Monetary and Financial Policies for ‘De-Euroization’ – A Case Study of Recent Croatian Experience

Tomislav Galac () and Evan Kraft ()
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Tomislav Galac: Croatian National Bank, Trg hrvatskih velikana 3, Zagreb 10000, Croatia.
Evan Kraft: Croatian National Bank, Trg hrvatskih velikana 3, Zagreb 10000, Croatia.

Comparative Economic Studies, 2012, vol. 54, issue 3, 443-470

Abstract: We analyze the impact of monetary and financial policies on the level of financial euroization in Croatia during 2002–2010. We find strong empirical evidence that these policies effectively helped reduce financial euroization in 2002–2007. During the financial crisis, some of the measures might have contributed to partial re-euroization in 2008–2009, but they ultimately paid off when judged against a wider set of criteria. Generalizing our results, it appears that in non-crisis periods monetary and financial policies can reduce financial euroization.

Date: 2012
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