Croatia In the Second Stage of Transition 1994–1999

Velimir Šonje and Boris Vujčić ()
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Boris Vujčić: The Croatian National Bank, Croatia

No 1, Working Papers from The Croatian National Bank, Croatia

Abstract: The paper attempts to summarize the important aspects of the transition experience in Croatia, focusing upon the second stage of transition, 1994-1999. The presentation is not historical, but rather links similar problems using international data comparisons and occasionally cross-section econometrics. Many topics are briefly surveyed: 1) relation between money growth, inflation, exchange rate regime and currency substitution; 2) determinants and costs of banking crisis; 3) relation between banking supervision, central bank credibility and exchange rate regime; 4) underlying reasons for the emergence of arrears in economy; 5) relationship between monetary and fiscal policy; 6) reasons for poor export performance and high external imbalance in Croatia; and 7) some basic labor market developments. The paper also draws some policy conclusions.

Keywords: Croatia; transition; international comparisons; economic policy (search for similar items in EconPapers)
JEL-codes: E65 P2 (search for similar items in EconPapers)
Pages: 44 pages
Date: 1999-12
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Persistent link: https://EconPapers.repec.org/RePEc:hnb:wpaper:1

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