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

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

Author

Listed:
  • Boris Vujčić
  • Mirna Dumičić Jemrić
  • Lana Ivičić

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.

Suggested Citation

  • Boris Vujčić & Mirna Dumičić Jemrić & Lana Ivičić, 2023. "Leave No Stone Unturned — Macroprudential Policy in Croatia Between the Global Financial Crisis and COVID-19," World Scientific Book Chapters, in: Claudio Borio & Edward S Robinson & Hyun Song Shin (ed.), MACRO-FINANCIAL STABILITY POLICY IN A GLOBALISED WORLD: LESSONS FROM INTERNATIONAL EXPERIENCE Selected Papers from the Asian Monetary Policy Forum 202, chapter 28, pages 584-611, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811259432_0028
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    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;
    All these keywords.

    JEL classification:

    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F - International Economics
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F01 - International Economics - - General - - - Global Outlook
    • F3 - International Economics - - International Finance
    • E - Macroeconomics and Monetary Economics

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