摘要：The aim of the paper is to explore whether there is a fundamental alternative to the incumbent pattern of financial intermediation that could accelerate the economic growth.It was demonstrated that there was no substantial controversy regarding the causality in terms of financial intermediation facilitating the economic growth.The regulation should be ex ante,with rules specified in advance,it should be selective,focused on those financial institutions that generate the biggest risk,but also simple,so that it is easy to establish whether the regulatory requirements have been breached or not.New ideas in regulation are focused on reducing the leverage,with the reduced lending capacity as the consequence,but also the improved stability of the system.Small countries at the middle level of development should not be innovative in the financial regulation,but carefully monitor the development of new regulatory instruments in the world.There is no fundamental alternative to the incumbent pattern of financial intermediation that could accelerate the economic growth.
其他摘要：Cilj ovog rada je da odgovori na pitanje da li postoji velika,fundamentalna alternativa postojećem načinu finansijskog posredovanja koja može da ubrza privredni rast.Pokazalo se da ne postoji velika kontroverza u pogledu uzročno-posledične veze kojom finansijsko posredovanje pospešuje privredni rast.Pokazalo se da regulacija treba da bude ex ante,sa unapred definisanim pravilima,da bude selektivna,usredsređena na finansijske institucije koje stvaraju najveći rizik,ali i da bude jednostavna,kako bi se lako ustanovili da li ispunjeni regulatorni zahtevi.Nove ideje u tom pogledu usmerene su ka umanjivanju leveridža,što vodi umanjenju kreditnog potencijala,ali i povećanju stabilnosti sistema.Male i srednje razvijene zemlje ne treba da budu inovativne na planu regulacije finansijskog sektora,već da pažljivo prate razvoj regulatornih instrumenata u svetu.Velika,fundamentalna alternativa postojećem načinu finansijskog posredovanja koja može da ubrza privredni rast ne postoji.
