Title Gospodarski ciklusi i tržište kapitala u Republici Hrvatskoj
Title (english) Economic cycles and the capital market in the Republic of Croatia
Author Andrea Mjertan
Mentor Manuel Benazić (mentor)
Committee member Marta Božina Beroš (predsjednik povjerenstva)
Committee member Manuel Benazić (član povjerenstva)
Committee member Dean Učkar (član povjerenstva)
Granter University of Pula (Faculty of economics and tourism "Dr. Mijo Mirković") Pula
Defense date and country 2018-09-28, Croatia
Scientific / art field, discipline and subdiscipline SOCIAL SCIENCES Economics Finance
Abstract Svrha rada je objasniti pojam gospodarskih ciklusa, opisati njihova temeljna obilježja,
definirati pojam tržišta kapitala te pojasniti njegov razvoj i karakteristike. Kao ključni
cilj ovoga rada je objasniti povezanost gospodarskih ciklusa s tržištem kapitala u
Republici Hrvatskoj što je detaljno razrađeno i opisano putem analize grafova.
U prvom dijelu definiran je pojam ciklusa, njihova obilježja te osnovne vrste. Nakon
toga, slijedi složenija razrada koja se odnosi na teorije gospodarskih ciklusa. Uz
gospodarske cikluse objasnit će se i tržište kapitala, njegova temeljna obilježja i
razvoj u Republici Hrvatskoj kao najvažnije institucije. U drugom dijelu rada definira
se pojam tržišta kapitala, njegova osnovna podjela na četiri temeljna tržišta, a nakon
toga slijedi definicija burze i burzovnih indeksa. U posljednjem poglavlju prikazana je
povezanost gospodarskih ciklusa i tržišta kapitala u Republici Hrvatskoj. Njihova
povezanost opisana je u razdoblju od 2001. do 2016. godine, odnosno u razdoblju
prije i poslije krize. Razradom gospodarskih ciklusa, može se zaključiti kako niti jedno
gospodarstvo ne može konstantno biti u ravnoteži. Poznato je kako su vrh i dno
zapravo maksimum, odnosno minimum koje neko gospodarstvo može postići, ali
nakon toga slijedi obrnuti smjer kretanja. Ni jedna ekspanzija i ni jedna recesija nisu
konstantne. Iza svake ekspanzije slijedi recesija i obratno. Ono što je važno razumjeti
je međusobna povezanost gospodarskih ciklusa i tržišta kapitala u Hrvatskoj.
Promatranjem kretanja odabranih ekonomskih pokazatelja poput osobne potrošnje,
investicija i bruto plaća te dioničkog indeksa CROBEX-a, kao pokazatelja kretanja na
tržištu kapitala, može se uočiti njihova međusobna povezanost. U razdoblju pada,
odnosno recesije pokazatelji i CROBEX se smanjuju, dok je njihov rast uočljiv u tijeku
oporavka, odnosno ekspanzije. Svako kretanje na tržištu kapitala ima određenu
povezanost s različitim stadijima gospodarskih ciklusa.
Abstract (english) The purpose of the paper is to explain the concept of economic cycles, to describe
their basic characteristics, to define the concept of capital market and to clarify its
development and properties. The key objective is to explain the correlation of
economic cycles with market capitalization in the Republic of Croatia, which has been
elaborated and described in detail through graph analysis.
The first part defines the concept of cycles, their characteristics and basic species.
Thereafter, there is a more complex elaboration of the theory of economic cycles. In
addition, the capital market, its core features and development in the Republic of
Croatia and the most important institutions will be explained. In the second part of the
paper, the concept of the capital market is defined, its basic department on four basic
markets, followed by the definition of the stock market and stock indexes. The last
chapter shows the link between the economic cycles and the capital market in the
Republic of Croatia. Their correlation is described in the period from 2001 to 2016, in
the period before and after the global financial crisis. By developing economic cycles,
it can be concluded that no economy can be permanently in balance. It is known that
the top and bottom are actually the maximum, or the minimum that some economy
can achieve, but thereafter follows the reverse direction of movement. No expansion
and no recession are constant. Every expansion is followed by recession and
inversely. What is important to understand is the interconnectedness of economic
cycles and the capital market in Croatia. By observing the movements of selected
economic indicators such as personal consumption, investment and gross wages,
and share index CROBEX, as indicator of capital market movements, it can be
noticed their interrelationships. In the period of falling or recession, indicators and
CROBEX are decreasing, while their growth is noticeable in the course of recovery
towards expansion. Any movement on the capital market has a certain correlation
with the different stages of economic cycles.
Keywords
gospodarski ciklusi
tržište kapitala
razvoj
ekspanzija
recesija
burza
Keywords (english)
economic cycles
capital market
development
expansion
recession
stock market
Language croatian
URN:NBN urn:nbn:hr:137:053884
Study programme Title: Business Economics; specializations in: Finance, Accounting and Auditing, Marketing Management, Management and Entrepreneurship, Tourism, Business Informatics Course: Finance Study programme type: university Study level: undergraduate Academic / professional title: sveučilišni/a prvostupnik/prvostupnica (baccalaureus/baccalaurea) ekonomije (sveučilišni/a prvostupnik/prvostupnica (baccalaureus/baccalaurea) ekonomije)
Type of resource Text
File origin Born digital
Access conditions Open access
Terms of use
Created on 2018-12-05 18:40:16