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Povrat na inozemna ulaganja u Hrvatskoj i usporedivim zemljama

Author

Listed:
  • Andrijana Ćudina

    (Croatian National Bank, Croatia)

Abstract

U radu se analiziraju dohoci povezani s inozemnim ulaganjima kao i njihov utjecaj na tekući račun platne bilance i inozemnu investicijsku poziciju. Saldo dohodaka od inozemnih ulaganja primarno ovisi o visini akumulirane inozemne financijske imovine u posjedu rezidenata te visini njihovih obveza prema inozemstvu. Međutim, važnu ulogu imaju i relativni prinosi koji se ostvaruju od pojedinih vrsta ulaganja, a koji ovise o prilikama na domaćim i inozemnim financijskim tržištima. Važnost relativnih prinosa za ukupne dohotke od ulaganja posebno je postala naglašena nakon globalne financijske krize koja je dovela do strukturnih promjena u međunarodnim tokovima kapitala. Iako je nakon krize zamjetno smanjen obujam tokova kapitala, kao i relativni prinosi, istodobno je porasla relativna važnost vlasničkih ulaganja koja u pravilu nose više prinose nego dužnička ulaganja. Jačanje gospodarskog rasta u zemlji i okružju vjerojatno će rezultirati rastom prinosa na vlasnička ulaganja, ali i kamatnih stopa, zbog čega bi dohoci povezani s inozemnim ulaganjima mogli imati sve veći utjecaj na saldo tekućeg računa platne bilance. Takva kretanja dodatno bi mogla biti naglašena kod zemalja koje imaju izrazito negativnu (neto dužničku) poziciju prema inozemstvu, kao što je to slučaj kod većine zemalja Srednje i Istočne Europe, a posebice kod Hrvatske.

Suggested Citation

  • Andrijana Ćudina, 2019. "Povrat na inozemna ulaganja u Hrvatskoj i usporedivim zemljama," Pregledi 44, Hrvatska narodna banka, Hrvatska.
    • Handle: RePEc:hnb:pregle:44
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    File URL: https://www.hnb.hr/documents/20182/2884053/p-044.pdf/a23cb569-1c94-9f8d-0e6a-53b38856bd7a?version=1.1&t=1568624318926
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    Keywords

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    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F3 - International Economics - - International Finance

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