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The Application Of Optimum Currency Area Criteria To Croatia

  • Tanja Broz

    (The Institute of Economics Zagreb, Zagreb Croatia)

This paper investigates if Croatia would benefit from the introduction of euro. Croatia has been gravitating towards Europe for decades, especially towards Germany. The same period, until the introduction of stabilization program in late 1993, was characterized by hyperinflation which caused loosing the trust in domestic currency. Also, Croatia is a small country in territory and in economic power, so one could argue that loosing monetary independence would not hurt it. But what if Croatia does not have synchronized business cycle with the euro area? Then a single monetary policy would not be of benefit to it and Croatia is too small country to have powerful voice in ECB. The theory of optimum currency areas can help to find the answer to those concerns.

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Article provided by University of Craiova, Faculty of Economics and Business Administration in its journal Revista Tinerior Economisti (The Young Economists Journal).

Volume (Year): 1 (2007)
Issue (Month): 9 (November)
Pages: 7-19

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Handle: RePEc:aio:rteyej:v:1:y:2007:i:9:p:7-19
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  1. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
  2. Iikka Korhonen, 2003. "Some empirical tests on the integration of economic activity between the euro area and the accession countries," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 11(1), pages 177-196, March.
  3. Iikka Korhonen & Jarko Fidrmuc, 2003. "The euro goes East. Implications of the 2000-2002 economic slowdown for synchronisation of business cycles between the euro area and CEEs," Macroeconomics 0305007, EconWPA.
  4. Jeffrey A. Frankel and Andrew K. Rose., 1995. "A Panel Project on Purchasing Power Parity: Mean Reversion Within and Between Countries," Center for International and Development Economics Research (CIDER) Working Papers C95-052, University of California at Berkeley.
  5. Frankel, Jeffrey A. & Rose, Andrew K., 1997. "Is EMU more justifiable ex post than ex ante?," European Economic Review, Elsevier, vol. 41(3-5), pages 753-760, April.
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