CONCEPTUAL MODEL FOR ANALYSIS OF FINANCIAL DEVELOPMENT IN THE CONTEXT OF PROPOSAL OF EFFECTIVE MEASURES OF MONETARY AND FISCAL POLICY

Sonja Brlecic Valcic () and Ante Samodol ()
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Sonja Brlecic Valcic: Libertas International University, Zagreb
Ante Samodol: Libertas International University, Zagreb

Economic Thought and Practice, 2018, vol. 27, issue 2, 377-398

Abstract: Most of contemporary research dealing with the impact of financial development, financial sector stability and the impact of monetization on economic growth have shown strong nonlinear relations between the mentioned factors. Modern concepts in observing the common dynamics of monetary policy effects on economic growth and its indicators therefore require an indirect approach based on empirical research, in the first place of financial infrastructure, competitiveness of financial markets, as well as current economic conditions. The problems of economic development, in the context of growth intent, are usually linked to these concepts within the effect of financial policies that must be designed according to the priorities of industrial and economic policy. The paper presents a conceptual model for the analysis of financial development, based on previous research and analysis, in the context of proposals for monetary and fiscal policy measures that could have a positive impact on economic growth. The analyses carried out led to conclusions that relate not only to the conceptual connections of observed parameters but also to certain causality.

Keywords: financial development; financial channels; structural problems of economic growth and GDP (search for similar items in EconPapers)
JEL-codes: E52 O40 O42 (search for similar items in EconPapers)
Date: 2018
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