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Financial Liberalization In Croatia

Author

Listed:
  • Jasminka Sohinger

    (University of Zagreb)

  • Darko Horvatin

    (Croatian Pension Investment Fund Zagreb)

Abstract

The change of the international capital flow structure, where the emphasis shifted from official lending to increased private capital flows, presented the transition economies with new challenges in the development of their financial systems. Starting with the comparative perspective of other transition economies, in this paper we focus on the effects that international private capital flows had on the Croatian banking sector as well as on how they helped shape its stock market. We analyze foreign direct investment and portfolio investment, two main components of international private capital flows, and we conclude with some insights and dilemmas regarding the desirable degree of openness of the capital accounts with regard to the relation between the economic growth and the long-term stability.

Suggested Citation

  • Jasminka Sohinger & Darko Horvatin, 2006. "Financial Liberalization In Croatia," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 15(2), pages 173-198, december.
    • Handle: RePEc:avo:emipdu:v:15:y:2006:i:2:p:173-198
    as

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    References listed on IDEAS

    as
    1. Evan Kraft, 2002. "Foreign Banks in Croatia: Another Look," Working Papers 10, The Croatian National Bank, Croatia.
    2. Barry Eichengreen & David Leblang, 2003. "Capital account liberalization and growth: was Mr. Mahathir right?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 8(3), pages 205-224.
    3. Hans Peter Lankes & Nicholas Stern & W Michael Blumenthal & Jiri Weigl, 1999. "Capital Flows to Eastern Europe," NBER Chapters, in: International Capital Flows, pages 57-110, National Bureau of Economic Research, Inc.
    4. Imad A. Moosa, 2002. "Foreign Direct Investment," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-4039-0749-3, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    private capital flow; foreign direct investment; portfolio investment; Croatian economy;
    All these keywords.

    JEL classification:

    • G19 - Financial Economics - - General Financial Markets - - - Other
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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