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2020, vol. 6, iss. 1, pp. 49-65
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Comparative financial systems: Implications for economic growth
Komparativni finansijski sistemi - implikacije za ekonomski rast
Ključne reči: finansijski sistem; bankarski orijentisan; tržišno orijentisan; funkcionalno orijentisan; pravno orijentisan; pristup
Abstract
The main goal of the research in this paper is to, starting from the role that financial system has in operating of every market economy, analyze the strengths and failures of a bank-based and market-based financial system when performing basic economic functions. In order to achieve the defined goal, a qualitative research was conducted. In this sense, an innovative interpretation of the relevant scientific literature was made using descriptive and comparative analysis methods. The paper examines four approaches that represent a critical analysis of the role and importance of banks and the securities market - bankbased, market-based, financial services and legal-based approach. Emphasizing the positive role of banks, the bank-based approach highlights the comparative failures of the securities market. On the other hand, the market-based view highlights the advantages of the securities market, while at the same time emphasizing the failures of banks in performing their basic functions. However, the focus of a financial services approach is not the debate over whether a better financial system is based on banks or the securities market, but the extent, quality and availability of financial services is important. Finally, the legal-based approach, which represents addition to the financial services approach, emphasizes compliance with the provisions of financial contracts and the protection of the rights of participants in financial transactions. Accordingly, the key research findings relate to identifying assumptions that contribute to the better functioning of the financial system and to pointing out that the functional compatibility of banks and securities markets contributes to their complementarity and more efficient transfer of funds from savings towards investment entities.
Sažetak
Osnovni cilj istraživanja u ovom radu je da se, polazeći od uloge koju finansijski sistem ima u funkcionisanju svake tržišne privrede, analiziraju prednosti i slabosti bankarski orijentisanog i tržišno orijentisanog finansijskog sistema prilikom obavljanja osnovnih ekonomskih funkcija. Radi realizacije definisanog cilja sprovedeno je istraživanje kvalitativnog karaktera. U tom smislu je, upotrebom metoda deskriptivne i komparativne analize, učinjena inovirana interpretacija relevantne naučne literature. U radu se razmatraju četiri pristupa koji predstavljaju kritičku analizu uloge i značaja banaka i tržišta vrednosnih papira - bankarski orijentisan, tržišno orijentisan, funkcionalno orijentisan i pravno orijentisan pristup. Ističući pozitivnu ulogu banaka, bankarski orijentisan pristup naglašava komparativne slabosti tržišta vrednosnih papira. S druge strane, tržišno orijentisan pristup naglašava pozitivne strane tržišta vrednosnih papira, istovremeno apostrofirajući slabosti banaka u obavljanju osnovnih funkcija. Međutim, u fokusu funkcionalno orijentisanog pristupa nije debata da li je bolji finansijski sistem zasnovan na bankama ili tržištu vrednosnih papira, već je bitan obim, kvalitet i dostupnost finansijskih usluga. Na kraju, pravno orijentisan pristup, koji predstavlja dopunu funkcionalnog pristupa, akcenat stavlja na poštovanje odredaba finansijskih ugovora i zaštitu prava učesnika u finansijskim transakcijama. Shodno navedenom, ključni razultati istraživanja odnose se na identifikovanje pretpostavki koje doprinose boljem finkcionisanju finansijskog sistema i ukazivanje na činjenicu da funkcionalna interakcija banaka i tržišta vrednosnih papira doprinosi njihovoj komplementarnosti i efikasnijem transferu sredstava od štednih ka investicionim subjektima.
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