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The stationarity of inflation in Croatia: anti-inflation stabilization program and the change in persistence

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  • Luis A. Gil-Alana

    (University of Navarra)

  • Andrea Mervar

    (The Institute of Economics)

  • James E. Payne

    (Georgia College & State University)

Abstract

This study examines the impact of the anti-inflation stabilization policies on the behavior of inflation in Croatia in the early 1990s and through the subsequent post-stabilization period using fractional integration techniques. Indeed, the implementation of the stabilization program in October 1993 brought immediate deflation with a relative high degree of inflation stability in the post-stabilization period. With allowance for a structural break corresponding to the stabilization program in October 1993, the degree of persistence was substantially reduced with the fractional differencing parameter being positive but close to zero in the post-stabilization period.

Suggested Citation

  • Luis A. Gil-Alana & Andrea Mervar & James E. Payne, 2017. "The stationarity of inflation in Croatia: anti-inflation stabilization program and the change in persistence," Economic Change and Restructuring, Springer, vol. 50(1), pages 45-58, February.
    • Handle: RePEc:kap:ecopln:v:50:y:2017:i:1:d:10.1007_s10644-016-9181-2
    DOI: 10.1007/s10644-016-9181-2
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    Cited by:

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    3. Scott W. Hegerty, 2020. "Structural breaks and regional inflation convergence for five new Euro members," Economic Change and Restructuring, Springer, vol. 53(2), pages 219-239, May.
    4. Mance, Davor & Olgic Drazenovic, Bojana & Suljic Nikolaj, Stella, 2019. "Croatian Kuna: Money, Or Just A Currency? Evidence From The Interbank Market," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 10(2), pages 149-161.
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    More about this item

    Keywords

    Inflation; Persistence; Stabilization program; Croatia;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • P22 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Prices

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