Working Papers

From The Croatian National Bank, Croatia
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9992: Structural Changes in Employment: Where We Are, How We got There and Where Are We Going To?

Boris Vujčić

9991: Does Stabilization Work the Same Way in Transition Economies as in Market Economies?

Evan Kraft

74: How DiD EU’s fiscal policymakers behave under the Excessive Deficit Procedure

Frane Banić and Ivan Žilić

73: Easier said than done: Predicting downside risks to house prices in Croatia

Tihana Škrinjarić and Maja Sabol

72: Macroprudential stance assessment: problems of measurement, literature review and some comments for the case of Croatia

Tihana Škrinjarić

71: Can selective price controls fight off inflation? Lessons from milk products in Croatia

Ivan Mužić and Ivan Žilić

70: What are the short-to-medium-term effects of extreme weather on the Croatian economy?

Tihana Škrinjarić

69: New Indicators of Credit Gap in Croatia: Improving the Calibration of the Countercyclical Capital Buffer

Tihana Škrinjarić and Maja Bukovšak

68: Introduction of the composite indicator of cyclical systemic risk in Croatia: possibilities and limitations

Tihana Škrinjarić

65: Augmented credit-to-GDP gap as a more reliable indicator for macroprudential policy decision-making

Tihana Škrinjarić

64: International trade and economic growth in Croatia

Leonarda Srdelic and Marwil Dávila-Fernández

63: Assessment of Readiness of Croatian Companies to Introduce I4.0 Technologies

Rajka Hrbić Author-Email: rajka.hrbic@hnb.hr and Tomislav Grebenar

61: Which Loans do We Take? A Micro-Level Analysis of Croatian Households’ Debt Participation

Mate Rosan and Krunoslav Zauder

60: Home sweet home: The effects of housing loan subsidies on the housing market in Croatia

Davor Kunovac Author-Email: davor.kunovac@hnb.hr and Ivan Zilic

58: Foreign Direct Equity Investments and Foreign Ownership Premium: the Case of Croatia

Matej Bule and Andrijana Cudina

57: The Third Round of the Euro Area Enlargement: Are the Candidates Ready?

Milan Deskar-Škrbić, Karlo Kotarac and Davor Kunovac

56: Behavioural Model of Assessment of Probability of Default and the Rating of Non-Financial Corporations

Tomislav Grebenar

55: Financial cycles in euro area economies: a cross-country perspective

Davor Kunovac, Martin Mandler and Michael Scharnagl

54: How Competitive is Croatia’s Banking System? A Tale of Two Credit Booms and Two Crises

Evan Kraft and Ivan Huljak

53: Coherence of Business Cycles and Economic Shocks between Croatia and Euro Area Member States

Karlo Kotarac, Davor Kunovac and Rafael Ravnik

52: Structure of Capital Flows and Exchange Rate: The Case of Croatia

Maja Bukovšak, Gorana Lukinić Čardić and Nina Ranilović

51: Corporate Debt Overhang in Croatia: Micro Assessment and Macro Implications

Ana Martinis and Igor Ljubaj

50: The Effects of Economic Integration on Croatian Merchandise Trade: A Gravity Model Study

Nina Ranilović

49: What is Driving Inflation and GDP in a Small European Economy: The Case of Croatia

Goran Jovičić and Davor Kunovac

47: Are sovereign credit ratings overrated?

Davor Kunovac and Rafael Ravnik

46: Exchange Rate Pass-Through in the Euro Area

Davor Kunovac and Mariarosaria Comunale

45: Delayed Credit Recovery in Croatia:Supply or Demand Driven?

Mirna Dumičić and Igor Ljubaj

44: Microeconomic Aspects of the Impact of the Global Crisis on the Growth of Non-financial Corporations in the Republic of Croatia

Tomislav Galac

43: Financial Stability Indicators – the Case of Croatia

Mirna Dumičić

42: Determinants of Labour Cost Adjustment Strategies during the Crisis – Survey Evidence from Croatia

Marina Kunovac

41: Financial Stress Indicators for Small, Open, Highly Euroised Countries – the Case of Croatia

Mirna Dumičić

40: Short-Term Forecasting of GDP under Structural Changes

Rafael Ravnik

39: Nowcasting GDP Using Available Monthly Indicators

Davor Kunovac and Borna Špalat

38: The Borrowing Costs of Selected Countries of the European Union – the Role of the Spillover of External Shocks

Davor Kunovac

37: Financial Conditions and Economic Activity

Mirna Dumicic Jemric and Ivo Krznar

36: Pricing behaviour of Croatian Companies: results of a Firm survey and a Comparison with the eurozone

Andreja Pufnik and Davor Kunovac

35: Estimating Potential Output in the Republic of Croatia Using a Multivariate Filter

Nikola Bokan and Rafael Ravnik

34: Estimating the Impact of Monetary Policy on Household and Corporate Loans: a FAVEC Approach

Igor Ljubaj

33: Global Crisis and Credit Euroisation in Croatia

Tomislav Galac

32: Are some Banks More Lenient in the Implementation of Placement Classification Rules?

Tomislav Ridzak

31: An Analysis of the Domestic Inflation Rate Dynamics and the Phillips Curve

Ivo Krznar

30: Estimating Credit Migration Matrices with Aggregate Data – Bayesian Approach

Davor Kunovac

29: Identifying Recession and Expansion Periods in Croatia

Ivo Krznar

28: A Credit Market Disequilibrium Model And Periods of Credit Crunch

Ana Maria Čeh, Mirna Dumicic Jemric and Ivo Krznar

27: The Central Bank as Crisis-Manager in Croatia – A Counterfactual Analysis

Tomislav Galac

26: Impact of External Shocks on Domestic Inflation and GDP

Ivo Krznar and Davor Kunovac

25: Income and Price Elasticities of Croatian Trade – A Panel Data Approach

Vida Bobić

24: Capital Inflows and Efficiency of Sterilisation – Estimation of Sterilisation and Offset Coefficients

Igor Ljubaj, Ana Martinis and Marko Mrkalj

23: Habit Persistence and International Comovements

Alexandre Dmitriev and Ivo Krznar

22: The Impact of the Financial Crisis and Policy Responses in Croatia

Nikola Bokan, Lovorka Grgurić, Ivo Krznar and Maroje Lang

21: Optimal International Reserves of the CNB with Endogenous Probability of Crisis

Ana Maria Čeh and Ivo Krznar

20: Contagion Risk in the Croatian Banking System

Marko Krznar

19: Use of the Hedonic Method to Calculate an Index of Real Estate Prices in Croatia

Davor Kunovac, Enes Đozović, Gorana Lukinić and Andreja Pufnik

18: International Business Cycles with Frictions in Goods and Factors Markets

Ivo Krznar

17: Modelling of Currency outside Banks in Croatia

Maroje Lang, Davor Kunovac, Silvio Basač and Željka Štaudinger

16: Short-Term Forecasting of Inflation in Croatia with Seasonal ARIMA Processes

Andreja Pufnik and Davor Kunovac

15: Microstructure of Foreign Exchange Market in Croatia

Tomislav Galac, Ante Burić and Ivan Huljak

14: How Competitive Is Croatia's Banking System?

Evan Kraft

13: Price Level Convergence: Croatia, Transition Countries and the EU

Danijel Nestic

12: Currency Crisis: Theory and Practice with Application to Croatia

Ivo Krznar

11: The Impact of Exchange Rate Changes on the Trade Balance in Croatia

Tihomir Stučka

10: Foreign Banks in Croatia: Another Look

Evan Kraft

9: Privatization, Foreign Bank Entry and Bank Efficiency in Croatia: A Fourier-Flexible Function Stochastic Cost Frontier Analysis

Evan Kraft, Richard Hofler and James Payne

8: A Comparison of Two Econometric Models (OLS and SUR) for Forecasting Croatian Tourism Arrivals

Tihomir Stučka

7: Efficiency of Banks in Croatia: A DEA Approach

Igor Jemrić and Boris Vujčić

6: General Equilibrium Analysis of Croatia’s Accession to the World Trade Organization

Jasminka Šohinger, Davor Galinec and Glenn Harrison

5: The Monthly Transaction Money Demand in Croatia

Ante Babić

4: Exchange Rate and Output in the Aftermath of the Great Depression and During the Transition Period in Central Europe

Velimir Šonje

3: Measuring the Similarities of Economic Developments in Central Europe: A Correlation between the Business Cycles of Germany, Hungary, the Czech Republic and Croatia

Velimir Šonje and Igeta Vrbanc

2: Is Unofficial Economy a Source of Corruption?

Michael Faulend and Vedran Šošić

1: Croatia In the Second Stage of Transition 1994–1999

Velimir Šonje and Boris Vujčić