Valutna supstitucija : uzroci i posledice
Докторанд
Pepić, Marina R.Ментор
Marinković, SrđanЧланови комисије
Krstić, BorkoŽivković, Aleksandar
Метаподаци
Приказ свих података о дисертацијиСажетак
Currency substitution exists when currency of some other country is used
parallel to or instead of the domestic currency, while foreign currency can take
over from the local currency some or all of the functions of money. Currency
substitution is typical for almost all developing countries and transition
economies. Since it increases financial vulnerability and limits the monetary
policy effectiveness, it is often in the focus of scientists and experts. However,
it seems that our literature has not paid sufficient attention to this
phenomenon, despite the fact that with over 70% of the assets and liabilities of
the banking sector in foreign currency, Serbia is one of the countries with the
highest degree of euroization in Europe. Therefore, this dissertation aims to
systematize the existing theoretical knowledge about this issue and
comprehensively examine the phenomenon of currency substitution.
The paper analyzes the significance of the seven determinants of credit
euroi...sation in the ten countries of Central and Southeast Europe for the period
2003-2015. The analysis shows that the average inflation rate, the difference
between the reference rate of the national central banks and the ECB rate, and
the share of foreign currency liabilities in total liabilities have a statistically
significant impact on the amount of credit euroisation. Particular attention has
been paid to ten determinants of euroisation in Serbia in the period 2009-2016.
In this case, statistically significant factors of euroisation of loans are average
rate of inflation, the difference between the reference rate of the NBS and the
ECB rate.