Transmisijski kanali monetarne politike u eurozoni i Hrvatskoj

master's thesis

• Title (english): Monetary transmission mechanism in the eurozone and Republic of Croatia
• Author: Fran Haramija
• Mentor: Marijana Ivanov (mentor)
• Granter: University of Zagreb; Faculty of Economics and Business; Zagreb
• Defense date and country: 2019-09-25, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Cilj ovog rada je prikazati djelovanje transmisijskih kanala monetarne politike na području eurozone i Republike Hrvatske kako bi se uvidjele njihove sličnosti odnosno različitosti. Pri pisanju ovog rada koristili su se sekundarni podaci tj. podatci dobiveni iz empirijskih istraživanja različitih autora na temu mehanizma monetarnog prijenosa. Vidljivo je da je za područje eurozone od najveće važnosti kanal kamatne stope (kamatna stopa na glavne operacije refinanciranja) putem kojeg Europska središnja banka neposredno utječe na razinu likvidnosti na bankovnim tržištu, a posredno na kamatne stope na novčanom tržištu dok je za Republiku Hrvatsku kao zemlju s malim otvorenim gospodarstvom, visokim stupnjem euroizacije i strategijom implicitnog nominalnog sidra deviznog tečaja od najveće važnosti kanal deviznog tečaja.

Abstract (english)

The aim of this paper is to show the functioning of monetary policy transmission channels in the euro area and the Republic of Croatia in order to gain insight into their similarities and differences. Writing this paper secondary data were used, ie data obtained from empirical research of different authors on the topic of the monetary transmission mechanism. From the obtained data it is visible that the interest rate (interest rate on main refinancing operations) is of the utmost importance for the euro area, through which the European Central Bank directly influences the level of liquidity in the banking market and indirectly at interest rates on the money market. On the other hand in a small open economy with a high degree of euroization such as Croatian economy the most important channel of monetary transmission mechanism is the exchange rate channel.

• Keywords: transmisijski mehanizam; monetarna politika; eurozona; Republika Hrvatska
• Keywords (english): transmission mechanism; monetary policy; the eurozone; Republic of Croatia
• Language: croatian
• URN:NBN: urn:nbn:hr:148:326345
• Study programme: Title: Business Economics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2019-09-25 13:06:21