Tranzicija, Vol. 12 No. 25-26, 2010.
Prethodno priopćenje
RECOVERY OF THE MICROFINANCE SECTOR IN ROMANIAN AND CROATIAN ECONOMY
Laura Giurca Vasilescu
; University of Craiova, Faculty of Economy and Business Administration, Romania.
Jasmina Gržinić
; University of Pula, Department of Economics and Tourism, Croatia.
Sažetak
From 2004 to 2008 microfinance enjoyed unprecedented growth in emerging markets. According to data from the Microfinance Information Exchange (MIX), the sector expanded at historic rates, with average annual asset growth of 39 %, accumulating total assets of over US$60 billion by December 2008. (Chen and Rasmussen, 2010). Microfinance benefited from widespread international recognition as a development tool. But the global economic recession beginning affected the microfinance systems and the microfinance borrowers have been affected by the economic downturn, job losses, and declining flow of remittances. Late payments on loans have recently risen across the microfinance industry.
The microfinance market has a great potential in Romania even this has not been properly exploited. The traits of Romania and other emerging economies are similar: a rural population still living off subsistence agriculture, the majority of them have very little collateral to be eligible for bank credits, have little or no track record of employment or credit, and access to development funds from international institutions, including the EU, is very bureaucratic and hard to attain. Entrepreneurs in Croatian economy are still not flexible in adaptation to market needs and the reorientation of the business. Also accompanied by insolvency and difficult access to financing - microfinance are burdened by non-tax contributions. This paper provides an overview and recommendations for further development of two countries, one of which is still awaiting entry into the European Union.
Ključne riječi
microfinancing; Romania; Croatia; micro-entrepreneur; tourism
Hrčak ID:
63496
URI
Datum izdavanja:
20.1.2011.
Posjeta: 1.518 *