Naslov
Dolgoročna in kratkoročna analiza nekaterih vidikov monetarne politike v Republiki Hrvaški
(The long-run and short-run analysis of some aspects of monetary policy in Croatia)

Autori
Belullo, Alen ; Božina Lovre

Izvornik
Bančni vestnik : revija za denarništvo in bančništvo (0005-4631) 48 (1999), 10; 13-18

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
VECM, kointegracija
(VECM, cointegration)

Sažetak
The aim of this paper is to prove, by econometric methods, the particular link between monetary policy and the Croatian exchange rate, which makes it impossible to conduct monetary policy by discretionary decisions of the CNB. For the long-run analysis we employed the maximum likelihood method developed by Soren Johasnsen to estimate and test cointegration vector. For the short-run analysis we used Granger causality tests, and response functions to an orthogonalized unit impulse. We concluded that the monetary policy in Croatia in the analyzed period was conducted exclusively with the final aim to stabilize the exchange rate. Hence, the monetary policy was inefficient in conducting real economic activity in the country.

Izvorni jezik
Slv

Znanstvena područja
Ekonomija

POVEZANOST RADA