Financial sector and economic growth in the Republic of Croatia 1995-2005
Financial sector in the Republic of Croatia had a strong growth between 1995 2005.g. Liberalization of financial sector in 1999 led to an increase in bank foreign debt, which resulted in a strong increase in foreign currency reserves and appreciation of the national currency. The growth of the finan...
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| Format: | Article |
| Language: | English |
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Faculty of Economics, Belgrade
2006-01-01
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| Series: | Ekonomski Anali |
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| Online Access: | http://www.doiserbia.nb.rs/img/doi/0013-3264/2006/0013-32640668109N.pdf |
| _version_ | 1818114140322922496 |
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| author | Novotny Damir |
| author_facet | Novotny Damir |
| author_sort | Novotny Damir |
| collection | DOAJ |
| description | Financial sector in the Republic of Croatia had a strong growth between 1995 2005.g. Liberalization of financial sector in 1999 led to an increase in bank foreign debt, which resulted in a strong increase in foreign currency reserves and appreciation of the national currency. The growth of the financial sector and credit expansion have been allocated in favour of private and public consumption, but not in industry investments. GDP growth didn't have the same momentum as financial aggregates. Economic growth, after a contraction in 1999 was within the average of global economic growth. Relying on neoclassical growth model, government and central bank didn't put in place the needed set of pro-active policies. Factor allocation was solely through private bank channels financing private consumption. If the sustainable economic growth and new employment are to be major macroeconomic goals, a new macroeconomic paradigm as combination of neclassical and neokeynesians approach will be needed. |
| first_indexed | 2024-12-11T03:45:59Z |
| format | Article |
| id | doaj.art-0c2bfd6fbd85475985bd40e88bf3635f |
| institution | Directory Open Access Journal |
| issn | 0013-3264 |
| language | English |
| last_indexed | 2024-12-11T03:45:59Z |
| publishDate | 2006-01-01 |
| publisher | Faculty of Economics, Belgrade |
| record_format | Article |
| series | Ekonomski Anali |
| spelling | doaj.art-0c2bfd6fbd85475985bd40e88bf3635f2022-12-22T01:22:01ZengFaculty of Economics, BelgradeEkonomski Anali0013-32642006-01-015116810912010.2298/EKA0668109NFinancial sector and economic growth in the Republic of Croatia 1995-2005Novotny DamirFinancial sector in the Republic of Croatia had a strong growth between 1995 2005.g. Liberalization of financial sector in 1999 led to an increase in bank foreign debt, which resulted in a strong increase in foreign currency reserves and appreciation of the national currency. The growth of the financial sector and credit expansion have been allocated in favour of private and public consumption, but not in industry investments. GDP growth didn't have the same momentum as financial aggregates. Economic growth, after a contraction in 1999 was within the average of global economic growth. Relying on neoclassical growth model, government and central bank didn't put in place the needed set of pro-active policies. Factor allocation was solely through private bank channels financing private consumption. If the sustainable economic growth and new employment are to be major macroeconomic goals, a new macroeconomic paradigm as combination of neclassical and neokeynesians approach will be needed.http://www.doiserbia.nb.rs/img/doi/0013-3264/2006/0013-32640668109N.pdffinancial sectoreconomic growthnew macroeconomic paradigm |
| spellingShingle | Novotny Damir Financial sector and economic growth in the Republic of Croatia 1995-2005 Ekonomski Anali financial sector economic growth new macroeconomic paradigm |
| title | Financial sector and economic growth in the Republic of Croatia 1995-2005 |
| title_full | Financial sector and economic growth in the Republic of Croatia 1995-2005 |
| title_fullStr | Financial sector and economic growth in the Republic of Croatia 1995-2005 |
| title_full_unstemmed | Financial sector and economic growth in the Republic of Croatia 1995-2005 |
| title_short | Financial sector and economic growth in the Republic of Croatia 1995-2005 |
| title_sort | financial sector and economic growth in the republic of croatia 1995 2005 |
| topic | financial sector economic growth new macroeconomic paradigm |
| url | http://www.doiserbia.nb.rs/img/doi/0013-3264/2006/0013-32640668109N.pdf |
| work_keys_str_mv | AT novotnydamir financialsectorandeconomicgrowthintherepublicofcroatia19952005 |