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Croatia In the Second Stage of Transition 1994–1999

Author

Listed:
  • Velimir Šonje
  • Boris Vujčić

    (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.

Suggested Citation

  • Velimir Šonje & Boris Vujčić, 1999. "Croatia In the Second Stage of Transition 1994–1999," Working Papers 1, The Croatian National Bank, Croatia.
    • Handle: RePEc:hnb:wpaper:1
    as

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    References listed on IDEAS

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    More about this item

    Keywords

    Croatia; transition; international comparisons; economic policy;
    All these keywords.

    JEL classification:

    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies

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