Republic of Croatia: Selected Issues and Statistical Appendix

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 251

Publication date: August 2004

ISBN: 9781451817294

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , Labor , Money and Monetary Policy , ISCR , CR , rate , lending rate , interest rate , lending , monetary policy , money market rate , EPL index , lending spread , interest rate channel , Employment protection , Money markets , Exchange rates , Informal economy , Credit , Eastern Europe

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Summary

This Selected Issues and Statistical Appendix paper analyzes monetary transmission in Croatia. The evidence analyzed in this paper supports the view that monetary policy in Croatia is not an effective tool for aggregate demand management. One of the main conclusions is that financial conditions in the economy are only weakly correlated with the monetary policy stance. Monetary policy can exercise some control over money-market interest rates, but its influence on lending rates is uncertain and comes with long lags. The paper also examines determinants of lending rates and domestic spreads in Croatia.