- citati u SCIndeksu: 0
- citati u CrossRef-u:0
- citati u Google Scholaru:[
 ]
- posete u poslednjih 30 dana:9
- preuzimanja u poslednjih 30 dana:6
|
|
|
2015, vol. 63, br. 1-2, str. 57-65
|
|
Rast kroz bolji pristup finansiranju - preporuke za JIE
Growth through increase in access to finance: Recommendations for SEE
Univerzitet u Beogradu, Ekonomski fakultet, Katedra za ekonomsku politiku i razvoj
Projekat: Rizici finansijskih institucija i tržišta u Srbiji - mikroekonomski i makroekonomski pristup (MPNTR - 179005)
Sažetak
Od prvog udara globalne finansijske krize 2007/2008, kao i od narednog negativnog uticaja krize suverenog duga EU od 2010, zemlje Jugoistočne Evrope (JIE) u tranziciji nalaze se u recesiji, stagnaciji, ili na nivoima vrlo niskih stopa rasta. Debata o tome kako podstaći privredni rast u JIE uglavnom je fokusirana na mere štednje, privlačenje stranih direktnih investicija (SDI), strukturne reforme, subvencije i druge podsticaje iz budžeta i pojednostavljivanje administrativnih uslova poslovanja. Ovaj rad se fokusira na skup potencijalnih mera u oblasti jačanja i olakšavanja pristupa finansiranju za domaća mala i srednja preduzeća (MSP) i druga domaća preduzeća sposobna da budu konkurentna u delu razmenjivog dela bruto domaćeg proizvoda (BDP). Drugim rečima, kako olakšati finansiranje endogenih preduzetnika i pomoći im da izrastu u konkurentne lokalne, regionalne i konačno evropske kompanije? Analiza u ovom radu daje fokus na pet oblasti bitnih za poboljšavanje pristupa finansiranju: problematični krediti, procenjivanje kolaterala, garancije kreditnog rizika, nebankarske finansijske institucije (kako kreditne, tako i institucije HoV), i monetarna politika i regulacija i supervizija banaka. U svim ovim oblastima moguća su značajna unapređenja.
Abstract
Since the impact of the global financial crisis of 2007/2008, and a subsequent impact of EU sovereign debt crisis of 2010, transition countries of South East Europe (SEE) have been in recession, stagnation or had very low growth rates. The debate on how to initiate growth in SEE is frequently focusing on austerity measures, attraction of FDI, structural reforms, fiscal policy stimulus or simplification of business procedures. This paper is focusing on a set of potential measures in the area of increasing access to finance for local small and medium-sized enterprises (SMEs) and other local companies capable of achieving competitive output in tradable part of gross domestic product (GDP). In other words, how to ease financing of endogenous entrepreneurs and help them evolve into competitive local, regional and eventually European companies? Analysis in this paper is focused on five important areas for better access to finance: non-performing loans (NPLs), collateral valuation, credit risk guarantees, nonbanking financial institutions (both credit institutions and securities institutions), and monetary policy and bank regulation and supervision. In all of these areas important improvements are possible.
|
|
|
|
Reference
|
|
1 
|
Ambler, S. (2009) Price-level targeting and stabilization policy: A review. Bank of Canada Review, Spring, 19-29
|
|
|
Bateman, M., Sinkovii, D., Skare, M. (2012) The Contribution of the Microfinance Model to Bosnia's Post-War Reconstruction and Development: How to Destroy an Economy and Society Without Really Trying. u: Austrian Foundation for Development Research (ÖFSE) Working Paper No. 36, Vienna
|
|
3
|
Beck, R., Jakubik, P., Piloiu, A. (2013) Non-performing loans: What matters in addition to the economic cycle?. u: European Central Bank Working Paper Series No 1515, Frankfurt am Main: ECB, February
|
|
4 
|
Calvo, G.A., Mishkin, F.S. (2003) The mirage of exchange rate regimes for emerging market countries. Journal of Economic Perspectives, vol. 17, br. 4 (Fall 2003), str. 99-118
|
|
4
|
Jonas, J., Mishkin, F.S. (2005) Inflation targeting in transition countries: Experience and prospects. u: Woodford Michael [ur.] Inflation Targeting, Chicago: University of Chicago Press, str. 353-413
|
|
8
|
Klein, N. (2013) Non-Performing Loans in CESEE: Determinants and Impact on Macroeconomic Performance. IMF Working Papers, 13(72): 1
|
|
1 
|
Kovač, O., Šoškić, D. (2014) Could the Serbian banking sector be improved by introducing, trough national legislation, the principles and mechanisms of the EU banking union. Megatrend revija, vol. 11, br. 4, str. 31-40
|
|
|
Kuzmanović, M., Sanfey, P. (2014) Diagnosing growth constraints in south-eastern Europe: The case of Serbia. u: EBRD Working Paper No. 167, London: EBRD
|
|
|
OECD, EC, ETF & EBRD (2012) SME policy index, Western Balkans and Turkey 2012: Progress in the implementation of the small business act for Europe. Paris: OECD publishing
|
|
|
OECD (2013) SME and entrepreneurship financing: The role of credit guarantee schemes and mutual guarantee societies in supporting finance for small and medium-sized enterprises: Final Report. Paris: OECD, Centre for Entrepreneurship, SMEs and Local Development
|
|
|
Oecd, E.U. (2010) Improving new investment finance options in the Western Balkans. Paris: OECD, Summary Record
|
|
1
|
Soskic, D. (2015) Inflation targeting challenges in emerging market countries: The case of Serbia. Economic annals, 60(204): 7-30
|
|
|
Šoškić, D. (2014) Monetary policy options for transition economies. Ekonomika preduzeća, vol. 62, br. 1-2, str. 47-52
|
|
|
|
|