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deterioration in macroeconomic sphere observing last two decades. In a period of global financial crisis, some structured problems that occupied Serbian economy in previous period were emphasized to broader extent. Banking sector in Serbia also passed through significant structural changes in the last decade. Although there are many improvements in banking operations and their regulations, there are also unsolved problems accompanied with non-performing loans, uncertainty on global financial markets and high exposure to operational risks, which are the subject of the analysis in the first part of the paper. Besides, important feature of Serbian banking industry is its financing through foreign direct investments. Together with the rise of foreign direct investments into the country, during the first decade of this century, there was upward trend of FDIs in the financial sector. With the liberalization of investment flows and opening the country to foreign capital inflows and also with the significant reforms in the banking sector of Serbia, there was a growing inflow of foreign direct investments in the banking industry of the country. Local banking sector has become increasingly financed by investments of foreign banks. This fact and its accompanied issues regarding a predominant role of foreign-owned banks in the banking sector of Serbia are the subject of the analysis in the second part of the paper. ERBIAN economy, among the other emerging countries, experienced significant deterioration in macroeconomic sphere observing last two decades. Simultaneously, crisis in economy was transferred to crisis of whole society, involving the core standards of each civilization impersonated in respecting of ethic standards. Direspect of ethic standards and crisis of whole society has a direct consequence on losing of confidence in institutional measures and currently accepted economic policy. Abovementioned circumstances create an atmosphere of unbelief and consequently slow down the recovery of already weak Serbian economy. As economic and financial collapse could not be analyzed separately, it is imperatively needed to conduct complementary analysis in terms of their inter-condicionality and interdependency. Certainly, the reasons for Serbian crises partially lie on the ground of 2008 global financial crisis, but subscribing the blame for internally generated problems and cumulated negative effects solely to crisis is too biased approach. In a period of global financial crisis some structured problems that occupied Serbian economy in previous period were emphasized to broader extent. Inefficency in their resolution has a negativne influence on the level of competitiveness of Serbian economy. Thus, …

SERBIAN BANKING SECTOR AND ITS FINANCING THROUGH FDI