Hrvatsko društvo ekonomista

ARTICLES ::: AUTHORS ::: ARTICLES SEARCH

March 2014. ::: Vol.65 No. 01

Branko Krnić
Dubravko Radošević

MACROECONOMIC IMBALANCES IN CROATIAN ECONOMY: DUALITY BETWEEN FINANCIAL AND REAL SECTOR Izvorni znanstveni članak Global financial and economic crisis has initiated numerous theoretical and empirical research papers on dichotomy between financial and real sector of national economies. Research suggests that this dichotomy is one of the key risks regarding financial (in) stability. This paper builds on the assumption that such duality exists in the Croatian economy and is leading to various macroeconomic imbalances. This model of economic growth is known as „finance - dominated capitalism“ or „growth model based on financial deregulation“. An analysis of key macroeconomic indicators has determined a link between such a growth model and macroeconomic instability in Croatia. Authors suggest in the paper urgent need for reformulation of the existing growth model. financial sector of economy; real sector of economy; finance - dominated capitalism; financialization; inherent instability of financial system; macroeconomic imbalances; European Semester; Macroeconomic Imbalance Procedure Puni tekst: pdf (685 KB), Hrvatski, Str. 3 - 34

MACROECONOMIC IMBALANCES IN CROATIAN ECONOMY: DUALITY BETWEEN FINANCIAL AND REAL SECTOR

Izvorni znanstveni članak

Global financial and economic crisis has initiated numerous theoretical and empirical research papers on dichotomy between financial and real sector of national economies. Research suggests that this dichotomy is one of the key risks regarding financial (in) stability. This paper builds on the assumption that such duality exists in the Croatian economy and is leading to various macroeconomic imbalances. This model of economic growth is known as „finance - dominated capitalism“ or „growth model based on financial deregulation“. An analysis of key macroeconomic indicators has determined a link between such a growth model and macroeconomic instability in Croatia. Authors suggest in the paper urgent need for reformulation of the existing growth model.

financial sector of economy; real sector of economy; finance - dominated capitalism; financialization; inherent instability of financial system; macroeconomic imbalances; European Semester; Macroeconomic Imbalance Procedure

Puni tekst: pdf (685 KB), Hrvatski, Str. 3 - 34