Kraft, EvanGalac, Tomislav2012-03-192012-03-192011-08-01https://hdl.handle.net/10986/3534Croatia employed macroprudential measures to manage credit growth and capital inflows during the boom years of the 2000s, including reserve requirements on loan growth, a marginal reserve requirement on increases in foreign liabilities, foreign exchange liquidity minima, and elevated capital adequacy ratios. Although quantitative analysis is complicated by substantial overlaps among measures, the econometric results in this paper suggest that the measures were most effective in requiring banks to hold high liquidity and capital buffers, and less effective in slowing credit growth and capital inflows. Larger buffers seem to have helped Croatian banks weather the financial crisis, making the adjustments to capital and liquidity during the crisis smaller.CC BY 3.0 IGOACCOUNTINGAFFILIATESAICAMOUNT OF CAPITALAMOUNT OF CREDITBALANCE SHEETBALANCE SHEET EFFECTSBALANCE SHEETSBANK ACCOUNTSBANK ASSETSBANK BALANCE SHEETSBANK CAPITALIZATIONBANK CREDITBANK DEPOSITSBANK EARNINGSBANK FAILUREBANK FAILURESBANK LENDERSBANK LENDINGBANK LIQUIDITYBANK LOANBANK LOANSBANK POLICYBANK RECAPITALIZATIONBANKING ASSETSBANKING CRISISBANKING INDUSTRYBANKING MARKETBANKING SECTORBANKING SUPERVISIONBANKING SYSTEMBANKING SYSTEMSBANKSBASIS POINTSBILLS OF EXCHANGEBONDBOND MARKETSBORROWERBORROWINGCAPITAL ACCOUNTCAPITAL ACCOUNT LIBERALIZATIONCAPITAL ADEQUACYCAPITAL ADEQUACY RATIOSCAPITAL FLOWSCAPITAL FORMATIONCAPITAL INFLOWSCAPITAL MARKETSCAPITAL OUTFLOWSCAPITAL RAISINGCAPITAL REQUIREMENTCAPITAL REQUIREMENTSCAR LOANSCASH INFLOWSCASH OUTFLOWSCENTRAL BANKCENTRAL BANK BILLSCENTRAL BANKSCHECKSCOMMERCIAL BANKSCONNECTED LENDINGCONSOLIDATED SUPERVISIONCONSOLIDATIONCORPORATE BORROWERSCORPORATE GOVERNANCECORPORATE INVESTMENTCOST OF CREDITCREDIT BUREAUCREDIT CULTURECREDIT EXPANSIONCREDIT GROWTHCREDIT INSTITUTIONSCREDIT LINESCREDIT MARKETSCREDIT PRODUCTSCREDIT QUALITYCREDIT RISKCREDITORCREDITORSCROATIAN NATIONAL BANKCURRENCYCURRENCY BOARDCURRENCY DEPRECIATIONCURRENCY MISMATCHCURRENCY RISKCURRENT ACCOUNT DEFICITCURRENT ACCOUNT DEFICITSDEBTDEBT FINANCINGDEBT INSTRUMENTSDEFAULT RATESDEFAULTSDEFICITSDEGREE OF TRANSPARENCYDEPOSITDEPOSIT INSURANCEDEPOSITORSDEPOSITSDEVELOPING COUNTRYDISBURSEMENTDISPUTE RESOLUTIONDOMESTIC BANKDOMESTIC BANKSDOMESTIC CREDITDOMESTIC CURRENCYDOMESTIC LIQUIDITYDOMESTIC MARKETECONOMETRIC EVIDENCEEMERGING MARKETSEXCHANGE RATEFINANCIAL CRISISFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL REGULATIONFINANCIAL STABILITYFINANCIAL STATEMENTSFINANCIAL SYSTEMFISCAL BURDENFISCAL DEFICITSFOREIGN ASSETSFOREIGN BANKFOREIGN BANKSFOREIGN CURRENCYFOREIGN CURRENCY DEPOSITSFOREIGN CURRENCY LOANSFOREIGN DEBTFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN EXCHANGE DEBTFOREIGN EXCHANGE MARKETFOREIGN EXCHANGE TRANSACTIONFOREIGN INVESTMENTFOREIGN INVESTMENTSFUNDING SOURCESGOVERNMENT BONDSGOVERNMENT DEBTGOVERNMENT DEFICITGOVERNMENT FUNDINGGOVERNMENT PAPERHEDGESHOLDINGHOLDING REQUIREMENTHOLDINGSHOME MARKETSHOME MORTGAGESHOST COUNTRYHOUSINGINFLATIONINSTRUMENTINTEREST COSTSINTEREST RATEINTEREST RATE DIFFERENTIALSINTEREST RATESINTERNATIONAL BANKINTERNATIONAL CREDITINTERNATIONAL DEBTINTERNATIONAL DEBT MARKETSINTERNATIONAL STANDARDINVESTINGINVESTMENT FUNDSINVESTMENT PROJECTSISSUANCELEGAL PROTECTIONLEGISLATIONLENDERLENDER OF LAST RESORTLETTERS OF CREDITLEVYLIABILITYLINE OF CREDITLINES OF CREDITLIQUID ASSETSLIVING STANDARDSLOANLOAN COMMITMENTSLOAN DEMANDLOAN PORTFOLIOSLOAN REPAYMENTLOANS TO ENTERPRISESLOCAL CURRENCYLONG-TERM LOANSMANDATORY PENSION FUNDSMARKET INTEREST RATESMARKET SHAREMATURITYMATURITY PERIODSMINIMUM CAPITAL ADEQUACY RATIOMINIMUM CAPITAL REQUIREMENTSMONETARY POLICYMONEY SUPPLYMORTGAGEMORTGAGE LOANSPENSIONPENSION FUNDPORTFOLIOPORTFOLIO INVESTMENTPRIMARY MARKETPRINCIPAL PAYMENTSPRINCIPAL VALUEPRIVATE SECTOR DEBTPRIVATIZATIONRECESSIONREGULATORY AUTHORITIESREGULATORY FRAMEWORKREPOREPO AUCTIONSRESERVERESERVE REQUIREMENTRESERVE REQUIREMENTSRESERVESRETURNRETURNSRISK MANAGEMENTRISK PROFILESSAVINGSSECURITIESSMALL BANKSSTOCK MARKETSTOCK MARKETSSUBSIDIARIESSUBSIDIARYSUPERVISORY AUTHORITYTAXTAXATIONTELECOMMUNICATIONSTOTAL DEBTTRANSITION COUNTRIESTRANSPARENCYWITHDRAWALWorld Bank10.1596/1813-9450-5772