282:. Communal politics played a large role in the policy reaction. By the end of 1930, none of Yugoslavia's twelve largest banks, which in aggregate represented half of the system's total assets, was headquartered in Serbia (or Montenegro): eight were in Zagreb, effectively the country's financial center despite the presence of large state-owned credit institutions in Belgrade, three in Ljubljana, and one in Sarajevo. Faced with major turmoil, the National Bank neglected any concern about the survival of these "non-Serbian" banks and announced on 8 August 1931 that it would not grant any new funding to any bank, focusing instead on defending the currency. This led all domestic banks, which were weakened by illiquid investments in industrial companies and from April 1932 by a government-imposed moratorium on agricultural debt repayment, to a state of
264:. The exchange of krones against dinars was complex and protracted. It a first phase starting 1 February 1920 and ending on 3 June 1920, the stamped Austrian-Hungarian krone notes were exchanged for new notes denominated in both dinars and crowns, with a new ratio of four crowns for one dinar, which allowed the rebranded crown to keep legal tender status. Then in 1921 the double-named currency concept was abandoned and another exchange replaced the dinar-crown notes with ones exclusively denominated in dinar, after which the crown eventually lost legal tender status on 1 January 1923. The poorly organized transition was marked by widespread fraud as krone banknotes printed in Hungary were imported in contraband into Yugoslavia.
855:
902:
991:
960:
612:), and Yugoslav Agricultural Bank (1958), complemented in 1978 with the Yugoslav Bank for International Economic Cooperation. In 1961-1962, "regional banks" were established in each of the country's six Republics. More freedom to create investment banks and commercial banks was introduced in 1965, further eroding the overwhelming dominance of the National Bank. As a consequence, many new banks were formed in the 1960s and 1970s, including non-depository "internal banks" (financial arms of companies and other public bodies) and depository "basic banks". Among these,
1056:
42:
934:
976:
918:
870:
1007:
405:
886:
1022:
1041:
432:, who had been reappointed Governor in December 1940, retained his position in the new entity, even though he had no independence under the control of two more powerful German officials, the General Agent for Economic Affairs and the Banking Commissioner. The Serbian National Bank's activity was primarily oriented towards financing the collaborationist government.
275:, and its governance was simultaneously reorganized, practically transferring any residual control of the private shareholders to the government. By then, the bank's largest shareholders were banks rather than individuals, as well as government agencies even though the latter's aggregate share was limited to one-fifth of total equity capital.
573:
was marked by frequent financial sector reforms displaying the whole range of options from radical decentralization to the most extreme centralization, mirroring political factions sometimes labelled respectively "pluralistic" and "monistic", even as the entire sector was continuously state-owned. In
420:
On 29 May 1941, a decree of the German occupation authorities pronounced the
National Bank's liquidation, and it was replaced two days later by the Serbian National Bank. The occupation forces confiscated 11 tons of gold from the bank's vaults, only a fraction of the 53 tons that had been transferred
305:. In the second half of 1940 the National Bank, whose capital had been held since its creation in the 1880s by about twenty Serbian merchant families, was nationalized, by way of an equity injection after which state institutions held 52 percent of its share capital, financed by bonds issued by the
671:
In
January 1991, it was revealed that the Parliament of the Yugoslav Republic of Serbia had passed secret legislation compelling the respective National Banks of Serbia, Kosovo and Vojvodina to provide $ 1.8 billion worth of funding without approval or knowledge of the federal government, in
439:
immediately issued a decree depriving
Radosavljević of his position, and appointed Dobrivoje Lazarević as Governor. Unlike other governments-in-exile, however, it did not match these actions with the establishment of an administrative structure for the central bank in foreign territory. The
642:, forming an integrated system together with the NBY, with a Board of Governors consisting of the respective heads of the NBY and of the eight sub-federal National Banks. The latter were autonomous institutions under the law of their respective sub-federal jurisdictions.
578:. On 12 October 1946, a government decree formally established the National Bank of the Federative People's Republic of Yugoslavia. Starting around that time, all existing banks were liquidated and their preserved operations taken over by the National Bank or by the
154:, following an agreement between the bank and the government of 20 January 1920. Even though the bank retained the same private shareholders as its Serbian predecessor, it was under the effective control of the government from the start.
634:
became the system's dominant banks together with
Jugobanka and Investbanka, but all would have had to be liquidated in 2002 after they were found insolvent together with 80 percent of what then remained of the Yugoslav banking sector.
649:, which reached an annual average 17.5 percent during the 1970s, 75 percent in the 1980s, and a hyperinflationary regime by the end of 1989. The National Bank accumulated macroeconomically significant losses during that period.
462:, established in Zagreb on 10 May 1941. The State Bank's main activity was to finance the Independent State's government, whose ability to collect tax revenue was severely limited by the war circumstances. It had branches in
1482:
990:
544:
In
November 1944, after Belgrade was taken over by the Partisans, the Serbian National Bank was liquidated. In February 1945, the Communist authorities dismissed the National Bank officials in exile. New
589:
From 1955, the monobank framework was softened with the re-establishment of communal (local) banks and of specialized banks. The latter included the
Yugoslav Bank for Foreign Trade (1955, later known as
672:
egregious breach of the
Yugoslav monetary system's legal framework that was described as "theft from the other republics" and "an astonishing act of economic sabotage". This event accelerated the
1070:
143:
638:
In 1971-1972, a major reform resulted in the establishment of a "system of national banks" with the NBY at its center. A separate "National Bank" was established in each of the country's
854:
720:
735:
was established following legislation passed the previous year, even though it no longer had an independent monetary policy role following
Montenegro's unilateral adoption of the
658:
901:
959:
809:
In the
Communist era, the National Bank took over the previous properties of all previously existing banks in the country. For example, the Southwestern wing of the
743:
from 1 January 2001. In
February 2003, the National Bank of Yugoslavia, which no longer had monetary authority over either Kosovo or Montenegro, was renamed the
116:
692:
left the NBY-centered system and became fully independent central banks for their respective countries. In late 1992, all four republics became members of the
294:
824:
In the 1970s, some of newly created "national banks" at the level of individual republics or autonomous provinces commissioned new buildings, most notably in
1695:
245:. Meanwhile, in early 1920 a conflict of competence with the Zagreb-based National Bank was resolved, as a result of which the Croatian upstart was renamed
975:
803:
1337:. Athens, Sofia, Bucharest, Vienna: Bank of Greece, Bulgarian National Bank, National Bank of Romania, Oesterreichische Nationalbank. pp. 291–354.
1362:
126:
on 15 January 1946, shortened to National Bank of Yugoslavia in March 1961. It lasted under that name until 4 February 2003, when it was renamed the
1451:"Microscopic Evaluation of the Security Printing Techniques Applied on Historical Banknotes — Case Study: Serbian Dinar Banknotes from 1905 to 1996"
570:
933:
286:
insolvency that lasted essentially until the German in 1941, even though foreign-invested banks fared better thanks to external financial support.
759:, originally erected for the National Bank of the Kingdom of Serbia in 1890, and expanded it in 1922-1925 on designs by the original architect,
1048:
677:
639:
575:
158:
147:
77:
151:
1006:
1789:
869:
562:
1555:
579:
1779:
1309:
1799:
917:
837:
514:
306:
31:
1794:
885:
861:
756:
685:
302:
249:. The transition of the Austro-Hungarian Bank's branches was only completed in August 1921, and the gold transfer in late 1922.
45:
119:, while the rest of the Yugoslav territory was forcibly annexed to the Bulgarian, German, Hungarian and Italian currency zones.
1243:
1238:
279:
1021:
818:
1784:
997:
810:
17:
832:, while others appropriated existing properties, such as the National Bank of Slovenia in the former head office of the
448:
436:
108:
944:
693:
290:
1430:
939:
817:
in the late interwar period, was used by the National Bank from 1946 to 2006, after which it became the seat of the
252:
The monetary transition was similarly complex. In the war's immediate aftermath, much of the country still used the
1659:
814:
732:
821:. Many of these buildings were subsequently reallocated, either to newly created banks or to other organizations.
526:
444:
had no monetary authority of their own and opportunistically used different currencies in different locations.
100:
1696:"Regulation No. 2001/24 Amending UNMIK Regulation No. 1999/20 on the Banking and Payments Authority of Kosovo"
1642:
1450:
1063:
760:
744:
666:
534:
518:
127:
61:
165:
in Vienna and took over its branches in the significant parts of the new country that had been part of the
1216:
982:
728:
681:
582:, which in turn was merged into the National Bank in 1952. From 1952 to 1955, Yugoslavia exhibited a pure
457:
272:
253:
182:
93:
41:
1110:
1094:
422:
1571:
1253:
1148:
1055:
833:
764:
697:
673:
413:
162:
131:
768:
1135:
624:
1176:
565:
Tanasije Zdravković was the first Communist-era Governor of the National Bank, appointed in late 1945
1115:
1099:
427:
1331:
South-Eastern European Monetary and Economic Statistics from the Nineteenth Century to World War II
662:
452:
35:
1328:
Branko Hinić; Ljiljana Đurđević; Milan Šojić (2014). "VII. Serbia/Yugoslavia: from 1884 to 1940".
1225:
1076:
1059:
1044:
122:
The Yugoslav central bank was re-established in 1945 by the Communist authorities and renamed the
1618:
1601:
1526:
1412:
441:
773:
230:
1752:"Podružnica Narodne banke Jugoslavije (1935.-1936.) u Dubrovniku arhitekta Bogdana Nestorovića"
591:
1458:Уметност и наука у примени: искуство и визија = Art and Science Applied: Experience and Vision
1329:
1140:
1088:
613:
574:
1945, the Communist authorities created six new state regional banks in the newly established
297:
by Nazi Germany, the National Bank transferred the bulk of its gold reserves to safety at the
267:
In 1930, the bank constructed a new facility for the production of banknotes and coins in the
166:
1153:
1518:
1181:
689:
538:
404:
381:
1161:
586:
in which the National Bank was the single financial intermediary for the entire country.
583:
298:
246:
1677:
629:
1311:
Army Service Forces Manual M355-5 / Civil Affairs Handbook Yugoslavia: Money and Banking
1189:
645:
The policy framework was associated with an increasingly dramatic loss of control over
546:
373:
261:
257:
194:
767:. It then developed a program of construction of new branches, entrusted to architect
1773:
1751:
1198:
736:
506:
836:, the National Bank of Bosnia and Herzegovina in the former branch building of the
740:
550:
497:
Other parts of the dismembered Yugoslavia came under the monetary authority of the
69:
561:
1170:
602:
487:
385:
268:
190:
607:
1040:
908:
787:
705:
498:
463:
357:
353:
313:
238:
218:
73:
876:
844:, and the National Bank of Croatia in the former stock exchange building in
779:
713:
646:
467:
329:
325:
202:
178:
1517:(3), Association for Slavic, East European, and Eurasian Studies: 361–373,
802:. The latter was built on a very prominent location, on the spot where the
596:
161:, the National Bank received a significant amount of gold bullion from the
1619:"Letter of Intent of the government of the Federal Republic of Yugoslavia"
1713:
1401:"The Fall of the Dinar: From Stabilisation by Law to Transfer Moratorium"
1381:
1062:, last governor of the National Bank of Yugoslavia and first governor of
1013:
950:
892:
841:
825:
795:
783:
724:
618:
510:
502:
483:
471:
389:
377:
365:
361:
345:
242:
234:
226:
210:
170:
81:
1605:
1593:
1530:
1506:
1416:
1400:
1248:
696:, as also did rump Yugoslavia which in the meantime had renamed itself
333:
321:
206:
174:
150:
and extended its activity to the whole territory of the recetly formed
1737:
Arhitektura i vizuelne umetnosti u jugoslovenskom kontekstu: 1918–1941
1557:
The Role of Banks in Economic Development in the Former SFR Yugoslavia
494:, most of which were taken over from the National Bank of Yugoslavia.
421:
to safety abroad during the previous two years. The pro-Nazi official
1120:, 1940-1944 (including at the Serbian National Bank under occupation)
1028:
966:
924:
845:
829:
799:
791:
709:
701:
530:
479:
475:
409:
393:
369:
349:
337:
317:
214:
198:
186:
1732:
1522:
341:
278:
Immediately afterwards, Yugoslavia was severely affected during the
1507:"Centralization vs. Decentralization: The Case of Yugoslav Banking"
1560:, Vienna: Wiener Institut für Internationale Wirtschaftsvergleiche
1054:
1039:
560:
522:
491:
403:
222:
40:
763:. In 1920, it had taken over a number of former branches of the
271:
neighborhood of Belgrade. In May 1931, it eventually joined the
1071:
List of governors of national banks of Serbia and Yugoslavia
723:
established the Banking and Payments Authority of Kosovo in
124:
National Bank of the Federal People’s Republic of Yugoslavia
1735:. In Aleksandar Kadijević and Aleksandra Ilijevski (ed.).
144:
National Bank of the Kingdom of Serbs, Croats and Slovenes
86:
National Bank of the Kingdom of Serbs, Croats and Slovenes
18:
National Bank of the Kingdom of Serbs, Croats and Slovenes
1733:"Bogdan Nestorović: arhitekta Narodne banke Jugoslavije"
1432:
Postwar Developments in Money and Banking in Yugoslavia
721:
United Nations Interim Administration Mission in Kosovo
416:
that became the wartime seat of the Croatian State Bank
408:
Building at Jurišićeva Ulica 17, originally the former
553:, were introduced from 20 April 1945 to 9 July 1945.
146:
ratified the adoption of that new name by the former
1449:
Gordana M. Jauković and Predrag M. Živković (2022),
1123:
Dobrivoje Lazarević, 1941-1944 (government-in-exile)
659:
Hyperinflation in the Federal Republic of Yugoslavia
601:), Yugoslav Investment Bank (1956, later known as
1399:Mikhail Vladimirovich Bernatsky (January 1933),
1126:Alexander Hondl, 1941-1942 (Croatian State Bank)
676:, during which the respective National Banks of
130:with a reduced geographical scope following the
1600:, 20:3/4 (3/4), Taylor & Francis: 100–119,
1323:
1321:
1000:, seat of the National Bank of Serbia 1972-1993
103:, its former operations were taken over by the
1129:Dragutin Toth, 1942-1944 (Croatian State Bank)
755:The National Bank kept its head office in the
1132:Tanasije Zdravković, November 1945-April 1946
8:
1647:, Washington DC: International Monetary Fund
1511:The American Slavic and East European Review
1376:
1374:
778:, the most prominent of which were those in
700:. In 1993, the respective National Banks of
1739:. University of Belgrade. pp. 103–114.
1500:
1498:
1496:
1364:The History of Money in Croatia 1527 – 1941
1303:
1301:
1299:
1297:
1295:
1293:
1291:
1289:
447:The operations of the National Bank in the
312:By 1939, the National Bank had branches in
1587:
1585:
1287:
1285:
1283:
1281:
1279:
1277:
1275:
1273:
1271:
1269:
969:, completed 1933; illustration before 1963
640:six Republics and two Autonomous Provinces
90:National Bank of the Kingdom of Yugoslavia
1314:, Washington DC: U.S. Army Service Forces
1195:Branislav Čolanović, March 1972-June 1977
1222:Dušan Vlatković, July 1997-November 2000
1051:and first governor of that of Yugoslavia
813:, which had been erected as the seat of
571:Socialist Federal Republic of Yugoslavia
1549:
1547:
1545:
1543:
1541:
1539:
1308:Federal Reserve Board (February 1944),
1265:
1027:National Bank of Macedonia building in
850:
1750:Aleksandar Kadijević (December 2019),
1718:Central Bank of the Republic of Kosovo
1636:
1634:
1632:
1477:
1475:
1473:
1471:
1213:Borisav Atanacković, July-October 1993
1049:National Bank of the Kingdom of Serbia
148:National Bank of the Kingdom of Serbia
84:in 1920. It was formally known as the
78:National Bank of the Kingdom of Serbia
1592:Branko Mijović (Spring–Summer 1982),
1405:The Slavonic and East European Review
1356:
1354:
1352:
1350:
1348:
1346:
1344:
1204:Radovan Makić, December 1981-May 1986
152:Kingdom of Serbs, Croats and Slovenes
7:
1660:"Financial Scandal rocks Yugoslavia"
1207:Dušan Vlatković, June 1986-July 1992
1012:National Bank of Kosovo building in
981:The same building, destroyed by the
1554:Predrag Četković (September 2015),
1210:Vuk Ognjanović, July 1992-July 1993
1082:Ljubomir Srećković, March-June 1928
580:State Investment Bank of Yugoslavia
48:, former seat of the National Bank
25:
1658:Chuck Sudetic (10 January 1991).
1167:Vojin Guzina, July 1953-June 1958
838:State Mortgage Bank of Yugoslavia
804:Museum of the Macedonian Struggle
307:State Mortgage Bank of Yugoslavia
293:the month before and the earlier
99:Between 1941 and 1944 during the
88:until 3 October 1929, and as the
32:State Mortgage Bank of Yugoslavia
1367:, Zagreb: Croatian National Bank
1361:Mira Kolar-Dimitrijević (2018),
1020:
1005:
989:
974:
958:
932:
916:
900:
884:
868:
862:National Bank Building, Belgrade
853:
757:National Bank Building, Belgrade
716:were merged back into the NBY.
303:Federal Reserve Bank of New York
142:On 27 June 1920, the Law on the
46:National Bank Building, Belgrade
1641:Ashok Kumar Lahiri (May 1991),
1572:"Yugoslavia - Central Bank Law"
1505:Egon Neuberger (October 1959),
1244:National Bank of Czechoslovakia
1239:Banknotes of the Yugoslav dinar
280:European banking crisis of 1931
159:Treaty of Saint-Germain-en-Laye
1192:, September 1969-December 1971
819:Constitutional Court of Serbia
1:
1731:Aleksandar Kadijevic (2021).
1438:, International Monetary Fund
1228:, November 2000-February 2003
1107:Dragutin K. Protić, 1939-1940
998:General Post Office, Belgrade
811:General Post Office, Belgrade
1644:Yugoslav Inflation and Money
1085:Ignjat J. Bajloni, 1928-1934
449:Independent State of Croatia
437:Yugoslav government-in-exile
295:occupation of Czechoslovakia
256:, temporarily rebranded the
109:Independent State of Croatia
1790:Defunct banks of Yugoslavia
1682:International Monetary Fund
1623:International Monetary Fund
1576:International Monetary Fund
1158:, January 1949-October 1951
860:Mid-1920s extension of the
806:was erected in 2008-2011.
727:, which in 2010 became the
694:International Monetary Fund
291:Italian invasion of Albania
289:In May 1939, following the
65:
54:National Bank of Yugoslavia
1816:
1598:Eastern European Economics
1487:Central Bank of Montenegro
1429:Jouko J. Hauvonen (1970),
1068:
733:Central Bank of Montenegro
656:
549:banknotes, printed in the
111:and the German-controlled
29:
1780:Banks established in 1920
1201:, June 1977-December 1981
996:Southwestern wing of the
515:Governorate of Montenegro
66:Narodna banka Jugoslavije
1800:Defunct banks of Croatia
1164:, October 1951-June 1953
1145:, May 1946-December 1948
527:National Bank of Albania
101:occupation of Yugoslavia
30:Not to be confused with
1795:Defunct banks of Serbia
1386:National Bank of Serbia
1047:, last governor of the
745:National Bank of Serbia
667:Montenegro and the euro
535:Bulgarian National Bank
519:Hungarian National Bank
451:were taken over by the
128:National Bank of Serbia
1066:
1052:
983:1963 Skopje earthquake
729:Central Bank of Kosovo
719:In November 1999, the
678:Bosnia and Herzegovina
566:
417:
273:Gold exchange standard
254:Austro-Hungarian krone
183:Bosnia and Herzegovina
157:In application of the
94:invasion of Yugoslavia
49:
1254:List of central banks
1219:, March 1994-May 1996
1173:, June 1958-June 1962
1058:
1043:
834:Ljubljana Credit Bank
765:Austro-Hungarian Bank
731:. In March 2001, the
698:Serbia and Montenegro
674:breakup of Yugoslavia
653:Breakup of Yugoslavia
564:
414:Austro-Hungarian Bank
407:
163:Austro-Hungarian Bank
132:breakup of Yugoslavia
113:Serbian National Bank
44:
1785:Former central banks
1594:"The Banking System"
1186:, June 1962-May 1969
815:Poštanska štedionica
761:Konstantin Jovanović
92:from then until the
1217:Dragoslav Avramović
1111:Milan Radosavljević
1095:Milan Radosavljević
663:Kosovo and the euro
453:Croatian State Bank
423:Milan Radosavljević
105:Croatian State Bank
36:Jugoslavenska Banka
27:Former central bank
1664:The New York Times
1149:Marijan Dermastija
1091:, acting 1934-1935
1067:
1053:
567:
442:Yugoslav Partisans
418:
260:, rather than the
50:
1678:"List of Members"
965:Former branch in
923:Former branch in
907:Former branch in
891:Former branch in
875:Former branch in
769:Bogdan Nestorović
185:: these included
167:Habsburg monarchy
76:, succeeding the
16:(Redirected from
1807:
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1157:
1144:
1136:Obren Blagojević
1119:
1103:
1024:
1009:
993:
978:
962:
953:, completed 1938
948:
936:
927:, completed 1937
920:
911:, completed 1940
904:
895:, completed 1940
888:
879:, completed 1936
872:
857:
777:
633:
625:Beogradska banka
622:
611:
600:
461:
431:
96:in April 1941.
21:
1815:
1814:
1810:
1809:
1808:
1806:
1805:
1804:
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1768:
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1712:
1711:
1707:
1702:. October 2001.
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1411:(32): 304–313,
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1334:
1327:
1326:
1319:
1307:
1306:
1267:
1262:
1235:
1179:
1177:Nikola Miljanić
1162:Sergej Kraigher
1151:
1138:
1113:
1097:
1073:
1038:
1031:
1025:
1016:
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994:
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889:
880:
873:
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858:
771:
753:
669:
655:
627:
616:
605:
594:
584:monobank system
569:The era of the
559:
501:(e.g. Northern
455:
425:
402:
299:Bank of England
247:Slavenska Banka
231:Veliki Bečkerek
140:
138:Interwar period
117:occupied Serbia
39:
28:
23:
22:
15:
12:
11:
5:
1813:
1811:
1803:
1802:
1797:
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1714:"About CBK"
1190:Ivo Perišin
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1171:Janko Smole
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1104:, 1935-1939
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1079:, 1920-1926
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603:Investbanka
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426: [
1774:Categories
1069:See also:
909:Kragujevac
788:Kragujevac
706:Montenegro
657:See also:
521:(e.g. the
499:Reichsbank
464:Banja Luka
358:Petrovgrad
314:Banja Luka
219:Banja Luka
74:Yugoslavia
68:) was the
1483:"History"
1464:: 187–211
1382:"History"
1036:Governors
877:Dubrovnik
780:Dubrovnik
751:Buildings
714:Vojvodina
686:Macedonia
647:inflation
592:Jugobanka
576:republics
539:Macedonia
537:(most of
468:Dubrovnik
330:Ljubljana
326:Dubrovnik
203:Ljubljana
179:Vojvodina
169:, namely
1233:See also
1014:Pristina
893:Karlovac
842:Sarajevo
826:Pristina
784:Karlovac
739:as sole
725:Pristina
690:Slovenia
614:Beobanka
511:Dalmatia
503:Carniola
488:Varaždin
484:Sarajevo
472:Karlovac
386:Varaždin
378:Subotica
366:Sarajevo
346:Novi Sad
284:de facto
269:Topčider
235:Subotica
227:Novi Sad
211:Sarajevo
191:Varaždin
171:Slovenia
82:Belgrade
1756:Prostor
1606:4379638
1578:. 1965.
1531:3004132
1417:4202776
1249:Gosbank
682:Croatia
533:), and
354:Pančevo
334:Maribor
322:Cetinje
239:Pančevo
207:Maribor
175:Croatia
107:in the
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846:Zagreb
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800:Skopje
798:, and
792:Mostar
712:, and
710:Serbia
702:Kosovo
688:, and
665:, and
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529:(e.g.
509:(e.g.
490:, and
480:Osijek
476:Mostar
410:Zagreb
394:Zagreb
392:, and
370:Skopje
350:Osijek
338:Mostar
318:Bitola
241:, and
215:Mostar
199:Osijek
187:Zagreb
1602:JSTOR
1527:JSTOR
1454:(PDF)
1436:(PDF)
1413:JSTOR
1335:(PDF)
1260:Notes
1184:]
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951:Šabac
947:]
796:Šabac
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523:Banat
492:Zemun
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390:Vršac
382:Sušak
374:Split
362:Šabac
243:Vršac
223:Zemun
195:Split
828:and
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435:The
301:and
52:The
1519:doi
949:in
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840:in
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342:Niš
115:in
80:in
72:of
58:NBY
34:or
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