20.500.12556/RUL-165314 Financial frictions in a macroeconometric model a counterfactual analysis for the case of Slovenia The paper investigates the importance of modelling the effects of financial frictions in a macroeconometric framework for the small open economy of Slovenia. We enhance the model with additional behavioural equations pertaining to business and residential investment, the respective lending rates, and the gross operating surplus of non-financial companies. The estimation period spans from 1999Q1 to 2019Q4, meaning a period of significant financial distress was included in the analysis. Counterfactual analysis was conducted by comparing simulation results from a macroeconometric model with the explicit modelling of financial frictions to a model with limited transmission effects. The results indicate that financial frictions significantly hinder macroeconomic development under adverse macroeconomic scenarios. Policymakers’ measures should focus on maintaining financial sector stability and enabling external financing access for non-financial companies and households during adverse economic situations. macroeconomics finance analysis financial frictions macroeconometric modelling counterfactual analysis makroekonomija finance analiza true false true Angleški jezik Slovenski jezik Članek v reviji 2024-12-02 10:42:42 2024-12-02 10:42:45 2024-12-03 04:00:58 0000-00-00 00:00:00 2024 0 0 13 str. iss. 4, art. 101224 Vol. 48 2024 0000-00-00 Zaloznikova Objavljeno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 005 0939-3625 10.1016/j.ecosys.2024.101224 195918083 1-s2.0-S0939362524000463-main.pdf 1-s2.0-S0939362524000463-main.pdf 1 614B669E97E1C237CE45668BDFFF31D2 7df1d45fba17463bf02c17c46a70d0e356dadf835eb8761affb5394127172640 a3179a9b-b091-11ef-b232-0050569b8976 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=196410 https://www.sciencedirect.com/science/article/pii/S0939362524000463 0 9528f646-b091-11ef-b232-0050569b8976 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=196409 Ekonomska fakulteta 0 0 0