##jon ” [ norwegian history 1814 – 1905 : building a state and creating a nation ]. the level of trust in a society is influenced by many conditions. it may be that the recent years ’ large migration flows are eroding the trust that has prevailed in norway earlier. however, immigrants have in fact adopted surprisingly rapidly the level of confidence in their new home country. see also dag wollebæk ( 2013 ) : truer innvandringen tilliten? [ does immigration undermine trust? ], article in aftenposten. alexander cappelen and bertil tungodden at the norwegian school of economics are also working on these issues ( see e. g. http : / / paraplyen. nhh. no / paraplyen / arkiv / 2012 / juni / tillitstesten / ). see also algan and cahuc ( 2010 ) : “ inherited trust and growth ”, american economic review 100 ( 5 ), pp. 2060 – 92, who document a strong causal relationship between trust and economic prosperity. johannes steen ( 1827 – 1906 ) was born in christiania ( now oslo ). after completing a higher degree in philology at the university of christiania in 1848, steen held a number of positions in the school system and was for many years the headmaster of the stavanger latin school. steen was also a member of the storting and prime minister. both as an educationist and as a politician, steen made key contributions to the creation of the norwegian comprehensive school. source : store norske leksikon, http : / / nbl. snl. no / johannes _ steen / utdypning. internationally, the society of jesus is known as the founder of the modern school system, with a curriculum tailored to the child ’ s age and previous knowledge and schooling characterised by systematic progression. these pedagogical principles evolved gradually through the second half of the 1500s, culminating in 1598 with ratio studiorum, the official plan for jesuit education ( see o ’ malley, j. w. ( 1993 ) : the first jesuits, harvard university press, cambridge, massachusetts ). bis central bankers ’ speeches 1889. the result was a comprehensive school system that strengthened our collective identity. 12 for norwegians, it is easy to take inclusive institutions for granted. throughout human history, however, it is extractive institutions that have been the norm. there were attempts to

radovan jelasic : future of the capital market in the balkans speech by mr radovan jelasic, governor of the national bank of serbia, to participants of the economist media group conference “ future of the capital market in the balkans ”, belgrade, 24 june 2008. * * * ladies and gentlemen eight years into the transition of the serbian economy, we may safely say that our financial sector has become and, judging from how things stand now, shall remain bankcentric. such observation is based on the following two facts : 1. the share of the banking sector in total assets of the financial sector ( banks, insurance companies, leasing providers and voluntary pension funds ) remained more or less constant at around 90 % throughout the period from 2003 to 2007! 2. legislative activities on faster development of the capital market have been stuck in the doldrums for almost two years now! to illustrate, securities act, law on compulsory motor vehicle insurance, law on the market of securities and other financial instruments, law on personal income tax and law on corporate profit tax are all either in the final phases of completion or were completed and sent off to the assembly of the republic of serbia for adoption only to be placed on the long waiting list of issues to be discussed! there is no denying that voluntary pension funds and insurance companies are still hoping for a chance to invest in high - quality listed securities. they, however, remain in very short supply. let us remember that there are only four listed securities in serbia at the moment : besides bonds issued against frozen foreign currency savings deposits, we only have tigar, energoprojekt and soya protein securities. what is happening with the remaining 1800 shares quoted on the stock market? why aren ’ t they listed? could it be that somebody has turned them down – which i doubt, does not want to list them – which is also highly unlikely as they represent a good investment, or is unable to list them – which is most likely! one thing is for sure, it does not only take a law to create a capital market. and serbia is a very good illustration of the fact. enactment of adequate legislation is a necessary, but not a sufficient prerequisite for setting up the capital market. one of the key links in the chain of development of the capital market should be the pension system reform. last week we were visited by mr. klaus schmidt hebbel from the central bank of chile. he will be working as chief economist