IDEAS home Printed from https://ideas.repec.org/h/hde/opchap/28-01.html

Some searches may not work properly. We apologize for the inconvenience.

   My bibliography  Save this book chapter

Koronakriza i što Hrvatska može naučiti iz dosadašnjih recesija

In: Ekonomska politika u 2021. godini - Hrvatska poslije pandemije

Author

Listed:
  • Vladimir Arčabić

    (University of Zagreb)

Abstract

Novi koronavirus koji se pojavio u Kini krajem 2019. godine brzo se širi ostatkom svijeta. Osim posljedica za ljudsko zdravlje, virus u kombinaciji s epidemiološkim mjerama nanosi značajnu štetu gospodarstvu, započevši takozvanu koronakrizu. Cilj ovoga rada je pružiti pravovremene smjernice o utjecaju koronakrize na hrvatsko gospodarstvo. Analizira se utjecaj koronakrize na tekuće pokazatelje tržišta rada te se provodi usporedba s iskustvima iz ranijih hrvatskih recesija 1998. – 1999. te 2009. – 2014. Nadalje, simuliraju se efekti inozemnog i domaćeg šoka na dodanu vrijednost sektora prema Nacionalnoj klasifikaciji djelatnosti u Hrvatskoj. Cilj je utvrditi koji su sektori najviše izloženi šokovima u kratkom i srednjem roku. U radu se također analizira kako sektori međusobno djeluju jedan na drugi te postoje li međusobna prelijevanja. Na temelju prelijevanja utvrđuju se sektori neto prijenosnici odnosno neto primatelji šokova. Rezultati pokazuju da je rast nezaposlenosti na samome početku koronakrize brži nego u prethodne dvije recesije, ali se ubrzo stabilizirao. Također, utvrđeno je da su brojni sektori izrazito osjetljivi na inozemni šok, dok je osjetljivost na domaće šokove nešto slabije izražena. U kratkom roku su najviše izloženi sektor trgovine i usluga, a u srednjem roku se pridružuju građevinarstvo i prerađivačka industrija. Sektori neto prijenosnici šokova su prije svega trgovina i usluge, zatim financije i osiguranje te na kraju poslovanje nekretninama, a prelijevanje šokova je snažnije u recesiji.

Suggested Citation

  • Vladimir Arčabić, 2020. "Koronakriza i što Hrvatska može naučiti iz dosadašnjih recesija," Tradicionalni skup Hrvatskog društva ekonomista u Opatiji - objavljena poglavlja, in: Josip Tica & Katarina Bačić (ed.), Ekonomska politika u 2021. godini - Hrvatska poslije pandemije, volume 28, chapter 1, pages 21-58, Hrvatsko društvo ekonomista (Croatian Society of Economists).
    • Handle: RePEc:hde:opchap:28-01
    as

    Download full text from publisher

    File URL: http://www.hde.hr/ekonomskapolitikahrvatske/publikacija/eph2001/001_Arcabic.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Francis X. Diebold & Kamil Yilmaz, 2009. "Measuring Financial Asset Return and Volatility Spillovers, with Application to Global Equity Markets," Economic Journal, Royal Economic Society, vol. 119(534), pages 158-171, January.
    2. Betcherman,Gordon & Giannakopoulos,Nicholas & Laliotis,Ioannis & Pantelaiou,Ioanna & Testaverde,Mauro & Tzimas,Giannis, 2020. "Reacting Quickly and Protecting Jobs : The Short-Term Impacts of the COVID-19 Lockdown on the Greek Labor Market," Policy Research Working Paper Series 9356, The World Bank.
    3. Oscar Jorda & Sanjay R. Singh & Alan M. Taylor, 2022. "Longer-Run Economic Consequences of Pandemics," The Review of Economics and Statistics, MIT Press, vol. 104(1), pages 166-175, March.
    4. Gregory E. Givens & Robert R. Reed, 2018. "Monetary Policy and Investment Dynamics: Evidence from Disaggregate Data," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 50(8), pages 1851-1878, December.
    5. Brinca, Pedro & Duarte, Joao B. & Faria-e-Castro, Miguel, 2021. "Measuring labor supply and demand shocks during COVID-19," European Economic Review, Elsevier, vol. 139(C).
    6. Vladimir Čavrak, 2020. "Makroekonomija krize COVID-19 i kako pristupiti njenom rješavanju," EFZG Working Papers Series 2003, Faculty of Economics and Business, University of Zagreb.
    7. Scott R. Baker & Nicholas Bloom & Steven J. Davis & Stephen J. Terry, 2020. "COVID-Induced Economic Uncertainty," NBER Working Papers 26983, National Bureau of Economic Research, Inc.
    8. Dallari, Pietro & Ribba, Antonio, 2020. "The dynamic effects of monetary policy and government spending shocks on unemployment in the peripheral Euro area countries," Economic Modelling, Elsevier, vol. 85(C), pages 218-232.
    9. Ivo Krznar & Davor Kunovac, 2010. "Impact of External Shocks on Domestic Inflation and GDP," Working Papers 26, The Croatian National Bank, Croatia.
    10. Krištić, Irena Raguž & Dumančić, Lucija Rogić & Arčabić, Vladimir, 2019. "Persistence and stochastic convergence of euro area unemployment rates," Economic Modelling, Elsevier, vol. 76(C), pages 192-198.
    11. Josip Tica, 2020. "Fiskalna politika, multiplikator i efekt nazivnika," Tradicionalni skup Hrvatskog društva ekonomista u Opatiji - objavljena poglavlja, in: Josip Tica & Katarina Bačić (ed.), Ekonomska politika u 2021. godini - Hrvatska poslije pandemije, volume 28, chapter 8, pages 228-253, Hrvatsko društvo ekonomista (Croatian Society of Economists).
    12. Robert J. Barro & José F. Ursúa & Joanna Weng, 2020. "The Coronavirus and the Great Influenza Pandemic: Lessons from the “Spanish Flu” for the Coronavirus’s Potential Effects on Mortality and Economic Activity," NBER Working Papers 26866, National Bureau of Economic Research, Inc.
    13. Cushman, David O. & Zha, Tao, 1997. "Identifying monetary policy in a small open economy under flexible exchange rates," Journal of Monetary Economics, Elsevier, vol. 39(3), pages 433-448, August.
    14. Koop, Gary & Pesaran, M. Hashem & Potter, Simon M., 1996. "Impulse response analysis in nonlinear multivariate models," Journal of Econometrics, Elsevier, vol. 74(1), pages 119-147, September.
    15. Vladimir Arčabić, 2016. "Technology, employment and the business cycle in post-transition countries of the EU," Post-Communist Economies, Taylor & Francis Journals, vol. 28(4), pages 537-560, October.
    16. Diebold, Francis X. & Yilmaz, Kamil, 2012. "Better to give than to receive: Predictive directional measurement of volatility spillovers," International Journal of Forecasting, Elsevier, vol. 28(1), pages 57-66.
    17. Vladimir Arčabić, 2018. "Hrvatska na putu u Eurozonu: analiza poslovnih ciklusa," EFZG Occasional Publications (Department of Macroeconomics), in: Zbornik radova znanstvenog skupa: Modeli razvoja hrvatskog gospodarstva, (ur. Družić, G.; Družić, I., izdavač: Ekonomski fakultet Zagreb; Hrvatska aka, edition 1, volume 1, chapter 7, pages 157-176, Faculty of Economics and Business, University of Zagreb.
    18. Nikolaos Antonakakis & Ioannis Chatziantoniou & George Filis, 2016. "Business Cycle Spillovers in the European Union: What is the Message Transmitted to the Core?," Manchester School, University of Manchester, vol. 84(4), pages 437-481, July.
    19. Pietro Dallari & Antonio Ribba, 2019. "The Dynamic Effects of Monetary Policy and Government Spending Shocks on Unemployment in the Peripheral Euro Area Countries," Department of Economics 0143, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".
    20. Andreas Gulyas & Krzysztof Pytka, 2020. "The Consequences of the COVID-19 Job Losses: Who Will Suffer Most and by How Much?," CRC TR 224 Discussion Paper Series crctr224_2020_212, University of Bonn and University of Mannheim, Germany.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zhang, Yulian & Hamori, Shigeyuki, 2021. "Do news sentiment and the economic uncertainty caused by public health events impact macroeconomic indicators? Evidence from a TVP-VAR decomposition approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 82(C), pages 145-162.
    2. Arčabić, Vladimir & Škrinjarić, Tihana, 2021. "Sharing is caring: Spillovers and synchronization of business cycles in the European Union," Economic Modelling, Elsevier, vol. 96(C), pages 25-39.
    3. David E. Bloom & Michael Kuhn & Klaus Prettner, 2022. "Modern Infectious Diseases: Macroeconomic Impacts and Policy Responses," Journal of Economic Literature, American Economic Association, vol. 60(1), pages 85-131, March.
    4. Akyildirim, Erdinc & Cepni, Oguzhan & Pham, Linh & Uddin, Gazi Salah, 2022. "How connected is the agricultural commodity market to the news-based investor sentiment?," Energy Economics, Elsevier, vol. 113(C).
    5. Zhang, Wenting & Hamori, Shigeyuki, 2021. "Crude oil market and stock markets during the COVID-19 pandemic: Evidence from the US, Japan, and Germany," International Review of Financial Analysis, Elsevier, vol. 74(C).
    6. Seiler, Volker, 2024. "The relationship between Chinese and FOB prices of rare earth elements – Evidence in the time and frequency domain," The Quarterly Review of Economics and Finance, Elsevier, vol. 95(C), pages 160-179.
    7. Shi, Huai-Long & Zhou, Wei-Xing, 2022. "Factor volatility spillover and its implications on factor premia," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).
    8. Tihana Škrinjarić, 2019. "Time Varying Spillovers between the Online Search Volume and Stock Returns: Case of CESEE Markets," IJFS, MDPI, vol. 7(4), pages 1-30, October.
    9. Claeys, Peter & Vašíček, Bořek, 2014. "Measuring bilateral spillover and testing contagion on sovereign bond markets in Europe," Journal of Banking & Finance, Elsevier, vol. 46(C), pages 151-165.
    10. Juncal Cunado & David Gabauer & Rangan Gupta, 2024. "Realized volatility spillovers between energy and metal markets: a time-varying connectedness approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-17, December.
    11. Duc Huynh, Toan Luu & Burggraf, Tobias & Nasir, Muhammad Ali, 2020. "Financialisation of natural resources & instability caused by risk transfer in commodity markets," Resources Policy, Elsevier, vol. 66(C).
    12. Han, Lin & Kordzakhia, Nino & Trück, Stefan, 2020. "Volatility spillovers in Australian electricity markets," Energy Economics, Elsevier, vol. 90(C).
    13. Costola, Michele & Lorusso, Marco, 2022. "Spillovers among energy commodities and the Russian stock market," Journal of Commodity Markets, Elsevier, vol. 28(C).
    14. Gabauer, David & Chatziantoniou, Ioannis & Stenfors, Alexis, 2023. "Model-free connectedness measures," Finance Research Letters, Elsevier, vol. 54(C).
    15. Evrim Mandacı, Pınar & Cagli, Efe Çaglar & Taşkın, Dilvin, 2020. "Dynamic connectedness and portfolio strategies: Energy and metal markets," Resources Policy, Elsevier, vol. 68(C).
    16. Muneer Shaik & Mohd Ziaur Rehman, 2023. "The Dynamic Volatility Connectedness of Major Environmental, Social, and Governance (ESG) Stock Indices: Evidence Based on DCC-GARCH Model," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 30(1), pages 231-246, March.
    17. Antonakakis, Nikolaos & Cunado, Juncal & Filis, George & Gabauer, David & Perez de Gracia, Fernando, 2018. "Oil volatility, oil and gas firms and portfolio diversification," Energy Economics, Elsevier, vol. 70(C), pages 499-515.
    18. Francis X. Diebold & Kamil Yilmaz, 2016. "Trans-Atlantic Equity Volatility Connectedness: U.S. and European Financial Institutions, 2004–2014," Journal of Financial Econometrics, Oxford University Press, vol. 14(1), pages 81-127.
    19. Noureddine Benlagha & Wael Hemrit, 2022. "Does economic policy uncertainty matter to explain connectedness within the international sovereign bond yields?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 46(1), pages 1-21, January.
    20. Łęt, Blanka & Sobański, Konrad & Świder, Wojciech & Włosik, Katarzyna, 2023. "What drives the popularity of stablecoins? Measuring the frequency dynamics of connectedness between volatile and stable cryptocurrencies," Technological Forecasting and Social Change, Elsevier, vol. 189(C).

    More about this item

    Keywords

    COVID-19; recesija; sektori; osjetljivost; Hrvatska;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hde:opchap:28-01. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Josip Tica (email available below). General contact details of provider: https://edirc.repec.org/data/hdeeeea.html .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.