出版社：The Institute of Economics and Ministry of Finance of the Republic of Croatia
摘要：This paper investigates the sources of real exchange rate fluctuations in Croatia, distinguishing between real and nominal sources, for the sample period ranging from January 1998 to March 2011. The results obtained using a structural vector autoregression (SVAR) model indicate that the volatility of the Croatian real exchange rate is mainly influenced by demand shocks, both in the short run and in the long run. The impact of supply shocks proved to be insignificant. Therefore, the exchange rate seems to be a shock absorber in Croatian economy.
