Title
Valutna supstitucija : uzroci i posledice
Creator
Pepić, Marina R.
Copyright date
2016
Object Links
Select license
Autorstvo-Nekomercijalno-Bez prerade 3.0 Srbija (CC BY-NC-ND 3.0)
License description
Dozvoljavate samo preuzimanje i distribuciju dela, ako/dok se pravilno naznačava ime autora, bez ikakvih promena dela i bez prava komercijalnog korišćenja dela. Ova licenca je najstroža CC licenca. Osnovni opis Licence: http://creativecommons.org/licenses/by-nc-nd/3.0/rs/deed.sr_LATN. Sadržaj ugovora u celini: http://creativecommons.org/licenses/by-nc-nd/3.0/rs/legalcode.sr-Latn
Language
Serbian
Cobiss-ID
Theses Type
Doktorska disertacija
description
Datum odbrane: 08.04.2017.
Other responsibilities
mentor
Marinković, Srđan 1970-
član komisije
Krstić, Borko
član komisije
Živković, Aleksandar 1954-
Academic Expertise
Društveno-humanističke nauke
University
Univerzitet u Nišu
Faculty
Ekonomski fakultet
Group
Katedra za nacionalnu ekonomiju i finansije
Alternative title
Currency substitution : causes and consequences
Publisher
[М. R. Pepić]
Format
[14], 191 list
description
Finance and Banking
Abstract (en)
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
euroisation 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.
Authors Key words
Valutna supstitucija, efikasnost monetarne politike,
finansijska osetljivost, zvanična dolarizacija, dedolarizacija
Authors Key words
Currency substitution, the effectiveness of monetary policy, financial
vulnerability, official dollarization, dedollarization
Classification
336.743(043.3)
Subject
S180
Type
Elektronska teza
Abstract (en)
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
euroisation 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.
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