Showing papers in "Croatian Economic Survey in 2002"

Financial development and economic growth

Abstract: relationship. All subsequent studies confirmed it (see for example King and Levine, 1993, and the review in: Pagano, 1993). Goldsmith used a sample of 35 countries for the period between 1860 and 1963 to show the relationship between income and financial depth measured by the ratio between bank's assets and GDP. He also showed that in periods of rapid growth, financial depth grows faster than income. More details about measuring financial depth can be found in this paper. FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH Velimir Šonje

International differences in price levels: an empirical analysis

Abstract: This paper discusses the possible determinants of national price levels. Subsequently, the statistical variables that represent certain determinants were identified, and then the cross-country regression analysis is undertaken. Through the different regression specifications one can get an insight into certain factors that have possibly led to a relatively high price level in Croatia.

Measuring and predicting currency disturbances in Croatia: the “signals” approach

Abstract: The “signals” approach is used in constructing an effective system of early warning indicators heralding currency disturbances. This sistem monitors the behaviour of various macroeconomic and financial variables that tend to exhibit an unusual in the periods preceding a disturbance or crisis. The paper also proposes composite leading indicators comprising the best signal indicators. The performance of the indicators reveals that the two disturbances were different: the 1999 one came at the end of a banking crisis, while the 2001 disturbance was brought about by a combination of the domestic monetary relaxation and partial capital account liberalization. Since Croatia signed a Stabilization and Association Agreeement with the EU that foresees further capital account liberalization, this system of early warning indicators can help the Croatian National Bank and other relevant policymakers along the way.

Enviromental policy in countries in transition

Abstract: The analysis of the economic and political changes in Central and Eastern European countries in the '80-ties and '90-ties discovered the seriousness of the environmental problems in these countries which resulted from the economic and political characteristics of the former centrally planned system. This paper is aimed at reviewing the basic features of the environmental policies in transition countries in general and does not analyze the situation of each particular country . 1