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References Allen , F. — Santomero , A. M. ( 1998 ): The Theory of Financial Intermediation . Journal of Banking & Finance , 21 : 1461 – 1485

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. – Noguera , G. ( 2012a ): Accounting for Intermediates: Production Sharing and Trade in Value-Added . Journal of International Economics , 86 ( 2 ): 224 – 236 . Johnson , R. C

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The goal of this article is to provide a deeper insight to the overall contribution of the export of food products to the Croatian economy and to estimate the direct and indirect impact of the international competitiveness of food producers on other domestic sectors. The authors measure the importance of the food sector by employing both the constant market share (CMS) and the input-output analysis. The results indicate that a loss in competitiveness in the Croatian food industry was the most important factor that determined the decreasing share of national companies in the period from 2009, when the global recession started, up to 2013, when Croatia joined the EU. EU membership strongly and positively influenced the performance of Croatian food exports. The negative trend regarding the share of the international food market was reversed. Besides having a direct impact on the export performance of the food industry, the international competitiveness of food producers indirectly affects other domestic companies whose products are used as intermediate inputs in the food industry. The study also presents a benchmark of results with previous research for EU countries, which rarely included Croatia before the accession in 2013. As far as output and value added are concerned, multipliers for the food industry are relatively significant and higher than the national average, and the food industry could be assessed as one of the key Croatian economic sectors.

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Diamond, Douglas W. (1984): Financial Intermediation and Delegated Monitoring. Review of Economic Studies, 51. Financial Intermediation and Delegated Monitoring 51

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. 33 – 47 . Holmstrom , B. – Tirole , J. ( 1997 ): Financial Intermediation, Loanable Funds, and the Real Sector . Quarterly Journal of Economics, 112 ( 3 ): 663 – 691

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): Thinking Critically about Nonbank Financial Intermediation . Brookings Institution , Washington D.C. Yellen , J. L. ( 2017 ): Inflation, Uncertainty, and Monetary Policy

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Fund Investment and the Return-to-Risk Performance of Target Firms . Journal of Financial Intermediation , 21 ( 2 ): 315 – 340 . Kotter , J. – Lel , U. ( 2011 ): Friends or

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Report, No. 263. Johnson , R. C. – Noguera , G. ( 2012 ): Accounting for Intermediates: Production Sharing and Trade in Value-Added . Journal of International Economics

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): Open Innovation in SMEs — An Intermediated Network Model . Research Policy , 39 ( 2 ): 290 – 300 . Nelson , R.R. — Winter , S. ( 1982 ): An Evolutionary Theory of Economic

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.E. — Pyle , D.H. ( 1977 ): Informational Asymmetries, Financial Structure, and Financial Intermediation . Journal of Finance , 32 ( 2 ): 371 – 387 . Lemmon , M.L. — Zender , J

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