engleski

Financial non-deposit intermediation institutions in the Republic of Croatia

Institutional investors are increasingly becoming more important participants in global financial markets. The importance of institutional investors development in emerging countries is even greater in relation to their underdeveloped local capital markets and in the light of their considerable growth potential. Given the beneficial role of these institutions for the financial development, financial stability and economic growth, the recent growth of institutional investors in the emerging countries also raises the question of the role of these institutions in the financial systems of these economies. Therefore, it seemed reasonable to investigate evolution process and the most important characteristics of these financial institutions in the Republic of Croatia. Although Croatian financial system is bank-based, there is evident rapid development of non-banking financial intermediaries, especially after the start of the pension reform in 2002. Nevertheless, the banking sector is still dominant and bank loans represent the most important source of exterior financing the economy. The aim of this paper is to determine the existing, as well as the optimal structure of the non-banking financial intermediation institutions in Croatia. Specifically, authors analyze the recent growth of institutional investors and their impact on the Croatian financial structure.

Croatia, financial sector, non-deposit financial institutions, institutional investors

Poglavlje u monografiji za doktorski studij, Fakultet ekonomije i turizma "dr. Mijo Mirković", Pula, Sveučilište Jurja Dobrile u Puli. Ovo istraživanje je sufinancirala Hrvatska zaklada za znanost u okviru projekta IP-2013-11-8174 (voditelj prof.dr.sc. H. Blažić) te Sveučilište u Rijeci u okviru projekta 13.02.1.2.02 (voditelj prof.dr.sc. H. Blažić)