Naslov
Economic Crisis in a Small Transition Economy: Monetary and Fiscal Reactions in Croatia

Autori
Šimović, Hrvoje ; Ćorić, Tomislav ; Zoričić, Davor

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

Izvornik
Economic Theory and Practice: Meeting the New Challenges / Markić, Brano - Mostar : Ekonomski fakultet Sveučilišta u Mostaru, 2011, 205-218

Skup
International Conference "Economic Theory and Practice: Meeting the New Challenges"

Mjesto i datum
Mostar, Bosna i Hercegovina, 11.11.2011. - 12.11.2011

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
monetary policy; fiscal policy; crisis; transition economies; Croatia

Sažetak
Since the existing economic and financial crisis has been detected as the largest economic shock since Great Depression, the response on it is tried to be found in all economic areas. The paper contains the analysis of the fiscal and monetary reactions to the crisis in Croatia. Its purpose is to compare the national monetary and fiscal measures and trends with the international experiences. After the analysis of crisis causes and consequences, the paper provides the analysis of the international monetary and fiscal response to the crisis. The same methodology used for international analysis is applied for Croatia as well. Due to high external debt and nominal exchange rate anchor the monetary policy reaction in Croatia is mild and inconclusive. On the opposite side, FED and ECB reaction to crisis is much stronger, encompassing the use of unconventional measures. The Croatian fiscal response is in some cases similar to European experience, mostly due to likewise circumstances ; discretionary fiscal policy is limited by deficit constraints and relative high level of public debt.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija, Pravo

POVEZANOST RADA