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Stephens_paper_Econ200

Stephens_paper_Econ200 - Katherine Stephens Macroeconomics...

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Katherine Stephens Macroeconomics 200 Section L. Reifel DOLLARIZATION IN CROATIA
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Today, Croatia is one of the most advanced and wealthiest of the Yugoslav republics. Although the economy was hit hard during the 1991-1995 war of independence, the country has seen a steady growth in GDP since 2000. (World Fact Book) Since then, Croatia has continued down the path of economic growth and prosperity due to an increase in tourism, banking, public investments and credit- driven consumer spending. However, although Croatia has one of the most stable and functioning economies in South-Eastern Europe, is the constant and persistent trend of dollarization harming the countries overall economic growth? Can entrance into the EU in 2009 stabilize the monetary system in Croatia? Following World War I, the Serbs, Croats and Slovenes formed Yugoslavia under King Aleksandar. The country was disunited once World War II broke out and did not form a new republic until 1945 under the rule of Josip Broz Tito. Serbs and Croats continued to live in agreement until the 1980’s when Yugoslavia officially broke up and each federation began to declare their own independence. Croatia was finally recognized as a republic in 1991 and admitted into the United Nations in 1992. However, fighting continued between the ethnic sectors in Croatia until the Dayton Peace Agreement was signed in 1995. (Cooper) Today, Croatia is mostly inhabited by Croats but has a
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spattering of other ethnicities such as Serbs, Slovenes and Hungarians. Although the majority of the population is Roman Catholic, there is a general tone of tolerance for most lifestyles. The overall demeanor of Croatians is relaxed and easygoing but envelopes a deep pride for Croat history and heritage. After independence, Croatia soon set up a governmental and political system free of the communist party and similar to the United States. The judicial system mirrors an Austro-Hungarian system with Communist law influences (The World Factbook) with a Supreme Court much like the United States as well. Economically, Croatia is one of the higher thriving countries in South-Eastern Europe. Tourism, one of Croatia’s top economic resources, plummeted due to the fighting
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