At a virtual presentation on May 6, 2025, organized by the Institute of Public Finance and the Croatian National Bank, Tihana Škrinjarić (Bank of England, Bank Stress Test and Resilience Division) presented her article published in the journal Public Sector Economics on assessing the effectiveness of macroprudential policy in Croatia.

The paper assesses the nature of macroprudential policy and contributes to the academic literature in two ways. First, it offers a comprehensive overview of the relevant literature, aiming to summarize previous research findings and theoretical contributions in this field. Second, it provides an empirical analysis and evaluation of the nature of macroprudential policy in Croatia, addressing various practical challenges. 

Given that Croatia is relatively active in implementing macroprudential policy, the results and conclusions of the paper may be valuable for other countries looking to improve their methodologies for defining and evaluating the nature and effects of macroprudential policy. The results of the analysis can vary depending on the selection and definition of individual variables, which further confirms the complexity of this task. In particular, outcomes largely depend on how indicators are defined, the methodological approaches chosen for their calculation, and other important methodological factors.

Presentation was moderated by Petar Sorić, Associate Professor at the Department of Statistics at the Faculty of Economics and Business in Zagreb. 

A recording and a presentation of this interesting lecture are also available.