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Macrofinancial Stability in Croatia in the Wake of the Global Crisis: Risks and Policy Responses

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  • Sándor Gardó

    ()
    (Oesterreichische Nationalbank, Foreign Research Division)

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    Abstract

    After a long-lasting boom period, the global crisis put the resilience of Croatia’s economic and financial system to a severe test. The country has mastered this test so far. To some extent, the crisis also altered the country’s macrofinancial risk profile, although – against the backdrop of a high (and increasing) degree of currency substitution – credit risk continues to represent the main challenge to financial stability, in particular as bank clients’ rising debt-servicing problems started to translate into deteriorating credit quality. However, the banking sector’s shock-absorbing capacity – as indicated by still relatively high profitability and capitalization levels – the strategically-oriented presence of foreign banks and vigilant central bank measures were key in cushioning the spillovers of the global crisis and in alleviating vulnerabilities.

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    Bibliographic Info

    Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Focus on European Economic Integration.

    Volume (Year): (2010)
    Issue (Month): 3 ()
    Pages: 6-37

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    Handle: RePEc:onb:oenbfi:y:2010:i:3:b:3

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    Keywords: Financial stability; banking sector; financial crisis;

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    1. Sandra Dvorsky & Thomas Scheiber & Helmut Stix, 2009. "CESEE Households amid the Financial Crisis: Euro Survey Shows Darkened Economic Sentiment and Changes in Savings Behavior," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 71-83.
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