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Financial system is the most significant part of economic system and in the functioning of every market economy it has a central role, because it provides transfer of capital between real sectors of economy. Economic growth and development of each national economy depends on development of financial system, because it relates two basic macroeconomic categories: savings and investments. Certainly, the undisputed role in development of financial system, and thus the real sector, is the appearance and development of financial innovations, such as the market of financial derivatives, i.e. derivative securities that are a subject of stock exchange business. However, financial and economic crisis, which are catastrophic not only for financial system but they are transferred to real sector as well, are specific for market economy. Having in mind the nig impact of financial system, primarily of banking sector, and that global financial and economic crisis has affected world economy, Governments of many countries were forced to save banking and financial system with the aim of ensuring economic recovery and then the economic growth. Measures for preservation of financial stability are undertaken, including the injection of capital in financial organizations, recapitalization of banks and various measures against illiquidity. Analysis is aimed at the impact of financial system, primarily banking sector on real sector, measures that particular countries, including Serbia, have undertaken in order to save financial systems and efficiency of foreign banks in funding real sector in region and in Serbia.

SIGNIFICANCE OF FINANCIAL SYSTEM FOR REAL SECTOR OF MODERN COUNTRIES IN CONDITIONS OF GLOBAL ECONOMIC AND FINANCIAL CRISIS