Coordination between the monetary and public debt management policies. Prerequisites, improvements and main barriers in Croatia

      Аннотация: This book explains the main characteristics of and prerequisites for coordination between monetary and public debt management policies in Croatia and evaluates current practice, particularly during recession years. Attention is drawn to the importance of coordination for achieving macroeconomic stability and to the main problems and challenges obstructing successful coordination. It is assessed that the Croatian National Bank (CNB) has consistently contributed to improving coordination, despite the narrowing of its room for manoeuvre. Notwithstanding some contribution to coordination made by the Government and Ministry of Finance, they must take measures and employ instruments to make more significant adjustments and, together with the CNB, define an optimum fiscal and monetary policy mix for the future that will ensure stable economic growth. This paper gives an overview of major CNB measures aimed at facilitating the public debt management and improving coordination with the Ministry of Finance. It also points to a certain contribution of the Ministry of Finance to the coordination improvement, indicating major barriers to effective coordination.

Ключевые слова: Monetary Policy, Croatia, public debt management policy, government securities market, Open Market Operations