Naslov
Financial Integration and Growth in Croatia

Autori
Šohinger, Jasminka ; Galinec, Davor

Vrsta, podvrsta i kategorija rada
Poglavlja u knjigama, znanstveni

Knjiga
Economic Integrations, Competition, and Cooperation

Urednik/ci
Kandžija, Vinko ; Kumar, Andrej

Izdavač
Sveučilište u Rijeci

Grad
Rijeka

Godina
2010

Raspon stranica
64-79

ISBN
978-953-6148-93-6

Ključne riječi
financial integration, growth, international investment position, financial stability, emerging markets

Sažetak
In this paper we analyze the effects of international capital flows on growth in Croatia. The impact of financial integration is assessed by looking at the determinants of real convergence of income per capita to that of the Euro area. Our conclusions are that total factor productivity and capital accumulation played the main roles in generating economic growth in Croatia. That was an immediate consequence of the liberalization of the capital account, which was a prerequisite for starting negotiations with the European Union. Global financial crisis is affecting and will continue to affect all countries but particularly hard hit are the economies whose growth has become dependent on foreign capital This paper also assesses the macroeconomic and financial stability challenges that Croatia and other emerging European economies are likely to face in the global financial turmoil.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA