Značaj domaćih izvora finansiranja za ekonomski rast u zemljama Jugoistočne Evrope
Sažetak
U zemljama Jugoistočne Evrope bankarski krediti predstavljaju najznačajniji vid finansiranja s obzirom da je finansijsko tržište nedovoljno razvijeno. Banke u ovim zemljama su privukle značajan iznos inostranih sredstava i imaju značajnu ulogu u kreiranju ekonomskog rasta. Kako banke odobravaju kredite na bazi plasmana inostranog kapitala i domaćih depozita, cilj rada je da utvrdi značaj domaćih izvora finansiranja na ekonomski rast u periodu nakon redukovanja plasmana iz inostranstva. Istraživanje je sprovedeno na uzorku od osam izabranih zemalja Jugoistočne Evrope (zemlje Zapadnog Balkana i tri zemlje koje su u međuvremenu postale članice Evropske unije - Bugarska, Hrvatska i Rumunija – SEE-8) u vremenskom periodu 2007-2012. godine. Primenjen je panel data model gde je kao zavisna promenljiva uzeta stopa rasta BDP-a, a kao nezavisne promenljive analizirane su stope rasta sledećih parametara: aktiva, kreditni potencijal, učešće zajmova u BDP-a, kreditni potencijal stanovništva, depozitni potencijal, depozit stanovništva, učešće depozita stanovništva u ukupnim depozitima pasive. Rezultati istraživanja ukazuju da stopa rasta aktive, stopa rasta depozita stanovništva i stopa rasta učešća depozita stanovništva imaju pozitivan uticaj na ekonomski rast, dok učešće zajmova u BDP-u, stopa rasta kredita stanovništvu i stopa rasta depozitnog potencijala imaju negativan uticaj na ekonomski rast u SEE-8.
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