o:28712 Sistemska kriza problematičnih kredita i ekonomska politika analiza iskustava nakon globalne finansijske krize Systemic crisis of nonperforming loans and economic policy - analysis of experiences after the global financial crisis sr APSTRAKT: Cilj rada je da pruži osvrt i iznese ocenu preduzetih mera ekonomske politike usmerenih na sanaciju kreditnog portfolija bankarskog sektora u evropskim zemljama. Prisutna je dihotomija u merama kada se posmatraju više i manje razvijene evropske zemlje. U razvijenim zemljama krucijalnu ulogu ima finansijska pomoć države, posebno u formi namenskih kompanija za upravljanje problematičnom aktivom. U slabije razvijenim ze- mljama primat imaju nefinansijski mehanizmi kojima se podiže kvalitet institucija. Mere za razrešenje problematičnih kredita su preovlađujuće bile usredsređene na otklanjanje strukturnih slabosti što im daje dalekosežniji reformski karakter. Finansijski teret se u potunosti prebacuje na privatni sektor uz očekivanje da matične banke lokalnih subsidi- jara, koji dominiraju domicilnim bankarskim sistemima, u potpunosti snose sve troškove. Konačno rešenje akumuliranih problematičnih kredita nije moguće bez održivog ekonom- skog rasta, niske nezaposlenosti, relativno niskih kamatnih stopa i povoljnih kretanja na tržištu nekretnina. ABSTRACT: The aim of the paper is to provide an overview and assessment of the economic policy measures taken to rehabilitate the credit portfolio of the banking sector in European coun- tries. There is a dichotomy in measures taken when looking at advanced and less devel- oped European countries. In developed countries, financial state aid plays a crucial role, particularly in the form of special purpose public asset management companies. In less developed countries, non-financial mechanisms that improve the quality of institutions have been given priority. Measures to address nonperforming loans have overwhelmingly focused on addressing structural economic weaknesses, giving them a far-reaching and reforming character. The financial burden is placed completely onto the private sector, with the expectation that the parent banks of local subsidiaries, which dominate the host banking systems, fully bear all the costs. A final solution to accumulated nonperforming loans is not feasible without sustainable economic growth, low unemployment, relatively low interest rates and favorable real estate market developments. KLJUČNE REČI: PROBLEMATIČNI KREDITI, EKONOMSKA POLITIKA, NAPLATA DUGOVA, ZAŠTITA KREDITORA KEYWORDS: NONPERFORMING LOANS, ECONOMIC POLICY, DEBT WORKOUT, CREDITOR RIGHTS 1552101 2217-6217 2023-04-10T09:53:00.888Z 44 no 46 Velimir Lukić Univerzitet u Beogradu Ekonomski fakultet 12943207 0000-0001-5989-5898 Svetlana Popović Univerzitet u Beogradu Ekonomski fakultet person 12914023 0000-0001-5133-8704 application/pdf 438436 https://phaidrabg.bg.ac.rs/o:28712 no yes 1 70 92000001 11A03 Ekonomske ideje i praksa 37 53 78 2020