<abstract xmlns="http://www.w3.org/1999/xhtml"><p> From 1990s to the end of 2006 there have been two stock exchanges in Croatia - an official stock exchange in Zagreb and a so-called alternative capital market in Varaždin. The Zagreb stock exchange had a dominant role in the Western Balkan region until 2008, when its market capitalisation significantly decreased because of the influence of the global financial crisis and the economic downturn of the country. This paper analyses gradual regulatory and institutional development of the Croatian capital market, emergence and strengthening of institutional investors and assets under their management, key market development indicators related to market supply and demand and investor protection mechanisms. The research presented in this paper has shown the crucial role of regulation in attracting investors and sustaining their presence in the market. It also recommends more active role of regulation and stock exchange towards the issuers and small investors to encourage constant supply of corporate securities.</p></abstract>

From 1990s to the end of 2006 there have been two stock exchanges in Croatia - an official stock exchange in Zagreb and a so-called alternative capital market in Varaždin. The Zagreb stock exchange had a dominant role in the Western Balkan region until 2008, when its market capitalisation significantly decreased because of the influence of the global financial crisis and the economic downturn of the country. This paper analyses gradual regulatory and institutional development of the Croatian capital market, emergence and strengthening of institutional investors and assets under their management, key market development indicators related to market supply and demand and investor protection mechanisms. The research presented in this paper has shown the crucial role of regulation in attracting investors and sustaining their presence in the market. It also recommends more active role of regulation and stock exchange towards the issuers and small investors to encourage constant supply of corporate securities.

20 Years of the Croatian Capital Market

Independent senior consultant and a senior research associate based in Zagreb,

Zagreb International Review of Economics and Business

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

{"article-title":"20 Years of the Croatian Capital Market"}

From 1990s to the end of 2006 there have been two stock exchanges in Croatia - an official stock exchange in Zagreb and a so-called alternative capital market...

20 Years of the Croatian Capital Market

Article Category: Issue title: Special Conference Issue

Published Online: May 03, 2017

Page range: 41 - 58

DOI: https://doi.org/10.1515/zireb-2017-0004

Keywords
capital market, regulation, corporate governance, investor protection, Croatia

© 2017

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

20 Years of the Croatian Capital Market

Article Category: Issue title: Special Conference Issue

Published Online: May 03, 2017

Page range: 41 - 58

DOI: https://doi.org/10.1515/zireb-2017-0004

Keywordscapital market, regulation, corporate governance, investor protection, Croatia

© 2017

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Keywords
capital market, regulation, corporate governance, investor protection, Croatia