Unapređenje sistema za očuvanje stabilnosti finansijskih institucija
Author
Jemović, Mirjana M.Mentor
Marinković, SrđanCommittee members
Krstić, BorkoŽivković, Aleksandar
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Show full item recordAbstract
The increasing globalization and liberalization of financial markets in
the nineties of the last century essentially changed the business
environment of the banks and other financial institutions. Although it
gave its contribution for the improvement of the economic efficiency,
it also caused the increased instability in the financial markets. In
such an environment, there was a need to review the role of key
regulatory agencies, primarily central banks, which in addition to
price stability, had to pay a special attention to maintaining financial
stability. Taking care for financial stability requires a specially
designed appropriate regulatory framework that includes a variety of
institutions, rules and procedures. Accompanying the life cycle of
financial institutions, the following are its inevitable components:
licensing policy, ie. the rules for banks to enter the system; the
functions of supervision; the lender of last resort function; deposit
insurance and the rules... for banks exiting the system. While
recognizing the specificity of these infrastructure components of the
financial system stability, the dissertation emphasizes the need for
their coordination both at the national and the supranational level.
Since the disorders that result in extreme crisis do not happen by
accident, the behavior of key macroeconomic and macrofinancial
indicators of the financial system stability, as well as the so-called
institutional variables included to describe the basic components of
the system for preserving the stability of financial institutions and
markets are analyzed. Starting from the database of systemic banking
crisis in the period from 1977 to 2011, by using the signaling methods
and logit regression models, we have tested the hypothesis that an
inadequate regulatory framework for preserving financial system
stability is one of the main reasons for the financial crisis that have
caused disruption in the real economy. The hypothesis is confirmed,
and the lack of an adequate system of regulation and supervision, and
inadequate systems that preserve financial stability in its ex-post part
(deposit insurance and the restructuring policy) are emphasized. One
part of the dissertation is devoted to the analysis of the specifics of the
regulatory framework for preserving the financial system stability in
particular countries in order to make recommendations on how to
improve the regulatory framework for preserving the stability of the
financial system of Serbia.