Monetary aggregates in Croatia

Abstract

Da bismo mogli definirati monetarne agregate prvo moramo definirat što je novac, a što je likvidnosti. Novac je jedan od temeljnih pokretača svih ekonomskih procesa. Možemo ga definirati kao dobro koje služi kao sredstvo razmjene, mjerilo vrijednosti i sredstvo je očuvanja vrijednosti. Dok je likvidnost sposobnost imovine da se pretvori u gotov novac. Monetarni agregati su skupine financijskih oblika istog stupnja likvidnosti. Mjerilo su ukupne količine novca u optjecaju. Apsolutno likvidna imovina je novac dok su svi drugi monetarni agregati manje likvidna imovina, pa ih stoga razvrstavamo u pojedine monetarne agregate. Zbog razlika u stupnju likvidnosti oni se mogu različito uporabiti za plaćanje obveza njihovih imatelja ili kao oblici štednje. Struktura monetarnih agregata sastoji se od monetarnih agregata M0 ili primarni novac, M1 ili novčana masa u užem smislu, M2 ili kvazi novac, M3 ili ostala likvidna sredstva i M4 ili ukupna likvidna sredstva. Od osamostaljenja Republike Hrvatske Hrvatska narodna banka počinje voditi monetarnu politiku te time mijenja definicije monetarnih agregata. Prema novoj definiciji Hrvatske narodne banke postoje četiri monetarna agregata, a to su monetarni agregat M0 ili primarni novac, M1 ili novčana masa u užem smislu, zatim M1a ili novčana masa i monetarni agregat M4 ili ukupna likvidna sredstva, a kao posebni monetarni agregat nalazi se još i neto domaća aktiva ili NDA.In order to define monetary aggregates, we must first define money and liquidity. Money is one of the fundamental drivers of all economic processes. We can define it as good that serves as means of exchange, measure of value and value presevation. While liquidity is the ability of assets to turn into currency. Monetary aggregates are groups of financial forms of the same degree of liquidity. They measure the total amount of money in the circulation. Absolutely liquid assets are currency while all other monetary aggregates are less liquid assets and are therefore classified into individual monetary aggregates. Because of the various degrees of liquidity they can be used differently to pay their owners obligations or as savings forms. The structure of monetary aggregates consists of monetary aggregates M0 or primary money, M1 or coinage in the narrow sense, M2 or quasi-money, M3 or other liquid assets and M4 or total liquid assets. Since the independence of the Republic of Croatia, the Croatian National Bank has begun to govern monetary policy, thus changing the definitions of monetary aggregates. According to the new Croatian National Bank definition, there are four monetary aggregates, namely monetary aggregate M0 or primary money, M1 or monetary mass in the narrower sense, then M1a or monetary mass and monetary aggregate M4 or total liquid assets, domestic assets NDAs that are a special monetary aggregate there