COMPARATIVE FINANCIAL SYSTEMS: IMPLICATIONS FOR ECONOMIC GROWTH

Milka Grbić; Dejan Jovanović

doi:10.5937/Oditor2001046G

Autori

Milka Grbić Univerzitet u Kragujevcu, Ekonomski fakultet, Kragujevac, Srbija Author
Dejan Jovanović Univerzitet u Kragujevcu, Ekonomski fakultet, Kragujevac, Srbija Author

DOI:

https://doi.org/10.5937/Oditor2001046G

Ključne reči:

finansijski sistem, bankarski orijentisan, tržišno orijentisan, funkcionalno orijentisan, pravno orijentisan, pristup

Apstrakt

Osnovni cilj istraživanja u ovom radu je da se, polazeći od uloge koju finansijski sistem ima u funkcionisanju svake tržišne privrede, analiziraju prednosti i slabosti bankarski orijentisanog i tržišno orijentisanog finansijskog sistema prilikom obavljanja osnovnih ekonomskih funkcija. Radi realizacije definisanog cilja sprovedeno je istraživanje kvalitativnog karaktera. U tom smislu je, upotrebom metoda deskriptivne i komparativne analize, učinjena inovirana interpretacija relevantne naučne literature. U radu se razmatraju četiri pristupa koji predstavljaju kritičku analizu uloge i značaja banaka i tržišta vrednosnih papira – bankarski orijentisan, tržišno orijentisan, funkcionalno orijentisan i pravno orijentisan pristup. Ističući pozitivnu ulogu banaka, bankarski orijentisan pristup naglašava komparativne slabosti tržišta vrednosnih papira. S druge strane, tržišno orijentisan pristup naglašava pozitivne strane tržišta vrednosnih papira, istovremeno apostrofirajući slabosti banaka u obavljanju osnovnih funkcija. Međutim, u fokusu funkcionalno orijentisanog pristupa nije debata da li je bolji finansijski sistem zasnovan na bankama ili tržištu vrednosnih papira, već je bitan obim, kvalitet i dostupnost finansijskih usluga. Na kraju, pravno orijentisan pristup, koji predstavlja dopunu funkcionalnog pristupa, akcenat stavlja na poštovanje odredaba finansijskih ugovora i zaštitu prava učesnika u finansijskim transakcijama. Shodno navedenom, ključni razultati istraživanja odnose se na identifikovanje pretpostavki koje doprinose boljem finkcionisanju finansijskog sistema i ukazivanje na činjenicu da funkcionalna interakcija banaka i tržišta vrednosnih papira doprinosi njihovoj komplementarnosti i efikasnijem transferu sredstava od štednih ka investicionim subjektima.

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