STABILNOST FINANČNEGA SISTEMA - VPLIV SVETOVNE FINANČNE IN GOSPODARSKE KRIZE NA SPREMEMBE V EVROPSKEM IN NACIONALNEM REGULATORNEM IN NADZORNEM OKVIRU

Kovačič, Ivo

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Title:	STABILNOST FINANČNEGA SISTEMA - VPLIV SVETOVNE FINANČNE IN GOSPODARSKE KRIZE NA SPREMEMBE V EVROPSKEM IN NACIONALNEM REGULATORNEM IN NADZORNEM OKVIRU
Authors:	ID Kovačič, Ivo (Author) ID Festić, Mejra (Mentor) More about this mentor... ID Romih, Dejan (Comentor)
Files:	VS_Kovacic_Ivo_2009.pdf (804,25 KB) MD5: 9FF893B82D8CA6B617114F353D2117AE PID: 20.500.12556/dkum/e5734713-67c9-4cca-bc63-bbc61064271f
Language:	Slovenian
Work type:	Undergraduate thesis
Organization:	EPF - Faculty of Business and Economics
Abstract:	Hipotekarna kriza je povzročila eno izmed največjih finančnih in kasneje gospodarskih kriz po veliki depresiji v tridesetih letih. Pojem hipotekarne krize se prvenstveno omejuje na ozemlje Združenih držav Amerike, čeprav se je kasneje razširil po vseh ostalih kontinentih. Izvor krize je v sekundarnem trgu hipotekarnih posojil in novih, kompleksnih ter računalniško podprtih finančnih instrumentih. Zaradi vse večje želje po zaslužku ter konstantne rasti cen nepremičnin so finančne institucije odobravale posojila s slabimi zavarovanji in brez preverjanja kreditnih bonitet posojilojemalcev. Prevladoval je kratkoročni pogled v prihodnost. Banke so na podlagi danih posojil posojila preko posebej za ta namen ustanovljenih podjetij listinile ter vrednostne papirje prodajale na trgu za zagotavljanje konstantnega denarnega toka. Ob spremembi monetarne politike in ostalih dejavnikov so se razmere na trgu zaostrile in povzročile množične prodaje in padce cen nepremičnin ter posledično izpad denarnega toka, ki je bil podlaga za izdajo vrednostnih papirjev. Slednji so tako ostali brez donosov, po mnogih pa tudi ni bilo povpraševanja. Tako ameriške kot tudi evropske banke, ki so absorbirale velike količine »okuženih« vrednostnih papirjev, so bile zaradi nične vrednosti primorane papirje odpisati, kar je povzročilo milijardne izgube ali celo propade nekaterih finančnih ustanov. Zaradi visokega tveganja, nezaupanja ter strahu na medbančnem in sploh celotnem finančnem trgu se je zaostrilo tudi poslovanje v gospodarskem sektorju. Zaradi visoke integriranosti finančnih sistemov je »okužba« z neverjetno hitrostjo ohromila tako vse evropske kot tudi svetovne sisteme. Države so pričele z ukrepi, ki bi v prvi vrsti omogočili preživetje določenim subjektom, v drugi vrsti pa oživili celoten finančni in gospodarski sistem. Finančna kriza je pokazala pomanjkljivosti tako v regulativi kot v nadzoru evropskega finančnega sistema. Finančne institucije pri svojem poslovanju tveganj, s katerimi so se soočale, niso upoštevale v zadostni meri. K temu je največ pripomogla regulacija, ki je dopuščala takšno poslovanje. Na podlagi različnih priporočil in mnenj se je ureditev že pričela spreminjati ter se bo tudi v prihodnosti. Banke bodo morale upoštevati strožja pravila, ki bodo zagotavljala večjo stabilnost v stresnih situacijah. Druge finančne institucije, ki so v preteklosti delovale v zaledju bančništva in so bile podvržene manjši regulaciji in nadzoru, bodo v prihodnosti morale upoštevati strožja pravila, saj okužba teh podjetij, tako kot bank, pomeni potencialno nevarnost za celotno stabilnost finančnega sistema. Število nadzornikov in njihove pristojnosti bodo okrepljeni. S tem se bo zagotovilo sodelovanje različnih institucij, ki bodo s skupnimi znanji, spoznanji, informacijami ter infrastrukturo zmožne hitrega opozarjanja ter tako preprečevanja dogodkov, ki bi bili potencialni sovražnik stabilnosti finančnega sistema.
Keywords:	hipotekarna kriza, hipotekarne posojila, listinjenje, finančna kriza, gospodarska kriza, finančna regulacija, finančni nadzor, bančništvo, zakonodaja.
Place of publishing:	Dobova
Publisher:	[I. Kovačič]
Year of publishing:	2009
PID:	20.500.12556/DKUM-11206
UDC:	338.1
COBISS.SI-ID:	10017564
NUK URN:	URN:SI:UM:DK:HJLZUYAV
Publication date in DKUM:	22.12.2009
Views:	3382
Downloads:	586
Metadata:
Categories:	EPF
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Secondary language

Language:	English
Title:	FINANCIAL SYSTEM STABILITY - IMPACT OF THE WORD FINANCIAL AND ECONOMIC CRISIS ON CHANGES IN THE EUROPEAN AND NATIONAL REGULATORY AND SUPERVISORY FRAMEWORK
Abstract:	Mortgage crisis has caused one of the major financial and later on also economical crisis after the Great depression in thirties. The term mortgage crisis had been primarily constricted to the territory of the United States of America, however, later on it has spread over other continents as well. The roots of mortgage crisis lie in the secondary market of mortgage loans and in new, complex and computer supported financial instruments. In the eagerness of receiving higher incomes and because of the constant growth of real estate prices, financial institutions started to grant mortgage loans against ineligible collateral and without providing a comprehensive prudential assessment of borrowers. Short-sided vision of future prevailed. By means of securitization of issued loans through special purpose vehicles banks ensured themselves a constant cash flow for the future. When monetary policy and other factors changed, conditions on markets drowned and further caused mass real estate selling, price depression and consequently loss of cash flow which was the basis for issuing securities. There was no yield and almost no demand for structured financial instruments. Because of that, many American and European banks which absorbed »toxic« securities had to write-off trillions of assets which caused many solvency problems and in some cases bankruptcies as well. Due to high risks, fear and lack of confidence in interbank and financial system as a whole many problems arose also in real sector. Because of highly integrated financial system the financial crisis has contributed to paralization of not only European but also other systems worldwide. Firstly countries began rescuing systems and secondly regaining financial and real sectors with different approaches. Financial crisis has shown several defects in financial regulatory and supervisory framework. Financial institutions failed to assess properly the risks to which they were exposed. The responsibility for that rests with the financial and other regulation. By means of numerous recommendations and opinions the regulation is now being amended and reshaped and it will be changed further also in the near future. Banks will have to take into consideration stricter regulations which will contribute to higher stability rate in stressful situations. Financial institutions in the so called »shadow banking system« which were in the past almost unregulated will now be subject to much stricter regulation because like banks, the fragility of »shadow banking institutions« also has potential threat to financial stability as a whole. The number of supervisors and their competence will be strengthened. New supervisors will contribute to higher rate of interaction between national supervisors. This will enable a stronger cooperation between competent authorities which will be in this way - with common knowledge, recognitions, informations and infrastructure - able to provide an early warning and thus prevent events which would be a potential threat to the financial stability.
Keywords:	mortgage crisis, mortgage loans, securitization, financial crisis, economic crisis, financial regulation, financial supervision, banking, legislation.

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