Suvremene Financijske Ulsuge - Za Web PDF

UDŽBENICI SVEUČILIŠTA U ZAGREBU
MANUALIA UNIVERSITATIS STUDIORUM ZAGRABIENSIS
SUVREMENE FINANCIJSKE USLUGE: RAZVOJNI PRAVCI I STRATEŠKA PITANJA

SUVREMENE
FINANCIJSKE USLUGE:
RAZVOJNI PRAVCI I
STRATEŠKA PITANJA
Urednik: Alen Stojanović
9 789533 461908
I
Udžbenik Sveučilišta u Zagrebu
Manualia Universitatis Studiorum Zagrabiensis

II
Ovoj knjizi odobren je naziv Udžbenik Sveučilišta u Zagrebu / Manualia

Universitatis studiorum Zagrabiensis odlukom Senata Sveučilišta u Zagrebu
Klasa: 032-01/22-02/05, ur. broj: 380-062/250-22-3 od 21. lipnja 2022.
Nakladnik
Ekonomski fakultet
Sveučilište u Zagrebu
Za nakladnika
prof. dr. sc. Jurica Pavičić
Urednik
prof. dr. sc. Alen Stojanović
Recenzenti
Prof. dr. sc. Anita Pavković
Izv. prof. dr. sc. Maja Mihelja Žaja
Izv. prof. dr. sc. Bojana Olgić Draženović
Lektura
Maja Perišin
Tisak
Sveučilišna tiskara, Zagreb
ISBN 978-953-346-190-8
CIP zapis dostupan u računalnome katalogu Nacionalne

i sveučilišne knjižnice u Zagrebu pod brojem 001148887
Copyright © Ekonomski fakultet – Zagreb, Zagreb 2022.

Sva prava pridržana.
Nijedan dio ove knjige ne smije se umnožavati, fotokopirati ili na bilo koji
drugi način reproducirati bez pisanog dopuštenja izdavača.
III
Zagreb, 2022.
IV
V
SADRŽAJ
SADRŽAJ
SADRŽAJ
Predgovor
Predgovor XVII
Alen
AlenStojanović
Stojanović
1.1. Financijski
Financijskisustav, inovacije
sustav, i gospodarstvo
inovacije i gospodarstvo 11
Alen Stojanović
Alen Stojanović
2.2. Razvoj
Razvoji usporedba
i usporedbabankovno i tržišno
bankovno orijentiranih
i tržišno orijentiranih
financijskih
financijskihsustava
sustava 2828
Alen Stojanović
Alen Stojanović
3.3. Uloga
Uloga regulacije i regulatornih
regulacije promjena
i regulatornih uu
promjena financijama
financijama 6969
Alen
AlenStojanović
Stojanović
4.4. Suvremena
Suvremena tehnologija uu
tehnologija financijama
financijama 110
110
August
AugustCesarec
Cesarec
5.5. Međunarodna
Međunarodna financijska infrastruktura
financijska infrastruktura 142
142
Alen
AlenStojanović
Stojanović
6.6. Vlasnička
Vlasnička struktura kreditnih
struktura institucija
kreditnih institucija 207
207
Alen
AlenStojanović
Stojanović
7.7. Okrupnjavanje
Okrupnjavanje banaka
banaka 248
248
Alen
AlenStojanović
Stojanović
8.8. Važnost
Važnost malih
malihi lokalnih banaka
i lokalnih banaka 292
292
Alen
AlenStojanović
Stojanović
9.9. Odrednice
Odrednice i pokazatelji uspješnosti
i pokazatelji poslovanja
uspješnosti banaka
poslovanja banaka 340
340
Alen
AlenStojanović
Stojanović
10.10.Održiva
Održivai odgovorna
i odgovorna financijska ulaganja
financijska ulaganja 408
408
Branka Tuškan
Branka TuškanSjauš
Sjauš
11.11.Suvremeni
Suvremeni izazovi uu
izazovi poslovanju
poslovanjuinstitucionalnih investitora
institucionalnih investitora 463
463
Jakša Krišto
Jakša Krišto
VI
12. Prevencija sistemskih kriza i očuvanje financijske stabilnosti 500

Vedran Šošić, Maja Bukovšak, Lana Ivičić
SADRŽAJ
13. Financijska isključenost 574

Branka Tuškan Sjauš
VII
BILJEŠKE O AUTORIMA
Maja Bukovšak je direktorica Direkcije za financijsku stabilnost u Hrvatskoj
narodnoj banci, čije djelovanje obuhvaća analizu rizika za financijsku
stabilnost i provođenje makrobonitetne politike. Predstavnica je HNB-a u
radnih tijelima Europske središnje banke i Europskog odbora za sistemske
rizike, a obnaša i funkciju tajnice Vijeća za financijsku stabilnost. U svojoj
karijeri u središnjoj banci bavila se i analizama realnog sektora te vodila
Odjel za analizu platne bilance i tečaja.
August Cesarec je asistent na Katedri za financije na Ekonomskom fakultetu

Sveučilišta u Zagrebu. Sudjeluje u izvođenju seminarske nastave na
kolegijima Financijske institucije i tržišta, Modeli financiranja posebnih
namjena, Regulacija i nadzor financijskog sektora, Suvremena financijska
tržišta i Upravljanje bankama. Autor je više znanstvenih radova objavljenih
u domaćim i međunarodnim časopisima.
Lana Ivičić je viša savjetnica u Direkciji za financijsku stabilnost Hrvatske

narodne banke, gdje radi na oblikovanju i provođenju mjera
makrobonitetne politike za bankovni sektor. Članica je radnih skupina za
makrobonitetnu politiku i instrumente Europskog odbora za sistemske
rizike, Europskog nadzornog tijela za bankarstvo i Europske središnje
banke. Sudjeluje u pružanju tehničke pomoći pri razvijanju okvira za
provođenje makrobonitetne politike u zemljama zapadnog Balkana.
Jakša Krišto je izvanredni profesor na Katedri za financije, Ekonomskog

fakulteta Sveučilišta u Zagrebu. Izvodi nastavu na predmetima Financijske
institucije i tržišta, Upravljanje institucionalnim investitorima i Poslovno
bankarstvo. Autor je ili suautor više od 50 znanstvenih i stručnih radova.
Prisutan je u praksi kroz održavanje različitih seminara i radionica te
sudjelovanje u radu radnih grupa pri stručnim udruženjima financijskih
institucija ili nadzornim tijelima. Trenutačno radi na istraživanjima iz
područja uzajamnih financijskih institucija, dugotrajne skrbi za starije,
kapitalizirane mirovinske štednje i FinTecha. Voditelj je Institutional
investors Laba pri Ekonomskom fakultetu Sveučilišta u Zagrebu.
Alen Stojanović je redoviti profesor u trajnom zvanju na Katedri za

financije na Ekonomskom fakultetu Sveučilišta u Zagrebu. Njegovi
VIII
znanstveni interesi su u području suvremenih trendova i pojava u

financijama, financijskih struktura, upravljanja bankama i
izvanproračunskog financiranja djelatnosti od javnog interesa. Autor je i

recenzent više znanstvenih knjiga i brojnih znanstvenih radova u domaćim i
međunarodnim časopisima. Voditelj je specijalističkog poslijediplomskog
studija. U proteklom je razdoblju intenzivno surađivao s više financijskih
institucija i nadzornih tijela, a član je i Nacionalnog vijeća za znanost, visoko
obrazovanje i tehnološki razvoj.
Vedran Šošić je karijerni središnji bankar s gotovo četvrt stoljeća radnog

iskustva. U tom je razdoblju radio na analizi realnog sektora u
istraživanjima, vodio je Direkciju za financijsku stabilnost te je odradio
mandat u Savjetu HNB-a kao viceguverner zadužen za istraživanja i
statistiku. Posljednje tri godine je glavni ekonomist HNB-a. Uz rad u HNB-
u, tijekom pregovora o pristupanju EU-u proveo je dvije godine u Misiji RH
u Bruxellesu.
Branka Tuškan Sjauš je izvanredna profesorica na Katedri za financije na

Ekonomskom fakultetu Sveučilišta u Zagrebu. Prije zaposlenja na fakultetu
radno iskustvo je između ostalog stekla u bankovnom sektoru. Njezin
dosadašnji nastavni i znanstveno-istraživački rad primarno je usmjeren na
područje financijskih institucija i tržišta, bankarstva i financiranja djelatnosti
od javnog interesa. Autorica je i recenzentica brojnih znanstvenih radova
objavljenih u domaćim i međunarodnim časopisima, te koautorica poglavlja
znanstvene knjige i sveučilišnog udžbenika.
IX
POPIS TABLICA
POPIS TABLICA
Tablica 2.1. Značenje pojedinih financijskih institucija mjereno ukupnom aktivom u
SAD-u, 1860. – 2019. (% u ukupnoj aktivi) 36
Tablica 2.2. Značenje izabranih financijskih institucija u Hrvatskoj,
2000. – 2019. (u mil. kuna i % u ukupnoj aktivi) 50
Tablica 2.3. Financijska imovina i obveze domaćih sektora u Hrvatskoj 2019.
(konsolidirano, u mil. kuna) 52
Tablica 4.1. Top 5 virtualnih valuta po tržišnoj kapitalizaciji (na dan 6. 8. 2021.) 131
Tablica 5.1. Kretanje vrijednosti, obujma izvoza roba i BDP-a u svijetu
1950. – 2018. (indeks 2015 = 100) 143
Tablica 5.2. Izravna strana ulaganja, neto priljev, 1970. – 2019. (mlrd. USD) 144
Tablica 5.3. Međunarodno tržište zadužnica, 2015. – 2019. (mlrd. USD) 145
Tablica 5.4. Broj dionica stranih poduzeća u kotaciji na izabranim burzama u
svijetu, 1980. – 2019. 146
Tablica 5.5. Strane podružnice američkih banaka, 1955. – 1998. (mlrd. USD) 150
Tablica 5.6. Zastupljenost stranih banaka u SAD-u, 1975. – 1998. (%) 151
Tablica 5.7. Međunarodna potraživanja i obveze banaka članica BIS-a,
1990. – 2020. (mil. USD) 156
Tablica 5.8. Procjena raspona i potencijalnog smanjenja cijena financijskih
usluga u izabranim zemljama (%) 169
Tablica 6.1. Kooperativne banke u Europi, 2019. (aktiva, depoziti i
krediti u mil. eura) 213
Tablica 6.2. Kreditne unije u svijetu, 2019. (aktiva u mil. USD) 216
Tablica 6.3. Specijalizacija državnih banaka u izabranim zemljama, 1992. 219
Tablica 6.4. Osnovni zadaci i sadržaj reformi financijskih sektora
tranzicijskih zemalja 226
Tablica 6.5. Vlasnička struktura hrvatskog bankovnog sustava, 1996. – 2019. 229
Tablica 6.6. Udjel banaka u državnom i stranom vlasništvu u izabranim
zemljama, 2016. (više od 50 % dioničkog kapitala, % u ukupnoj
aktivi bankovnog sustava) 233
Tablica 7.1. Broj i vrijednost M&A transakcija po gospodarskim granama,
1985. – 2016. (%) 266
Tablica 7.2. 30 najvećih M&A transakcija među bankama u svijetu,
1985. – 2019. (u mil. USD) 270
Tablica 7.3. Pokazatelji uspješnosti banaka u SAD-u raspoređenih prema
veličini imovine, 2013. – 2019. (imovina u USD, %) 278
Tablica 7.4. Usporedba pokazatelja profitabilnosti bankovnog sektora s
istim pokazateljima 3 najveće institucije toga sektora u
odabranim zemljama, 31. 12. 2019. (u % i mil. EUR) 282
Tablica 8.1. Broj i ukupna aktiva banaka u Europskoj uniji, SAD-u i Japanu,
2008. – 2019. (imovina u bil. eura) 293
X
Tablica 8.2. Broj banaka u SAD-u raspoređenih prema veličini, 2000. – 2020. 294
Tablica 8.3. Broj banaka u EU-u raspoređenih prema veličini, 2008. – 2019. 296
POPIS TABLICA
Tablica 8.4. Ukupna aktiva banaka raspoređenih prema veličini u

Europskoj uniji, 2008. – 2019. 296
Tablica 8.5. Struktura kredita banaka raspoređenih prema veličini u SAD-u,
1985. – 2003. 299
Tablica 8.6. Struktura kredita banaka odobrenih MSP-u raspoređenih
prema veličini u SAD-u, 30.09.2020. 301
Tablica 8.7. Broj i udjel pojedinih skupina banaka u ukupnoj aktivi
bankovnog sustava u SAD-u, 1995. – 2020. 305
Tablica 8.8. Usporedba izabranih bilančnih kategorija u bankama
raspoređenih prema veličini u SAD-u, 1995. – 2020.
(% ukupne aktive) 306
Tablica 8.9. Izabrani pokazatelji poslovanja banaka u Hrvatskoj,
2004. – 2019. (iznosi u mlrd. kuna i %) 321
Tablica 8.10. Izabrani pokazatelji poslovanja banaka u Hrvatskoj, 2004. – 2019. 327
Tablica 9.1. Struktura aktive i pasive kreditnih institucija u Republici
Hrvatskoj na 31. 12. 2019. godine (mil. EUR, %) 350
Tablica 9.2. Struktura aktive i pasive kreditnih institucija u europodručju
na 31. 12. 2019. godine (mlrd. EUR, %) 350
Tablica 9.3. Struktura aktive i pasive banaka u SAD-u na 31. 12. 2019. godine
(mil. USD, %) 351
Tablica 9.4. Struktura aktive i pasive banaka u Japanu na 31. 03. 2019. godine
(mlrd. JPY, %) 351
Tablica 9.5. Struktura aktive banaka u Hrvatskoj, na 31. 12. 2019.
(tis. kuna i %) 353
Tablica 9.6. Struktura pasive banaka u Hrvatskoj, na 31. 12. 2019.
(tis. kuna i %) 354
Tablica 9.7. Račun dobiti i gubitka banaka u Hrvatskoj, 2019. (u tis. kuna) 359
Tablica 9.8. Račun dobiti i gubitka značajnih banaka na razini europodručja
i izabranih zemalja (2019., milijuni EUR) 360
Tablica 9.9. Račun dobiti i gubitka banaka u SAD-u za 2019. godinu
(u mil. USD) 361
Tablica 9.10. Račun dobiti i gubitka banaka u Japanu za poslovnu godinu
koja traje od 1. travnja 2018. do 31. ožujka 2019. godine (mil. JPY) 361
Tablica 9.11. Izabrani pokazatelji poslovanja na primjeru banaka X, Y i Z 374
Tablica 9.12. ROA pojedinih sektora u SAD-u, 4. kvartal. 2020. 377
Tablica 9.13. ROE pojedinih sektora u SAD-u, 4. kvartal. 2020. 378
Tablica 10.1. Evolucija prepoznavanja održivih i odgovornih ulaganja 410
Tablica 10.2. Kombinacije financijskih učinaka odgovornih ulaganja
na vrijednost poduzeća, tržišno vrednovanje poduzeća
(cijena) i povrat od ulaganja 419
Tablica 10.3. Stupovi ESG regulacije 421
XI
Tablica 10.4. Izabrani ESG rizici i primjer mjerenja čimbenika u poslovanju 430
Tablica 10.5. Prikaz povezanosti strateškog okvira Nacionalne razvojne
POPIS TABLICA / POPIS GRAFIKONA

strategije RH do 2030. i ciljeva održivog razvoja Programa
UN-a za održivi razvoj 2030. 438
Tablica 10.6. Usporedba svojstava zelenih obveznica izdanih različitim
tehnikama 452
Tablica 10.7. Pokazatelji razvoja tržišta zelenih obveznica 454
Tablica 11.1. Struktura financijske imovine sektora stanovništva,
1. tromjesečje 2021., u % 468
Tablica 11.2. Utjecaj razdoblja niskih kamatnih stopa na društva za osiguranje 488
Tablica 12.1. Primjeri indikatora za pojedine vrste sistemskog rizika 526
Tablica 12.2. Posredni ciljevi makrobonitetne politike povezani s nekim od
prikladnih instrumenata za ostvarenje tih ciljeva 548
Tablica 12.3. Klasifikacija instrumenata makrobonitetne politike
u Europskoj uniji 551
Tablica 12.4. Kriteriji za utvrđivanje ostalih sistemski važnih kreditnih
institucija 557
Tablica 13.1. Čimbenici financijske isključenosti i njihove sastavnice 584
Tablica 13.2. Izabrani pokazatelji financijske uključenosti po regijama
(brojevi u milijunima i udjeli u %, podaci za 2020. godinu) 589
Tablica 13.3. Financijski isključeni u svijetu - udjeli 25 vodećih zemalja (%
isključene populacije u ukupnoj globalno isključenoj populaciji,
podaci za 2017. godinu); udio populacije bez otvorenog računa
u banci na nacionalnoj razini (%, podaci za 2021. godinu) 591
POPIS GRAFIKONA
Grafikon 1.1. Godišnje stope rasta izabranih pokazatelja u SAD-u,

Njemačkoj, V. Britaniji i Japanu, 2000. – 2020. (%) 6
Grafikon 2.1. Struktura izabranih financijskih ulaganja sektora kućanstva
u SAD-u, 1970. – 2019. (u mlrd. USD) 39
Grafikon 2.2. Kretanje ukupno odobrenih bankovnih kredita i ukupnih
obveza/pasive sektora domaćinstva i nefinancijska društva
u SAD-u, 1973. – 2019. (u mrld. USD) 39
Grafikon 2.3. Računovodstveni tretman dijela eksternog financiranja
korporativnog sektora u SAD-u (u tis. mlrd. USD) 41
Grafikon 2.4. Računovodstveni tretman odobrenih hipotekarnih kredita
banaka u SAD-u (%) 41
Grafikon 2.5. Ukupna financijska imovina izabranih financijskih institucija u
bilijunima USD (lijevo) i udjel (%) imovine nebankovnih
financijskih posrednika u ukupnoj financijskoj imovini (desno) 44
XII
Grafikon 2.6. Značenje pojedinih financijskih institucija mjereno ukupnom

aktivom u izabranim zemljama, 2019. (% u ukupnoj aktivi) 45
POPIS GRAFIKONA
Grafikon 2.7. Značenje pojedinih financijskih institucija mjereno ukupnom

aktivom u izabranim zemljama, 2002. – 2019.
(% u ukupnoj aktivi) 46
Grafikon 2.8. Financijski suficit i deficit po sektorima u SAD-u i EU-u (% BDP) 59
Grafikon 2.9. Dinamika ekonomskog oporavka izabranih zemalja (postotne
promjene BDP-a, kvartalno) 62
Grafikon 2.10. Odnos ukupne aktive banaka i tržišne kapitalizacije
korporativnih dionica i zadužnica u izabranim zemljama 63
Grafikon 3.1. Učinak ograničenja depozitnih kamatnih stopa na dobit banaka 84
Grafikon 3.2. Kretanje kamatnjaka na depozite, tržištu međubankovnih
pozajmica i inflacije u SAD-u 86
Grafikon 3.3. Kretanje kamatnjaka na depozite, inflacija i ublažavanje
Regulacije Q u SAD-u 87
Grafikon 3.4. Kretanje godišnje realne kamatne stope na depozite, realne
kamatne stope na međubankovne pozajmice i inflacija u SAD-u 87
Grafikon 3.5. Regulatorni učinak Dodd – Frank paketa regulatornih mjera 94
Grafikon 4.1. Vrijednost FinTech ulaganja po regijama u milijardama
američkih dolara (lijevo) i ukupan broj FinTech
investicija (desno) 115
Grafikon 4.2. Inicirano ili primljeno digitalno plaćanje prema regijama u
prethodnoj godini (%, dob 15+) 117
Grafikon 4.3. Postotak korištenja internet bankarstva (ukupna populacija) 118
Grafikon 4.4. Razlozi upotrebe FinTech usluga (%) 119
Grafikon 4.5. Ulaganje u novu tehnologiju kao postotak ukupnih troškova
informatičke tehnologije 121
Grafikon 4.6. Postotak korištenja različitih kanala distribucije bankovnih
usluga 122
Grafikon 4.7. Postotak ispitanika koji su iznimno/jako zadovoljni digitalnim
bankarstvom (lijeva os) i koji bi vrlo vjerojatno / vjerojatno
preporučili digitalno bankarstvo (desna os) 122
Grafikon 4.8. Financijska sredstva prikupljena (odobrena) od strane FinTech
online platformi (milijarde američkih dolara) 126
Grafikon 4.9. Odnos broja stanovnika i zaposlenika u bankama u Europskoj
uniji (%, dob 15+, 28 zemalja članica) 134
Grafikon 5.1. Udjel aktive banaka u stranom vlasništvu u SAD-u,
1999. – 2018. 152
Grafikon 5.2. Udjel banaka iz pojedinih zemalja u ukupnim bankovnim
međunarodnim kreditnim potraživanjima, 1980. – 3/2020.
(u mlrd. USD) 155
XIII
Grafikon 5.3. Prekogranična financijska međupovezanost, 1985. – 2010.

(Indeks broja bilateralnih veza među zemljama, kao udjel
POPIS GRAFIKONA
u ukupno mogućim bilateralnim odnosima) 158
Grafikon 5.4. Godišnje promjene prosječne stope transpozicijskog
deficita u EU-u 170
Grafikon 5.5. Transpozicijski deficit u EU-u, 2019. 171
Grafikon 5.6. Kretanje kompozitnih pokazatelja financijske integracije u
zemljama europodručja, 1995. – 2019. (kvartalno) 187
Grafikon 5.7. Indeks realnog BDP-a u zemljama EU-a, I/1995. – I/2021.
(kvartalno, 1995 = 100) 188
Grafikon 5.8. BDP po glavi stanovnika u izabranim zemljama, 1990. – 2020.
(konstantne cijene, USD) 189
Grafikon 5.9. Disperzija stope prinosa na desetogodišnje državne obveznice
zemalja europodručja, 1990. – 2020. 190
Grafikon 5.10. Segmentacija u procjenama tržišta dionica u zemljama
europodručja, 1995. – 2019. 190
Grafikon 5.11. Izravno bankovno kreditiranje kućanstava i poduzeća u drugim
zemljama europodručja, 2008. – 2019., kvartalno
(u bil. eura – lijevo; u postocima – desno) 191
Grafikon 5.12. Udjel ulaganja MFI-a u korporativne i državne zadužnice
u EU-u. (%), 1997. – 2019. 191
Grafikon 5.13. Struktura ulaganja u vlasničke instrumente ulagača iz
europodručja (%), 2008. – 2019. 192
Grafikon 5.14. Prosječna godišnja stopa inflacije potrošačkih cijena u
izabranim zemljama na godišnjoj razini,
siječanj 2000. – siječanj 2019. (%) 194
Grafikon 5.15. Rejtinzi država Europske unije s obzirom na institucionalnu
kvalitetu prema pojedinačnim pokazateljima 200
Grafikon 6.1. Značenje državnih banaka u Srednjoj, Istočnoj i
Jugoistočnoj Europi, 2007. – 2018. (%) 230
Grafikon 6.2. Značenje stranih banaka u Srednjoj, Istočnoj i Jugoistočnoj
Europi, 2007. – 2018. (%) 231
Grafikon 6.3. Ukupna imovina banaka u domaćem i stranom vlasništvu u
europodručju, 2016. – 2018. (% BDP) 232
Grafikon 7.1. Broj i vrijednost međunarodnih M&A transakcija u svijetu,
1985. – 2019. 266
Grafikon 7.2. Broj i vrijednost M&A transakcija među bankama u svijetu,
1985. – 2019. 267
Grafikon 7.3. Vrijednost M&A transakcija među bankama u SAD-u
(mlrd. EUR) 268
Grafikon 7.4. Vrijednost M&A transakcija među bankama u EU-u
(mlrd. EUR) 269
Grafikon 7.5. Kretanje krivulje marginalnih i prosječnih troškova 274
XIV
Grafikon 7.6. Odnos nekamatnih troškova i ukupnih neto operativnih prihoda

banaka u EU-u raspoređenih prema veličini,
POPIS GRAFIKONA
9/2014. – 6/2020. (%) 279

Grafikon 7.7. Stope profitabilnosti banaka u EU-u raspoređenih prema
veličini, 9/2014. – 6/2020. (%) 280
Grafikon 8.1. Ukupna aktiva banaka raspoređenih prema veličini u SAD-u,
2000. – 2020. (u bil. eura) 295
Grafikon 8.2. Postotak banaka koje “gotovo sve” C&I kredite odobravaju
malim poduzećima 302
Grafikon 8.3. Udjel banaka raspoređenih prema veličini imovine koje koriste
izabrani geografski prostor za odobravanje SME kredita 303
Grafikon 8.4. Izabrani pokazatelji poslovanja banaka raspoređenih prema
veličini u SAD-u, 1995. – 2020. (kvartalno, %) 308
Grafikon 8.5. Dinamika rasta i izlaska lokalnih i drugih banaka s tržišta uz
pomoć okrupnjavanja i samolikvidacije u SAD-u,
1984. – 2019. (%) 317
Grafikon 8.6. Broj banaka prema veličini aktive u Hrvatskoj, 2004. – 2019. 318
Grafikon 8.7. Izabrani pokazatelji poslovanja banaka u Hrvatskoj,
2004. – 2019. (iznosi u mlrd. kuna i %) 324
Grafikon 8.8. ROA i ROE banaka u Hrvatskoj raspoređenih prema veličini,
2004. – 2019. 329
Grafikon 9.1. Vrijednost izvanbilančnih pozicija banaka u SAD-u
(u bil. USD) i postotne promjene između dva uzastopna
razdoblja (2007. – 2020.) 356
Grafikon 9.2. Utjecaj financijske poluge na ROE pokazatelj 370
Grafikon 9.3. ROA banaka u SAD-u, Japanu, eurozoni i Hrvatskoj,
2007. – 2019. (%) 375
Grafikon 9.4. ROE banaka u SAD-u, Japanu, eurozoni i Hrvatskoj,
2007. – 2019. (%) 376
Grafikon 9.5. Neto kamatna marža banaka u SAD-u, Japanu, eurozoni i
Hrvatskoj, 2007. – 2019. (%) 381
Grafikon 9.6. Uloga ekonomskog kapitala 387
Grafikon 9.7. Odnos VaR i CVaR pokazatelja u procjeni gubitka 401
Grafikon 10.1. Promjene cijena ESG fondova u odnosu na ostale fondove 416
Grafikon 10.2. Zanimanje za održiva ulaganja – generacijska usporedba
udjela ispitanika kojima su ESG čimbenici bitni za donošenje
investicijskih odluka u rastuća tržišta 439
Grafikon 10.3. Razlozi integriranja ESG čimbenika u poslovanju i prilikom
donošenja ulagačkih odluka 440
Grafikon 10.4. Održiva ulaganja u Europi prema ulagačkim instrumentima:
imovina ESG fondova, 2014. – 2020. (u mlrd. EUR) 442
Grafikon 10.5. Struktura održivih ulaganja (gore) i udjeli kriterija isključenja
neprihvatljivih ulaganja (dolje) u Europi (u %) 443
XV
Grafikon 10.6. Udio održivih ulaganja u ukupnoj imovini fondova po

tržištima (u %) 444
POPIS GRAFIKONA / POPIS SHEMA

Grafikon 10.7. Prikaz kretanja izabranih SRI burzovnih indeksa
(razdoblje 2012. (2017.) - 2021.) 445
Grafikon 10.8. Kretanje izabranih S&P burzovnih indeksa (2014.-2020.) 447
Grafikon 10.9. Nedospjeli dug (u mlrd. EUR, razdoblje 2012.- 2020.; gore) i
struktura izdavatelja zelenih obveznica prema regiji i vrsti
(2017. godina; dolje) 453
Grafikon 11.1. Struktura financijskog sustava europodručja 467
Grafikon 11.2. Imovina institucionalnih investitora i pokazatelji tržišta
kapitala u % BDP-a, 2020. 471
Grafikon 11.3. Imovina institucionalnih investitora u % BDP-a zemalja
OECD-a, 2020. 473
Grafikon 11.4. Nominalni i realni prinosi mirovinskih fondova u izabranim
zemljama OECD-a, 2008. – 2009. 477
Grafikon 11.5. Imovina investicijskih fondova po vrsti (gore) i neto priljevi ili
odljevi iz investicijskih fondova (dolje) u Europskoj uniji,
u mlrd. EUR 480
Grafikon 11.6. Priljevi i odljevi te promjena vrijednosti udjela otvorenih
investicijskih fondova s javnom ponudom 481
Grafikon 11.7. Projekcija kretanja ukupnog omjera ekonomske ovisnosti
stanovništva do 2070. godine 485
Grafikon 11.8. Udjel negativnih kamatnih stopa u dužničkim financijskim
instrumentima u tisućama mlrd. USD i % (lijevo) i 10-godišnji
realni prinos (desno) 487
Grafikon 11.9. Kretanje ukupne neto imovine ETF fondova u svijetu,
u milijardama USD 489
Grafikon 12.1. Usklađenost između različitih pristupa klasifikaciji
financijskih kriza 508
Grafikon 12.2. Makroekonomski pokazatelji razvoja cikličkih i strukturnih
rizika za financijsku stabilnost u Hrvatskoj 529
Grafikon 12.3. Kompozitni indeks sistemskog stresa u eurozoni i Hrvatskoj 534
Grafikon 13.1. Argumenti koje su ispitanici u svijetu naveli kao razlog za
neposjedovanje računa kod financijskih institucija (2017. g.) 585
Grafikon 13.2. Financijska isključenost u svijetu (udjeli po regijama u %,
podaci za 2019. godinu) 590
POPIS SHEMA
Shema 1.1. Oblici utjecanja financijskog sustava na ekonomski rast 3

Shema 3.1. Ciljevi regulacije banaka 71
Shema 3.2. Uloga i značenje regulacije u postupku sprečavanja krize banaka 77
XVI
Shema 7.1. Prikaz multifunkcionalnog povezivanja financijskih institucija i

njihovih usluga 252
POPIS SHEMA / POPIS SLIKA
Shema 7.2. Primjer unakrsnog vlasničkog udruživanja financijskih institucija

u Europskoj uniji 2000. 253
Shema 9.1. Pojednostavljena struktura bilance stanja banke i nefinancijskog
poduzeća 346
Shema 9.2. Dekompozicija ROE 372
Shema 9.3. Dekompozicija ROE na primjeru izabranih banaka 374
Shema 9.4. Pojednostavljen prikaz odnosa marže, kamatnih i nekamatnih
troškova 380
Shema 10.1. Obuhvat održivih i odgovornih ulaganja 412
Shema 10.2. Temeljna EU regulacija održivog financiranja 429
Shema 12.1. Ciklus provođenja makrobonitetne politike 545
Shema 12.2. Prikaz strukture mikro- i makrobonitetnih kapitalnih zahtjeva za
banke 553
Shema 12.3. Pregled osnovnih kategorija kriznih intervencija (bilančni pristup) 564
POPIS SLIKA
Slika 2.1. Zastupljenost “banaka u sjeni” na hipotekarnom tržištu u SAD-u,

2008. i 2015. (% u ukupno odobrenim kreditima) 35
Slika 4.1. FinTech ekosustav 112
Slika 12.1. Sličnosti i razlike između pojedinih pristupa klasifikacijama
financijskih kriza 509
Slika 12.2. Sistemski rizici: endogeni izvori i načini širenja 523
XVII
PREDGOVOR
PREDGOVOR
knjiziSuvremene
U knjizi Suvremene financijske usluge:
financijske razvojni
usluge: pravci pravci
razvojni i strateška pitanja izložena
i strateška pitanja
je građa iz
izložena je šireg
građapodručja
iz šireg financija,
područja sfinancija,
naglaskom na neke odna
s naglaskom najvažnijih
neke od
trendova
najvažnijih i promjena
trendova iupromjena
suvremenim financijamafinancijama
u suvremenim na nacionalnoj i globalnoji
na nacionalnoj
razini. Knjiga
globalnoj će uKnjiga
razini. prvomćeredu biti korištena
u prvom redu biti kaokorištena
sveučilišnikaoudžbenik za
sveučilišni
izučavanje
udžbenik predmeta
za izučavanjeSuvremena financijska
predmeta tržišta, ali financijska
Suvremena potencijalnotržišta,
može biti
ali
od koristi i u može
potencijalno okvirubitiizučavanja
od koristidrugih ekonomskih
i u okviru izučavanjapredmeta.
drugih Naposljetku,
ekonomskih
sadržaj knjige,
predmeta. osim studentima
Naposljetku, sadržaj ekonomskih
knjige, osim fakulteta,
studentima mogao bi biti od
ekonomskih
koristi i svim ostalima koji su zainteresirani podrobnije
fakulteta mogao bi biti od koristiti i svim ostalima, koji imaju interes izučavati ovu
izrazito
podrobnije važnu i, istovremeno,
izučavati kompleksnu
ovu izrazito važnu, tematiku. To se u kompleksnu
istovremeno prvom redu
odnosi
tematiku.na mnogobrojne
To se u prvom članove
redu akademske zajednice, koji
odnosi na mnogobojne takođerakademske
članove izučavaju
neke od izabranih
zajednice tema izučavaju
koji također predstavljenih
nekeuod knjizi, predstavnike
izabranih institucija koje
tema prezentiranih u
pružaju financijske usluge
knjizi, predstavnike i institucija
institucija za nadzor
koje pružaju financijskog
financijske sustava, kao
usluge, institucija za
inadzor
sve one koji su na sustava,
financijskog bilo koji kao
način uključeni
i sve one kojiusu kritičko
na biloocjenjivanje razvoja
koji način uključeni
financijskog sustava. U konačnici,
u kritičko ocjenjivanje knjiga možesustava.
razvoja financijskog biti od koristi i široj javnosti
U konačnici, knjiga
jer opća, a posebice kompleksnija znanja iz financija, nažalost,
može biti od koristi i široj javnosti jer opća, a posebice kompleksnija znanja nisu odviše
rasprostranjena.
iz financija nažalost nisu odviše rasprostranjena.
U sadržaj knjige uključeno

uključeno je
je mnoštvo
mnoštvo najnovijih
najnovijih nalaza
nalaza ii rezultata
rezultata recentnih
recentnih
fundamentalnih
fundamentalnih i primijenjenih znanstvenih istraživanja
primijenjenih znanstvenih istraživanja koja omogućavaju
produbljeno razumijevanje suvremenih financija, toliko potrebno za
kvalitetno obnašanje različitih,
različitih, a posebice rukovodećih položaja u sektoru
financijskih
financijskih usluga. Na tome tragu knjiga omogućava usvajanje ne samo
teorijske osnove
osnove, nego
već ii naprednih
naprednih znanja
znanja ii najbolje poslovne prakse iz
područja poslovanja banaka
banaka,tetedrugih
drugihkreditnih
kreditnihi financijskih
i financijskihinstitucija i na
institucija, te
taj način omogućava razumijevanje najvažnijih pojava i procesa
na taj način omogućava i razumijevanje najvažnijih pojava i procesa u u današnjoj
financijskoj uslužnoj djelatnosti,
današnjoj financijskoj uslužnoj kako u Hrvatskoj
djelatnosti, kako tako i na međunarodnoj
u Hrvatskoj tako i na
razini.
međunarodnoj razini.
Knjige sličnog naslova i sadržaja

sadržaja nisu
nisu rijetkost
rijetkost uu svijetu,
svijetu, ali
ali nisu
nisu ni posebice
brojne
brojne,jerjer
se prilikom njihova
se prilikom izučavanja
njihovog od čitateljaod
izučavanja već očekuje
čitatelja raspolaganje
već očekujes
temeljenim
raspolaganjeznanjima nužnima
s temeljenim za kvalitetno
znanjima nužnima razumijevanje
za kvalitetno njihova sadržaja.
razumijevanje
Zbog toga su u knjizi namjerno izostavljene mnoge definicije
njihovog sadržaja. Zbog toga su u tekstu knjige namjerno izostavljene i elementarna
pojašnjenja jer se iočekuje
mnoge definicije da je čitatelj
elementarna ta znanja
pojašnjenja jer seveć stekao.daAutori
očekuje knjige
je čitatelj ta
vodili
znanja suvećostekao.
tome računa. Pri tome
Autori knjige su osetome
nisuvodili
libili računa.
kritičkog
Pripreispitivanja
tome se nisu
prevladavajuće
libili kritičkog preispitivanja prevladavajuće međunarodne, aprakse,
međunarodne, a posebice hrvatske financijske posebicena
XVIII
temelju čega se lako mogu iščitati i njihovi osobni stavovi o pojedinim, još
uvijek neriješenim pitanjima postojećeg financijskog mehanizma. Da bi u
PREDGOVOR
tome uspjeli, izabrane teme u knjizi neprestano povezuju prošlost i sadašnjost,

a sve u cilju kako bi i čitatelji mogli steći objektivan dojam o stvarnom
intenzitetu i važnosti izabranih pojava u financijama. Naposljetku, autori
na taj način čitateljstvu vrlo zorno daju do znanja da proces oblikovanja i
unapređenja financijskog sustava još nije ni približno okončan, pri čemu se
u konačnici svaka značajnija promjena u financijama odražava i na stanje u
cjelokupnoj ekonomiji s učestalo nesagledivim posljedicama u duljem roku.
Unatoč svemu tome, Hrvatska, kao ni većina zemalja u svijetu, nažalost još
uvijek nema cjelovitu, dobro promišljenu i formuliranu strategiju razvoja
financijskog sustava. Stoga je i ova knjiga pokušaj da se izučavanjem i
kritičkom valorizacijom u svijetu prevladavajućih trendova, poslovne
prakse i institucionalnih rješenja doprinese barem promišljanju o njezinu
značenju. Na taj bi način ova knjiga, osim kao prvi pokušaj sustavnije
obrade navedene problematike u Hrvatskoj i kao koristan izvor znanja,
trebala potaknuti daljnja istraživanja i, nadamo se, pridonijeti pristupanju
oblikovanja strategije razvoja financijskog sustava i u nas.
Za izdavanje ove knjige zaslužni su mnogi. Tu svakako na prvom mjestu

treba istaknuti njezine autore. Oni su cijeli svoj akademski i profesionalni
radni vijek posvetili izučavanju financijskog sustava, a neki su od njih
i aktivno sudjelovali u njegovu oblikovanju. Za izdavanje knjige svakako
su zaslužni i ugledni recenzenti kojima i ovim putem zahvaljujemo na
svim korisnim sugestijama i pozitivnim ocjenama. Svakako zahvaljujemo
i lektoru, redaktoru, tiskari i svima ostalima koji su na bilo koji način
pridonijeli njezinoj kvaliteti. Konačno, zahvaljujemo i Ekonomskom fakultetu
u Zagrebu, koji je izdavač knjige i bez čije sustavne podrške knjiga vjerojatno
ne bi bila ni objavljena.
Dr. sc. Alen Stojanović

XIX
“Objašnjenja postoje, uvijek su postojala, za svaki ljudski problem

postoji dobro poznato rješenje – jednostavno, vjerodostojno i
pogrešno.”
Henry Louis Mencken (1880. – 1956.)

1
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UDŽBENICI SVEUČILIŠTA U ZAGREBU
MANUALIA UNIVERSITATIS STUDIORUM ZAGRABIENSIS
SUVREMENE FINANCIJSKE USLUGE: RAZVOJNI PRAVCI I STRATEŠKA PITANJA

SUVREMENE
FINANCIJSKE USLUGE:
RAZVOJNI PRAVCI I
STRATEŠKA PITANJA
Urednik: Alen Stojanović
9 789533 461908

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UDŽBENICI SVEUČILIŠTA U ZAGREBU

MANUALIA UNIVERSITATIS STUDIORUM ZAGRABIENSIS

SUVREMENE FINANCIJSKE USLUGE: RAZVOJNI PRAVCI I STRATEŠKA PITANJA

Udžbenik Sveučilišta u Zagrebu

Manualia Universitatis Studiorum Zagrabiensis

Ovoj knjizi odobren je naziv Udžbenik Sveučilišta u Zagrebu / Manualia

CIP zapis dostupan u računalnome katalogu Nacionalne

Copyright © Ekonomski fakultet – Zagreb, Zagreb 2022.

12. Prevencija sistemskih kriza i očuvanje financijske stabilnosti 500

13. Financijska isključenost 574

August Cesarec je asistent na Katedri za financije na Ekonomskom fakultetu

Lana Ivičić je viša savjetnica u Direkciji za financijsku stabilnost Hrvatske

Jakša Krišto je izvanredni profesor na Katedri za financije, Ekonomskog

Alen Stojanović je redoviti profesor u trajnom zvanju na Katedri za

znanstveni interesi su u području suvremenih trendova i pojava u

izvanproračunskog financiranja djelatnosti od javnog interesa. Autor je i

Vedran Šošić je karijerni središnji bankar s gotovo četvrt stoljeća radnog

Branka Tuškan Sjauš je izvanredna profesorica na Katedri za financije na

Tablica 8.4. Ukupna aktiva banaka raspoređenih prema veličini u

POPIS TABLICA / POPIS GRAFIKONA

Grafikon 1.1. Godišnje stope rasta izabranih pokazatelja u SAD-u,

Grafikon 2.6. Značenje pojedinih financijskih institucija mjereno ukupnom

Grafikon 2.7. Značenje pojedinih financijskih institucija mjereno ukupnom

Grafikon 5.3. Prekogranična financijska međupovezanost, 1985. – 2010.

Grafikon 7.6. Odnos nekamatnih troškova i ukupnih neto operativnih prihoda

9/2014. – 6/2020. (%) 279

Grafikon 10.6. Udio održivih ulaganja u ukupnoj imovini fondova po

POPIS GRAFIKONA / POPIS SHEMA

Shema 1.1. Oblici utjecanja financijskog sustava na ekonomski rast 3

Shema 7.1. Prikaz multifunkcionalnog povezivanja financijskih institucija i

Shema 7.2. Primjer unakrsnog vlasničkog udruživanja financijskih institucija

Slika 2.1. Zastupljenost “banaka u sjeni” na hipotekarnom tržištu u SAD-u,

U sadržaj knjige uključeno

Knjige sličnog naslova i sadržaja

tome uspjeli, izabrane teme u knjizi neprestano povezuju prošlost i sadašnjost,

Za izdavanje ove knjige zaslužni su mnogi. Tu svakako na prvom mjestu

Dr. sc. Alen Stojanović

“Objašnjenja postoje, uvijek su postojala, za svaki ljudski problem

Henry Louis Mencken (1880. – 1956.)

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