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Global financial and economic crisis has initiated numerous theoretical and empirical
research papers on dichotomy between financial and real sector of national economies.
Research suggests that this dichotomy is one of the key risks regarding financial (in)
stability. This paper builds on the assumption that such duality exists in the Croatian
economy and is leading to various macroeconomic imbalances. This model of economic
growth is known as „finance – dominated capitalism“ or „growth model based on financial
deregulation“. An analysis of key macroeconomic indicators has determined a link between
such a growth model and macroeconomic instability in Croatia. Authors suggest in
the paper urgent need for reformulation of the existing growth model.
financial sector of economy; real sector of economy; finance - dominated capitalism; financialization; inherent instability of financial system; macroeconomic imbalances; European Semester; Macroeconomic Imbalance Procedure
Croatian Economic Association