摘要：The change of the international capital flow structure, where the emphasis shifted from official lending to increased private capital flows, presented the transition economies with new challenges in the development of their financial systems. Starting with the comparative perspective of other transition economies, in this paper we focus on the effects that international private capital flows had on the Croatian banking sector as well as on how they helped shape its stock market. We analyze foreign direct investment and portfolio investment, two main components of international private capital flows, and we conclude with some insights and dilemmas regarding the desirable degree of openness of the capital accounts with regard to the relation between the economic growth and the long-term stability.
关键词：private capital flow; foreign direct investment; portfolio investment; Croatian economy
