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Comparison of Structuring the Interest Rates on Micro Loans in Serbia and Montenegro

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Comparison of Structuring the Interest Rates on Micro Loans in Serbia and Montenegro TEM Journal. Volume 6, Issue 2, Pages 303-314, ISSN 2217-8309, DOI: 10.18421/TEM62-16, May 2017. Comparison of Structuring the Interest Rates on Micro Loans in Serbia and Montenegro Vera Zelenović 1, Maja Drobnjaković 2, Željko Vojinović 1 1 University of Novi Sad, Faculty of Economics in Subotica, Segedinski put 9-11, Subotica, Republic of Serbia 2 University Business Academy in Novi Sad, Faculty of Economics and Engineering Management, Cvećarska 2, Novi Sad, Republic of Serbia Abstract – The aim of this research paper is The goal of research is to define the interest rates on development of comparative analysis of the microcredit and developing models for analysis of microcredit sector in Serbia and Montenegro, as well interest rates in the microcredit sector in Serbia and as to carry out identification and analysis of the Montenegro. It is planned to, within the designed components that influence the determination of analyze model, isolate four basic components: interest rates on microloans in Serbia and Montenegro. Within the comparative study, there will be an analysis operating costs, financing costs, the amount of loss of the correlation between the total amount of granted and the expected profit (margin). The work would microcredits in these countries and their gross analyze a number of sub-components of influence. domestic product, by using the Pearson correlation When it comes to operating costs, the sub- coefficient. components that would be analyzed are: the representation of the field work, the scope and Keywords – microcredit, interest rate, valuation, content of the required documentation when applying Serbia, Montenegro. for a microcredit, the effective length of the duration of work of individual microcredit demands, type of collateral required from potential mikroloaners, the 1. Introduction degree of modernization and the implementation of information technology, salaries height and bonuses Microfinance primarily involves providing financial of employees, the cost of accounting and auditing, services to individuals with lower income, especially and marketing expenses. When it comes to financing the poor (who do not have any source of income). costs, an analyzed sub-component would be: price of The term “microfinance“ is used in a broader external financing i.e., the explicit cost. When it (commercial) context, referring to micro-credits comes to expected loss, the analyzed sub- intended for microentrepreneurs (receiving components would be: the level of problematic microcredit in order to establish their own microcredits and the influence of gender on the businesses), as well as to individuals who meet likelihood and timing of repayment of microcredit certain criteria to apply for this type of loan (i.e., they [8]. When it comes to the expected profit (margin), have sources of income, as a guarantee for repayment analyzed sub-components would be: banking timeliness taken microcredits). orientation to a type of work / products, the level of competition and concentration, the discount rate, risk-free rate, beta coefficient, the market risk DOI: 10.18421/TEM62-16 premium and the minimum required rate of return. https://dx.doi.org/10.18421/TEM62-16 Before presenting a hypothesis, it should be noted that the same definition was conditioned by the Corresponding author: Maja Drobnjaković, available information and personal assessments at the University Business Academy in Novi Sad, Faculty of time of their formulation. Economics and Engineering Management, Novi Sad, Republic of Serbia Basic (general) hypothesis H0: interest rates on Email: [email protected] micro-loans in Serbia and Montenegro are unjustifiably placed at a very high level (higher than © 2017 Vera Zelenović, Maja Drobnjaković, 25 percent annually). The formulated definition of Željko Vojinović; published by UIKTEN. This work is microcredit is defined at the start (loans up to 10,000 licensed under the Creative Commons Attribution- euros). When discussing the general research NonCommercial-NoDerivs 3.0 License. hypothesis, the abuse in the microfinance sector is The article is published with Open Access at also being analyzed (in certain cases, there is the www.temjournal.com problem of “double counting“). In this context, it will TEM Journal – Volume 6 / Number 2 / 2017. 303 TEM Journal. Volume 6, Issue 2, Pages 303-314, ISSN 2217-8309, DOI: 10.18421/TEM62-16, May 2017. be examined whether the risk of a country is which analyzes whether increasing operational installed twice in the height in of interest rates on efficiency (and, consequently, reduced operating microcredit (incorporating the risk free return rate costs) contributes to a reduction in interest rates on and unjustified reintegration in the premium on microloans, significantly helpful was reading of the market risk). Furthermore, it is being analyzed papers of the following authors: [3]; [5]; [6]; and whether the expected profit (margin) is the dominant others. factor in determining the level of active interest rates on microcredits, and not the operating costs (how it is 3. Methodology theoretically represented). 3.1. Defining a research problem In addition to the basic (general) hypothesis, the Analysis of the level and reasons for inequality of research will aim at the detection / rejection (partially practice when it comes to defining the lending or completely) of one special (partial) hypothesis. interest rates in the microcredit sector (in general, but with special emphasis on Serbia and Montenegro) is Special (partial) hypothesis H1: Microfinance the central problem of the research in this paper. The contributes to the growth of gross domestic product results of the research showed that when calculating in Serbia and Montenegro (there is a positive the lending rate on microloans, the banks and correlation observed between the independent and microfinance institutions do not introduce the the dependent variables). Within the research, the necessary differentiation, i.e., carry out unjustified degree of severity of the assumed positive impact is averaging (uniform rhetoric financial institutions). statistically examined using the Pearson’s correlation The title of the paper refers to the substance of the coefficient (i.e., whether there is a weak, moderate or analysis. When making a comparative analysis, it is strong correlation). Therefore, this H1 analyzes the particularly important to examine the extent and impact strength of the micro-scale financing to reasons of discrepancies practice for calculating commercial and economic growth. lending interest rates on microcredit. In Serbia, the microfinance sector is not regulated by law (as 2. A review of relevant literature opposed to the microfinance sector in Montenegro in the framework of the Banking Act of Montenegro, In the function of making the conclusions, a segment under Article 105, while performing control of manuscript that studies the impact of microfinance functions the Central Bank also controls micro-credit on the volume of gross domestic product will be financial institutions; also, the monetary authority of consulted by authors Abraham and Balogun in 2012 Montenegro adopted the Decision on Minimum [1]. The relationship between microcredits and Standards for Risk Management in Micro-Credit specific (macro) economic indicators is analysed by Financial Institutions), which primarily hinders the Sharma, Himanshu and Hartika [21]. functioning of the sector, but also the very empirical analysis. In Serbia, there is no organized unique database regarding the microfinance sector because When analyzing the components that affect the the National Bank of Serbia does not perform amount of interest rates on micro-loans, and the monitoring of this sector and, consequently, does not direction, manner and intensity of their activity, and include it in its stats (again, unlike the practice of the in the function of better understanding of the Central bank of Montenegro, where the Central Bank problem, consulted will be the papers of the of Montenegro regularly publishes monetary following authors: [7] (analysis of the determinants statistics and interest rates of microfinance of lending rates for micro-credits); [4] (analysis of institutions). In a reasoned limited terms of research, microcredit repayment rates in the so-called lending and when it comes to the process of collecting data “group“); [9] (analysis of whether the regarding the microfinance sector in Serbia, in the “commercialization” of microfinance sector affects paper, the justification of necessary approximations the increase in lending rates on microcredits, and and simplifying the production of estimates will be consequently on the profitability of microfinance commented (in the economic literature, often with a institutions); [14] (analysis of whether there is a fair quotation by statistician George Box that “all models interest rate on micro-loans); [18] (analysis of the are wrong, but some are useful“). Also, the paper cost structure of microfinance institutions); [19] would inevitably emphasize that there is awareness (comparative analysis of interest rates of classic that the designed model of the analysis can not banks, microfinance institutions and local “loan completely precisely and accurately describe and sharks”); [17] (analysis of flexibility and discipline summarize the extremely complex reality of repayment of microcredit); [16] (analysis of microfinance. What the designed model can provide elasticities of supply and demand for microcredit);
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