217 results on '"Olgić Draženović, Bojana"'
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2. Green Bonds - Sustainable Forms of Financing
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Suljić Nikolaj, Stella, Olgić Draženović, Bojana, Buterin, Denis, Kacprzyk, Janusz, Series Editor, Gomide, Fernando, Advisory Editor, Kaynak, Okyay, Advisory Editor, Liu, Derong, Advisory Editor, Pedrycz, Witold, Advisory Editor, Polycarpou, Marios M., Advisory Editor, Rudas, Imre J., Advisory Editor, Wang, Jun, Advisory Editor, Mihić, Marko, editor, Jednak, Sandra, editor, and Savić, Gordana, editor more...
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- 2023
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Catalog
3. Green Bonds - Sustainable Forms of Financing
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Suljić Nikolaj, Stella, primary, Olgić Draženović, Bojana, additional, and Buterin, Denis, additional
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- 2022
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4. Demographic Changes and Pension System in Croatia
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Buterin, Denis, primary, Olgić Draženović, Bojana, additional, and Buterin, Vesna, additional
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- 2022
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5. Efficiency and Productivity of Islamic Banking Industry by Using DEA Method: A Literature Review
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Maradin, Dario, Suljić Nikolaj, Stella, Olgić Draženović, Bojana, Karanovic, Goran, editor, Polychronidou, Persefoni, editor, and Karasavvoglou, Anastasios, editor
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- 2021
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6. The Efficiency of Offshore Wind Energy Companies in the European Countries: A DEA Approach
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Maradin, Dario, primary, Olgić Draženović, Bojana, additional, and Čegar, Saša, additional
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- 2023
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7. Financing Higher Education and Moral Hazard: A Systematic Literature Review
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Karanović, Goran, primary, Dragičević, Daniel, additional, and Olgić Draženović, Bojana, additional
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- 2023
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8. Selected Cryptocurrency Returns and Capital Gains Tax - Based on the Example of Countries with Varying Degrees of Legal Regulations Concerning Cryptocurrencies
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Gniadkowska-Szymańska, Agata, primary, Olgić Draženović, Bojana, additional, and Suljic Nikolaj, Stella, additional
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- 2022
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9. Deposit insurance, banking stability and banking indicators
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Suljić Nikola, Stella, Olgić Draženović, Bojana, Buterin, Vesna, Suljić Nikola, Stella, Olgić Draženović, Bojana, and Buterin, Vesna
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The deposit insurance system is a form of banking regulation that protects depositors and provides stability in the banking system. It is an important part of the financial safety net, especially in times of economic turmoil, as it provides explicit depositor protection and prevents a ‘bank run’. However, there are some negative effects on banking stability associated with the increase in bank risk, i.e., moral hazard, adverse selection and the principalagent problem. The functioning of the deposit insurance system depends on its determinants, but also on the characteristics of the national banking system, supervision, legal and cultural framework and the general development of the country. Considering that the banking systems in EU and especially in comparison to Southeast European countries are very different, the aim of this paper is to study the impact of the deposit insurance system on bank stability depending on the characteristics of banks. Bank stability is analysed using bank risk variables: z-score and ratio of non-performing loans to total loans. By applying a dynamic panel analysis using the GMM Arellano–Bond (AB) estimator to a sample of EU countries and selected Southeast European countries, we provide further evidence on the deposit insurance system over the period from 2005 to 2014. The results provide evidence that large and systemically important banks behave in a riskier way, distorting the purpose of the deposit insurance scheme and jeopardising the safety of banking systems. more...
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- 2022
10. Macroeconomic policy as response to the pandemic COVID - 19
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Suljić Nikolaj, Stella, Olgić Draženović, Bojana, Buterin, Vesna, Ribeiro, Humberto, Susak, Toni, and Haluga, Vesna
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central bank, crisis, financial system, inflation - Abstract
The financial crisis triggered by the COVID-19 significantly curtailed the activities of world financial systems. With the onset of the crisis in 2020, there has been a deterioration in macroeconomic indicators: a drop in GDP, an increase in the unemployment rate and an increase in public debt. Unlike the previous, expected debt crisis of 2008, the sudden corona crisis was welcomed by financial systems with significantly higher liquidity and capitalization. Despite positive expectations based on better performance of financial systems, uncertainty and the need for financial stability were present. Therefore, the highest expectations were directed towards economic policymakers, regulation and supervision of the financial systems. The impact of the emerging crisis is particularly pronounced in small and open economies such as Croatia, where there is a strong dependence on international market trends and thus a sensitivity to crises and external shocks. With the onset of the COVID-19 crisis, Croatia faced the problem of depreciation pressure on the domestic currency. It was stopped rapidly by the interventions of the CNB, which achieved monetary and macroeconomic stability and provided assistance to the economy. Although central banks and other financial system supervisors and regulators have played an important role in overcoming the crisis and supporting the economy, uncertainty about macroeconomic stability remains. Following the COVID-19 lockdown of economies and their reopening in mid-2021, demand for goods and services has increased, leading to rising prices and inflation in Europe and the USA. The aim of this paper is to present the effects of the crisis caused by COVID- 19 and to analyze the measures introduced to financially stabilize and support the economy more...
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- 2022
11. Religion and Islamic Finance: Theory and Practice
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Maradin, Dario, Suljić Nikolaj, Stella, Olgić Draženović, Bojana, Lorga da Silva, A., Merkas, Z., and Resende, D.
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Islamic finance industry, religiousbehaviour, religious consumer - Abstract
The economics of religion has become a specific field of economics in recent decades. From households to markets, various economic entities, religious groups, and institutions are analysed. It is emphasized that religiosity can influence economic performance and behaviour. In addition, various studies examine the impact of religion on economic growth and development and vice versa. Islamic finance has only recently established itself in the contemporary financial world. Islamic finance, led by Islamic banks, is considered more socially responsible than conventional banking due to the profit and loss sharing paradigm. It can be said that Islamic finance isone of the attempts to develop religion- based businesses. The purpose of this study is to identify and analyse the impact of religiosity on consumer attitudes and preferences toward Islamic financial services. Islamic finance is one of the fastest growingsegments of the global financial industry today. Many factors have contributed to the strong growth of Islamic finance. Nevertheless, religion can be considered as the most important reason why customers prefer Islamic financial institutions, i.e. Islamicbanks. From the literature analysed, a huge number of research has stated that religion is a main reason for using Islamic banking services. On the other hand, some studies show that religiosity does not play a major role in the selection criteria for Islamic banks.In this paper, the research method of a literature review is used. Theoretical and empirical studies show different approaches, methods and results in analysing the relationship between religiosity and Islamic banking. The main findings of this research are the comparative analysis of different empirical scientific studies on the impact of religiosity on consumers' behaviour, attitudes and preferences towards Islamic banking products and services. It is expected that the results of this study will contribute to a better understanding of religious consumers' behaviour towards Islamic banking products. more...
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- 2022
12. Deposit insurance, banking stability and banking indicators
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Suljić Nikolaj, Stella, primary, Olgić Draženović, Bojana, additional, and Buterin, Vesna, additional
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- 2022
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13. CROATIAN KUNA: MONEY, OR JUST A CURRENCY? EVIDENCE FROM THE INTERBANK MARKET
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Mance, Davor, Olgić Draženović, Bojana, and SuljiĆ Nikolaj, Stella
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money functions, euroization, ZIBOR, Granger causality ,granger causality ,lcsh:HB71-74 ,euroization ,lcsh:Economics as a science ,zibor ,money functions - Abstract
Modern sovereign money is accepted as an institution in virtue of the collective intentionality of the acceptance of the sovereign status function declaration it being the official currency of a country. A status function declaration may not create money it may only create a currency. How does one test the fact that an official currency also has all the properties of money? We propose a rather simple test based on the Granger causality of the acceptance of a currency in virtue of money if, and only if, the allocation function of its market interest rate is not rejected. This condition is fulfilled if the interest rate is its genuine allocator. This is the case if the changes in quantity cause the change in the interest rate as a price of money i.e. its true opportunity cost. We find that market interest rate changes are Granger caused by changes in quantities of traded euros on the overnight banking market but not by changes in the quantity of traded Croatian kuna. Thus, the Croatian kuna is only the domestic currency of Croatia, and the euro is its true money. more...
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- 2019
14. The importance of fiscal strategies for smart cities
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Hodžić, Sabina, Jurlina Alibegović, Dubravka, Olgić Draženović, Bojana, Hammes, Khalid, Volarević, Hrvoje, and Kaurova, Olga
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Budget ,Fiscal strategies ,Local development ,Smart cities - Abstract
In recent years urban and local development have faced many economic, social and financial challenges. As a result of these challenges, the concept of smart cities has evolved. In this paper, we use a smart city definition that encompasses six main dimensions – smart economy, smart people, smart governance, smart mobility, smart environment, and smart living. As a part of urban and local development, smart cities are faced with budget balance challenges in the short and the long run. Furthermore, there is also the emergency of COVID-19 pandemic that changed the budget structure and requires services from cities. Many local officials will tactically deploy financial measures where appropriate fiscal strategy of a smart city is necessary. Therefore, the aim of this paper is to present the concept of smart cities, to define the indicators and to stress the importance of fiscal strategies for smart cities. By implementing the appropriate fiscal strategy, there is a chance that the goals of sustainable development within smart cities will be achieved. Moreover, it will improve the quality of life by offering new services, reduce operating costs, improve advanced technologies and digitalisation processes. To achieve this, smart cities and other public entities must find investors and financial institutions willing to finance smart projects in a challenging environment. To support them, both national and local governments need to highlight their effort to fulfil basic infrastructure needs, increase more revenue, define regulatory frameworks, ensure digital inclusion and promote financial sustainability. Based on smart cities’ dimensions, the main component of this paper is to present challenges and find recommendations for local authorities to address fiscal strategies fostering the establishment of smart cities more...
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- 2021
15. Porez na financijske transakcije u kontekstu digitalizacije financijskih sustava
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Olgić Draženović, Bojana, Hodžić, Sabina, Prohaska, Zdenko, Družić, Gordan, and Šimurina, Nina
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financijski sustav ,digitalizacija ,porez na financijske transakcije ,FinTech - Abstract
Financijska i ekonomska kriza 2007./2008. godine ukazala je na moguć nepovoljan utjecaj visoko tehnoloških rješenja i digitalizacije financijskih transakcija na stabilnost financijskih sustava, posebno u uvjetima špekulativnih tržišnih aktivnosti. Jedan od mehanizama za suzbijanje iskrivljenog ponašanja sudionika na financijskim tržištima je uvođenje poreza na financijske transakcije (FTT). Implementacijom FTT-a izbjegava se narušavanje tržišne konkurencije, obeshrabruju se riskantne transakcije i stabilizira se financijski sustav. U tome ključnu ulogu ima i digitalizacija financijskog sustava na tržištima, s ciljem osiguravanja bržih i sigurnijih financijskih transakcija. Stoga je cilj rada prikazati razvoj ideje o uvođenju FTT-a i njegov značaj, ali i potencijalni utjecaj digitalizacije na financijski sustav i njegovu stabilnost. Autori istražuju različite aspekte digitalizacije financijskih sustava koji za regulatorna i zakonodavna tijela predstavljaju iznimne izazove. Primjenom digitalnih usluga unutar financijskog sustava, bilo poslovnim ili privatnim korisnicima, osiguravaju se alati za poboljšanje njihove financijske pismenosti, općeg blagostanja te kvalitete života. U tu svrhu povećava se potreba za učinkovitijom financijskom edukacijom korisnika, financijskom uključenosti te zaštitom potrošača s financijskog aspekta, čemu doprinosi i uvođenje poreza na financijske transakcije. Rješenje za poveznicu između financijskih usluga i tehnologija pronalazi se u financijsko-tehnološkim društvima kao što su FinTech društva. Takva društva osiguravaju alternativna rješenja koncipirana na digitalnim inovacijama i upotrebi tehnologija za prodaju financijskih proizvoda. Usluge koje takva društva pružaju su podijeljene u nekoliko osnovnih kategorija od kojih se ističu transfer novca i kapitala, proračunsko i financijsko planiranje, štednja i ulaganje, posuđivanje i osiguranje. Svaka od ovih osnovnih kategorija ima pojedinačne usluge od kojih se najviše ističu online bankarstvo, naplata putem mobilnih uređaja, online alati za proračunsko i financijsko planiranje te kriptovalute. Upravo su te usluge zahtijevale od financijskih institucija da redefiniraju svoju poslovnu kulturu kako bi ljudi i timovi radili brže i učinkovitije te bili okrenuti analitici s inovativnim tehnologijama. Od vodećih zemalja u pružanju takvih usluga ističu se Sjedinjene Američke Države, a od zemalja Europske unije to su Ujedinjeno Kraljevstvo, Litva i Nizozemska. more...
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- 2021
16. The impact of the COVID-19 pandemic on the Croatian financial system
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Olgić Draženović, Bojana, Maradin, Dario, Suljić Nikolaj, Stella, Leko Šimić, Mirna, and Crnković, Boris
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COVID-19 pandemic ,financial crisis ,financial institutions ,CNB ,Croatian economy - Abstract
The outbreak of the pandemic COVID -19 caused a shock to the economic supply and demand and, with great uncertainty, led to a decline in the activity of the financial system. The financial system of the Republic of Croatia faces demanding challenges under these unfavourable conditions and the prospect of growth in the future. The negative impact of this crisis on the domestic financial system manifested itself in deflationary pressure on the domestic currency and a reduction in the assets of institutional investors due to price corrections on the capital markets and outflows from investment funds. The Croatian economy can be assessed as small and open, dependent on developments in the international market and highly sensitive to external shocks and crises. Nevertheless, the financial system is expected to recover thanks to historically low financing conditions and the highly liquid and capitalised domestic financial system. A prominent role in overcoming the crisis is played by economic policymakers and financial system regulators and supervisors. The aim of this paper is to examine the extent of contraction of investment activity of financial institutions in Croatia and to highlight the measures taken and implications of Croatian National Bank and Croatian Financial Services Supervisory Agency to ensure financial stability and liquidity. The conducted research is based on secondary data collected from the databases of relevant Croatian supervisory institutions. We applied statistical techniques to provide an overview of the course and characteristics of the Croatian financial system and, in particular, institutional investors, as well as the response of the supervisory authorities to mitigate the impact of the pandemic on the economy. These measures maintained the stability of the exchange rate, ensured the systemic stability of the national financial system and the efficient functioning of the economy. more...
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- 2021
17. Voluntary pension saving in CEE countries: Possibilities for enhancement
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Olgić Draženović, Bojana, Suljić Nikolaj, Stella, Togonal, Lucija, Lorga da Silva, Ana, Luic, Ljerka, and Nechad, Abdelhamid
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CEE countries, pension system, financial literacy, incentives, voluntary pension saving - Abstract
Voluntary pension saving, or the third pillar of the pension system in CEE countries, can be seen as an enhancement of pension benefits based on the two mandatory pillars of the pension system. In Croatia, less than 10% of citizens opt for this savings option, with the average amounts saved being very low and insufficient to ensure a significantly better standard of living in old age. Nevertheless, the performance of voluntary pension funds can be considered satisfactory and there are favourable government incentives and better tax treatment of pension saving compared to other forms of saving. Voluntary pension saving is the only financial product in the Republic of Croatia that includes state incentives, fund returns and tax relief for employers. Considering the low level of coverage and contributions within the voluntary pension pillar in Croatia, but also in other CEE countries, the question arises as to the possible reasons for the low interest of employees in this type of saving. This is due to low financial literacy, lack of long-term predictable and transparent government policies and other unfavourable economic and social factors. The aim of this article is to present effective tools to promote pension saving and achieve higher participation in voluntary pension schemes. Research findings suggest that, in addition to traditional tax incentives, there are some new, effective types of financial (non-tax) incentives that are better suited to low-income savers, who are in the minority in the overall population of voluntary pension savers. These efforts should continue in the coming years and have an impact on the general attitude towards money and saving and thus on the overall financial behaviour of citizens. more...
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- 2021
18. Financije na prekretnici: Imamo li snage za iskorak? In memoriam prof. dr. sc. Ivo Sever
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Bajo, Anto, Stavljenić, Branimir, Burnać, Paško, Dimitrić, Mira, Škalamera Alilović, Dunja, Spasić, Stefan, Ercegovac, Roberto, Buljan, Zrinka, Grdinić, Maja, Korenić, Tomislav, Blažić, Helena, Hodžić, Sabina, Arnautović, Sabina, Karačić, Domagoj, Raič, Mario, Lončar, Iris, Golemac, Zrinka, Arapović, Ana, Nakić, Martina, Novaković, Dražen, Sajter, Domagoj, Olgić Draženović, Bojana, Živić, Doris, Vuković, Monika, Pepur, Sandra, Vidučić, Ljiljana, Vuković, Mija, Radman Peša, Anita, Lukavac, Marko, Prohaska, Zdenko, Primorac, Marko, Galić, Anja, Šimović, Hrvoje, Batur, Antonia, Šimurina, Nika, Bule, Matej, Visković, Josip, Katavić, MIla, Vladović, Luka, Vela, Vesna, Šimić Šarić, Marija, Vukava, Ivana, Smiljanić Rimac, Ana, Blažić, Helena, Dimitrić, Mira, and Pečarić, Mario more...
- Abstract
Ova monografija odnosno zbornik radova rezultat je XV. Interkatedarskog skupa katedri za financije održanog 22. travnja 2016. godine na Ekonomskom fakultetu Sveučilišta u Rijeci. Istodobno je i in memoriam nedavno preminulom prof. dr. sc. Ivi Severu, dugogodišnjem profesoru Javnih financija na Ekonomskom fakultetu Sveučilišta u Rijeci. more...
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- 2020
19. Kompleksnost tržišta državnih obveznica
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Olgić Draženović, Bojana and Kalić, Ismet
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državne obveznice ,primarno tržište ,sekundarno tržište ,sudionici - Abstract
Razvoj tržišta državnih obveznica od središnje je važnosti za kreiranje likvidnog i efikasnog tržišta duga svake zemlje, a time i stabilnijeg financijskog sustava. Državne obveznice predstavljaju financijske instrumente najvišeg stupnja sigurnosti među instrumentima istog roka dospijeća, zbog čega se i smatraju bazičnim instrumentom tržišta kapitala. Centralnoj vlasti, kao emitentu, postojanje dubokog i likvidnog tržišta državnih obveznica, omogućuje financiranje budžetskih deficita uz najmanji trošak i rizik, smanjenje oslanjanja na središnju banku te jednostavnije i preciznije utvrđivanje uvjeta za nova izdanja, ali istovremeno, ona mora i preuzeti vodeću ulogu u procesu razvoja tržišta. Cilj rada je istražiti osnovne značajke i posebnosti državnih obveznica kao dužničkih, dugoročnih vrijednosnih papira, kao i odrediti determinante i preduvjete razvoja primarnog i sekundarnog ovog segmenta tržišta kapitala. more...
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- 2020
20. Efficiency and Productivity of Islamic Banking Industry: A Literature Review
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Maradin, Dario, Suljić Nikolaj, Stella, and Olgić Draženović, Bojana
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Efficiency measurement ,Islamic banks ,DEA method - Abstract
Efficient and smooth performance of the banking sector is very important for the function-ing of the financial system of an economy as it affects economic stability and growth. Along with conventional banking systems, Islamic banks are playing an increasingly important role and have become an essential part of the financial structure of many Muslim and non- Muslim countries. Accordingly, efficiency and productivity measurement of Islamic banks has a great importance in scientific research. Based on the literature review, this paper analyses two con-cepts of performance evaluation - efficiency and productivity of Islamic banking sector using Data Envelopment Analysis method. As a non- parametric scientific method, DEA together with Malmquist total factor productivity index has become one of the most widely used methods to evaluate the relative efficiency and productivity of various financial institutions, including Islamic banks. The purpose of this paper is to present the most important studies on performance man- agement of banking sector in Islamic countries. We have conducted a comprehensive litera-ture review on the methodology and studies on measuring bank performance with emphasis on DEA method. The results of the efficiency and productivity assessment of the Islamic banking sector show a range of inputs and outputs used in DEA models, their relative effi-ciency results and productivity changes. This paper provides the basis for further empirical research of the relative efficiency or productivity growth of the Islamic banking sector. more...
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- 2020
21. Razvoj financijskih tržišta i osnove investicijske analize
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Prohaska, Zdenko, Radman Peša, Anita, and Olgić Draženović, Bojana
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financijska tržišta ,tržište kapitala ,financijske inovacije ,investicijska analiza - Abstract
Knjiga opisuje razvoj suvremenih financijskih tržišta te osnove investicijske analize.
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- 2020
22. Značaj razvojnih banaka za financiranje ublažavanja i adaptacije klimatskih promjena
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Draženović Kostelac, Draženka, primary, Benković, Slađana, additional, and Olgić Draženović, Bojana, additional
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- 2021
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23. European deposit insurance systems in the time of crisis
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Suljić Nikolaj, Stella, Olgić Draženović, Bojana, Buterin, Vesna, Przygoda, Miroslaw, Misevic, Petar, and Machrafi, Mustapha
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deposit insurance system ,bank stability ,financial crisis ,EU countries ,Southeastern European countries - Abstract
Deposit insurance system was primarely created to protect depositors and their deposits. It creates depositors confidence in the banking system, thus preventing depositor panic and bank run of bank deposits especially in the time of crisis. Since most depositors do not possess adequate knowledge and professional experience, which is necessary to assess bank risks, the operation of deposit insurance system is justified in order to create trust in the banking system. It is believed that the depositor's trust in the banking system and the deposit insurance system ultimately contribute to the maintenance of banking stability. Despite the these significant positive effects of deposit insurance system there are also some negative aspects that have to be taken into account effects on bank stability. They refer to risky bank operations, reduced market discipline, moral hazard, negative selection and the principal-agent problem. Financial crisis in Europe started in 2008, points on the risk operations of banks in certain eurozone countries, which is often associated with high level protection of the deposit insurance system. To prevent depositor panic and further systemic banking crisis, in this period, national deposit insurance systems became more generous by introducing additional forms of protection (paybox plus protection, foreign currency deposits insurance, interbank deposits insurance and government support in raising funds regardless of the management of the system), increasing the amount of protection and leaving co- insurance. Therefore, the aim of this paper is to discuss about changes in the implemetation of the deposit insurance systems in Europen Union (EU) countries and selected Southeastern (SE) European countries in the time of financial crisis as well as changes resulting from the requirements of the banking union. more...
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- 2019
24. Institutional challenges for mandatory pension funds in Central and Eastern Europe
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Olgić Draženović, Bojana, Buterin, Vesna, Suljić Nikolaj, Stella, Vinogradova, Marina, Cuic Tankovic, Ana, and Pavelin, Goran
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Central and Eastern European countries ,financial crises ,institutional framework ,mandatory pension funds - Abstract
Pension funds are one of the basic contributors of the efficient financial system because of promoting long-term savings and stimulating financial development and economic growth. Strong development of pension funds in the last decades is driven by the growing demand arising from the ageing of the population in the last decades. Due to the great importance of pension funds in the social and political terms, their establishment, operations and investment structure are subject of the special interest in every country. Therefore, development of institutions is basic precondition for successful performance and meeting the specific goals of pension funds. Institutional framework include a set of laws and regulations, supervisory and regulatory institutions, organization structures, policies and procedures. In this paper we describe the intricacy of pension governance and instituional framework in the countries of Central and Eastern Europe (CEE). The comparative analysis indicates relative variation in their achieved results, portfolio structure, costs and legislative framework. Inspite of similar path of development and environmental conditions of pension system in these countries their responses to the impact of global financial crises were heterogeneous. Due to underperfomance of mandatory pension funds after 2008 and the shortfall in public fiscal revenues, confidence in the pension system and political suport weakened and triggered significant and comprehensive changes in the pension systems of CEE countries. They resulted in reduction, reform or reversal of second pillar and mandatory pension funds. The aim of this paper is twofold: to examine the diversity of formal institutional frameworks in and to point out possible indicators of institutional development that can be obstacles or incentivnes for pension funds perfomance. more...
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- 2019
25. UČINCI SUSTAVA OSIGURANJA DEPOZITA NA BANKOVNI RIZIK
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Suljić Nikolaj, Stella, Olgić Draženović, Bojana, and Drezgić, Saša
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deposit insurance system ,dynamic panel data analysis ,bank stability ,risk - Abstract
Bank stability is based on the depositors’ trust in banks and the entire banking systems. One of the basic measures that provides these is the deposit insurance system as an integral part of the security network of each financial system. Its importance is particularly pronounced in times of instability and crisis, while in “good times” their positive effects are underestimated. Nevertheless, the deposit insurance system has also resulted in negative consequences in terms of bank risk mitigation, reduced market discipline, moral hazard risk, negative selection and principal-agent problems. The aim of the paper is to examine the effects of the deposit insurance system on bank stability in the pre-global financial crisis period, the crisis period and the post-global financial crisis period. The bank stability is approximated by measures of bank risk (z-score, non-performing loans in total loans) and deposit volatility (total deposits and interest expense of deposits). The research has included all types of credit institutions (1453) of the EU states and some selected SE European countries. The analysis has been verified by dynamic panel data analysis - GMM Arellano-Bond (AB) estimator in two steps. The empirical analysis results indicate that the effect of the deposit insurance system on banking stability, measured by bank risks and deposit volatility, depends on the system characteristics, i.e. the applied system design, in view of institutional, historical and legal differences among countries., Bankovna stabilnost temelji se na povjerenju deponenata u bankovne institucije i cjelokupni bankovni sustav. Jedna od bazičnih mjera koje osiguravaju navedeno je sustav osiguranja depozita kao sastavni dio sigurnosne mreže svakog financijskog sustava. Njegova važnost posebno dolazi do izražaja u uvjetima nestabilnosti i kriza, dok se u tzv. „dobrim vremenima“ podcjenjuju brojni pozitivni učinci. Ipak, sustav osiguranja depozita rezultira i negativnim posljedicama u smislu većeg preuzimanja rizika od strane banaka, smanjenja tržišne discipline, problema moralnog hazarda i negativne selekcije te problema principala i agenta. Cilj rada je ispitati učinke sustava osiguranja depozita na bankovnu stabilnost u tri razdoblja: prije globalne financijske krize, za trajanja krize i nakon krize. Bankovna stabilnost aproksimirana je mjerama bankovnog rizika (z-score, nenaplativi krediti u ukupnim kreditima). Istraživanjem su obuhvaćene sve vrste kreditnih institucija (ukupno 1 453) zemalja članica EU-a i odabranih država JI Europe. Analiza je provedena dinamičkom panel analizom - GMM Arellano-Bond (AB) procjeniteljem u dva koraka. Rezultati empirijske analize ukazuju kako djelovanje sustava osiguranja depozita na bankovnu stabilnost mjerenu bankovnim rizikom ovisi o pojedinim obilježjima (karakteristikama) sustava odnosno o primijenjenom dizajnu sustava s obzirom na institucionalne, povijesne i pravne razlike među zemljama. more...
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- 2019
- Full Text
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26. Performance evaluation of banking sector by using DEA method
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Maradin, Dario, Olgić Draženović, Bojana, Benković, Slađana, and Ribeiro, Humberto, Naletina, Dora, da Silva, Ana Lorga
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bank efficiency, banks, Croatia, DEA analysis - Abstract
Performance evaluation of financial institutions is crucial for the development and improvement of financial system and the whole national economy. Most of traditionally structured financial systems, particularly those in the post-transition EU countries, are strongly determined by the domination of banking sector and underdeveloped financial markets. Nevertheless, research of banking performance can be further improved as a stimulus for the further development of financial system and to provide important information for creditors, investors and stakeholders. The efficiency of financial institutions has been widely and extensively studied in the recent years. In this paper, the Data Envelopment Analysis (DEA)method is applied. This nonparametric approach has become one of the most commonly used methods in measuring technical and cost efficiency of financial institutions. The purpose of this paper is to determine factors, i.e., inputs and outputs of models which evaluate the relative efficiency of banking sector as well as the relative efficiency of particular banking institutions. The paper emphasizes a number of variables that can be used in DEA models for banking institutions, for example asset value, number of employees, interest and non-interest income, deposits and loans. The main results of the research will be the comparative analysis of different theoretical and empirical scientific research regarding banking sector evaluation especially for the new EU member countries, including Croatia. Although authors present the research achievements of the relative efficiency of banking sector, this can be the basis for further empirical studies of banking sector efficiency measurement. more...
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- 2018
27. STRUKTURNE REFORME ZEMALJA CEE-A U TRANZICIJSKOM RAZDOBLJU – POUKE I ZAKLJUČCI
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Olgić Draženović, Bojana, Buterin, Vesna, and Buterin, Denis
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CEE countries ,institutional development ,structural reforms ,privatization ,pension reform ,institucijski razvoj ,strukturne reforme ,privatizacija ,mirovinska reforma ,zemlje CEE-a - Abstract
Procesi financijske intermedijacije imali su važnu ulogu u transformaciji zemalja CEE-a u tržišne ekonomije. Intervencije države u mobiliziranju i alociranju financijskih resursa prepoznate su kao efikasan i brz put k razvijanju financijskih sustava. Stoga su nositelji ekonomske politike usmjerili svoje napore k osiguranju bazičnih zakonodavnih okvira i potrebne infrastrukture, kao i dizajniranju i implementiranju primjerenih strukturnih reformi. Uz navedeno, razvoj sustava potaknut je i adekvatnim institucijskim okvirom. Institucijskom promjenom može se smatrati proces koji dovodi do rasta institucija i njihovog kvalitativnog razvoja. U početku tranzicijskog procesa, gospodarstva CEE-a i institucije bili su značajno određeni tradicijom i nasljeđem bankocentričnog sustava, kao i izostankom ostalih financijskih institucija i tržišta, a ujedno je razvoj institucija dosegnuo različite razine napretka. Razvoj financijskih tržišta i institucijskih investitora kao alternative klasičnom i dominirajućem bankovnom financiranju, u zemljama CEE-a u velikoj mjeri bio je potaknut strukturnim reformama od kojih se posebno ističu privatizacija i uvođenje mirovinskog sustava kapitalizirane štednje, jačanje supervizorskih struktura i različitih modaliteta fiskalne konsolidacije. Cilj rada je ukazati na važnost odabira i implementiranja strukturnih reformi koje pridonose razvoju financijskog sustava i napretku ekonomija CEE-a., The processes of financial intermediation had an important role in the transformation of CEE countries into a market economy. Government interventions in mobilizing and allocating financial resources are recognized as an efficient and fast way for developing financial systems. Policy makers have the highest responsibility since they need to ensure not only basic legislative and institutional frameworks, but also need to design and implement adequate structural reforms. All this should be accompanied by an incentive institutional framework. Institutional changes can be regarded as a process that leads to the growth of institutions and their qualitative development. In the beginning of the transition process, economies and institutions were largely determined by the tradition and heritage with the development of institutions reaching different levels of progress. The development of financial markets and institutional investors, as alternatives of classical and prevailing bank financing in CEE countries, have largely been driven by structural reforms, of which the most important are:privatization and pension reform and the introduction of the pension system funded savings, a government bond issue in the domestic market, strengthening supervisory structures and tax reform. The aim of this paper is to point out to the importance of planning and implementing structural reforms which contribute to the development of the financial sector and the progress of the CEE countries. more...
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- 2018
28. Impact of institutional framework and tax policy on foreign direct investment in selected European Union countries
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Buterin, Vesna, Grdinić, Maja, Olgić Draženović, Bojana, and Humberto Ribeiro, Dora Naletina, Ana Lorga da Silva
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EU countries, foreign direct investment, institutional framework, tax policy - Abstract
Foreign direct investment represents the basis of economic growth of each country and affects the economic, technological and social environment and volume of trade more than any other type of capital. Accordingly, each country is trying to attract foreign direct investment and foreign capital. In order to achieve this, it is important that each country is politically stable , has a skilled and educated workforce with relatively low labor cost, a s table and administratively simple tax system. Institutional d evelopment and quality, i.e., a favorable institutional framework create an incentive environment for investment activity and have a key role in attracting foreign direct investment. Investment protection, business security, incentive tax policy, investor confidence in the legal order of the state, and security of ownership rights are the most important selection criteria that will determine the direction of the movement of foreign capital and determine the investment attractiveness of an individual country . The progress of the institutional environment and the favorable macroeconomic environment create good foundations for a profitable investment and, consequently, make the country more attractive to foreign investors. But, on the other hand, the increased inflow of foreign direct investment can further boost the process of institutional development. In this regard, the development of institutions and the growth of FDI are two processes that are simultaneously and interactively pursued, which are continuous and which, with their progress, lead to the growth and development of the society as a whole. This paper will try to analyze and explain the main effects of institutional framework and tax policy on foreign direct investments in selected EU countries. Main ly it will be focused to show the flow of the FDI in the countries and whether the changes in the institutional framework and tax policy have an impact on the FDI in selected EU countries. more...
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- 2018
29. Učinci sustava osiguranja depozita na bankovni rizik
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Suljić Nikolaj, Stella, primary, Olgić Draženović, Bojana, additional, and Drezgić, Saša, additional
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- 2019
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30. The Role of 'Green' Electrictiy Generation Incentives
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Maradin, Dario, Cerović, Ljerka, Olgić Draženović, Bojana, and Mašek Tonković, Anka
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incentives, renewable energy resources, “green” electricity, guaranteed purchase price, development of economy - Abstract
Despite significant investments and incentives, renewable energy resources are still not economically competitive to traditional fossil energy resources, except for isolated sustainable power systems detached from the national electricity grid. As far as the cost of “green” power production, or the power generated from renewable resources, is not approximately equalized to the cost of fossil energy resources, or until the renewable energy technologies become competitive, it is necessary to make a considerable effort in the form of financial incentives and support towards the renewable energy sector. This implies further improvement and application of renewable energy technologies, which should stimulate the development of domestic production of energy equipment and services, the creation of new jobs and development of entrepreneurship in the energy sector and other related industries, the creation of new, innovative technologies and ultimately development of economy in general. The purpose of this study is to determine the significance and the role of measures, or public authorities' incentives to stimulate production and greater use of “green” electricity. Thereby the paper analyzes various systems of stimulation, such as preferential purchase prices, or feed-in tariffs for generated energy, models of market premiums, systems of mandatory quotas, certificates, models of direct subsidies for renewable resources installation, support for research and development, and other. The paper confirms the hypothesis about the impact of incentives on the increased use of renewable energy resources in EU Member States. Moreover, even though there is a potential for renewable resources, further action is necessary in the form of technical and administrative/legislative mechanisms in order to grow and develop the renewable energy market. more...
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- 2017
31. Financial Transaction Tax in EU: Estimation of Economic Implications
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Olgić Draženović, Bojana, Cingula, M., Przygoda, M., and Detelj, K.
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financial institutions, financial transaction tax, government revenues, Europan union - Abstract
The need to reexamine the European tax system in relation to undertaxed and privileged financial system has been rising along with the development of financial crises and the rise of public financing of financial instituions in the EU. Since 2011, there are ongoing negotiations on the proposal for a Directive on the unified European financial transaction tax (FTT). The initial EU– wide proposal came into question, mostly because of the Member's disagreement about the issues of how the tax will apply to derivative trades, and to transactions executed by pension funds. It is intended that FTT will be applied in just ten member states under the enhanced cooperation legislative mechanism. Altough the scope and objectives of the original FTT proposal have been limited in the latest modified proposal, it is expected that general impacts on EU financial system and economy are still significant. The aim of this paper is to present all the potential effects, implications and restrictions of the FTT introduction. These effects concern trading volume and speculation, liquidity, asset price volatiliy, asset prices and the cost of capital, cascading and intersectoral distortions, financial stability and budget revenues. One of the most pronounces economy impact is probably increasing the transaction costs and decreasing the profits of financial institutions. This study summarizes recent literature on the possible positive and negative effects of European financial transaction tax. more...
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- 2017
32. Model nadzora i supervizije hrvatskog financijskog sustava u uvjetima suvremenih procesa konglomerizacije
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Olgić Draženović, Bojana, Kusanović, Tino, and Kalić, Ismet
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financijska konglomerizacija, financijski sustav, suradnja, Hrvatska narodna banka, HANFA, Hrvatska - Abstract
Financijski konglomerati ili financijske grupe kao ustrojstveni oblici financijskih institucija koje pružaju financijske usluge i proizvode u različitim financijskim sektorima, predstavljaju evolucijski rezultat suvremenih financijskih sustava. Brisanjem razlika između bankovnih i nebankovnih usluga, zahtjevi koji se postavljaju pred regulatorni sustav financijskih sustava postaju sve izazovniji. Stoga se kao ključni izazov suvremenih financijskih sustava ističe razvijanje sigurnog i efikasnog infrastrukturnog modela sustava regulacije i supervizije. Autori se u radu dotiču ključnih procesa koji su oblikovali hrvatski financijski sustav u posljednjem desetljeću kao i zakonodavni okvir regulacije i supervizije. more...
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- 2017
33. Institucije kao determinanta ekonomskog rasta – primjer Hrvatske i odabranih članica EU-a
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Buterin, Vesna, primary, Olgić Draženović, Bojana, additional, and Jakovac, Pavle, additional
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- 2018
- Full Text
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34. Uloga i utjecaj institucionalnih investitora na razvoj tržišta kapitala odabranih tranzicijskih zemalja i Republike Hrvatske
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Olgić Draženović, Bojana, Prohaska, Zdenko, Jurman, Antun, and Leko, Vlado
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transition countries ,financial institutions ,capital markets ,Croatia ,financijska tržišta ,financijske institucije ,tržišta kapitala ,institucionalni investitori ,tranzicijske zemlje ,mirovinska reforma ,privatizacija ,Hrvatska ,financial markets ,pension reform ,privatization ,institutional investors - Abstract
Razvijen i efikasan financijski sustav predstavlja ključnu komponentu u svakoj nacionalnoj ekonomiji. Financijski sustav sastavljen je od financijskih institucija, financijskih tržišta i različitih pravila za upravljanje operacijama na financijskim tržištima i institucijama te vezama među njima. Financijske institucije usmjeravaju štednju suficitarnih ekonomskih jedinica i alociraju ih efikasno unutar financijskih tržišta. Posljednjih desetljeća dominantna pozicija banaka je ugrožena rastućom važnosti nebankovnih financijskih institucija, prije svega mirovinskih fondova, osiguravajućih društava i investicijskih fondova. Njihova veličina uravnotežuje tržište te promovira konkurentnost i efikasnost u financijskom sustavu. Osim toga, institucionalni investitori potiču inoviranje financijskih tehnika, unaprjeđuju tržište kapitala, jačaju transparentnost, informacijsku otvorenost i korporativno upravljanje. Institucionalni investitori ubrzano jačaju svoju ulogu na globalnim financijskim tržištima, uključujući tranzicijske ekonomije. Značaj institucionalnih investitora u tranzicijskim zemljama dodatno je naglašen s obzirom na njihova nerazvijena financijska tržišta te značajan prostor za budući rast. Stoga se činilo opravdanim istražiti financijska tržišta i institucionalne investitore u odabranim europskim tranzicijskim zemljama, uključujući i Republiku Hrvatsku. U navedenom istraživanju postavljena je i dokazana temeljna znanstvena hipoteza koja ističe mogućnost mjerenja utjecaja institucionalnih investitora na tržište kapitala u uvjetima nerazvijenih i uskih financijskih tržišta u tranzicijskim zemljama. Štoviše, definiranjem i primjenom određenih državnih i tržišnih mjera moguće je unaprijediti tranzicijska tržišta kapitala: mirovinska reforma i uvođenje mirovinskog sustava kapitalizirane štednje, proces kuponske privatizacije, izdavanje državnih obveznica na domaćem tržištu, jačanje supervizorskih struktura, promoviranje tržišta kapitala u javnosti kao efikasnog sredstva za prikupljanje kapitala te promoviranje prednosti institucionalizirane štednje. Cilj disertacije je ukazati na potencijalne prednosti u interaktivnom procesu unapređenja tržišta kapitala i institucionalnih investitora u tranzicijskim zemljama., A developed and efficient financial system is a crucial component of a national economy. A national financial system is composed of institutions, markets and regulators governing financial market operations and a network of linkages between them. Financial institutions channel the savings of the economies surplus units and allocate it efficiently through financial markets. Over recent decades the dominant position of banks is challenged by the growing importance of non-banking institutions: pension funds, insurance companies and investment funds. Their influence on the depth and width of the financial market promotes competition and efficiency of the financial system. Additional benefits are: incentives for financial innovation, modernisation of capital markets, enhancement of transparency and information disclosure, and the strengthening of corporate governance. Institutional investors are increasingly becoming more important participants in global financial markets, including emerging market economies. The significance of institutional investors in transition countries is even greater in relation to the underdeveloped local capital markets and in the light of their considerable growth potential. Therefore, it seemed reasonable to investigate the financial markets and institutional investors in selected European transition countries, including Croatia. The research has set and confirmed the fundamental scientific hypothesis that it is possible to measure the influence of institutional investors on the capital markets in the conditions of shallow and underdeveloped financial market such as found in the researched transition countries. In addition, there are some market and government measures which may be applied in order to ensure a more developed and efficient capital markets such as: pension reforms, strengthening of the equity pension funds and the position of institutional investors, voucher privatization, issuing of governmental bonds in domestic capital markets, strengthening of supervisory structures, and promoting the capital market as a means of collecting capital. The main goal of the dissertation is to address the potential benefits from the process of interaction between institutional investors and securities markets in Croatia and in other transition countries. more...
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- 2016
35. Tax Framework of Croatian Financial system
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Olgić Draženović, Bojana, Maradin, Dario, Buterin, Vesna, and Mašek Tonković, Anka
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Porezi ,financijske institucije ,financijska tržišta ,prihod od kapitala ,Hrvatska - Abstract
The responsibility of the financial sector for the global financial crisis spurred the interest of the public to assess the ‘fair and substantial contribution’ of the financial industry that would level the costs associated with government interventions. In addition to various and comprehensive changes in the regulatory regime, most countries focused its efforts towards reforms of the tax systems. Therefore, it seemed reasonable to investigate the existing tax treatment of different categories of capital income in Croatia, i.e. interest income on savings deposits and bonds, dividends and capital gains. These additional taxes have been introduced recently with the primary objective of growth of budget revenues as well as additional contributions to the stability of the financial system. However, the paper raises the question of the justification of this decision with respect to the relative underdevelopment of the domestic financial system, and particularly illiquid and shallow capital markets. For this reason, the authors will analyze the structure and determinants of Croatian financial institutions and financial markets, and the importance of financial services in the national economy. The aim of this paper is to point out the importance of developing appropriate tax framework for all segments of the financial system in the Republic of Croatia. Authors will provide insight into the nature and key features of capital income taxes as well as the basic elements of the state taxes on financial institutions. Furthermore, in line with trends in European legislation, the introduction of tax on financial transactions (FTT) will also be taken into account. more...
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- 2016
36. Willingness to Pay for 'Green' Electricity
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Maradin, Dario, Cerović, Ljerka, Olgić Draženović, Bojana, and Mašek Tonković, Anka
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willingness to pay, renewable energy sources - Abstract
On the liberalised power supply market, with an ever growing development and utilization of renewable energy sources, there has been introduced a “differentiated” product, or better, the so called “green” electricity, which is either totally or partially recovered from “green resources”, that is, from renewables. Power supply companies provide consumers the opportunity to purchase “green” electricity against a higher price, in order to level off both higher production costs from the renewables and boost their further development. Based on their free will, consumers may chose to be supplied with “green” energy among any utility company and being charged an additional amount for such products, thus contributing to the further use and the implementation of renewable energy sources in the power supply sector, as well as to consumer satisfaction. This paper aims to establish the features contributing to the consumer willingness to additionally pay for electricity obtained from renewables. Hence, it highlights the reasons behind the buyers' or households' readiness to using “green” electricity, which are found mainly in environmental concerns, altruistic attitudes and personal preferences. It should also be mentioned that consumers prefer electricity deriving from renewable resources, even when they know little about it. Higher education, environmental organisation affiliation and higher income levels are related to the greater willingness to additionally pay for a cleaner energy, since the latter is estimated to curb pollution induced by fossil fuels. Consumers may chose among the most convenient type of renewable resource in the output of “green” power as well as the amount of additional money to pay for the purchase of such energy. Although this paper presents the up-to-date situation in the research carried out by a number of authors, it may be regarded as the basis for further empiric research on the phenomenon of willingness to pay for “green” power in the Republic of Croatia. more...
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- 2016
37. Porez na financijske transakcije kao mogući porezni prihod u Hrvatskoj
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Olgić Draženović, Bojana
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porez na financijske transakcije ,vrijednosni papiri ,financijske institucije ,financijska kriza ,Hrvatska - Abstract
Globalna ekonomska i financijska kriza potaknula je javnu raspravu o mogućim rješenjima fiskalnog opterećenja financijskog sektora pojedinih nacionalnih ekonomija unutar jedinstvenog europskog tržišta. U cilju stabilizacije financijskih sustava EU i primjerenog doprinosa financijskog sektora javnim proračunima, Europska komisija je 2011. godine objavila nacrt prijedloga izravne implementacije jedinstvenog poreza na financijske transakcije (engl. Financial Transaction Tax) u Europi. Nemogućnost postizanja suglasja dovela je do novog prijedloga u veljači 2013. godine, čija je primjena u više navrata odgođena. U međuvremenu, nekoliko je država članica, uključujući Francusku i Italiju, neovisno uvelo određenu vrstu poreza na financijske transakcije. Europski porez na financijske transakcije baziran je na tzv. „AAA“ pristupu (engl. All institutions, all markets, all instruments). Isti upućuje na vrlo sveobuhvatan fiskalni okvir, kojim se predviđa jedinstveno porezno opterećenje trgovanja svih financijskih instrumenata svih financijskih institucija unutar EU, koji se odvijaju unutar organiziranih financijskih tržišta (burze i OTC tržišta). Stope oporezivanja za temeljne financijske instrumente iznose 0, 1% vrijednosti kupovne ili prodajne transakcije, dok je za derivate definirana stopa od 0, 01% nominalnog iznosa ugovora. Porez na financijske transakcije usmjeren je na financijske transakcije koje provode financijske institucije u svoje ime ili u ime klijenata. Financijske institucije definiraju se kao svi subjekti koje više od 50% godišnjeg prometa ostvaruju temeljem financijskog poslovanja, i to: investicijska društva, uređena tržišta, kreditne institucije, društva za osiguranje i reosiguranje, društva za zajednička ulaganja, društva za financijski leasing, uz izuzeće transakcija koje provode središnji depozitoriji vrijednosnih papira te centralne banke. Navedeno implicira da je djelokrug FTT-a usmjeren primarno na financijsku industriju, dok se isključuje utjecaj na svakodnevne transakcije građana te malih i srednjih poduzeća. Porez predstavlja kombinaciju principa rezidentnosti i principa izdavanja po kojem bi se oporezovala svaka transakcija koju obavlja financijska institucija sa sjedištem u EU, ali i transakcije financijskih institucija sa sjedištem izvan EU, kod kojih je predmet transakcije emitiran unutar FTT regije. Oporezivanjem bruto transakcija na sekundarnim financijskim tržištima po razmjerno niskim poreznim stopama, spriječili bi se poremećaji i osigurala sistemska stabilnost i generirali značajne javne prihode. Preliminarna analiza o mogućnostima oporezivanja financijskih transakcija u Hrvatskoj, prema navedenom prijedlogu, upućuje na zaključak da hrvatsko tržište kapitala još nije dovoljno razvijeno da bi moglo generirati izdašne prihode od oporezivanja. S druge strane, neoporezivanje financijskih transakcija u Hrvatskoj, za domaće financijske institucije predstavljalo bi fiskalni teret kada bi se transakcije obavljale u zemljama pod jurisdikcijom FTT-a ili u slučaju trgovanja financijskim instrumentima izdanim u tim zemljama. Takva odredba prouzročila bi odljev prihoda od oporezivanja izvan granica Republike Hrvatske more...
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- 2016
38. Aktualni problemi oporezivanja financijskog sustava u Republici Hrvatskoj
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Olgić Draženović, Bojana and Kalić, Ismet
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porezi, financijske institucije, financijska tržišta, prihod od kapitala, porez na financijske transakcije, Hrvatska ,porezi ,financijske institucije ,financijska tržišta ,prihod od kapitala ,porez na financijske transakcije ,Hrvatska - Abstract
Zbog financijske i ekonomske krize postavlja se pitanje odgovarajućeg doprinosa financijske industrije u poboljšanju stanja javnih financija. Hrvatski zakonodavni okvir novim se okolnostima prilagođava pooštravanjem poreznog tretmana različitih dohodaka od kapitala odnosno uvođenjem novih poreza na prihod od kamata na štedne depozite i obveznice, dividende i kapitalne dobitke. Cilj rada je istražiti postojeći porezni okvir svih segmenata financijskog sustava u Republici Hrvatskoj. Autori će istražiti prirodu i bitne značajke oporezivanja dohotka od kapitala, kao i osnovne elemente državnih poreza na financijske institucije. Nadalje, u skladu s trendovima u europskom zakonodavstvu, sagledati će se i mogućnost uvođenja poreza na financijske transakcije (FTT). more...
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- 2016
39. Online Corporate Social Responsibility Reporting in the Croatian Banking Sector
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Grudić Kvasić, Sanda, primary, Cerović, Ljerka, primary, and Olgić Draženović, Bojana, primary
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- 2017
- Full Text
- View/download PDF
40. Sistem zavarovanja depozitov v državah EU (1)
- Author
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Prohaska, Zdenko, Suljić, Stella, and Olgić Draženović, Bojana
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sistem zaverovanja depozitov ,držav EU - Abstract
Znano je, da sistem zavarovanja depozitov deluje kot varstveni ukrep v korist deponentov , bank pa tudi celotnega bančnega sistema, saj v času krize preprečuje nastajanje panike in dvigovanja depozitov iz bank. S to aktualno temo o sistemu zavarovanja depozitov so se ukvarjali številni avtorij, vse od Mertona dalje že v letu 1977, vandar sos e značilnosti sistemov in njihova pomemebnost sčasoma spreminjale. more...
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- 2015
41. Financiranje visokog obrazovanja - primjer Ekonomskog fakulteta Sveučilišta u Rijeci
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Olgić Draženović, Bojana, Grdinić, Maja, and Sikirić, Ana Marija
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financiranje ,visoko obrazovanje ,izvori financiranja ,Ekonomski fakultet Rijeka - Abstract
U prezentaciji su predstavljeni izvori financiranja ekonomskog fakulteta Sveučilišta u Rijeci kao i problemi vezani uz javno financiranje visokog obrazovanja u RH, a posebice znanstvene djelatnosti. more...
- Published
- 2015
42. Sistem zavarovanja depozitov v državah EU (2)
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Prohaska, Zdenko, Suljić, Stella, and Olgić Draženović, Bojana
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sistem zaverovanja depozitov ,držav EU - Abstract
Znano je, da sistem zavarovanja depozitov deluje kot varstveni ukrep v korist deponentov , bank pa tudi celotnega bančnega sistema, saj v času krize preprečuje nastajanje panike in dvigovanja depozitov iz bank. S to aktualno temo o sistemu zavarovanja depozitov so se ukvarjali številni avtorij, vse od Mertona dalje že v letu 1977, vandar sos e značilnosti sistemov in njihova pomemebnost sčasoma spreminjale more...
- Published
- 2015
43. ZNAČAJ INSTITUCIONALNIH INVESTITORA U EVOLUCIJI FINANCIJSKIH SUSTAVA
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Olgić Draženović, Bojana, Kusanović, Tino, and Jurić, Zlatka
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financijski sustav ,razvoj ,financijska intermedijacija ,institucionalni investitori - Abstract
Financijski sustav zrcalo je gospodarskog dostignuća svake zemlje, jer njegova učinkovitost ima direktan utjecaj na funkcioniranje nacionalnog gospodarstva. Financijske institucije i tržišta predstavljaju okosnicu i mehanizam uz pomoć kojeg djeluje cjelokupan financijski i gospodarski sustav, ali nastanak efikasnog i reguliranog sustava s mnoštvom sudionika evolucijski je i dugotrajan proces. Financijski sustavi u suvremenim uvjetima postaju sve više određeni spletom nebankovnih financijskih intermedijara koji ubrzavaju promet vrijednosnih papira i nekreditnih oblika financiranja te inoviraju tehnike pribavljanja kapitala. U institucionalnoj strukturi financijskog tržišta stalno nastaju promjene, a u posljednje vrijeme posebno se ističe brz razvoj institucionalnih investitora, zahvaljujući politici diverzifikacije ulaganja, koncentraciji znanja i olakšanog pristupa informacijama te visokoj likvidnosti. Suvremeni financijski sustavi time postaju institucionalno diverzificiranijim, procesno i strukturno složenijim te tržišno učinkovitijim. Institucionalni investitori važan su dio financijske strukture, jer imaju izravan utjecaj na razvoj tržišta kapitala dok s gledišta bankovnih financijskih posrednika utječu na rast konkurentnosti. Cilj rada je istražiti prirodu i implikacije procesa „institucionalizacije“ štednje kao vodeće odrednice evolucije financijske strukture i razvoja financijskih sustava u posljednja dva desetljeća. more...
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- 2015
44. Modeli financijske supervizije i regulacije u zemljama EU
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Olgić Draženović, Bojana
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financijski sustav ,financijski konglomerati ,supervizija i regulacija ,EU - Abstract
Financijska regulacija i supervizija predstavljaju jedne od najvažnijih sastavnica financijske stabilnosti svake nacionalne ekonomije. Osim načina i instrumenata kojima se ona provodi, od vitalnog značaja za stabilnost je i primijenjeni institucionalni okvir odnosno model ustroja institucija za superviziju. Prvo pitanje prilikom izbora modela ili kombinacije različitih struktura odnosi se na odluku o režimu jedinstvene ili sektorske regulacije. Tradicionalni sektorski pristup superviziji nije u stanju odgovoriti na rastući trend konglomerizacije sustava te je model integrirane supervizije sve više zastupljen u brojnim zemljama svijeta. Razvoj financijske regulacije u posljednjih je dvadesetak godina tekao u smjeru institucionalne konsolidacije. Cilj rada je ukazati na problematiku izbora modela supervizije i regulacije u zemljama EU u uvjetima razvoja financijskih konglomerata i globalne financijske krize. U istraživanju je postavljena hipoteza da primijenjeni modeli supervizije u novim zemljama članicama EU, uključujući i Republiku Hrvatsku, odgovaraju potrebama njihovih financijskih sustava koji su u sve većoj mjeri određeni izazovima financijske konglomerizacije. Konflikt relativne nerazvijenosti njihovih financijskih sustava i istovremenog visokog stupnja umreženosti i višeslojnosti financijskih institucija pred nadzorne institucije postavlja značajne izazove i iziskuje neprestano traženje novih rješenja. more...
- Published
- 2015
45. Integrirani nadzor financijskog sektora u Republici Hrvatskoj
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Prohaska, Zdenko and Olgić Draženović, Bojana
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Financial system ,lcsh:HB1-3840 ,Financijski sustav ,financijske institucije ,financijska tržišta ,nadzor ,bankarski sektor ,Republika Hrvatska ,financial institutions ,financial market ,supervision ,lcsh:Economic theory. Demography ,Supervision ,Financial institutions ,Financial market - Abstract
The question of regulation and supervision of all parts of financial system is of major importance for any country. In order to protect the interest of the society and to accelerate the economic development, it is necessary to provide adequate legal framework as well as independent supervision institutions. The regulations refer mostly to maintenance of financial stability and consumer protection. The article points out that the structure of the financial sector in the Republic of Croatia is underdeveloped and characterized by domination of the banking sector. Therefore, bank supervision is one of the main tasks of Croatian national bank and all other financial institutions (except banks) are regulated by other regulatory institutions. The problems of authority overlapping and insufficient regulation are becoming more complex by the development of financial sector and especially by the deregulation of financial markets. Because of that, it is reasonable to investigate the existing regulatory framework of Croatian financial system concerning its structure and development., Od posebne je važnosti pitanje regulacije i nadzora sastavnih dijelova financijskog sustava. Adekvatnom zakonskom regulativom i osnivanjem neovisnih regulatornih tijela i institucija zaštitit će se interesi društva u cjelini te akcelerirati razvoj gospodarstva. U većini zemalja propisi su usmjereni na očuvanje financijske stabilnosti i zaštitu potrošača. U članku se ističe da je struktura financijskog sektora Republike Hrvatske nerazvijena i određena dominacijom bankovnog sektora. Stoga je nadzor banaka jedan od temeljnih zadataka Hrvatske Narodne Banke dok je poslovanje nebankovnih financijskih institucija predmet regulacije niza drugih regulatornih tijela. Problem preklapanja nadležnosti i nedostatne regulacije postaje sve složeniji s razvojem financijskog sustava, a posebno deregulacijom financijskih tržišta. Iz tih razloga, opravdano je istražiti postojeći regulativni okvir hrvatskog financijskog sustava u zavisnosti od njegove strukture i razvijenosti. more...
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- 2005
46. Razvoj tržišta kapitala u post-tranzicijskim zemljama EU
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Olgić Draženović, Bojana and Preni, Violeta
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tržište kapitala ,tržišna kapitalizacija ,promet ,likvidnost ,post-tranzicijske zemlje - Abstract
Razvijeno tržište kapitala jedna je od pretpostavki za uspješno uključivanje nacionalne privrede u svjetske financijske tijekove. Ipak, nastanak efikasnog i reguliranog financijskog tržišta s mnoštvom sudionika, evolucijski je i dugotrajan proces. Stoga se činilo opravdanim istražiti dugoročni segment financijskih tržišta u odabranim europskim post-tranzicijskim zemljama, uključujući i Republiku Hrvatsku, pojedinačno kao i usporedbi s razvijenim i zrelim tržištima kapitala. U radu se identificiraju osnovni procesi i reforme koji su oblikovali evolucijski put tržišta kapitala post-tranzicijskih europskih zemalja. Od svih strukturnih reformi obuhvatom, intenzitetom i utjecajem na rast i razvoj tržišta kapitala posebno se ističu procesi privatizacije, mirovinske reforme odnosno uvođenje kapitalizirane mirovinske štednje te ulazak navedenih zemalja u EU. Od posebne je važnosti istražiti i mogućnosti za način njihovog modificiranog djelovanja u budućnosti, jer u uvjetima globalizacije i internacionalizacije poslovanja, dolazi u pitanje ne samo napredak već i opstanak burzi u CEE zemljama. Cilj rada je utvrditi osnovne karakteristike i specifičnosti razvoja tržišta kapitala u odabranim zemljama srednje i istočne Europe (CEE). Autorice zaključuju da se usprkos kvalitetnoj zakonodavnoj infrastrukturi, funkcionalnom osposobljavanju te značajnom napretku u razvoju i djelotvornosti tržišta, tržište kapitala odabranih europskih post-tranzicijskih zemalja, može ocijeniti plitkim, uskim, nelikvidnim i nedovoljno razvijenim. more...
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- 2014
47. Determinants of capital market in the new member EU countries
- Author
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Olgić Draženović, Bojana, primary and Kusanović, Tino, additional
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- 2016
- Full Text
- View/download PDF
48. Calculating Duration and Convexity of Bonds Using Excel
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Prohaska, Zdenko, Olgić Draženović, Bojana, Šarić, Valter, Čičin-Šain, Marina, Šunde, Jadranka, Uroda, Ivan, and Sluganović, Ivanka
- Subjects
bonds ,duration ,convexity ,excel - Abstract
To analyze interest rate risk of coupon bearing bonds and to immunize bond portfolios against this risk excel spreadsheets are developed using only plain vanilla excel, i.e. its basic functions and some additional functions from the Excel Analysis Toolpak Add-In.The reason for not sing complicated macros nor Visual Basic for Application is that especially students at the University level have already all the necessary skills to use Excel efficiently and VBA applications of different MS Excel versions are not always compatible and have to be reprogrammed to run smoothly on newer versions of Excel. more...
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- 2013
49. CONVEX - Convexity function of bonds built in an Excel Add-In (convex.xla)
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Prohaska, Zdenko, Olgić Draženović, Bojana, and Šarić, Valter
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TheoryofComputation_MISCELLANEOUS ,TheoryofComputation_ANALYSISOFALGORITHMSANDPROBLEMCOMPLEXITY ,convexity ,excel ,bonds ,MathematicsofComputing_GENERAL ,MathematicsofComputing_NUMERICALANALYSIS ,Computer Science::Cryptography and Security - Abstract
Convexity function (CONVEX) of fixed income securities like bonds built in an Excel Add-In named Convex.xla.
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- 2013
50. Development of government bonds market in Croatia
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Prohaska, Zdenko, Olgić Draženović, Bojana, Galetić, Lovorka, Spremić, Mario, Ivanov, Marijana, and Ivanov Marijana
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financial market ,government bonds ,public debt ,strategy ,Croatia ,market - Abstract
Bond markets are essential for a country to enter a sustained phase of development driven by market-base capital allocation and increased avenues for raising debt capital. Development of domestic bond markets can increase the resilience of a country’s financial system and protect it from external shocks and reduction of available sources of financing in the international capital markets. Therefore, it seemed reasonable to investigate the financial market in the Republic of Croatia, as a transition economy, and, especially, the long-term government bonds. In the focus of our research will be the size and composition of government debt, primary and secondary markets including market infrastructure, the base of investors and other relevant factors for the development of national debt market. There is a question what are the measures that can be applied in order to ensure a more developed and efficient government bond market in the conditions of domestic, shallow and underdeveloped financial market? The aim of this paper is to discuss the development of government bonds market in Croatia, to address obstacles for development and especially to emphasis key measures for strenghtening the government bond market in Croatia. more...
- Published
- 2010
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