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Preserving economic and financial stability in an emerging market country during the pandemic crisis: Croatia’s experience
Mislav Brkić* 
Article | Year: 2022 | Pages: 321 - 354 | Volume: 46 | Issue: 3 Received: March 4, 2022 | Accepted: April 23, 2022 | Published online: August 29, 2022
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FULL ARTICLE
FIGURES & DATA
REFERENCES
CROSSMARK POLICY
METRICS
LICENCING
PDF
Sources: IMF, Federal Reserve Bank of St. Louis, Eurostat.
Source: Federal Reserve Bank of St. Louis (FRED database).
Source: IMF Monetary and Financial Statistics.
Source: Croatian National Bank.
Source: Croatian National Bank.
Source: Croatian National Bank.
Source: Croatian National Bank, Eurostat.
Sources: Croatian Employment Service (HZZ), Hale et al. (2020).
Note: The shaded areas represent the year before the onset of the global financial crisis and the year before the outbreak of the COVID-19 pandemic. Source: Eurostat.
Note: The shaded areas represent the year before the onset of the global financial crisis and the year before the outbreak of the COVID-19 pandemic. Sources: Croatia Bureau of Statistics, Croatian National Bank.
Source: Croatian National Bank.
Source: Croatian National Bank.
Arena, M. [et al.], 2021. Asset Purchase Programs in European Emerging Markets. Departmental Paper Series, No. 2021/021. Washington, DC: International Monetary Fund.
Brkić, M. and Šabić, A., 2014. Framework for Monitoring Macroeconomic Imbalances in the European Union – Significance for Croatia. Surveys, No. 17. Zagreb: Croatian National Bank.
Brkić, M., 2021. Costs and Benefits of Government Borrowing in Foreign Currency – Is It a Major source of Risk for Member States Outside the Euro?. Public Sector Economics, 45(1), pp. 63-91 [ CrossRef]
Cakmaklı, C. [et al.], 2020. COVID-19 and Emerging Markets: An Epidemiological Model with International Production Networks and Capital Flows. IMF Working Paper, No. 20/133 [ CrossRef]
Clarida, R. H., Duygan-Bump, B. and Scotti, C., 2021. The COVID-19 Crisis and the Federal Reserve’s Policy Response. Finance and Economics Discussion Series, No. 2021-035 [ CrossRef]
Coelho, R. and Zamil, R., 2020. Payment Holidays in the Age of Covid: Implications for Loan Valuations, Market Trust and Financial Stability. FSI Briefs, No. 8.
Corradin, S., Grimm, N. and Schwaab, B., 2021. Euro Area Sovereign Bond Risk Premia during the Covid-19 Pandemic. Working Paper Series, No. 2561 [ CrossRef]
English, B., Forbes, K. and Ubide, A., 2021. Monetary Policy and Central Banking in the Covid Era: Key Insights and Challenges for the Future. In B. English, K. Forbes and A. Ubide, eds. Monetary Policy and Central Banking in the Covid Era. London: Centre for Economic Policy Research.
Friedman, M. and Schwartz, A., 1963. A Monetary History of the United States 1867-1960. Princeton: Princeton University Press.
Galac, T., 2010. The Central Bank as Crisis-Manager in Croatia – A Counterfactual Analysis. Working Papers, No. 27. Zagreb: Croatian National Bank.
Hale, T. [et al], 2020. University of Oxford Coronavirus Government Response Tracker (OxCGRT). Blavatnik School of Government.
Haroutunian, S., Osterloh, S. and Sławińska, K., 2021. The Initial Fiscal Policy Responses of Euro Area Countries to the COVID-19 Crisis. Economic Bulletin, No. 1.
Hespeler, F. and Suntheim, F., 2020. The Behavior of Fixed-income Funds during COVID-19 Market Turmoil. Global Financial Stability Notes, No. 2020/02 [ CrossRef]
IMF, 2009. Republic of Croatia: 2009 Article IV Consultation: Staff Report. Country Report, No. 09/185. Washington, DC: International Monetary Fund [ CrossRef]
IMF, 2020b. Republic of Croatia: 2019 Article IV Consultation – Press Release and Staff Report. IMF Country Report, No. 20/50 [ CrossRef]
Kose, M. A., Sugawara, N. and Terrones, M. E., 2020. Global Recessions. Policy Research Working Paper, No. 9172 [ CrossRef]
Lukinić Čardić, G. and Šelebaj, D., 2021. Trgovinski tijekovi između Hrvatske i inozemstva od ulaska u EU do izbijanja pandemije koronavirusa. Pregledi, br. 47. Zagreb: Croatian National Bank.
Mishkin, F. S., 2011. Over the Cliff: From the Subprime to the Global Financial Crisis. Journal of Economic Perspectives, 25(1), pp. 49–70 [ CrossRef]
Romer, C. D., 1993. The Nation in Depression. Journal of Economic Perspectives, 7(2), pp. 19-39 [ CrossRef]
Sever, C. [et al.], 2020. Effects of Emerging Market Asset Purchase Program Announcements on Financial Markets During the COVID-19 Pandemic. IMF Working Paper, No. 20/292 [ CrossRef]
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