Značaj sistemskog rizika za financijsku stabilnost

master's thesis

• Title (english): The importance of systemic risk for financial stability
• Author: Marko Neveščanin
• Mentor: Danijel Mlinarić (mentor)
• Committee member: Branka Tuškan (predsjednik povjerenstva)
• Committee member: Lorena Škuflić (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2019-09-25, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Sistemski rizici su ekonomska pojava koja se posebno promatra nakon globalne krize 2008. godine. Prije toga su promatrani, ali nisu bili u fokusu kao sada. Cilj promatranja sistemskih rizika je uočavanje i sprečavanje moguće krize i ublažavanje njezinih efekata ako do nje dođe. Financijske sustave proteklih godina obilježili su procesi globalizacije, financijske liberalizacije i integracije te sve brži tehnološki napredak. Upravo financijska liberalizacija postala je jedan od izvora sistemskog rizika, integracija je povećala njezin doseg, a tehnološki razvoj i novi financijski proizvodi njezino širenje. Sistemski rizik definiran je na mnogo načina. Sve definicije imaju zajedničko da prikazuju sistemske rizike kao niz nepovoljnih pojava koje mogu uzrokovati nestabilnosti u financijskom sustavu. Najveći utjecaj na širenje sistemskih rizika imaju sistemski važne institucije, jer se poteškoće u njihovom poslovanju mogu „preliti“ na ostale institucije, a samim time i na cjelokupno gospodarstvo. Sistemske rizike možemo mjeriti pomoću indikatora i modela. U ovom radu prikazana je analiza djelovanja sistemskih kriza na financijske sustave Sjedinjenih Američkih Država i Europske unije te regulativni okviri uspostavljeni kako bi se otklonile manjkavosti sustava. Financijski sustav SAD-a brže se oporavio od utjecaja globalne krize, dok u Europi sporiji gospodarski rast i niska profitabilnost banaka usporavaju povratak na pretkrizne razine. U Republici Hrvatskoj opasnost od pojave sistemskih rizika je umjerena. Visoka koncentracija bankovnog sustava i velike izloženosti banaka prema državi predstavljaju najveću prijetnju očuvanju stabilnosti financijskog sustava. Profitabilnost banaka, adekvatnost kapitala i likvidnost su zadovoljavajuće.

Abstract (english)

Systemic risks are an economic phenomenon that is especially viewed after the global crisis in 2008. Previously they were watched, but they were not in focus of observation as they are now. The goal of observing systemic risks is to detect and prevent a possible crisis and mitigate its effects if it comes to it. The financial system of the past years has experienced the processes of globalization, financial liberalization and integration and ever-faster technological progress. It is financial liberalization that has become one of the sources of systemic risk, integration has increased its reach, and technological development and new financial products are expanding it. System risk is defined in many ways. All definitions have a common view of systemic risks as a series of adverse events that can cause instability in the financial system. Systemically important institutions have the greatest influence on the spread of systemic risks, since difficulties in their operations can be “spilled over” to other institutions, and thus to the entire economy. We can measure systemic risks using indicators and models. This paper presents an analysis of the effects of the systemic crisis on the financial systems of the United States of America and the European Union and the regulatory frameworks put in place to address system deficiencies. The US financial system has recovered faster from the impact of the global crisis, while in Europe slower economic growth and low bank profitability are slowing its return to pre-crisis levels. In the Republic of Croatia, the risk of systemic risks is moderate.
The high concentration of the banking system and the large exposure of banks to the state represent the greatest threat to maintaining the stability of the financial system. Profitability of banks, capital adequacy and liquidity are satisfactory.

• Keywords: rizik; sistemski rizik; financijska stabilnost; sistemski važne institucije; Republika Hrvatska
• Keywords (english): risk; systemic risk; financial system; financial stability; systemically important institutions; Republic of Croatia
• Language: croatian
• URN:NBN: urn:nbn:hr:148:947703
• Study programme: Title: Business Economics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2019-09-26 14:48:47