Impact of active interest rates on the investments in Croatia in period 2000-2019

Ovaj rad bavi se analizom kretanja nekoliko varijabli: kamatnih stopa na kredite, volumena kredita poduzeća i stambenih kredita te investicija što se u konačnici stavlja u kontekst kretanja BDP-a. Unatoč činjenici da su izvori financiranja i kamatne stope na kredite poduzećima te stambene kredite građanstvu važan faktor koji utječe na investicije, a preko investicija i na BDP, uslijed neefikasnosti kamatnog transmisijskog mehanizma u Hrvatskoj iste nisu kanal putem kojeg akteri monetarne politike aktivno utječu na gospodarstvo. Zbog toga se može zaključiti da je u Hrvatskoj kamatna stopa tek sporedni faktor kod donošenja odluka o investicijama. Kreditiranje nije primarni izvor financiranja investicija, iako je dostupnost kredita neosporno vrlo važna za daljnji razvoj i gospodarski rast. Može se očekivati da će po pristupanju Hrvatske EMU kamatne stope općenito, a između ostalog i kamatne stope na kredite postati znatno važniji kanal upravljanja makroekonomskim varijablama, pa tako i samim investicijama. This paper deals with the analysis of the movement of several variables: interest rates and the volume of corporate and housing loans and investments, which is ultimately placed in the context of GDP trends. Despite the fact that the sources of financing and interest rates on corporate loans and housing loans to households are important factor which influences on investments, and through investments influences the GDP, due to the inefficiency of the interest rate transmission mechanism in Croatia, they are not a channel through which monetary policy actors actively influence economy. Therefore, it can be concludede that in Croatia the interest rate is only a secondary factor in making desicions about investments. Lending is not a primary source of investment financing, although availability of getting a loan is undeniably very important for further develoment and economic growth. It can be expected that after Croatia enters in EMU, interest rates in general, and among other things interest rates on loans, will become a much more important channel for managing macroeconomics variables, including investments.