ZFT - Čitaonica

Suvremene financijske usluge:

razvojni pravci i strateška pitanja

U knjizi Suvremene financijske usluge: razvojni pravci i strateška pitanja izložena je građa iz šireg područja financija, s naglaskom na neke od najvažnijih trendova i promjena u suvremenim financijama na nacionalnoj i globalnoj razini.

Knjiga se u prvom redu koristi kao sveučilišni udžbenik za izučavanje predmeta Suvremena financijska tržišta, ali potencijalno može biti od koristi i svim ostalima koji su zainteresirani podrobnije izučavati ovu izrazito važnu i istovremeno kompleksnu tematiku.

Autori knjige su Maja Bukovšak, August Cesarec, Lana Ivičić, Jakša Krišto, Vedran Šošić, Branka Tuškan Sjauš i Alen Stojanović. (Više)

The Monetary Turning Point: From Bank Money to

Central Bank Digital Currency (CBDC)

The monetary system is at a turning point. The question is no longer if, but how soon countries will roll out a Central Bank Digital Currency (CBDC). This book discusses the recomposition of the money supply from the present bank money regime to a monetary system determined by CBDC. As the book sets out, the future of money is going to be digital and sovereign. Nonetheless, the relationship between the various types of money is competitive rather than being the peaceful coexistence that was officially envisaged. CBDC competes with the incumbent bank money as well as with private cryptocurrencies that are challenging both central-bank money as well as bank money. For technological and political reasons, bank money will not be able to emulate the superior properties of sovereign digital tokens. Uncovered and unwarranted cryptocurrencies, too, will not stand the competition in the long run. The shifts in the monetary system are changing the role of central banks in the interplay of monetary, fiscal and private-creditary functions and open up improved options for monetary policy. The book will be of interest to academics, researchers, and policymakers in monetary and financial economics, and digital currencies.

Autor knjige: Joseph Huber, profesor emeritus ekonomske sociologije na Sveučilištu Martin Luther, Halle Wittenberg, Njemačka. Opsežno je pisao o temama monetarne politike i aktivno je uključen u znanstvene rasprave o temama poput monetarne reforme. (Više)

Financial Integration and Structure in the Euro Area

European Central Bank

This is the second edition of the European Central Bank’s biennial report on financial integration and structure in the euro area. As explained in greater detail in the preface to the first edition in March 2020,1 it is designed to focus on structural developments in the financial system of the euro area, and in some cases also of the European Union (EU), and related policy issues. In so doing, it covers developments in financial integration across member countries, changes in financial structure (the mixture of financial markets and intermediaries) and financial development or modernisation (for example through innovations in the financial system). Definitions of these three concepts and how they link to Eurosystem tasks and functions were provided in more detail in the 2020 preface.... (više)

Global Monitoring Report on Non-Bank Financial Intermediation 2021

Financial Stability Board

This report discusses global trends in the non-bank financial intermediation (NBFI) sector for the year ending 31 December 2020, the first year of the COVID-19 pandemic. It presents the results of the 11th annual FSB monitoring exercise to assess trends and vulnerabilities in NBFI, covering 29 jurisdictions that account for approximately 80% of global GDP. The report covers NBFI developments in a period that includes both the COVID-19 shock and the extraordinary steps taken by official sector authorities to stabilise financial markets and support financing to the real economy... (više)

Central Bank Digital Currency: Will Banks Survive?

Sergey Sarkisyan

Will an introduction of CBDC cause disintermediation? I provide empirical and theoretical evidence that CBDC will not necessarily crowd out bank deposits in economies with significant demand for currency. I estimate the model for the US using data on households’ payment choices and find that non-interest-bearing CBDC will lead instead to an inflow of deposits caused by cash substitution. Banks then lower deposit rates and lend more. Similarly, banks will not contract lending if CBDC is intermediated even if they experience an outflow of deposits. Finally, I show that CBDC can lead to disintermediation when it is interest-bearing.... (više)