Cover IMF Staff Country Reports
Republic of Croatia: Selected Issues and Statistical Appendix
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2004: Issue 251
Language:
English
Publication Date:
12 Aug 2004
DOI:
https://doi.org/10.5089/9781451817294.002
ISBN:
9781451817294
ISSN:
1934-7685
Pages:
53
Keywords:
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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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.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund
Volume 2004: Issue 251