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In this study, we analyze the effects of macroprudential measures on bank lending in the European Union. We develop several dedicated macroprudential policy indices reflecting different policy actions taken by the authorities in individual member countries, with the aim to affect credit activity in national banking sectors. In our empirical model, we measure responsiveness of gross loans in banks to selected macroprudential policy indices, taking into account a set of bank level and macroeconomic control variables. We use the Fitch Connect bank level dataset with financial statements for 3,434 European banks with 18,616 observations and macroeconomic data provided by the World Bank and IMF statistics covering the period between 2000 and 2017. Information on the use of macroprudential instruments is taken from a new macroprudential policy database, MaPPED, gathered and published by European Central Bank, where we were able to extract the information on both timing and the direction of use of the macroprudential policy instruments. Our findings show that macroprudential instruments can be used effectively for regulatory modulation of credit activity in banks, with some fluctuations in the level of the effectiveness through the business cycles. Therefore, in loosening cycles, macroprudential measures are found to be strongly and positively associated with bank lending. On the other side, tightening actions are found to have a downward effect on bank lending, while these effects are less pronounced. These results are of great importance in the current crisis arising from the impact of COVID-19, as policymakers are trying to support the economy by easing macroprudential regulatory constraints to ensure lending to the real sector.

Povijesno dominatna struktura odobrenih kredita u Republici Hrvatskoj odnosi se na one u eurima, to je jasna činjenica od osnivanja Hrvatske kao moderne i suverene države, ali nije samo valutna struktura kredita takva, već i štednja hrvatskog naroda. Bankarski sektor je odlikovan visokom euroiziranošću, kako samih depozita građana tako i kreditnih aranžmana, a kreditiranje namijenjeno privatnom sektoru zauzima značajan udio u ukupnim plasmanima banaka. Ovaj rad detaljnije će obraditi to pitanje, ali i čitavo upravljanje valutnim rizikom preko valutne klauzule, iz razloga što je hrvatski bankovni sustav posljednjih godina u izrazitoj mjeri pod volacijama na deviznom tržištu, a svaka značajnija oscilacija eura donosi i probleme i povećani teret duga svih vlasnika kredita u eurima, od države do građana. Historically the dominant structure of approved loans in the Republic of Croatia refers to those in euros, this is a clear fact since the founding of Croatia as a modern and sovereign state, but it is not only the currency structure of loans that is such, but also the savings of the Croatian people. The banking sector is distinguished by high euroisation, both by citizens' deposits themselves and by loan arrangements, and lending intended for the private sector occupies a significant share of the total placements of banks. This paper will deal with this issue in more detail, as well as the entire management of currency risk through the currency clause, because the Croatian banking system has been heavily under volatility in the foreign exchange market in recent years, and any significant fluctuation of the euro brings both problems and an increased debt burden of all loan holders in euros, from the state to citizens.

Europska unija je, nakon financijske krize 2008./2009., bila izložena snažnom povećanju razine neprihodujućih kreditnih izloženosti banaka. S obzirom na značaj banaka u financijskom sustavu i kredita kao izvora financiranja ekonomske aktivnosti, pogoršanje kvalitete bankovne aktive doprinijelo je sporijem oporavku gospodarstva. Određene zemlje, koje su bile izložene snažnom rastu razine neprihodujućih kredita, relativno su brzo povećale kvalitetu bankovne aktive, dok su pojedine zemlje dugoročno ostale izložene vrlo visokim razinama neprihodujućih kredita. Doktorski rad istražuje odrednice nastanka neprihodujućih kreditnih izloženosti i ekonomske učinke povećanja neprihodujućih kreditnih izloženosti na financijsku stabilnost u Europskoj uniji. Za testiranje hipoteza koriste se generalizirana metoda momenata i panel vektorsko autoregresijski model. Rezultati istraživanja dokazuju kako na razinu neprihodujućih kreditnih izloženosti utječu makroekonomske i bankovno specifične odrednice. Analiza ekonomskih učinaka neprihodujućih kreditnih izloženosti pokazala je kako je porast neprihodujućih kreditnih izloženosti imao snažniji negativni utjecaj na financijsku stabilnost u zemljama s višim razinama neprihodujućih kreditnih izloženosti. Implikacije istraživanja mogu se koristiti od strane bankovnih regulatora i uprava. Stopu inflacije potrebno je uzeti u obzir prilikom predviđanja razine neprihodujućih kreditnih izloženosti, a povećanje odnosa operativnih troškova i prihoda doprinosi smanjenju neprihodujućih kredita. Banke bi stoga u kriznim vremenima trebale biti oprezne prilikom razmatranja smanjenja kvalitete metodologija i/ili zaposlenika u procedurama odobravanja kredita. S obzirom na snažniji utjecaj neprihodujućih kreditnih izloženosti na financijsku stabilnost u zemljama s višom razinom takvih izloženosti, a koje u pravilu nisu uvele protuciklički zaštitni sloj kapitala, potrebno je razmotriti drugačiji način izračuna navedenog sloja kapitala i/ili uvođenje posebnih kreditnih protucikličkih rezervacija. U slučaju naglog pogoršanja kvalitete kreditne aktive banaka, regulatori bi trebali donije brze i odlučne mjere, usmjerene primarno na izdvajanje kredita iz bilance banaka i promjene stečajnih zakona.

Starptautiskais bizness un ilgtspējīga ekonomika Vadība, administrēšana un nekustamo īpašumu pārvaldība International Business and Sustainable Economy Management, Administration and Real Estate Management Bakalaura darba tēma ir “Patērētāju tiesību aizsardzības likuma grozījumu ietekme uz kredītpakalpojumu reklāmu. SEB un Luminor gadījumu salīdzinošā analīze”. Bakalaura darba mērķis ir izpētīt, kā Patērētāju tiesību aizsardzības likuma grozījumi ir ietekmējuši AS SEB banka un Luminor Bank AS kredītpakalpojumu reklāmu, balstoties uz teorētiskajām atziņām un empīrisko pētījumu. Patērētāju tiesību aizsardzības likuma (PTAL) grozījumi, kas stājās spēkā 2019.gada 1.jūlijā nosaka vispārēju patērētāju kredītu reklāmas aizliegumu, tomēr ietverot arī vairākus izņēmumus, kad kredītu reklāma ir atļauta. Pieņemtie grozījumi ietekmē visu nozari kopumā – bankas, nebanku kreditētājus un reklāmdevējus, jo tieša un atklāta kredītu reklāma ir aizliegta, bet minētie likuma izņēmumi paver iespējas interpretācijai, līdz ar to 2021.gada Patērētāju tiesību aizsardzības centra vadlīnijas kreditēšanas reklāmai izskaidro, kādos gadījumos kredītu reklāma ir atļauta un kādos nav. Lai gan PTAL grozījumu mērķis ir mazināt bezatbildīgu aizņemšanos, kas vairāk raksturīgs nebanku kredītdevējiem, likums attiecas uz visu nozari kopumā, jo, attiecinot aizliegumu uz atsevišķiem tirgus dalībniekiem, tas būtu netiešs valsts atbalsts. Līdz ar to bankām ir jāpielāgojas un jādomā jauni risinājumi, kā ar satura mārketinga palīdzību var pavēstīt par kredītu iespējām, tajā pašā laikā veidojot noderīgu saturu patērētājiem. Bakalaura darbs ir izstrādāts, izmantojot šādas pētījumu metodes: monogrāfiskā metode, sekundāro datu analīzes metode, dokumentu analīzes metode, kontentanalīzes metode, kvalitatīvā pētījumu metode: ekspertu intervijas. Darbs sastāv no trim daļām: Pirmajā nodaļā autore analizē reklāmas, satura mārketinga un patērētāju tiesību teorētiskos principus. Otrajā nodaļā autore veic Patērētāju tiesību aizsardzības likuma grozījumu analīzi, kā arī SEB un Luminor raksturojumu, izpētot banku finanšu rādītājus un sociālo tīklu iesaistes rādītājus. Trešajā nodaļā autore veic SEB Luminor kredītpakalpojumu reklāmas izmaiņu raksturojumu, analizējot banku sociālo tīklu kontus un blogus, kā arī veic ekspertu intervijas ar mērķi noskaidrot ekspertu viedokli par PTAL grozījumu būtību un izaicinājumiem banku kredītpakalpojumu reklāmā. Darba autore secina, ka SEB un Luminor kredītu reklāmas no tiešas kredītu reklāmas ir mainījušās un kopš 2019.gada 1.jūlija tiek izmantoti lielākoties tikai satura mārketinga elementi – sociālajos tīklos publikācijas par sabiedrībā aktuālām tēmām, kas aizved uz bankas mājaslapu, kurā atrodas kredītu reklāmas baneris un kredīts ir saistīts ar rakstā minēto produktu. Šāda reklāma ir atļauta likuma grozījumu ietvaros, jo kredītus drīkst reklamēt bankas mājaslapā. Darba apjoms ir 71 lpp bez pielikumiem, darbā ir 11 attēli, 12 tabulas un 4 pielikumi. Darbā izmantoti 84 informatīvi resursi. Atslēgas vārdi: reklāma, satura mārketings, kredīti, likumdošana, patērētāju tiesības, sociālie mediji, SEB, Luminor. The topic of the bachelor's thesis is “Impact of amendments to the Consumer Rights Protection Law on advertising of credit services. Comparative analysis of SEB and Luminor cases.” The aim of the research is to study and analyze how the amendments to the Consumer Rights Protection Law have affected the advertising of credit services of AS SEB banka and Luminor Bank AS, based on theoretical findings and empirical research. Amendments to the Consumer Rights Protection Law provide not only general ban on consumer credit advertising, but also includes some exceptions when credit advertising is permitted. The amendments affect the industry overall - banks, non-bank creditors and advertisers. While direct and open credit advertising is prohibited, these legal exceptions leave room for interpretation. Therefore, Consumer Rights Protection Centre's guidelines for credit advertising define when credit advertising is allowed. Although the Consumer Rights Protection Law amendments aim to reduce irresponsible borrowing, which is more common in non-bank creditors, the law applies to the entire sector, as it would constitute indirect state aid if the ban would be imposed on individual market participants. As a result, banks need to develop new and creative methods to communicate about credit opportunities. The bachelor's thesis is developed using the following research methods: monographic method, secondary data analysis method, document analysis method, content analysis method, and qualitative research method: expert interviews. The work consists of three parts. In the first chapter the author analyzes the theoretical principles of advertising, content marketing and consumer rights. In the second chapter, the author analyzes the amendments to the Consumer Rights Protection Law as well as the characteristics of SEB and Luminor by studying the financial indicators of banks and the indicators of social media engagement. In the third chapter, the author describes the changes in SEB and Luminor's credit services advertising by researching banks social media accounts and blogs, as well as conducting expert interviews to obtain expert opinions. The author concludes that SEB and Luminor's credit advertisements have changed from direct credit advertisements and mostly have only used content marketing elements since July 1, 2019 – social network publications on current topics leading to the bank's website, which includes a credit banner associated with the product mentioned in the article. Loans may be offered on the bank's website within the terms of modifications to the legislation. The amount of the bachelor’s thesis is 71 pages without attachments, and includes 11 images, 12 tables, 4 appendices, 84 references. Keywords: advertising, content marketing, credits, legislation, consumer rights, social media, SEB, Luminor.

Ovaj rad bavi se analizom kretanja nekoliko varijabli: kamatnih stopa na kredite, volumena kredita poduzeća i stambenih kredita te investicija što se u konačnici stavlja u kontekst kretanja BDP-a. Unatoč činjenici da su izvori financiranja i kamatne stope na kredite poduzećima te stambene kredite građanstvu važan faktor koji utječe na investicije, a preko investicija i na BDP, uslijed neefikasnosti kamatnog transmisijskog mehanizma u Hrvatskoj iste nisu kanal putem kojeg akteri monetarne politike aktivno utječu na gospodarstvo. Zbog toga se može zaključiti da je u Hrvatskoj kamatna stopa tek sporedni faktor kod donošenja odluka o investicijama. Kreditiranje nije primarni izvor financiranja investicija, iako je dostupnost kredita neosporno vrlo važna za daljnji razvoj i gospodarski rast. Može se očekivati da će po pristupanju Hrvatske EMU kamatne stope općenito, a između ostalog i kamatne stope na kredite postati znatno važniji kanal upravljanja makroekonomskim varijablama, pa tako i samim investicijama. This paper deals with the analysis of the movement of several variables: interest rates and the volume of corporate and housing loans and investments, which is ultimately placed in the context of GDP trends. Despite the fact that the sources of financing and interest rates on corporate loans and housing loans to households are important factor which influences on investments, and through investments influences the GDP, due to the inefficiency of the interest rate transmission mechanism in Croatia, they are not a channel through which monetary policy actors actively influence economy. Therefore, it can be concludede that in Croatia the interest rate is only a secondary factor in making desicions about investments. Lending is not a primary source of investment financing, although availability of getting a loan is undeniably very important for further develoment and economic growth. It can be expected that after Croatia enters in EMU, interest rates in general, and among other things interest rates on loans, will become a much more important channel for managing macroeconomics variables, including investments.

Kredit predstavlja imovinsko-pravni odnos u kojem vjerovnik stavlja na raspolaganje novčana sredstva dužniku na unaprijed određeno vrijeme, pod unaprijed određenim uvjetima i za određenu cijenu. Kreditiranje je izvor investicija i rasta gospodarske aktivnosti. Omogućuje realizaciju poslovnih ideja stavljajući na raspolaganje kapital mnogim poduzetnicima. Međutim, s obzirom na podrijetlo većine kredita i na utjecaj unutarnjih i vanjskih čimbenika, kreditiranje je proces koji zahtjeva značajnu regulaciju, internu i eksternu. Kako bi kreditni zahtjev bio odobren, isti mora proći kreditni proces i zadovoljiti zahtjevima banke, koji su različito utvrđeni internim procedurama i pravilnicima banke. U ovom radu analiziran je kreditni proces Privredne banke Zagreb prilikom kreditiranja poduzeća. Zaključak provedene analize ukazuje kako su razlike između „teorije i prakse“ minimalne, te su koraci kreditnog procesa u suštini jednaki među različitim bankama, dok se razlike se očituju u uvjetima kreditiranja i zahtjevima banaka. Poslovne banke koje su uspostavile efikasne politike i procedure kreditiranja, poput proučene PBZ banke, osigurale su stabilnost poslovanja, ali i sigurnost, odnosno povjerenje javnosti. U konačnici, cilj kreditnog procesa jest smanjenje kreditnog rizika i izloženosti novaca deponenata banke. A loan represents a property-legal relationship in which the creditor makes financial funds available to the debtor for a predetermined period, under predetermined conditions and for a determined price. Lending is a source of investments and economic activity growth. It enables the realisation of business ideas by making capital available to many entrepreneurs. However, considering the origin of most loans and the influence of internal and external factors, lending is a process that requires significant regulation, internally as well as externally. In order to have a loan application approved, it has to go through a loan process and comply with the requirements of the bank, which are set differently with internal procedures and regulations of the bank. The corporate lending process of Privredna banka Zagreb has been analyzed in this undergraduate thesis. The conclusion of the analysis indicates that the differences between "theory and practice" are minimal, and the steps of loan process are essentially the same among different banks, while the differences are evident in lending conditions and bank requirements. Commercial banks that have established efficient policies and procedures of lending, such as analysed PBZ bank, have ensured stability of business transactions, but also security, i.e. trust of the public. Finally, the goal of process of financing through lending is also credit risk mitigation and reduction of exposure of the financial funds of the bank's depositors.

Kreditna aktivnost je jedan od bitnih elemenata bankarskog poslovanja koji je ključan za opstanak banke i uspješnost njezina poslovanja. Banka uzima na raspolaganje tuđa sredstva, što od nje traži dodatnu odgovornost u raspolaganju tim sredstvima. Pravilno raspolagati tuđim kapitalom znači i ˝znati odobriti kredit˝. To zahtjeva posjedovanje potrebnih znanja te profesionalnih ljudi koji će to znanje prenijeti u praksu. Na taj se način mogu ispuniti upravljački ciljevi uspješnosti u poslovanju i vlasnički ciljevi zarade. U ovom radu objašnjeni su pojmovi financiranja, kredita, te opisana su obilježja i uloge svih oblika kreditiranja kao i uvjeti i kreditne sposobnosti koje koristi Imex banka. Iznesene su teorijske postavke o kreditnom riziku, kao i tradicionalni te suvremeni načini procjene kreditne sposobnosti. Nadalje, u empirijskom dijelu rada pomoću metode intervjua prikazan je cjelokupan proces kreditne aktivnosti Imex banke, od zaprimanja obrasca kreditnog zahtjeva i ostale dokumentacije do donošenja odluke o odobravanju ili odbijanju kreditnog zahtjeva. Credit activity is one of the key elements in banking business,and also a main factor for bank survival and the success of its business. The Bank takes in disposition other's resources, which requires additional responsibility for the funds. Proper dipose of someone else's capital also means to "know how to approve a credit". This requires the possession of the necessary knowledge and professional people who will transfer that knowledge into practice. This way, it's possible to fulfill the management goals of business success and ownership earnings goals in its full capacity. This thesis explains the terms of financing, loans, and describes the features and roles of all forms of lending as well as the conditions and creditworthiness used by Imex Bank. Theoretical assumptions about credit risk are presented, as well as traditional and modern ways of assessing creditworthiness. Furthermore, the empirical part of the paper uses interview methods to show the entire process of Imex banka's credit activities, from receiving the loan application form and other documentation to making decisions on approving or rejecting the loan application.

Kamatna stopa je značajna odrednica gospodarskih aktivnosti koja ovisi o reguliranju novčane mase, s jedne strane, i o preferencijama likvidnosti poduzeća i kućanstava s druge strane. Kroz ovaj rad objašnjen je utjecaj i promjena kamatnih stopa na gospodarski sustav kao što su privatna i javna potrošnja, bogatstva pojedinaca i nacije te financijski odnos zemlje sa ostatkom svijeta. Cilj je prikazati utjecaj kamatnih stopa na raznim tržištima kao i istaknuti njihovu ulogu na financijskim tržištima. Usporedbom EURIBOR-a i EONIA-e uvidjet će se da postoji značajan pad koji se događa od 2011. do 2020. godine. Usporedbom ZIBOR-a i NRS-a, referentnih kamatnih stopa koje se formiraju na hrvatskom međubankarskom tržištu, s EURIBOR, koji se formira na europskom međubankovnom tržištu, vidimo da imaju jaku i pozitivnu korelaciju, što znači da sa svakim povećanjem EURIBOR-a raste i ZIBOR i NRS. Interest rate is a significant determinant of economic activity which depends on the Regulation of the money supply, on the one hand, and on the liquidity preferences of enterprises and households on the other. This final work explains the influence and change of interest rates on the economic system, such as private and public spending, the wealth of individuals and nations, and the financial relationship between the country and the rest of the world. The aim is to show the impact of interest rates on different markets as well as to emphasize their role in financial markets. By comparing EURIBOR and EONIA, we have realised that there is a significant decrease occurring between 2011 and 2020. By comparing the ZIBOR and the NRR, the reference interest rates that are formed on the Croatian interbank market, with EURIBOR, which is formed on the European interbank market, we see that they have a strong and positive correlation, which means that with each increase of EURIBOR, ZIBOR and NRS grow.

Bakalaura darba tēma ir banku piedāvātie kredīta atbalsta pasākumi fiziskām personām Latvijā Covid-19 pandēmijas periodā. Latvijā Covid-19 pandēmijas periodā, saistībā ar finansiālo problēmu rašanos, laicīga kredītu atmaksāšana ir bijusi aktuāla problēma vairākām fiziskām personām. Bakalaura darba mērķis ir izpētīt fizisko personu kredītu atbalsta pasākumus banku sektorā un izstrādāt priekšlikumus to efektīvākai veicināšanai Latvijā Covid-19 pandēmijas periodā. Darbs sastāv no trīs nodaļām. Pirmajā nodaļā tiek pētīts kredīta būtība, tā veidu klasificēšana un pielietošana, kā arī kreditēšanas process un svarīgākie kreditēšanas principi. Otrā nodaļa sastāv no kredītu veida un nokavējuma perioda struktūras izpētes bankās Latvijā pēdējo 3 gadu laikā un Covid-19 pandēmijas periodā. Trešajā nodaļā ir izpētītas kredītu atbalsta pasākumu iespējas fiziskām personām Latvijā un to dinamika. Darba apjoms ir 65 lapas, tas satur 14 attēlus un 1 tabulu. Atslēgvārdi: atbalsta pasākumi, kredīti, komercbanka, Covid-19 pandēmijas periods., The topic of the bachelor’s thesis is loan support measures offered by banks for individuals during COVID-19 pandemic period in Latvia. During the Covid-19 pandemic period in Latvia, due to financial problems, timely repayment of loans has been a topical problem for several individuals. The aim of bachelor’s thesis is to study the loan support measures for individuals in the banking sector and to develop proposals for their more effective promotion during the Covid-19 pandemic period in Latvia. The work consists of three chapters. The first chapter examines the nature of credit, its classification and application, as well as the lending process and the most important lending principles. The second chapter studies the structure of loan types and the payment delays in banks in Latvia during the last 3 years and the Covid-19 pandemic period. In the third chapter, the possibilities of credit support measures for individuals and their dynamics in Latvia are studied. The volume of the work is 65 pages, it contains 14 figures and 1 table. Keywords: support measures, loans, commercial bank, Covid-19 pandemic period.

U ovom su radu definirani eksterni izvori financiranja poduzeća. Na početku samog rada objašnjeno je što je to zapravo financiranje te koji su oblici i vrste financiranja. Nadalje, objašnjene su razlike između internih (unutarnjih) i eksternih (vanjskih) izvora financiranja poduzeća. Kao prvi eksterni oblik financiranja navodi se leasing. Leasing je pisani sporazum kojim se dopušta uporaba sredstva na određeno vremensko razdoblje. Navodi se kako možemo podijeliti leasing ovisno o mogućnosti raskida sklopljenog ugovora prije njegovog isteka, prema vrsti predmeta leasinga, te prema vremenu trajanja ugovora. Također, spomenuta su aktivna leasing društva u RH te kako se kretao broj leasing društava u razdoblju od 2015. do 2019. godine. Nakon leasinga govori se o kreditu kao najzastupljenijem eksternom obliku financiranja. Kredit je novac koji vjerovnik daje na korištenje dužniku uz obvezu njegova vraćanja uvećanog za iznos kamate. Financiranje poduzeća moguće je ostvariti iz projekata Europske unije. Europske fondove čini novac građana koji se u skladu s pravilima i procedurama dodjeljuje za provedbu projekata. Cilj ovog rada je teorijski prikazati neke od eksternih izvora financiranja, kako poduzetnici mogu pomoći svojem poduzeću financiranjem iz spomenutih oblika financiranja te koji su postupci sklapanja potrebnih ugovora kao i prednosti i nedostaci istih. This paper defines external sources of financing the companies. At the beginnig of this paper is explained what financing actually is and its forms an types. Furthermore, the differences between internal and external sources of financing are explained. One oft he external sources of financing is leasing. It is defind as a written agreement about the use of funds in certain period od time. It is also explained how to tell the difference between some forms od leasing. Active leasing companies is the Republic of Croatia in between 2015. until 2019. are also mentioned. The most common form of external financing is the loan. The loan is an amount of money which is given to the debtor with obligation to pay it back increased by the amount of interest. The European Union funds are also mentioned. They can be asigned for the project implementation. The aim oft his paper is to theoreticaly display some ofthe external sources of financing the companies, methods for the entrepreneurs to use this sources and the procedurs of concluding the necessary, contracts as well as the advantages and disadyantages of the same.

Banke u Republici Hrvatskoj zauzimaju dominantno mjesto u financijskom sustavu, a primarnu poziciju imaju poslovne banke. One su najaktivnije financijske institucije, i u platnom sustavu te na sva tri financijska trţišta: novčanom, deviznom i trţištu kapitala. Hrvatska kontinuirano pokušava ekonomski sustići razvijeni svijet pa stoga u centru pozornosti ima gospodarski rast. Suvremeni gospodarski tempo povezan je s dominantnom ulogom maloga i srednjega poduzetništva, te činjenicom postojanja veće fleksibilnosti i prilagodljivosti obrta, malih i srednjih poduzeća u suvremenim globalizacijskim turbulentnim uvjetima. Procjena BDP-a koji stvaraju banke zavisi o tri veličine: neto kamatnoj marţi, kreditnoj dubini mjerenoj odnosom kredita i BDP-a i udjelu kamatne marţe u bruto dohotku. Udjel kamatne marţe u bruto dohotku zavisi o razvijenosti trţišta kapitala ili općenito o sudjelovanju banaka u financijskom posredovanju povrh standardnih depozitno-kreditnih poslova. Uspostavljena je uska korelacija izmeĎu oporavka ekonomske i kreditne aktivnosti (kada je riječ o kreditiranju poduzeća), reforme poslovne klime, sektora poduzeća i napose bolje korištenje EU fondova, te kako postoji ozbiljan potencijal za učvršćivanje veze izmeĎu kredita i rasta. PotvrĎuje se ključna uloga kreditnih posrednika u odrţanju i ubrzanju ekonomskoga rasta. In the financial system in the Republic of Croatia banks holds a dominant position in the financial system and business banks have the primarly role. They are the most active financial institutions, both in the payment system and in all three financial markets: monetary, foreign exchange and capital market. Croatia is constantly trying to catch up with the developed world economically, and therefore economic growth is in the spotlight. The contemporary economic pace is related to the dominant role of SME's and the fact that there is greater flexibility and adaptability of crafts, SME's in the modern globalization of turbulent conditions. The estimated GDP generated by banks depends on three quantities: net interest margin, credit depth measured by the loan to GDP ratio, and the share of the interest margin in gross income. The share of the interest margin in gross income depends on the development of the capital market or, in general, on the participation of banks in financial intermediation in addition to standard deposit-loan operations. There is a close correlation between economic and credit recovery (in terms of corporate loans), reform of the business climate, the corporate sector and, in particular, better use of EU funds, and that there is serious potential to strengthen the link between loans and growth. The key role of credit intermediaries in maintaining and accelerating economic growth is confirmed.

Starting from contemporary theoretical and practical knowledge in the field of banking and contemporary financial theory, this paper investigates the impact of major macroeconomic and microeconomic factors on the growth rate of nonperforming loans. The theoretical views expressed have been tested in the financial markets of developing Western Balkan countries; Serbia, Montenegro and Bosnia and Herzegovina. The survey period covered the period 2000 to 2015. Polazeći od savremenih teorijskih i praktičnih znanja iz oblasti bankarstva i savremene teorije finansija, ovaj rad istražuje uticaj glavnih makroekonomskih i mikroekonomskih faktora na stopu rasta nekvalitetnih kredita. Izražena teorijska stajališta testirana su na finansijskim tržištima zemalja zapadnog Balkana u razvoju; Srbija, Crna Gora i Bosna i Hercegovina. Period istraživanja obuhvatio je period od 2000 do 2015.