Leave No Stone Unturned — Macroprudential Policy in Croatia Between the Global Financial Crisis and COVID-19

Boris Vujčić, Mirna Dumičić Jemrić and Lana Ivičić

Chapter 28 in Macro-financial Stability Policy in a Globalised World: Lessons from International Experience:Selected Papers from the Asian Monetary Policy Forum 2021 Special Edition and MAS-BIS Conference, 2023, pp 584-611 from World Scientific Publishing Co. Pte. Ltd.

Abstract: This chapter describes the Croatian National Bank’s activities aimed at managing systemic risks and strengthening the system’s resilience to potential shocks in the dynamic five-and- a-half years of post-Global Financial Crisis recovery until the pandemic crisis, from 2015 to mid-2020. Special focus is put on the optimal timing for the activation of countercyclical capital buffer (CCyB), consumer protection issues, developments in the real estate market and limitations of macroprudential policy in dealing with systemic risks arising from that market, as well as on the CNB’s measures taken in response to the COVID-19 pandemic. This experience has further contributed to a better understanding of certain systemic risks, as well as the reach and effects of macroprudential policy instruments.

Keywords: Macro-financial Policy; Policy Framework; Macroprudential Policy; Monetary Policy; Fiscal Policy; Capital Flow Management Measure; Capital Control; Foreign Exchange Intervention; Integrated Policies; Multiple Policies; Policy Trade-off; Policy Substitute; Policy Complement; Policy Interaction; Policy Space; Central Bank; International Spillovers; Spillbacks; Sending Country; Receiving Country; Financial Channel; Financial Regulation; Financial Stability; External Stability; Advanced Economy; Emerging Market Economy; Capital Flow; Portfolio Flow; Banking Flow; Exchange Rate; Banking System; Non-bank Financial Institution; United Kingdom; Sweden; China; Hong Kong Sar; India; Indonesia; Korea; Singapore; Latin America; Croatia (search for similar items in EconPapers)
JEL-codes: E E52 E58 E6 F F01 F3 F38 (search for similar items in EconPapers)
Date: 2023
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