Real and Financial Sectors in Post-Pandemic Central and Eastern Europe: The Impact of Economic, Monetary, and Fiscal Policy (Contributions to Economics)

This book offers new insights into the real and financial sectors in the post-pandemic European Union, with a specific focus on the countries of Central and Eastern Europe and a special reference to Croatia. The contributors examine the timeliness, justification, and appropriateness of the measures taken in response to the deteriorating economic conditions and the associated outcomes. They further discuss various aspects of economic, financial, and energy policy. While doing so, they focus on two important issues. The first is an analysis and assessment of the financial development and performance of the real sector. The second is an insight into the institutional dimensions of the COVID-19 pandemic, including the discussion of obstacles and opportunities for recovery in the near future. The topics covered in this book include, but are not limited to, unconventional monetary policy, financial cycles, fiscal incentives, institutional development and institutional quality, the banking system, real estate markets, competitiveness, pension systems, financial regulation, energy markets, environmental, social, and governance (ESG) factors, as well as agricultural policy. Therefore, this volume will appeal to researchers, students, and scholars of finance and economics, as well as policy-makers interested in a better understanding of real and financial sectors, economic policy, and post-pandemic economic development in Central and Eastern Europe. Preface Contents From Pandemics to the Unconventional: Monetary Policy in EMs: The Case of Croatia 1 Introduction 2 CNB Monetary Policy Measures 3 CNB Supervisory Measures 4 The CNB ́S Unconventional Measures in the International Context 5 Conclusion References Financial Cycle Convergence: Evidence on Financial Cycles Synchronisation in the European Union and the European Economic and ... 1 Introduction 2 Financial Cycles in Review 3 Data and Methods 4 Financial Cycles Convergence and Synchronisation in (EU) and (EMU): Results 4.1 Financial Cycles Convergence Clubs in the EU 4.2 Financial Cycle Convergence Clubs in the EMU 5 Discussion 6 Convergence or Synchronisation? A Conclusion References Fiscal Response to the COVID-19 Shock in Croatia 1 Introduction 2 Effects of the COVID-19 Shock on Fiscal Developments in Croatia and the EU 2.1 Effects of COVID-19 Shock on Fiscal Developments in Croatia: More Details 3 The Assessment of Fiscal Space in Croatia 4 Fiscal Policy Response to COVID-19 Shock in the EU and Croatia 5 Conclusions References The Impact of Financial Integration on Sectoral Polarization between Croatia and Eurozone Countries 1 Introduction 2 Literature Review 3 Models and Results 4 Discussion and Conclusion References Foreign-Owned Banks and Real Estate Markets in Croatia: A Panel Data Analysis 1 Introduction 2 Empirical Methodology and Data 2.1 Data and Variable Definition 2.2 Econometric Methodology 3 Empirical Analysis and Results 4 Conclusion Appendix References Financial Cooperatives Development in Croatia: Social Capital Perspective 1 Introduction 2 Financial Cooperatives: Characteristics and Literature Review 3 Social Capital in the Context of Civil Society 4 Methodology and Results 5 Discussion 6 Conclusion References EU Tax and Agricultural Policy in the Wine Sector 1 Introduction 2 Literature Review 2.1 The Impact of Common Agricultural Policy on the Wine Sector 2.2 The Impact of Tax Policy on the Wine Sector 3 Data and Methodology 4 Results 5 Discussion 6 Conclusion References Integration as an Indicator of (under) Development of the Croatian Capital Market 1 Introduction 2 Features of Takeover Processes 3 Strategies of Hostile Takeovers and Defense 4 Survey on the Attitudes of Croatian Company Managers 5 Conclusion Appendix: Business Merger and Acquisition Survey References Perspectives and Challenges in the Development of the Croatian Digital Startup Sector 1 Introduction 2 Literature Review 3 Digital Entrepreneurship System in Croatia 4 Discussion and Conclusion References Pension Funds Regulation in the Context of Investment Climate Development 1 Introduction 2 Literature Review 2.1 Pension Funds 2.2 Regulation 2.3 Croatian Mandatory Pension Funds Investment Opportunities 3 Methodology and Results of the Research 4 Discussion and Conclusion References Challenges of Energy Policy within Decarbonisation: Evidence of the European Union 1 Introduction 2 Decarbonisation and Energy Policy in the EU 3 Literature Review 4 Data and Methodology 5 Results and Discussion 6 Conclusion References