engleski

Comparison of Shadow Banking System in Selected SEE Countries

After the financial crisis and Seoul Summit (The Group of 20 leading economies - G20) in November 2010 between all stakeholders, scientific and public releases were more used expression shadow banking. Shadow banking is, exactly, effect of dramatically changes in the structure of the financial systems in a lot of countries around the world last decades and increasing significance of off-balance sheet activities. That is also result of all known transformation from bank-based to market-based financial system. Today it has become a critical part of the infrastructure of the modern financial system and authorities must provide and define new concept and functioning for directly shadow banking entities, for the banks that interact with the shadow banking system, for the activities of shadow banking and for macro prudential measures. Without that rules financial system can be efficient and sustainable what is precondition of economic growth and is the most significant factor of a country's economic policy. This paper examines the question of measuring shadow banking system in selected countries of Southeast Europe (Croatia, Slovenia, Bosnia and Herzegovina, Montenegro and Serbia) with their comparison. It includes critical review of usual shadow banking characterization between scientists and policy makers with special remark on correlation between financial sector development and macroeconomic perspective for each country.

bank-based; market-based; SEE countries; shadow banking

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