first and second phases of the elimination of outliers.
0
10
20
30
40
50
60%...of Zagreb – existing Adriatic Coast – existing Other – existing
%
45
50
55
...
Average nominal net wage
Employment
Wage billILO unemployment rate – right
in
de
x...and HREPI
a
Growth in bank housing loans
HREPI for Croatia – right
2002
in
de
...
X
1
/
0
,
where USDNCe /
0 is the exchange rate of the national currency to...−+−+−=− ∑∑ tiit
m
j
jtitij
m
j
jtitijtiti uuxxyyyy δα
Within this model,...
