PERFORMANCE OF INVESTMENT FUNDS IN THE CAPITAL MARKET OF THE REPUBLIC OF SRPSKA UNDER CONDITIONS OF GLOBALIZATION

Sberbank a.d. Banjaluka, Banjaluka, Republika Srpska, Bosna i Hercegovina
Bosnia and Herzegovina

Sport Vision d.o.o Bijeljina, Bijeljina, Republika Srpska, Bosna i Hercegovina
Bosnia and Herzegovina


Abstract

Transition process in Republic of Srpska, as a part of globalization process, created the conditions for emergence and development of financial market and new economic participants in domestic economic system, which were unknown before, including investment funds. By adopting legislations, primarily the Law on Securities in 1998. and the Law on Privatization Investment Funds and Privatization Fund Companies in 2000., the basis for establishing the capital market of the Republic of Srpska was provided. The purpose of newly founded privatization investment funds, managed by management companies, was collecting vouchers and their exchange for shares in the process of privatization of state capital. Today, there are 19 investment funds in Republic of Srpska, 17 open-ended and 2 closed-ended, that invest in shares, units, bonds, cash deposits and real estates, managed by 5 management companies, of which there are 4 in foreign ownership. Research in this paper is focused on investments made by investment funds on capital market under globalization conditions, in order to present their contribution to development of capital market of Republic of Srpska.

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