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master's thesis
Utjecaj političke stabilnosti na trošak zaduživanja države
2023. urn:nbn:hr:124:429798
Zelić, Marina
University of Split
Faculty of economics Split

Cite this document

Zelić, M. (2023). Utjecaj političke stabilnosti na trošak zaduživanja države (Master's thesis). Split: University of Split, Faculty of economics Split. Retrieved from https://urn.nsk.hr/urn:nbn:hr:124:429798

Zelić, Marina. "Utjecaj političke stabilnosti na trošak zaduživanja države." Master's thesis, University of Split, Faculty of economics Split, 2023. https://urn.nsk.hr/urn:nbn:hr:124:429798

Zelić, Marina. "Utjecaj političke stabilnosti na trošak zaduživanja države." Master's thesis, University of Split, Faculty of economics Split, 2023. https://urn.nsk.hr/urn:nbn:hr:124:429798

Zelić, M. (2023). 'Utjecaj političke stabilnosti na trošak zaduživanja države', Master's thesis, University of Split, Faculty of economics Split, accessed 05 April 2025, https://urn.nsk.hr/urn:nbn:hr:124:429798

Zelić M. Utjecaj političke stabilnosti na trošak zaduživanja države [Master's thesis]. Split: University of Split, Faculty of economics Split; 2023 [cited 2025 April 05] Available at: https://urn.nsk.hr/urn:nbn:hr:124:429798

M. Zelić, "Utjecaj političke stabilnosti na trošak zaduživanja države", Master's thesis, University of Split, Faculty of economics Split, Split, 2023. Available at: https://urn.nsk.hr/urn:nbn:hr:124:429798

Metadata
TitleUtjecaj političke stabilnosti na trošak zaduživanja države
Title (english)The influence of political stability on the cost of government borrowing
AuthorMarina Zelić
MentorRoberto Ercegovac (mentor)
GranterUniversity of Split
Faculty of economics Split
Split
Defense date and country2023-09-15, Croatia
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Economics
Finance
Abstract
U svijetu globalizacije i slobodnoga međunarodnog kretanja kapitala i novca, jedan od glavnih današnjih rizika je rizik zemlje osobito kod prekograničnih investicijskih aktivnosti. Rizik zemlje pokazuje vjerojatnost gubitka novca s kojim se može suočiti investitor zbog odabira ulaganja sredstava u jednu zemlju umjesto drugu alternativnu zemlju te obuhvaća političke i ekonomske rizike. Politički rizici uključuju poslovne gubitke uzrokovane netržišnim čimbenicima kao što su djelovanje ili... More nedjelovanje vlade i događaji povezani s političkom nestabilnošću poput ratova, državnih udara, pobuna i terorizma. Jedan od načina mjerenja rizika zemlje je kreditni rejting. Kreditni rejting prikazuje ocjenu određenih specijaliziranih agencija o sposobnosti dužnika da svoj dug pravovremeno otplate. Investitori se najčešće oslanjaju na mišljenje kreditnih agencija zbog troškova koji bi nastali kada bi oni analizirali zaduženost pojedine zemlje i njezinu sposobnost otplate. Za razliku od prethodno razmotrene mjere zemlje – kreditnoga rejtinga čija je loša procjena bila uzrokom dužničke krize u EU, definirane su mjere koje mogu biti alternativa i riješiti problem sporih promjena i kašnjenja gore razmotrenih mjera reakcije tržišta: raspon prinosa državnih obveznica i raspon CDS-a. Cilj rada jest analizirati utjecaj političke stabilnosti na trošak zaduživanja države. Provedena je analiza panel podataka na uzorku od 9 stabilnih i nestabilnih zemalja Europske Unije, u periodu od 2009. – 2022. godine, analizirajući značaj političkog rizika na trošak kreditnog rizika države te međuovisnost političkog rizika i ostalih makroekonomskih varijabli. Rezultati analize pokazali su da je rast političkog rizika utjecao na povećanje troška zaduživanja u izabranim zemljama te da varijabla političkog rizika ne mora nužno biti povezana sa ostalim makroekonomskim varijablama. Less
Abstract (english)
In the world of globalization and free international movement of capital and money, one of the main risks today is country risk, especially in cross-border investment activities. Country risk shows the probability of losing money that an investor may face due to choosing to invest funds in one country instead of another alternative country and includes political and economic risks. Political risks include business losses caused by non-market factors such as government action or... More inaction and events associated with political instability such as wars, coups, insurgencies and terrorism. One of the ways to measure the country's risk is the credit rating. The credit rating shows the assessment of certain specialized agencies on the borrower's ability to repay their debt on time. Investors most often rely on the opinion of credit agencies because of the costs that would arise if they analyzed the indebtedness of a particular country and its ability to repay. In contrast to the previously discussed measure of the country - the credit rating, whose poor assessment was the cause of the debt crisis in the EU, measures have been defined that can be an alternative and solve the problem of slow changes and delays in the above-discussed measures of market reaction: the yield range of government bonds and the CDS range. The aim of the paper is to analyze the influence of political stability on the cost of state borrowing. A panel data analysis was carried out on a sample of 9 stable and unstable countries of the European Union, in the period from 2009 to 2022, analyzing the importance of political risk at the expense of the credit risk of the state and the interdependence of political risk and other macroeconomic variables. The results of the analysis showed that the growth of political risk influenced the increase in the cost of borrowing in the selected countries and that the variable of political risk is not necessarily related to other macroeconomic variables. Less
Keywords
Keywords (english)
Languagecroatian
URN:NBNurn:nbn:hr:124:429798
Study programmeTitle: Business Studies
Study programme type: university
Study level: graduate
Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
Type of resourceText
File originBorn digital
Access conditionsAccess restricted to students and staff of home institution
Terms of useLicence In copyright icon
Created on2023-09-21 12:13:40
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