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,...
9.85% in
Croatia, which is relatively low compared with the EU average2 of some 40%...the flat’s value is fi-
nanced by a commercial bank loan, whereas the remaining...
The total assets is denoted with x = ∑n
i=0 xi
5
with xi ∈ [0, 1], short-term...Both functions are exponential
and we have that:
fire sale discount function:...
deviation) on the growth rate of the foreign component of
the domestic FCIa
a X-axis...deviation) on the growth rate of the domestic component of
the domestic FCIa
a...
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
...
more than 40% of financial sector liabilities on the eve of the 2007/2008 crisis.7...-3
0
0
30
60
2000q1 2004q1 2008q1 2012q1 2016q1
Australia
-4
0
-2
0
0
20
...
-I(Y)=CA (rer, Ybar)
X and Y are arrays of explanatory variables (fiscal position...when CA, Y and Y* are replaced with their long term values
Estimate...
