Working Papers

Published: 31/1/2015

Working papers are occasional publications of the Croatian National Bank in which short scientific papers of the Bank's employees and associate contributors are published.

The first issue of the Croatian National Bank Working papers (W-1) was published in December 1999.

The Effects of Economic Integration on Croatian Merchandise Trade: A Gravity Model Study

Publication Working Papers
Date June 2017
Issue W-50
Author Nina Ranilović

What is Driving Inflation and GDP in a Small European Economy: The Case of Croatia

Publication Working Papers
Date April 2017
Issue W - 49
Authors Goran Jovičić and Davor Kunovac

Effectiveness of Macroprudential Policies in Central and Eastern European Countries

Publication Working Papers
Date March 2017
Issue W - 48
Author Mirna Dumičić

Are sovereign credit ratings overrated?

Publication Working Papers
Date January 2017
Issue W - 47
Authors Davor Kunovac and Rafael Ravnik

Exchange Rate Pass-Through in the Euro Area

Publication Working Papers
Date January 2017
Issue W - 46
Authors Mariarosaria Comunale and Davor Kunovac

Delayed Credit Recovery in Croatia: Supply or Demand Driven?

Publication Working Papers
Date January 2017
Issue W - 45
Authors Mirna Dumičić and Igor Ljubaj

Determinants of Labour Cost Adjustment Strategies during the Crisis – Survey Evidence from Croatia

Publication Working Papers
Date September 2015
Issue W - 42
Author Marina Kunovac

Financial Stability Indicators – the Case of Croatia

Publication Working Papers
Date September 2015
Issue W - 43
Author Mirna Dumičić

Microeconomic Aspects of the Impact of the Global Crisis on the Growth of Non-financial Corporations in the Republic of Croatia

Publication Working Papers
Date July 2015
Issue W - 44
Author Tomislav Galac

Short-Term Forecasting of GDP under Structural Changes

Publication Working Papers
Date June 2014
Issue W - 40
Author Rafael Ravnik

Nowcasting GDP Using Available Monthly Indicators

Publication Working Papers
Date October 2014
Issue W - 39
Authors Davor Kunovac and Borna Špalat

Financial Stress Indicators for Small, Open, Highly Euroised Countries - the Case of Croatia

Publication Working Papers
Date December 2014
Issue W - 41
Author Mirna Dumičić

The Borrowing Costs of Selected Countries of the European Union - the Role of the Spillover of External Shocks

Publication Working Papers
Date August 2013
Issue W - 38
Author Davor Kunovac

Financial Conditions and Economic Activity

Publication Working Papers
Date April 2013
Issue W - 37
Authors Mirna Dumičić and Ivo Krznar

Pricing Behaviour of Croatian Companies: Results of a Firm Survey and a Comparison with the Eurozone

Publication Working Papers
Date March 2013
Issue W - 36
Authors Andreja Pufnik and Davor Kunovac

Estimating Potential Output in the Republic of Croatia Using a Multivariate Filter

Publication Working Papers
Date November 2012
Issue W - 35
Authors Nikola Bokan and Rafael Ravnik

Estimating Credit Migration Matrices with Aggregate Data - Bayesian Approach

Publication Working Papers
Date November 2011
Issue W - 30
Author Davor Kunovac

Are Some Banks More Lenient in the Implementation of Placement Classification Rules?

Publication Working Papers
Date January 2012
Issue W - 32
Author Tomislav Ridzak

Estimating the Impact of Monetary Policy on Household and Corporate Loans: a FAVEC Approach

Publication Working Papers
Date April 2012
Issue W - 34
Author Igor Ljubaj

The Central Bank as Crisis-Manager in Croatia - A Counterfactual Analysis

Publication Working Papers
Date December 2010
Issue W - 27
Author Tomislav Galac

Global Crisis and Credit Euroisation in Croatia

Publication Working Papers
Date January 2012
Issue W - 33
Author Tomislav Galac

Identifying Recession and Expansion Periods in Croatia

Publication Working Papers
Date November 2011
Issue W - 29
Author Ivo Krznar

An Analysis of the Domestic Inflation Rate Dynamics and the Phillips Curve

Publication Working Papers
Date November 2011
Issue W - 31
Author Ivo Krznar

A Credit Market Disequilibrium Model And Periods of Credit Crunch

Publication Working Papers
Date January 2011
Issue W - 28
Authors Ana Maria Čeh, Mirna Dumičić and Ivo Krznar

Impact of External Shocks on Domestic Inflation and GDP

Publication Working Papers
Date December 2010
Issue W - 26
Authors Ivo Krznar and Davor Kunovac

Habit Persistence and International Comovements

Publication Working Papers
Date April 2010
Issue W - 23
Authors Alexandre Dmitriev and Ivo Krznar

The Impact of the Financial Crisis and Policy Responses in Croatia

Publication Working Papers
Date December 2009
Issue W - 22
Authors Nikola Bokan, Lovorka Grguric, Ivo Krznar and Maroje Lang

Capital Inflows and Efficiency of Sterilisation - Estimation of Sterilisation and Offset Coefficients

Publication Working Papers
Date April 2010
Issue W - 24
Authors Igor Ljubaj, Ana Martinis and Marko Mrkalj

Income and Price Elasticities of Croatian Trade - A Panel Data Approach

Publication Working Papers
Date April 2010
Issue W - 25
Author Vida Bobić

Optimal International Reserves of the CNB with Endogenous Probability of Crisis

Publication Working Papers
Date October 2009
Issue W - 21
Authors Ana Matija Čeh and Ivo Krznar

Contagion Risk in the Croatian Banking System

Publication Working Papers
Date May 2009
Issue W - 20
Authors Ana Matija Čeh and Ivo Krznar

International Business Cycles with Frictions in Goods and Factors Markets

Publication Working Papers
Date June 2008
Issue W - 18
Author Ivo Krznar

Use of the Hedonic Method to Calculate an Index of Real Estate Prices in Croatia

Publication Working Papers
Date December 2008
Issue W - 19
Authors Davor Kunovac, Enes Đozović, Gorana Lukinić and Andreja Pufnik

Modelling of Currency outside Banks in Croatia

Publication Working Papers
Date February 2008
Issue W - 17
Authors Maroje Lang, Davor Kunovac, Silvio Basač and Željka Štaudinger

How Competitive Is Croatia's Banking System?

Publication Working Papers
Date March 2006
Issue W - 14
Author Evan Kraft

Microstructure of Foreign Exchange Market in Croatia

Publication Working Papers
Date November 2006
Issue W - 15
Authors Tomislav Galac, Ante Burić and Ivan Huljak

Short-Term Forecasting of Inflation in Croatia with Seasonal ARIMA Processes

Publication Working Papers
Date December 2006
Issue W - 16
Authors Andreja Pufnik and Davor Kunovac

Price Level Convergence: Croatia, Transition Countries and the EU

Publication Working Papers
Date June 2005
Issue W - 13
Author Danijel Nestić

Privatization, Foreign Bank Entry and Bank Efficiency in Croatia: A Fourier-Flexible Function Stochastic Cost Frontier Analysis

Publication Working Papers
Date November 2002
Issue W - 9
Authors Evan Kraft, Richard Hofler and James Payne

Currency Crisis: Theory and Practice with Application to Croatia

Publication Working Papers
Date August 2004
Issue W - 12
Author Ivo Krznar

The Impact of Exchange Rate Changes on the Trade Balance in Croatia

Publication Working Papers
Date October 2003
Issue W - 11
Author Tihomir Stučka

Foreign Banks in Croatia: Another Look

Publication Working Papers
Date December 2002
Issue W - 10
Author Evan Kraft

A Comparison of Two Econometric Models (OLS and SUR) for Forecasting Croatian Tourism Arrivals

Publication Working Papers
Date July 2002
Issue W - 8
Author Tihomir Stučka

Efficiency of Banks in Croatia: A DEA Approach

Publication Working Papers
Date February 2002
Issue W - 7
Authors Igor Jemrić and Boris Vujčić

General Equilibrium Analysis of Croatia's Accession to the World Trade Organization

Publication Working Papers
Date August 2001
Issue W - 6
Authors Jasminka Šohinger, Davor Galinec and Glenn W. Harrison

Exchange Rate and Output in the Aftermath of the Great Depression and During the Transition Period in Central Europe

Publication Working Papers
Date September 2000
Issue W - 4
Author Velimir Šonje

The Monthly Transaction Money Demand in Croatia

Publication Working Papers
Date September 2000
Issue W - 5
Author Ante Babić

Measuring the Similarities of Economic Developments in Central Europe: A Correlation between the Business Cycles of Germany, Hungary, the Czech Republic and Croatia

Publication Working Papers
Date September 2000
Issue W - 3
Authors Igeta Vrbanc and Velimir Šonje

Croatia in the Second Stage of Transition, 1994-1999

Publication Working Papers
Date December 1999
Issue W - 1
Authors Velimir Šonje and Boris Vujčić

Is Unofficial Economy a Source of Corruption?

Publication Working Papers
Date January 2000
Issue W - 2
Authors Michael Faulend and Vedran Šošić