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Original scientific paper

CAPITAL ACCOUNT MANAGEMENT IN CROATIA AND DEBT CRISIS IN EUROPEAN MONETARY UNION: A REAPPRAISAL

Dubravko Radošević

Fulltext: croatian, pdf (276 KB) pages 127-161 downloads: 894* cite
APA 6th Edition
Radošević, D. (2012). UPRAVLJANJE KAPITALNIM RAČUNOM HRVATSKE I DUŽNIČKA KRIZA EVROPSKE MONETARNE UNIJE: PREISPITIVANJE. Ekonomski pregled, 63 (3-4), 127-161. Retrieved from https://hrcak.srce.hr/80993
MLA 8th Edition
Radošević, Dubravko. "UPRAVLJANJE KAPITALNIM RAČUNOM HRVATSKE I DUŽNIČKA KRIZA EVROPSKE MONETARNE UNIJE: PREISPITIVANJE." Ekonomski pregled, vol. 63, no. 3-4, 2012, pp. 127-161. https://hrcak.srce.hr/80993. Accessed 30 Sep. 2020.
Chicago 17th Edition
Radošević, Dubravko. "UPRAVLJANJE KAPITALNIM RAČUNOM HRVATSKE I DUŽNIČKA KRIZA EVROPSKE MONETARNE UNIJE: PREISPITIVANJE." Ekonomski pregled 63, no. 3-4 (2012): 127-161. https://hrcak.srce.hr/80993
Harvard
Radošević, D. (2012). 'UPRAVLJANJE KAPITALNIM RAČUNOM HRVATSKE I DUŽNIČKA KRIZA EVROPSKE MONETARNE UNIJE: PREISPITIVANJE', Ekonomski pregled, 63(3-4), pp. 127-161. Available at: https://hrcak.srce.hr/80993 (Accessed 30 September 2020)
Vancouver
Radošević D. UPRAVLJANJE KAPITALNIM RAČUNOM HRVATSKE I DUŽNIČKA KRIZA EVROPSKE MONETARNE UNIJE: PREISPITIVANJE. Ekonomski pregled [Internet]. 2012 [cited 2020 September 30];63(3-4):127-161. Available from: https://hrcak.srce.hr/80993
IEEE
D. Radošević, "UPRAVLJANJE KAPITALNIM RAČUNOM HRVATSKE I DUŽNIČKA KRIZA EVROPSKE MONETARNE UNIJE: PREISPITIVANJE", Ekonomski pregled, vol.63, no. 3-4, pp. 127-161, 2012. [Online]. Available: https://hrcak.srce.hr/80993. [Accessed: 30 September 2020]

Abstracts
The global financial crisis has changed views on capital controls as economic policy measures. Capital account liberalization has been replaced with the new strategy of capital account management (CAM) and capital flows measures (CFM). Liberalization must necessarily be coordinated with stronger regulation and control of the financial markets in order to avoid the instability of the financial sector in Croatia and a possible financial crisis, and must be implemented with macroprudential policy of the central banks. We have to reconsider the former capital account liberalization strategy, because of the eurozone debt crisis. There are risks of financial contagion from PIIGS countries, in particular the crisis in Italy which could have an important impact on Croatia. Croatia’s accession to EMU involves three phases: the first phase is the period before accession to EU, when the country still can pursue an independent monetary policy and can freely choose its foreign exchange regime. The second phase starts with accession to EU and ends with accession to EMU. In this period the country enters the ERM2 mechanism. The third period involves accession to EMU and the ECB system, the introduction of the euro and the abolishment of the national currency. After an optimistic scenario, Croatia could become an EU member by mid-2013, but we would not enter ERM2 until 2017. A worsening of the recession in eurozone could have a high negative impact on the speed of Croatia’s entry in EMU, which could be thus realized in 2022.

Keywords
capital controls; capital flows; financial crisis; capital account management; eurozone debt crisis; ERM-2; nominal and real convergence

Hrčak ID: 80993

URI
https://hrcak.srce.hr/80993

[croatian]

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