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master's thesis
Uloga i razvoj referentnih kamatnih stopa u europodručju
Zagreb: University of Zagreb, Faculty of Economics and Business, 2023. urn:nbn:hr:148:501433
Kožul, Iva
University of Zagreb
Faculty of Economics and Business
Department of Managerial Economics

Institutional repository: REPEFZG

Cite this document

Kožul, I. (2023). Uloga i razvoj referentnih kamatnih stopa u europodručju (Master's thesis). Zagreb: University of Zagreb, Faculty of Economics and Business. Retrieved from https://urn.nsk.hr/urn:nbn:hr:148:501433

Kožul, Iva. "Uloga i razvoj referentnih kamatnih stopa u europodručju." Master's thesis, University of Zagreb, Faculty of Economics and Business, 2023. https://urn.nsk.hr/urn:nbn:hr:148:501433

Kožul, Iva. "Uloga i razvoj referentnih kamatnih stopa u europodručju." Master's thesis, University of Zagreb, Faculty of Economics and Business, 2023. https://urn.nsk.hr/urn:nbn:hr:148:501433

Kožul, I. (2023). 'Uloga i razvoj referentnih kamatnih stopa u europodručju', Master's thesis, University of Zagreb, Faculty of Economics and Business, accessed 19 November 2024, https://urn.nsk.hr/urn:nbn:hr:148:501433

Kožul I. Uloga i razvoj referentnih kamatnih stopa u europodručju [Master's thesis]. Zagreb: University of Zagreb, Faculty of Economics and Business; 2023 [cited 2024 November 19] Available at: https://urn.nsk.hr/urn:nbn:hr:148:501433

I. Kožul, "Uloga i razvoj referentnih kamatnih stopa u europodručju", Master's thesis, University of Zagreb, Faculty of Economics and Business, Zagreb, 2023. Available at: https://urn.nsk.hr/urn:nbn:hr:148:501433

Metadata
TitleUloga i razvoj referentnih kamatnih stopa u europodručju
Title (english)Role and development of reference interest rates in euro area
AuthorIva Kožul
MentorDenis Dolinar (mentor)
Committee memberEna Pecina (predsjednik povjerenstva)
Committee memberDavor Zoričić (član povjerenstva)
GranterUniversity of Zagreb
Faculty of Economics and Business
(Department of Managerial Economics)
Zagreb
Defense date and country2023-01-31, Croatia
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Economics
Economics of Entrepreneurship
Abstract
Referentne kamatne stope važne su i korisne u podržavanju financijske stabilnosti i funkcioniranju financijskih tržišta. Nakon otkrivenih manipulacija referentnim kamatnim stopama za vrijeme globalne financijske krize 2008. godine, uslijedile su duboke reforme metodologije. Prije reformi se izračun referentnih kamatnih stopa temeljio na procijenjenim ponudbenim kamatnim stopama panel banaka na neosigurane depozite na međubankovnom tržištu, dok se danas slijedi hibridna metodologija kojoj su temelj realizirane transakcije panel banaka. Međutim, zbog pada aktivnosti na europskom neosiguranom i međubankovnom tržištu novca i visoke ovisnosti o doprinosu panel banaka u metodologiji izračuna, pojavila se inicijativa za identifikacijom i preporukom alternativnih stopa gotovo bez rizika nerizičnih kamatnih stopa koje bi mogle poslužiti kao alternativa trenutnim referentnim vrijednostima u europodručju. Takve alternativne stope gotovo bez rizika bile bi usidrene na aktivnim i likvidnim tržištima. Iako se u Republici Hrvatskoj, zbog nedovoljne razvijenosti tržišta novca, još nije razvila takva inicijativa, potencijalan budući razvoj alternativnih kamatnih stopa doprinio bi porastu transparentnosti i standardizaciji financijskih tržišta. U praktičnom dijelu se metodama deskripcije i kompilacije objašnjavaju uvjeti i izazovi na globalnim financijskim tržištima koji su doveli do bitnih reformi referentnih kamatnih stopa. Nakon toga se pregledavaju aktivnosti na hrvatskom i europskom tržištu novca i metodama deskripcije i komparacije objašnjava metodologija izračuna ključnih referentnih kamatnih stopa tih tržišta. Analizom statističkih podataka i publikacija važnih relevantnih institucija se iznose podaci o dosadašnjim kretanjima kamatnih stopa. U konačnici, induktivnim i deduktivnim metodama dolazi se do zaključaka o potrebi i pozitivnim učincima uvođenja alternativnih referentnih kamatnih stopa.
Abstract (english)
Reference interest rates play an important role in supporting financial stability and optimal functioning of financial markets. After manipulation scandal during the global financial crises in 2008., profound reforms of the methodology followed. Before reforms, calculation of reference interest rates was based on the offered interest rates on unsecured deposits in interbank market. Nowadays, hybrid calculation methodologies based on actual transactions of selected banks are used. However, due to decreased unsecured and interbank activity on euro money market and high sensitivity of the methodology on the contribution of panel banks, the need for additional improvement appeared. Near – Risk free interest rates that could serve as an alternative to current reference values in the euro area were identified and recommended. Those near – Risk Free Rates would be created on active and liquid money markets. Although such initiative has not yet been developed in Croatia, possibility of its development could positively affect transparency and market standardization. In the practical part of the paper, the conditions and challenges in the global financial markets that led to important reforms of reference interest rates are explained using methods of description and compilation. An overview of Croatian and euro money markets follows. With comparative method, calculation methodologies of the key reference interest rates of those markets are be explained. Based on statistical data and publications of important relevant institutions, review and analysis of the past interest rates movements are given. In the end, inductive and deductive methods are used to reach conclusions about the need and positive effects of introducing alternative reference interest rates.
Keywords
Keywords (english)
Languagecroatian
URN:NBNurn:nbn:hr:148:501433
Study programmeTitle: Business Economics
Study programme type: university
Study level: integrated undergraduate and graduate
Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
Type of resourceText
File originBorn digital
Access conditionsAccess restricted to students and staff of home institution
Terms of useLicence In copyright icon
Created on2023-02-01 17:40:49