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Abstract
This paper presents the analysis of occurrence of financial crises in the
United States, its spread to the real sector and other countries, as a result of the
interconnection of economies in the globalization process. "American dream" that
every family has owned the house, which is supported by the favorable state
mortgage loans, has led to a rapid jump in prices and higher profits in real estate
business. Inclusion of subprimary mortgage market, which approved mortgage
loans to low credit customers, increased the number of those who can not settle
mortgage obligations in time. On the one hand, by activating the mortgage, in a
short time there was found a large number of properties on offer, and on the other
hand, due to reduced credit potential of banks due to delays in payments, property
prices are falling dramatically. Due to higher mortgage than the market value of
property, the banks got into insolvency, which is a mass phenomenon turned into a
financial crisis.
The financial crisis in the U.S., which grew into a crisis of the real sector,
time-delayed half a year, transferred to the Serbian economy. The global financial
crisis has just further encouraged and enabled to quickly emerge to the surface of
the structural abnormalities, occured well before and during the process of
transition in Serbian economy.