Vrste financijskih struktura i utjecaj na gospodarski rast

master's thesis

• Title (english): Different financial structures and impact on economic growth
• Author: Valentina Tomas
• Mentor: Alen Stojanović (mentor)
• Committee member: Alen Stojanović (predsjednik povjerenstva)
• Committee member: Branka Tuškan Sjauš (član povjerenstva)
• Committee member: August Cesarec (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2023-09-29, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Financijski sustav nositelj je rasta gospodarstva i razvoja svake zemlje. Financijski sustav ne može se kvalitetno proučavati, ako se ne promatra kao dio većeg sustava, odnosno gospodarstva kao cjeline. Bankovno orijentirani financijski sustav je sustav u kojem su banke najznačajniji izvor financiranja ekonomskih aktivnosti te obavljaju funkciju transfera i alokacije sredstava. S druge strane, u tržišno orijentiranom financijskom sustavu banke nisu najvažniji izvor financiranja, a karakterizira ga raznovrsnost izvora financiranja što je posljedica utjecaja nebankovnih institucija i tržišta kapitala. Utjecaj određene financijske strukture na gospodarski rast predmet je rasprava mnogih ekonomista, a u dosadašnjim istraživanjima nije se pronašao jedinstven zaključak. U Europskoj uniji prevladava bankovno orijentirani financijski sustav, ali postoji sve veći interes za razmatranje i promicanje smanjenja značaja banaka i poticanju financiranja putem tržišta kapitala. Time bi se omogućio veći pristup kapitalu za poduzeća što bi trebalo dovesti do gospodarskog rasta. Posljednjih je godina financijska struktura u Europi prošla kroz značajne promjene uz trend povećanog financiranja na tržištu kapitala. Kriza 2008. godine imala je značajan utjecaj na gospodarstvo Europske unije, a oporavak zemalja članica bio je spor i neujednačen. Neki od ključnih razloga za spor oporavak su dug i usporen proces restrukturiranja banaka i niska razina ulaganja na tržištu kapitala. Spor oporavak od financijske krize u Europi bio je jedan od glavnih razloga za stvaranje inicijative Unije tržišta Kapitala. Unija tržišta kapitala je politička i strateška inicijativa čiji je cilj potaknuti gospodarski rast i smanjiti oslanjanje na tradicionalno bankarstvo i povećati otpornost financijskog sustava.

Abstract (english)

The financial system is the carrier of economic growth and development of every country. The financial system cannot be analyzed well, if it is not observed as a part of a larger system, as a whole economy. A bank-based financial system is a system in which banks are the most important source of funding and perform the function of transferring and allocating funds, while in a market-based financial system, banks are not the most important source of funding, and it is characterized by a variety of funding options provided by nonbank institutions and capital markets. The impact of a certain financial structure on economic growth is the subject of many economists' discussions, and no unified conclusion has been found in previous research. The European Union has a bank-based financial system, but there is a growing interest in considering and promoting the reduction of the importance of banks and encouraging funding through capital markets. Such a change would allow better access to capital for enterprises which should lead to economic growth. In addition, it can lead to greater financial stability, since the risk is spread over a larger number of participants. In recent years, the financial structure of Europe has gone through significant changes with the trend of increased funding on the capital market. The 2008 crisis had a significant impact on the economy of the European Union, and the recovery of the member states was slow and uneven. Some of the key reasons for the slow recovery are the long and slow processes of bank restructuring and the low level of investment in the capital market. The slow recovery from the financial crisis in Europe was one of the main reasons for the creation of the Capital Markets Union initiative. The Capital Markets Union is a political and strategic initiative aimed at stimulating economic growth and reducing reliance on traditional banking and increasing the resilience of the financial system.

• Keywords: financijski sustav; gospodarski rast; banke; tržišta kapitala
• Keywords (english): financial system; economic growth; banks; capital markets
• Language: croatian
• URN:NBN: urn:nbn:hr:148:136275
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: sveučilišni magistar ekonomije/sveučilišna magistra ekonomije (sveučilišni magistar ekonomije/sveučilišna magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2023-10-01 17:05:26