o:2254 Makroekonomski faktori u funkciji nastanka berzanskih oscilacija Macroeconomic factors that contribute to stock market oscillations sr Sažetak: Berzanske oscilacije čini skup kretanja na berzi efekata i one su rezultat dejstva velikog broja faktora. Ispoljen je pokušaj da se ti faktori uticaja grupišu u makroekonomske, mikroekonomske i špekulativne faktore, dok je u ovom radu isključivo data klasifikacija i mehanizam dejstva makroekonomskih faktora. Makroekonomski faktori su podeljeni na: promene na tržištu novca, tržištu kapitala i deviznom tržištu, nastale ili očekivane privredne, ekonomske i društvene odnose i pojave, rast kamatnih stopa, poresku politiku i kretanja na drugim konkurentskim tržištima i motive tržišno-ekonomskog karaktera. Upravljati većinom makroekonomskih faktora skoro da je nemoguće. Reč je o sistemskom tj. tržišnom riziku, koji utiče na celokupno tržište kapitala, odnosno o ekonomskim i privrednim opasnostima koje prete svim kompanijama i zbog toga se ne mogu diverzifikovati. Drugim rečima, čak i onaj investitor koji ima vrlo dobro diverzifikovan portfelj, biće izložen uticaju makroekonomskih faktora. S tim što je izuzetno značajno biti dobro informisan o političko-socijalno-ekonomskim događajima u zemlji i u svetu, kako bi se moguća šteta od pogubnog dejstva makroekonomskih faktora svela na minimum. Abstract: Stock market oscillations are a set of trends on stock market and they can be the result of many factors. An attempt has been made in order to group all these factors into three groups: macroeconomic, microeconomic and speculative factors. While this paper has been dealing only with the classification and functioning of the macro-economic factors. The macroeconomic factors have been divided into: changes on the money market, capital market and foreign exchange markets, incurred or anticipated business, economic and social relations and events, rise of interest rates, tax policy and trends on other competitive markets and market-economic motives. To manage the majority of the macroeconomic factors is almost impossible. It is the systemic risk or the market risk, which affects the entire capital market i.e. the economic and commercial risks that threaten all the companies that are on the market anf therefore can not be diversified. In other words, even the investor with a very well diversified portfolio will be exposed to the macroeconomic factors. Yes. it is very important to be well informed about political and social economic events in country and abroad, in order to decrease the destructive effects of damage caused by the macroeconomic factors. Ključne reči: makroekonomski faktori; akcija; berzanske oscilacije; rizik; diverzifikacija Keywords: macroeconomic factors; stock; stock market oscillations; risk; diversification 2023-06-07T10:49:33.799Z 44 yes 46 Radivoj Prodanović Fakultet za ekonomiju i inženjerski menadžment u Novom Sadu 0000-0002-7088-8506 Jovana Mutibarić person Nebojša Berak person 2011 application/pdf 1927740 https://unilib.phaidrabg.rs/o:2254 no yes 16 70 92000002 Ekonomija: teorija i praksa 4 3 11 25 2011