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Economic Trends and Economic Policy, Vol. 16 No. 109, 2006

Original scientific paper

Econometric Analysis of Monetary Transmission Channels in Croatia

Maruška Vizek

Fulltext: english, pdf (76 KB) pages 28-61 downloads: 273* cite
APA 6th Edition
Vizek, M. (2006). Econometric Analysis of Monetary Transmission Channels in Croatia. Privredna kretanja i ekonomska politika, 16 (109), 28-61. Retrieved from https://hrcak.srce.hr/18348
MLA 8th Edition
Vizek, Maruška. "Econometric Analysis of Monetary Transmission Channels in Croatia." Privredna kretanja i ekonomska politika, vol. 16, no. 109, 2006, pp. 28-61. https://hrcak.srce.hr/18348. Accessed 26 Mar. 2019.
Chicago 17th Edition
Vizek, Maruška. "Econometric Analysis of Monetary Transmission Channels in Croatia." Privredna kretanja i ekonomska politika 16, no. 109 (2006): 28-61. https://hrcak.srce.hr/18348
Harvard
Vizek, M. (2006). 'Econometric Analysis of Monetary Transmission Channels in Croatia', Privredna kretanja i ekonomska politika, 16(109), pp. 28-61. Available at: https://hrcak.srce.hr/18348 (Accessed 26 March 2019)
Vancouver
Vizek M. Econometric Analysis of Monetary Transmission Channels in Croatia. Privredna kretanja i ekonomska politika [Internet]. 2006 [cited 2019 March 26];16(109):28-61. Available from: https://hrcak.srce.hr/18348
IEEE
M. Vizek, "Econometric Analysis of Monetary Transmission Channels in Croatia", Privredna kretanja i ekonomska politika, vol.16, no. 109, pp. 28-61, 2006. [Online]. Available: https://hrcak.srce.hr/18348. [Accessed: 26 March 2019]
Fulltext: croatian, pdf (557 KB) pages 28-61 downloads: 3.148* cite
APA 6th Edition
Vizek, M. (2006). Ekonometrijska analiza kanala monetarnog prijenosa u Hrvatskoj. Privredna kretanja i ekonomska politika, 16 (109), 28-61. Retrieved from https://hrcak.srce.hr/18348
MLA 8th Edition
Vizek, Maruška. "Ekonometrijska analiza kanala monetarnog prijenosa u Hrvatskoj." Privredna kretanja i ekonomska politika, vol. 16, no. 109, 2006, pp. 28-61. https://hrcak.srce.hr/18348. Accessed 26 Mar. 2019.
Chicago 17th Edition
Vizek, Maruška. "Ekonometrijska analiza kanala monetarnog prijenosa u Hrvatskoj." Privredna kretanja i ekonomska politika 16, no. 109 (2006): 28-61. https://hrcak.srce.hr/18348
Harvard
Vizek, M. (2006). 'Ekonometrijska analiza kanala monetarnog prijenosa u Hrvatskoj', Privredna kretanja i ekonomska politika, 16(109), pp. 28-61. Available at: https://hrcak.srce.hr/18348 (Accessed 26 March 2019)
Vancouver
Vizek M. Ekonometrijska analiza kanala monetarnog prijenosa u Hrvatskoj. Privredna kretanja i ekonomska politika [Internet]. 2006 [cited 2019 March 26];16(109):28-61. Available from: https://hrcak.srce.hr/18348
IEEE
M. Vizek, "Ekonometrijska analiza kanala monetarnog prijenosa u Hrvatskoj", Privredna kretanja i ekonomska politika, vol.16, no. 109, pp. 28-61, 2006. [Online]. Available: https://hrcak.srce.hr/18348. [Accessed: 26 March 2019]

Abstracts
The aim of this paper is to explore the characteristics and functioning of monetary transmission in Croatia. Time series analysis (unit root test, VAR, Johansen cointegration procedure, Granger causality tests and error correction model) is used to estimate the influence of exchange rate, interest rate and narrow money on real economic activity. The results of econometric analysis suggest that monetary policy in Croatia had a significant influence on real activity through a direct monetary transmission and exchange rate channel. Furthermore, the results of statistical tests suggest that interest rate channel is not active. Short-term interest rate inelasticity of the Croatian economy combined with a strong exchange rate channel could present a great difficulty once Croatia joins the EMU, since the interest rate channel is the most important channel of monetary transmission in the EU, while the exchange rate channel will be eliminated upon adopting the Euro. This could provoke non- esponsiveness of the Croatian economy to the EU monetary policy or it could make the monetary transmission asymmetric. However, high euroization of the Croatian economy could facilitate the interest rate transmission once the Euro is adopted.

Keywords
monetary policy; monetary transmission; time series analysis; transition economies; Croatia

Hrčak ID: 18348

URI
https://hrcak.srce.hr/18348

[croatian]

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