Macroprudential Regulation of Credit Booms and Busts : The Case of Croatia

Kraft, Evan; Galac, Tomislav

dc.creator	Kraft, Evan
dc.creator	Galac, Tomislav
dc.date	2012-03-19T18:04:10Z
dc.date	2012-03-19T18:04:10Z
dc.date	2011-08-01
dc.date.accessioned	2023-02-17T20:58:47Z
dc.date.available	2023-02-17T20:58:47Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110822112255
dc.identifier	http://hdl.handle.net/10986/3534
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/244498
dc.description	Croatia 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.
dc.language	English
dc.relation	Policy Research working paper ; no. WPS 5772
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ACCOUNTING
dc.subject	AFFILIATES
dc.subject	AIC
dc.subject	AMOUNT OF CAPITAL
dc.subject	AMOUNT OF CREDIT
dc.subject	BALANCE SHEET
dc.subject	BALANCE SHEET EFFECTS
dc.subject	BALANCE SHEETS
dc.subject	BANK ACCOUNTS
dc.subject	BANK ASSETS
dc.subject	BANK BALANCE SHEETS
dc.subject	BANK CAPITALIZATION
dc.subject	BANK CREDIT
dc.subject	BANK DEPOSITS
dc.subject	BANK EARNINGS
dc.subject	BANK FAILURE
dc.subject	BANK FAILURES
dc.subject	BANK LENDERS
dc.subject	BANK LENDING
dc.subject	BANK LIQUIDITY
dc.subject	BANK LOAN
dc.subject	BANK LOANS
dc.subject	BANK POLICY
dc.subject	BANK RECAPITALIZATION
dc.subject	BANKING ASSETS
dc.subject	BANKING CRISIS
dc.subject	BANKING INDUSTRY
dc.subject	BANKING MARKET
dc.subject	BANKING SECTOR
dc.subject	BANKING SUPERVISION
dc.subject	BANKING SYSTEM
dc.subject	BANKING SYSTEMS
dc.subject	BANKS
dc.subject	BASIS POINTS
dc.subject	BILLS OF EXCHANGE
dc.subject	BOND
dc.subject	BOND MARKETS
dc.subject	BORROWER
dc.subject	BORROWING
dc.subject	CAPITAL ACCOUNT
dc.subject	CAPITAL ACCOUNT LIBERALIZATION
dc.subject	CAPITAL ADEQUACY
dc.subject	CAPITAL ADEQUACY RATIOS
dc.subject	CAPITAL FLOWS
dc.subject	CAPITAL FORMATION
dc.subject	CAPITAL INFLOWS
dc.subject	CAPITAL MARKETS
dc.subject	CAPITAL OUTFLOWS
dc.subject	CAPITAL RAISING
dc.subject	CAPITAL REQUIREMENT
dc.subject	CAPITAL REQUIREMENTS
dc.subject	CAR LOANS
dc.subject	CASH INFLOWS
dc.subject	CASH OUTFLOWS
dc.subject	CENTRAL BANK
dc.subject	CENTRAL BANK BILLS
dc.subject	CENTRAL BANKS
dc.subject	CHECKS
dc.subject	COMMERCIAL BANKS
dc.subject	CONNECTED LENDING
dc.subject	CONSOLIDATED SUPERVISION
dc.subject	CONSOLIDATION
dc.subject	CORPORATE BORROWERS
dc.subject	CORPORATE GOVERNANCE
dc.subject	CORPORATE INVESTMENT
dc.subject	COST OF CREDIT
dc.subject	CREDIT BUREAU
dc.subject	CREDIT CULTURE
dc.subject	CREDIT EXPANSION
dc.subject	CREDIT GROWTH
dc.subject	CREDIT INSTITUTIONS
dc.subject	CREDIT LINES
dc.subject	CREDIT MARKETS
dc.subject	CREDIT PRODUCTS
dc.subject	CREDIT QUALITY
dc.subject	CREDIT RISK
dc.subject	CREDITOR
dc.subject	CREDITORS
dc.subject	CROATIAN NATIONAL BANK
dc.subject	CURRENCY
dc.subject	CURRENCY BOARD
dc.subject	CURRENCY DEPRECIATION
dc.subject	CURRENCY MISMATCH
dc.subject	CURRENCY RISK
dc.subject	CURRENT ACCOUNT DEFICIT
dc.subject	CURRENT ACCOUNT DEFICITS
dc.subject	DEBT
dc.subject	DEBT FINANCING
dc.subject	DEBT INSTRUMENTS
dc.subject	DEFAULT RATES
dc.subject	DEFAULTS
dc.subject	DEFICITS
dc.subject	DEGREE OF TRANSPARENCY
dc.subject	DEPOSIT
dc.subject	DEPOSIT INSURANCE
dc.subject	DEPOSITORS
dc.subject	DEPOSITS
dc.subject	DEVELOPING COUNTRY
dc.subject	DISBURSEMENT
dc.subject	DISPUTE RESOLUTION
dc.subject	DOMESTIC BANK
dc.subject	DOMESTIC BANKS
dc.subject	DOMESTIC CREDIT
dc.subject	DOMESTIC CURRENCY
dc.subject	DOMESTIC LIQUIDITY
dc.subject	DOMESTIC MARKET
dc.subject	ECONOMETRIC EVIDENCE
dc.subject	EMERGING MARKETS
dc.subject	EXCHANGE RATE
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL INSTITUTION
dc.subject	FINANCIAL INSTITUTIONS
dc.subject	FINANCIAL REGULATION
dc.subject	FINANCIAL STABILITY
dc.subject	FINANCIAL STATEMENTS
dc.subject	FINANCIAL SYSTEM
dc.subject	FISCAL BURDEN
dc.subject	FISCAL DEFICITS
dc.subject	FOREIGN ASSETS
dc.subject	FOREIGN BANK
dc.subject	FOREIGN BANKS
dc.subject	FOREIGN CURRENCY
dc.subject	FOREIGN CURRENCY DEPOSITS
dc.subject	FOREIGN CURRENCY LOANS
dc.subject	FOREIGN DEBT
dc.subject	FOREIGN DIRECT INVESTMENT
dc.subject	FOREIGN EXCHANGE
dc.subject	FOREIGN EXCHANGE DEBT
dc.subject	FOREIGN EXCHANGE MARKET
dc.subject	FOREIGN EXCHANGE TRANSACTION
dc.subject	FOREIGN INVESTMENT
dc.subject	FOREIGN INVESTMENTS
dc.subject	FUNDING SOURCES
dc.subject	GOVERNMENT BONDS
dc.subject	GOVERNMENT DEBT
dc.subject	GOVERNMENT DEFICIT
dc.subject	GOVERNMENT FUNDING
dc.subject	GOVERNMENT PAPER
dc.subject	HEDGES
dc.subject	HOLDING
dc.subject	HOLDING REQUIREMENT
dc.subject	HOLDINGS
dc.subject	HOME MARKETS
dc.subject	HOME MORTGAGES
dc.subject	HOST COUNTRY
dc.subject	HOUSING
dc.subject	INFLATION
dc.subject	INSTRUMENT
dc.subject	INTEREST COSTS
dc.subject	INTEREST RATE
dc.subject	INTEREST RATE DIFFERENTIALS
dc.subject	INTEREST RATES
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL CREDIT
dc.subject	INTERNATIONAL DEBT
dc.subject	INTERNATIONAL DEBT MARKETS
dc.subject	INTERNATIONAL STANDARD
dc.subject	INVESTING
dc.subject	INVESTMENT FUNDS
dc.subject	INVESTMENT PROJECTS
dc.subject	ISSUANCE
dc.subject	LEGAL PROTECTION
dc.subject	LEGISLATION
dc.subject	LENDER
dc.subject	LENDER OF LAST RESORT
dc.subject	LETTERS OF CREDIT
dc.subject	LEVY
dc.subject	LIABILITY
dc.subject	LINE OF CREDIT
dc.subject	LINES OF CREDIT
dc.subject	LIQUID ASSETS
dc.subject	LIVING STANDARDS
dc.subject	LOAN
dc.subject	LOAN COMMITMENTS
dc.subject	LOAN DEMAND
dc.subject	LOAN PORTFOLIOS
dc.subject	LOAN REPAYMENT
dc.subject	LOANS TO ENTERPRISES
dc.subject	LOCAL CURRENCY
dc.subject	LONG-TERM LOANS
dc.subject	MANDATORY PENSION FUNDS
dc.subject	MARKET INTEREST RATES
dc.subject	MARKET SHARE
dc.subject	MATURITY
dc.subject	MATURITY PERIODS
dc.subject	MINIMUM CAPITAL ADEQUACY RATIO
dc.subject	MINIMUM CAPITAL REQUIREMENTS
dc.subject	MONETARY POLICY
dc.subject	MONEY SUPPLY
dc.subject	MORTGAGE
dc.subject	MORTGAGE LOANS
dc.subject	PENSION
dc.subject	PENSION FUND
dc.subject	PORTFOLIO
dc.subject	PORTFOLIO INVESTMENT
dc.subject	PRIMARY MARKET
dc.subject	PRINCIPAL PAYMENTS
dc.subject	PRINCIPAL VALUE
dc.subject	PRIVATE SECTOR DEBT
dc.subject	PRIVATIZATION
dc.subject	RECESSION
dc.subject	REGULATORY AUTHORITIES
dc.subject	REGULATORY FRAMEWORK
dc.subject	REPO
dc.subject	REPO AUCTIONS
dc.subject	RESERVE
dc.subject	RESERVE REQUIREMENT
dc.subject	RESERVE REQUIREMENTS
dc.subject	RESERVES
dc.subject	RETURN
dc.subject	RETURNS
dc.subject	RISK MANAGEMENT
dc.subject	RISK PROFILES
dc.subject	SAVINGS
dc.subject	SECURITIES
dc.subject	SMALL BANKS
dc.subject	STOCK MARKET
dc.subject	STOCK MARKETS
dc.subject	SUBSIDIARIES
dc.subject	SUBSIDIARY
dc.subject	SUPERVISORY AUTHORITY
dc.subject	TAX
dc.subject	TAXATION
dc.subject	TELECOMMUNICATIONS
dc.subject	TOTAL DEBT
dc.subject	TRANSITION COUNTRIES
dc.subject	TRANSPARENCY
dc.subject	WITHDRAWAL
dc.title	Macroprudential Regulation of Credit Booms and Busts : The Case of Croatia
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	Europe and Central Asia
dc.coverage	Europe
dc.coverage	Eastern Europe
dc.coverage	Croatia