Naslov
The impact of the COVID-19 pandemic on the Croatian financial system

Autori
Olgić Draženović, Bojana ; Maradin, Dario ; Suljić Nikolaj, Stella

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
RED 2021 X : 10th International Scientific Symposium Region, Entrepreneurship, Development / Leko Šimić, Mirna ; Crnković, Boris - Osijek : Ekonomski fakultet Sveučilišta Josipa Jurja Strossmayera u Osijeku, 2021, 204-217

Skup
10th International Scientific Symposium Region, Entrepreneurship, Development (RED 2021)

Mjesto i datum
Online, 17.06.2021

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
COVID-19 pandemic ; financial crisis ; financial institutions ; CNB ; Croatian economy

Sažetak
The outbreak of the pandemic COVID -19 caused a shock to the economic supply and demand and, with great uncertainty, led to a decline in the activity of the financial system. The financial system of the Republic of Croatia faces demanding challenges under these unfavourable conditions and the prospect of growth in the future. The negative impact of this crisis on the domestic financial system manifested itself in deflationary pressure on the domestic currency and a reduction in the assets of institutional investors due to price corrections on the capital markets and outflows from investment funds. The Croatian economy can be assessed as small and open, dependent on developments in the international market and highly sensitive to external shocks and crises. Nevertheless, the financial system is expected to recover thanks to historically low financing conditions and the highly liquid and capitalised domestic financial system. A prominent role in overcoming the crisis is played by economic policymakers and financial system regulators and supervisors. The aim of this paper is to examine the extent of contraction of investment activity of financial institutions in Croatia and to highlight the measures taken and implications of Croatian National Bank and Croatian Financial Services Supervisory Agency to ensure financial stability and liquidity. The conducted research is based on secondary data collected from the databases of relevant Croatian supervisory institutions. We applied statistical techniques to provide an overview of the course and characteristics of the Croatian financial system and, in particular, institutional investors, as well as the response of the supervisory authorities to mitigate the impact of the pandemic on the economy. These measures maintained the stability of the exchange rate, ensured the systemic stability of the national financial system and the efficient functioning of the economy.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA