ULOGA HRVATSKE NARODNE BANKE U OČUVANJU FINANCIJSKE STABILNOSTI USLIJED COVID-19 KRIZE

master's thesis

• Title (english): THE ROLE OF THE CROATIAN NATIONAL BANK IN PRESERVING FINANCIAL STABILITY DUE TO THE COVID-19 CRISIS
• Author: Monika Draganić
• Mentor: Lucija Rogić Dumančić (mentor); MBZ: 308651
• Committee member: Jakša Krišto (predsjednik povjerenstva)
• Committee member: Željko Bogdan (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2021-09-29, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Završetkom posljednje financijske krize pojavile su se brojne pretpostavke o potencijalnim prijetnjama koje bi ponovno mogle tako snažno pogoditi i ugroziti stabilnost financijskog sustava. Međutim, izvor šoka u konačnici došao je u zdravstvenom obliku pojavom pandemije koja nije bila predviđana niti u jednoj ranijoj analizi. U samom početku pojave korona virusa (COVID-19) i načina kao i brzine kojom se širi postalo je jasno da će imati dalekosežne posljedice ne samo na ljudsko zdravlje i život već i na gospodarsku aktivnost. Tako snažan i iznenadan egzogeni šok ubrzo je doveo do zatvaranja odnosno lockdowna većine gospodarstava kao posljedicu donošenja brojnih epidemioloških mjera kojima je cilj bio spriječiti širenje virusa fizičkim distanciranjem. Pandemija je utjecala na rast sistemskih rizika brojnih sektora gospodarstva koji su onda posljedično imali utjecaj i na stabilnost samog financijskog sustava u cjelini. S obzirom na kompleksnost financijskog sustava, ali i njegovu izuzetnu važnost u svakom nacionalnom gospodarstvu bilo je jasno da će se morati pod svaku cijenu maksimalno očuvati stabilnost financijskog sustava. Hrvatska narodna banka kao središnja banka u Hrvatskoj prema zakonu ima za zadaću očuvati stabilnost financijskog sustava. Cilj je prikazati sistemske rizike nastale s pandemijom korona virusa u nekoliko sektora te njihov indirektan, ali i direktan utjecaj pandemije na financijsku stabilnost. U konačnici je Hrvatska narodna banka donijela niz monetarnih, supervizorskih i makroprudencijalnih mjera koje za svrhu imaju očuvanje i ublažavanje učinaka COVID-a na financijsku stabilnost i funkcioniranje financijskog sustava u cjelini. Oporavak financijskog sektora kao i cjelokupnog gospodarstva unatoč donošenim mjerama i potezima ovisit će ponajprije o daljnjem tijeku korona virusa.

Abstract (english)

With the end of the last financial crisis, a number of assumptions have emerged about potential threats that could once again hit so hard and threaten the stability of the financial system. However, the source of the shock ultimately came in health form with the emergence of a pandemic that was not predicted in any of the earlier analyzes. At the very beginning of the emergence of the coronavirus (COVID-19) and the manner as well as the speed with which it spreads, it became clear that it would have far-reaching consequences not only for human health and life but also for economic activity. Such a strong and sudden exogenous shock soon led to the closure or lockdown of most farms as a result of the adoption of a number of epidemiological measures aimed at preventing the spread of the virus by physical distancing. The pandemic affected the growth of systemic risks in many sectors of the economy, which in turn had an impact on the stability of the financial system as a whole. Given the complexity of the financial system, but also its extreme importance in any national economy, it was clear that the stability of the financial system will have to be preserved to the maximum at all costs. According to the law, the Croatian National Bank, as the central bank in Croatia, has the task of preserving the stability of the financial system. The aim is to present the systemic risks posed by the coronavirus pandemic in several sectors and their indirect, but also direct impact of the pandemic on financial stability. Finally, the Croatian National Bank adopted a series of monetary, supervisory and macroprudential measures aimed at preserving and mitigating the effects of COVID on financial stability and the functioning of the financial system as a whole. The recovery of the financial sector as well as the economy as a whole, despite the measures and moves taken, will depend primarily on the further course of the coronavirus.

• Keywords: korona virus; lockdown; gospodarstvo; financijski sustav; stabilnost; Hrvatska narodna banka
• Keywords (english): corona virus; lockdown; economy; financial system; stability; Croatian National Bank
• Language: croatian
• URN:NBN: urn:nbn:hr:148:061824
• 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: Access restricted to students and staff of home institution
• Created on: 2021-10-03 20:37:15