Ekonomsko-pravni vidiki na področju razvojnega financiranja gospodarstva v Sloveniji: pregled in analiza ZSIRB - Rašković, Matevž (LeXonomica, 2021)
Economic and legal issues of development financing for the real economy in Slovenia : overview and analysis of ZSIRB. As the recent events connected to the global financial and economic crisis have shown also in Slovenia, the functioning of the financial markets cannot solely be left to market forces, since commercial banks and other private financial institutions follow their own interests, mainly short-term and profit driven. They are either unwilling and/or unable to provide adequate long- term financing to certain economic activities (e.g. small and medium enterprises or SMEs). Thus, the interests of the private banking sector, as the primary allocating mechanism in Slovenia can be and are often contradictory to that of the general public and its prosperity. This is particularly visible in the area of so called development financing, which represents a buffer area between the functioning of the private financial sector and pure state financing. In this area, a market gap, as well as several imperfections and asymmetries point to a need for external ‘complementarity’, of the invisible hand of Adam Smith. The purpose of this article is to define the concept of development financing of the real sector in Slovenia and to overview and analyze ZSIRB, the Law of the Slovene export and development bank, acting as the de facto leading development financial institution in Slovenia. In the concluding parts, some suggestions for alteration of ZSIRB are provided. Povzetek. Kot so pokazali dogodki ob nedavni svetovni finančni krizi in njenem razmahu v gospodarstvu, tudi v Sloveniji delovanje finančnih trgov ne more biti v celoti prepuščeno samo tržnim silam, saj banke in druge zasebne finančne institucije zasledujejo predvsem lastne, predvidoma kratkoročne profitne interese ter ne želijo oz. niso sposobne ustreznega financiranja vseh gospodarskih aktivnosti (npr. mala in srednja podjetja oz. MSP). Interesi zasebnega bančnega sektorja, kot temeljnega finančnega alokacijskega mehanizma v Sloveniji, so lahko oz. so pogosto v nasprotju z interesi širše družbe in njene blaginje. Zlasti na področju t. i. razvojnega financiranja gospodarstva, ki predstavlja nekakšno »vmesno« območje med delovanjem zasebnega finančnega sektorja na eni strani ter čistimi državnimi transferji na drugi strani, se pojavlja t. i. tržna vrzel ter številne nepravilnosti in asimetrije na posameznih področij financiranja pomembnih socio-ekonomskih aktivnosti s širšimi družbenimi eksternalijami. Namen prispevka je opredeliti koncept razvojnega financiranja gospodarstva ter orisati posamezne ekonomsko-pravne vidike na področju ureditve razvojnega financiranja pri nas. V okviru omenjenega se prispevek osredotoča zlasti na pregled in analizo posameznih določil Zakona o slovenski izvozni in razvojni banki (ZSIRB) ter predlaga posamezne izboljšave obstoječe pravno-ekonomske ureditve.