The impact of macroeconomic and financial factors on shadow banking in the new EU member states

Cilj ovog rada je ispitati kako različite varijable iz makroekonomskog i financijskog okruženja utječu na dinamiku bankarskog sektora u sjeni u odabranih 11 novih država članica EU-a koristeći godišnje podatke za razdoblje 1999-2018. Primjenjuju se tri alternativne tehnike procjene: model s fiksnim...

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Veröffentlicht in:Zbornik radova Ekonomskog fakulteta u Rijeci Jg. 38; H. 2; S. 407 - 427
Hauptverfasser: Kjosevski, Jordan, Petkovski, Mihail, Stojkov, Aleksandar
Format: Journal Article
Sprache:Englisch
Veröffentlicht: Rijeka Sveuciliste u Rijeci 01.01.2020
Faculty of Economics University of Rijeka
Schlagworte:
Banking
Banking industry
Banks
Capital
Economic crisis
Economic growth
eu new member states
Generalized method of moments
Hypotheses
Insurance
International finance
Liquidity
Literature reviews
Macroeconomics
Money markets
panel data analysis
Pension funds
Regulation of financial institutions
Shadow banking
United States > US
Europe
ISSN:1331-8004, 1846-7520
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Abstract Cilj ovog rada je ispitati kako različite varijable iz makroekonomskog i financijskog okruženja utječu na dinamiku bankarskog sektora u sjeni u odabranih 11 novih država članica EU-a koristeći godišnje podatke za razdoblje 1999-2018. Primjenjuju se tri alternativne tehnike procjene: model s fiksnim efektima, metoda procjene GMM razlika i GMM sustava. Empirijski rezultati dokazuju da su najvažniji čimbenici razvoja u financijskom sektoru (sektoru osiguranja i mirovinskom sektoru), bankarskom sektoru, te stopi na tržištu novca kao i opći ekonomski rast. Takoðer je utvrðeno da globalna financijska kriza negativno utječe na rast bankarstva u sjeni. Dobiveni rezultati ukazuju na to da je bankarski sustav u sjeni komplementaran, ne samo tradicionalnim bankama, već i ostatku financijskog sustava, te otvara nova pitanja makrobonitetne politike imajući u vidu Basel III norme. Naime, jedan od glavnih ciljeva Basela III je smanjiti procikličnost bankarskog kreditiranja, a porast bankarstva u sjeni može utjecati kako na regulaciju koja se temelji na kapitalu tako i na ograničenja temeljena na dohotku.
AbstractList The goal of this paper is to examine the impact of macroeconomic and financial determinants of the shadow banking dynamics in the selected 11 new EU member states using yearly data from 1999-2018. We apply three methods: fixed effects model, the difference-GMM and the system-GMM (Generalized Method of Moments). Empirical results provide evidence that the most important factors are the developments in the financial sectors (insurance and pension sectors), banking sector, money market rate, as well as the general economic growth. We also found that global financial crisis has a negative impact on the shadow banking growth. From the results we may conclude that traditional banks, insurance sector and pension funds are complementary with shadow banking. This results was opening new issues for macroprudential policy, bearing in mind the Basel III norms. Namely, one of the main goals of Basel 3 is to reduce procyclicality of bank lending, and the rise of shadow banking may have an impact on both capital-based regulation and income-based limits.
Cilj ovog rada je ispitati kako različite varijable iz makroekonomskog i financijskog okruženja utječu na dinamiku bankarskog sektora u sjeni u odabranih 11 novih država članica EU-a koristeći godišnje podatke za razdoblje 1999-2018. Primjenjuju se tri alternativne tehnike procjene: model s fiksnim efektima, metoda procjene GMM razlika i GMM sustava. Empirijski rezultati dokazuju da su najvažniji čimbenici razvoja u financijskom sektoru (sektoru osiguranja i mirovinskom sektoru), bankarskom sektoru, te stopi na tržištu novca kao i opći ekonomski rast. Takoðer je utvrðeno da globalna financijska kriza negativno utječe na rast bankarstva u sjeni. Dobiveni rezultati ukazuju na to da je bankarski sustav u sjeni komplementaran, ne samo tradicionalnim bankama, već i ostatku financijskog sustava, te otvara nova pitanja makrobonitetne politike imajući u vidu Basel III norme. Naime, jedan od glavnih ciljeva Basela III je smanjiti procikličnost bankarskog kreditiranja, a porast bankarstva u sjeni može utjecati kako na regulaciju koja se temelji na kapitalu tako i na ograničenja temeljena na dohotku.
Author Kjosevski, Jordan
Petkovski, Mihail
Stojkov, Aleksandar
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  fullname: Stojkov, Aleksandar
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Snippet Cilj ovog rada je ispitati kako različite varijable iz makroekonomskog i financijskog okruženja utječu na dinamiku bankarskog sektora u sjeni u odabranih 11...
The goal of this paper is to examine the impact of macroeconomic and financial determinants of the shadow banking dynamics in the selected 11 new EU member...
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StartPage 407
SubjectTerms Banking
Banking industry
Banks
Capital
Economic crisis
Economic growth
eu new member states
Generalized method of moments
Hypotheses
Insurance
International finance
Liquidity
Literature reviews
Macroeconomics
Money markets
panel data analysis
Pension funds
Regulation of financial institutions
Shadow banking
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