Advanced Search
MyIDEAS: Login to save this article or follow this journal

Coordination of Public Debt Management and Running Monetary Policy in Croatia

Contents:

Author Info

  • Zorica Raspudic Golomejic

    (Croatian National Bank, Zagreb)

Registered author(s):

    Abstract

    This paper deals with the issue of the coordination of public debt management and running monetary policy in Croatia, and draws attention to the importance of this kind of coordination for macroeconomic stability. Particular attention is paid to the management of public debt and the running of monetary policy in Croatia as practiced to date, and the problems that have arisen the while. Also given are the most important measures that the Croatian National Bank has taken to make it easier to manage the public debt and achieve better coordination with the Finance Ministry. There is more detailed discussion of the introduction of open market operations, the most important step taken towards better coordination of the running of monetary policy and the management of the public debt. Since the introduction of open market operations, interest rates on the interbank market and on the government bonds market have oscillated far less and have stabilized at a lower level. This should facilitate public debt management and provide for greater predictability in the planning of debt management costs. The final section discusses the importance of the further development of the government bonds market for the improvement of coordination in Croatia. The conclusion makes concrete proposals for the improvement of coordination: the achievement of an at least approximate consensus about the optimum combination of fiscal and monetary policy and the establishment of mechanisms for regular exchanges of information between the Finance Ministry and the Croatian National Bank for the purpose of harmonizing fiscal and monetary policy.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.ijf.hr/eng/FTP/2007/2/golomejic.pdf
    Download Restriction: no

    Bibliographic Info

    Article provided by Institute of Public Finance in its journal Financial Theory and Practice.

    Volume (Year): 31 (2007)
    Issue (Month): 2 ()
    Pages: 153-183

    as in new window
    Handle: RePEc:ipf:finteo:v:31:y:2007:i:2:p:153-183

    Contact details of provider:
    Postal: Smiciklasova 21, 10000 Zagreb
    Email:
    Web page: http://www.fintp.hr/
    More information through EDIRC

    Related research

    Keywords: Croatia; public debt management; running monetary policy; government bonds market; open market operations;

    Find related papers by JEL classification:

    References

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Thomas F. Cosimano & Michael T. Gapen, 2003. "Optimal Fiscal and Monetary Policy with Nominal and Indexed Debt," IMF Working Papers 03/225, International Monetary Fund.
    2. Alessandro Missale, . "Optimal Debt Management with a Stability and Growth Pact," Working Papers 166, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    Full references (including those not matched with items on IDEAS)

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:ipf:finteo:v:31:y:2007:i:2:p:153-183. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Martina Fabris).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.