * :!$'3*($*&$5# $#'*; &$'&-'*; *#&.........................................................1 7.?.V6&$*@'& -!'!-& * $#=&)*$( CB...77

    2.ULOGA CENTRALNE B ANKE NA FIN ANS IJS KOM TRI TU....................................78 2.7.T-*&,*$-!#$* * *$*!3*5#.....................................................................................78 2.2.CB '&( !@#$*' $& :*$&$*5'( -*!.......................................................................7> 2./.C#$-&6$& &$'& * -#4!6&3*5& :*$&$*5'( 4 *#&........................................................20 2.8.U)-*)&$5# * -()(#$5# ($#&-$# (6**'#.............................................................27 2.8.7.C#$-&6$& &$'& ! :!$'3*5* '($-(6# $()3& ! (*3&5!....................................27 2.8.2.I$-!#$* ($#&-$( '-#"*$# (6**'#........................................................22 2.?.CB '&( $(*6&3 :!$' 3*5# $&" 46#"&$5& 6&$*; *#&................................................../7 2. 8.7.T#;$*@'& &-&"$5& * *$-!#$* -# -*5#$# ("-'#.................................................8> 8.2.I=)5#&5 & ## #*5# &-6$& =& E)-( !...?0

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    UVOD

    S)&'& =#65&, ! #$5* "& ()&-* ( -* #'($('* -&, !$! =& (6#$(, (65* &$"&-")(5*; 4-&&$&, ( (65! &'-(#'($('! &*6$( (-& "& -()("* &"#')&$! #'($('! (6**'!.P-&)*6$& #'($('& (6**'& "()("* "( *!$5&)&$5& &'-( * *'-( #'($('*; 3*65#)&.

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    7.CENTRALNA BANKA

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    R#4! 6*&$5# * ! #-)*=*5& -&"& &$&' & ("-&=!5#)& (#=5#*)&$5# !6()& "& (6()$#&$'# * "-!4# :*$&$*5'# *$*!3*5# )("# )(5# (6()&$5# $ & ="-&)(5 * -&=!$(5 ($()*.O)&:!$'3*5& *& ! 6( 4! * ! (!="&)&$5! &$&'& '6($*; &4-#*)$( 5 '-#"*$(5 (6**3*.

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    J#"$& (" $&5)&$*5*; #$"#$3*5& ! -&"! 3#$-&6$*; &$ &'& 5# )#=&$& =& $5*;()( -*;)&&$5# #!$&-("$*; &$"&-"& '($-(6#.P(#$& *&$5& ! )#=&$& =& ()#+&$5# =$&@&5&&"#')&$(* '& *&6&)**$# * -!'!-# '& *&6&.J!$& 7911.4("*$# ! B &=#6! ! !)(5#$* ("-##$*

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    71?0.N&-("$& B&$'& B #64*5#'(5& 5# -#"&)65&6& !=(- ( '(# 5# :(-*-&$& N&-("$& B&$'&S-*5#.71>?.R&5&$'$5#&@' & 3#$-&6$& &$'& '( 5& 5# 79?>.4("*$# -(5#$*6& *# ! B!$"#&$'.

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    7.8. S*# * :!$'3*($*&$5# $#'*; &$'&-'*; *#&

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