The Impact of the Crisii on Monetary Policy in Croatia

U radu se analizira prvenstveno utjecaj krize na monetarnu politiku u Hrvatskoj te utjecaj mjera i instrumenata monetarne politike na ublaţavanje posljedica financijske krize. Donositelj i provoditelj monetarne politike, odnosno monetarne vlasti su središnje banke jedne drţave. U Hrvatskoj je to Hrvatska narodna banka (HNB). Hrvatska Narodna Banka je središnja banka Republike Hrvatske sa središtem u Zagrebu. U obavljanju svojih poslova samostalna je, neovisna i odgovorna Hrvatskom saboru. Odgovorna je za odrţavanje stabilnosti cijena u Republici Hrvatskoj i podupiranje gospodarske politike Republike Hrvatske. TakoĎer, HNB je duţna utvrĎivati i provoditi monetarnu i deviznu politiku, upravljati meĎunarodnim pričuvama Republike Hrvatske te izdavati kovani i papirnati novac. HNB ima vaţnu ulogu u regulaciji financijskog, deviznog i monetarnog sustava Republike Hrvatske bez kojeg bi se Republika Hrvatska puno ranije zatekla u gospodarskoj krizi. Kriza koja je 2007. godine najprije zahvatila američko trţište nekretnina, godinu dana kasnije poprimila je globalne razmjere. Gubici u američkim financijskim institucijama su se automatski prenijeli na europske financijske institucije jer je kao posljedica globalizacije, globalizirano i financijsko trţište, što dovodi do pritiska i na europska poduzeća kroz kreditna ograničenja, a potom i na europsko stanovništvo općenito. Tako je već 2008. godine utjecaj krize proširen na europski sustav bankarstva, čime je zahvatio i financijsko trţište Republike Hrvatske. U radu se analizira prvenstveno utjecaj krize na monetarnu politiku u Hrvatskoj te utjecaj mjera i instrumenata monetarne politike na ublaţavanje posljedica financijske krize. Pad priljeva inozemnog kapitala doveo je do pada kredita banaka te tzv. „juriša na banke“ kada su štediše masovno počeli povlačiti svoje depozite iz banaka u strahu od gubitka. Tada je Hrvatska narodna banka ukidanjem granične obvezne pričuve potaknula poslovne banke na inozemno zaduţivanje radi pribavljanja devizne likvidnosti, te takvim i ostalim mjerama monetarne politike imala značajnu ulogu u ublaţavanju posljedica krize, što je u radu i objašnjeno.The paper analyzes primarily the impact of the crisis on monetary policy in Croatia and the impact of measures and instruments of monetary policy on mitigating the consequences of the financial crisis. Monetary Policy Maker and Provider, respectively monetary authorities, are central banks of one state. In Croatia, this is the Croatian National Bank (CNB). The Croatian National Bank is the central bank of the Republic of Croatia with its headquarters in Zagreb. In carrying out its affairs, it is independent, independent and responsible to the Croatian Parliament. Responsible for maintaining price stability in the Republic of Croatia and supporting the economic policy of the Republic of Croatia. Also, the CNB is obliged to establish and implement monetary and foreign exchange policies, manage the international reserves of the Republic of Croatia and issue coins and paper money. The CNB has an important role to play in regulating the financial, foreign exchange and monetary system of the Republic of Croatia without which the Republic of Croatia will soon find itself in the economic crisis. The crisis that hit the US real estate market in 2007 was one of the global shifts a year later. Losses in US financial institutions have been automatically transferred to European financial institutions as a consequence of globalization, globalization and the financial market, which puts pressure on European companies through credit constraints and then on the European population in general. Thus, in 2008, the impact of the crisis was extended to the European banking system, thus affecting the financial market of the Republic of Croatia. The paper analyzes primarily the impact of the crisis on monetary policy in Croatia and the impact of measures and instruments of monetary policy on mitigating the consequences of the financial crisis. The fall in inflows of foreign capital led to the fall of bank loans and the so-called " "Banker jury" when depositors massively began to withdraw their deposits from banks in fear of loss. At that time, the Croatian National Bank, through the abolition of the marginal reserve requirement, prompted the commercial banks to borrow abroad for the purpose of obtaining foreign currency liquidity, and such and other monetary policy measures played a significant role in mitigating the consequences of the crisis, which is explained in the paper