o:28705 Macroeconomic and regulatory framework for investment activities of voluntary pension funds in Serbia en ABSTRACT: In current circumstaneces on global markets, maintaining financial systems stability is one of the most important goals of economic policy makers. Innovations and technologi- cal advancements have greatly influenced the growth of the global economy. Neverthe- less, they also brought numerous challenges and uncertainties. The financial system of the Republic of Serbia is bank-centric and still underdeveloped, and with the problems it is exposed to in today’s economic environment, it also faces the great challenge of maintaining stability and prosperity. Voluntary pension funds, as significant players in the domestic financial market, face the same uncertainty, with particular reference to the environment of record low interest rates on government securities, given that the holdings of these economic players are predominantly invested in these financial instruments. The aim of this paper is to present the macroeconomic and regulatory framework for the operation of voluntary pension funds in the Republic of Serbia and their ability to invest assets toachieve the highest possible return for its members without exposing them to high risk, the current situation in this market segment, as well as to show similarities and differences in terms of its functioning in the local market and in selected countries of the European Union. By developing this part of financial services, economic and social policy makers could further stimulate market competition, affect acceleration of eco- nomic growth and raise the standard of living of the population. KEYWORDS: FINANCIAL MARKET, VOLUNTARY PENSION FUNDS, LEGAL FRAMEWORK, HARMONIZATION WITH EU REGULATIONS 1552101 2217-6217 2023-04-10T09:09:37.173Z 44 no 46 Milica Papić Irena Janković Univerzitet u Beogradu Ekonomski fakultet person 14632551 0000-0003-1115-4702 application/pdf 649144 https://phaidrabg.bg.ac.rs/o:28705 no yes 1 70 92000001 11A03 Ekonomske ideje i praksa 39 17 35 2020