Analiza finančnih računov Slovenije in evroobmočja ter učinki svetovne finančne in gospodarske krize in krize evroobmočja

• Main Author: Brelih, Matej
• Other Authors: Dajčman, Silvo
• Format: Master Thesis
• Language: Slovenian
• Published: [M. Brelih] 2016
• Subjects: finančni računi; institucionalni sektorji; finančni instrumenti; finančna kriza; Slovenija; evroobmočje; financial accounts; institutional sectors; financial instruments; financial crisis; Slovenia; euro area; info:eu-repo/classification/udc/339.7; sami
• Online Access: https://dk.um.si/IzpisGradiva.php?id=58343; https://dk.um.si/Dokument.php?id=88896&dn=; http://www.cobiss.si/scripts/cobiss?command=DISPLAY&base=cobib&rid=12395548&fmt=11

Statistika finančnih računov postaja zaradi širokih možnosti uporabe vse pomembnejša makroekonomska statistika. Finančni računi namreč predstavljajo pomembno analitsko orodje za proučevanje finančnih razmerij in finančnih tokov med domačimi institucionalnimi sektorji in v odnosu do tujine. Podatki finančnih računov temeljijo na skupni metodologiji, zato se lahko uporabljajo tudi za mednarodne primerjave. Živimo v času hitrih sprememb, ki so bile posebej izrazite v zadnjih letih. Med drugim je Slovenija postala članica EU, prevzela skupno evropsko valuto evro ter doživela finančni in gospodarski razcvet. Slovenijo se je pred izbruhom finančne krize omenjalo kot eno uspešnejših novih držav članic EU. Institucionalni sektorji so beležili visoke stopnje rasti finančnih sredstev in zmanjševali razvojni zaostanek za evroobmočjem, kar je bilo zelo izrazito pri investicijskih skladih. Nefinančne družbe so se pospešeno zadolževale pri bankah, ki so se v veliki meri financirale na tujih finančnih trgih. Pospešeno so se zadolževala tudi gospodinjstva, ki so se v večji meri odločala za naložbe v delnice in investicijske sklade, ki so omogočali visoke donose, medtem ko se je država zadolževala le v manjšem obsegu. Poglobitev finančne krize proti koncu leta 2008 je povzročila svetovno gospodarsko krizo velikih razsežnosti, čemur se tudi Slovenija ni mogla izogniti, kriza jo je prizadela celo bolj kot številne druge države. Posledice krize so segle tako v gospodarstvo kot v finančni sektor, prišlo je do stečajev številnih podjetij. Približevanje ravnem razvitosti državam evroobmočja se je povsem ustavilo, še več, razvojni zaostanek predvsem investicijskih skladov in drugih finančnih posrednikov, se je pričel povečevati. Prišlo je do močnega upada financiranja s strani tujine, kjer so se močno razdolževale predvsem banke. Pomembno vlogo je imela centralna banka oz. Evrosistem, ki je s sprejetjem nestandardnih ukrepov denarne politike bankam omogočila dostop do potrebnih dolgoročnejših virov financiranja. Razdolževale so se tudi nefinančne družbe, medtem ko se je zadolževanje gospodinjstev v zadnjih letih povsem umirilo, gospodinjstva so tudi bolj previdna pri svojih naložbah. Finančna kriza je zahtevala posredovanje države, ki je sprejela več ukrepov za stabilizacijo razmer. Slovenijo se je v času pred sanacijo bančnega sistema vse pogosteje omenjalo kot državo, ki bo kot naslednja zaprosila za mednarodno finančno pomoč in se jo tako uvrščalo ob bok državam, ki jih je finančna kriza najbolj prizadela. Banke smo nato sanirali sami, vendar se je močno povečala zadolženost države. Rezultati opravljenih primerjav in kazalnikov, ki smo jih uporabili v magistrskem delu, potrjujejo, da je finančna kriza Slovenijo prizadela bolj kot to velja za evroobmočje kot celoto. The financial accounts statistics is becoming increasingly important macroeconomic statistics due to its wide range of usage. Financial accounts form an important tool for analysing financial interrelationships and financial flows taking place between institutional sectors within the economy and between institutional sectors and the rest of the world. Financial accounts data are based on a common methodology, therefore they can also be used for international comparisons. We live in a time of rapid change, which has been especially significant in recent years. Among others, Slovenia became a member of the EU, it adopted the common European currency the Euro and experienced a financial and economic blossoming. Before the outbreak of the economic crisis, Slovenia had been referred to as one of the more successful new EU members. The institutional sectors recorded high growth rates of financial assets and reduced the developmental arrears with the euro area, which in the case of investment funds had become significant. Non-financial corporations rapidly incurred debts with banks, which were mostly financed on foreign financial markets. Households also rapidly incurred debts. To a large extent they decided on investing in shares and investment funds, which enabled high yields, while the general government borrowed money to a lesser extent. Towards the end of 2008 the global financial crisis took on an immense new scale. Slovenia could also not avoid it, the crisis affected it more than many other countries. The consequences of the crisis reached the economic as well as the financial sector, many corporations went bankrupt. Developmental approximation to the levels of other euro area countries ceased completely, moreover the developmental arrears of the foremost investment funds and other financial intermediaries started to grow. There was a sharp drop in foreign financing, where the banks in particular decreased their debt. The Central Bank, or Eurosystem, played an important role. With non-standard measurements of monetary policy, the banks were able to access much needed long-term sources of finance. Non-financial corporations also started to deleverage, while household debts came to a standstill in the last years and the households are also more cautious with their investments. The financial crisis demanded the intervention of the general government, which has taken a number of measures to stabilise the situation. Before the rehabilitation of the bank system, Slovenia was increasingly mentioned as the next country to ask for financial assistance from the international community. As such, it was placed alongside those countries which were the most seriously affected by the financial crisis. Later, we rehabilitated the banks ourselves however the indebtedness of the general government increased substantially. The results of the comparisons and indicators used in the Master’s Degree confirm that the financial crisis affected Slovenia more than the rest of the euro area as a whole.