• citations in SCIndeks: 0
  • citations in CrossRef:0
  • citations in Google Scholar:[]
  • visits in previous 30 days:13
  • full-text downloads in 30 days:11


article: 1 from 16  
Back back to result list
2021, vol. 18, iss. 1, pp. 63-78
Analysis of Minsky moment in the system of currency board in Bosnia and Herzegovina
aMegatrend University, Faculty of Business Studies, Belgrade
bVlada Republike Srpske, Ministarstvo trgovine i turizma, Banja Luka, Republika Srpska, BiH
cUniversity of East Sarajevo, Faculty of Economics - Pale, Republic of Srpska, B&H,,
In the past decade the world faced the consequences of the global economic crisis proclaimed in 2008. The common case for everyone was a financial crisis in which every country bore the burden of the crisis in its own way, and in each country generators of the crisis appeared in different segments. In the 1980s American economist Hyman P. Minsky wrote about this topic, explaining the characteristics of financial crises in rigid financial systems. The aim of this paper is to understand the causes and the consequences of the crisis through creation, growth and bursting of the credit bubble in separate market segments in Bosnia and Herzegovina through the system of currency board. Through the application of vector autoregression model (VAR) the responses to shocks, recorded on the side of demand for loans which were generated in the capital markets and in the construction sector, and the credit shock of demand, which formed, developed and then exploded after the proclamation of the global economic crisis in Bosnia and Herzegovina, were analyzed. Interpretation of the results through the light of hypothesis of Minsky moment is corroborated by an additional fact that a rigid monetary system like currency board did not provide the necessary mechanisms for the maintenance of financial stability. Stability of the financial system of Bosnia and Herzegovina was saved exclusively by the will of parent banks from abroad whose daughters participate in the financial system of Bosnia and Herzegovina.
Akaike, H. (1973) Information theory and an extension of the maximum likelihood principle. in: Petrov B.N. and Csaki F. [ed.] 2nd International Symposium on Information Theory, Tsahkadsor, Armenia, USSR, September 2-8, 1971, Budapest: Akademia Kiado, str. 267-281
Dickey, D.A., Fuller, W.A. (1979) Distribution of the Estimators for Autoregressive Time Series with a Unit Root. Journal of the American Statistical Association, 74: 427-431
Jordá, O. (2005) Estimation and inference of impulse responses by local projections. Am. Econ. Rev, 95: 161-182
Kelejian, H.H. (1982) An extension of a standard test for heteroskedasticity to a systems framework. Journal of Econometrics, 20(2): 325-333
Liakopoulou, I. (2020) Crowdfunding platforms in US and EU: Empirical analysis of social capital. Megatrend revija, vol. 17, br. 2, str. 31-44
Lončar, M. (2020) Značaj koncepta 'azijskih vrednosti' za savremene političke sisteme Istočne i Jugoistočne Azije. Megatrend revija, vol. 17, br. 2, str. 65-78
Ng, S., Perron, P. (2001) LAG Length Selection and the Construction of Unit Root Tests with Good Size and Power. Econometrica, 69(6): 1519-1554
Pesaran, H., Shin, Y. (1998) Generalized impulse response analysis in linear multivariate models. Economics Letters, 58: 17-29
Phillips, P.C.B., Perron, P. (1988) Testing for a unit root in time series regression. Biometrika, 75: 335-346
Plakalović, N. (2010) Šta NAM poručuje Hajman Minski. in: Zbornik radova, Istočno Sarajevo: Ekonomski Fakultet -Univerzitet u Istočnom Sarajevu
Rubio-Ramírez, J.F., Waggoner, D.F., Zha, T. (2010) Structural Vector Autoregressions: Theory of Identification and Algorithms for Inference. Review of Economic Studies, 77: 665-696
Said, S.E., Dickey, D.A. (1984) Testing for unit roots in autoregressive-moving average models of unknown order. Biometrika, 71: 599-607
Sims, C.A., Zba, T. (1995) Error bands for impulse responses. Federal Reserve Bank of Atlanta, working paper number 95-6
Sims, C.A. (1980) Macroeconomics and Reality. Econometrica, 48(1): 1-1
Sims, C.A. (1996) Comments on 'do measures of monetary policy in a var make sense?. Yale University
White, H. (1980) A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity. Econometrica, 48: 817-838
Živanović, V. (2020) The impact of changes in the base and precious metals prices on credit risk factors. Megatrend revija, vol. 17, br. 2, str. 45-64


article language: Serbian
document type: Original Scientific Paper
DOI: 10.5937/MegRev2101063V
received: 01/02/2021
accepted: 25/02/2021
published in SCIndeks: 28/12/2021
Creative Commons License 4.0