Utjecaj financijske strukture na gospodarski rast u kontekstu Unije tržišta kapitala

master's thesis

• Title (english): Effect of the financial structure on economic growth in the context of Capital Markets Union
• Author: Luka Filar
• Mentor: Jakša Krišto (mentor); MBZ: 286511
• Committee member: Jakša Krišto (predsjednik povjerenstva)
• Committee member: Ana Ivanišević Hernaus (član povjerenstva)
• Committee member: Dajana Barbić (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2021-09-14, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Optimalna struktura financijskih institucija i tržišta je često raspravljana tema među ekonomistima. Do sada među znanstvenicima nije postignut konsenzus o tome jesu li bankovno orijentirani ili tržišno orijentirani financijski sustavi posebice učinkoviti u poticanju gospodarskog rasta i razvoja. Bez obzira na to, Europska unija namjerava izgraditi Uniju tržišta kapitala kako bi potaknula gospodarski rast država članica i učinila europsko gospodarstvo otpornijim na krize. Svrha ovog rada je istražiti utjecaj financijske strukture na gospodarski rast odabranih država članica Europske unije. Istraživanjem spomenute tematike moguće je izvesti zaključak o opravdanosti poticanja tržišta kapitala kao alata za postizanje bržeg gospodarskog rasta. Posebna pozornost posvećena je hrvatskom financijskom sustavu i integraciji hrvatskog tržišta kapitala sa tržištima kapitala ostalih država članica Europske unije. Rezultati istraživanja ukazuju da postoji slaba općenita povezanost gospodarskog rasta i financijske strukture, iako je u nekim državama zabilježen pozitivan utjecaj aktivnosti tržišta kapitala na gospodarski rast. Promotri li se odnos između razine bruto domaćeg proizvoda per capita i financijske strukture, zaključuje se da su bankovno orijentirani financijski sustavi promatranih država članica imali blagi pozitivan utjecaj na ekonomski razvoj. Sukladno tome, nije dokazano postojanje optimalne financijske strukture za odabrane države članice Europske unije.

Abstract (english)

Optimal financial structure is a hotly debated topic among economists. So far there is no consensus among scientists that market-based or bank-based financial systems are particularly effective at promoting economic growth and development. Nevertheless, the European Union intends to build the Capital Markets Union in order to foster growth of its member states and make European economy more resiliant to economic crises. The purpose of this paper is to explore the impact of financial structure on economic growth of selected member states of the European Union. By exploring the aforementioned topic it is possible to derive a conclusion about the necessity of enhancing capital markets as a tool for achieving faster economic growth. Special attention has been given to the Croatian financial system and the integration of Croatian capital market with capital markets of other member states of the European Union. Research findings indicate that there is a weak overall connection between economic growth and financial structure, albeit in some countries there is a positive impact of capital markets' activity on economic growth. By observing the connection between the level of gross domestic product per capita and financial structure, one can conclude that bank-based financial systems of observed member states had a slight positive impact on the economic development. Accordingly, the existence of a optimal financial structure for the selected member states of the European Union has not been proven.

• Keywords: financijska struktura; financijski sustav; gospodarski rast; Unija tržišta kapitala
• Keywords (english): Capital Markets Union; economic growth; financial structure; financial system
• Language: croatian
• URN:NBN: urn:nbn:hr:148:958536
• Study programme: Title: Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2021-09-14 09:24:11