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The Political Economy of Pension Reforms in Croatia 1991-2006

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  • Igor Guardiancich

    (European University Institute, Florence)

Abstract

After the collapse of ex-Yugoslavia, Croatia inherited a ‘premature’ socialist pay-asyou-go pension system. During the early 1990s, it was used more extensively than elsewhere in Central and Eastern Europe to ease the pains of the country’s transition to a market economy, thereby leaving Croatian pensions in dire need of reforms. This article will try to meticulously describe the reform process during the period 1991-2006, which was characterised by three relatively independent phases: the first, a retrenchment phase, which condemned a majority of pensioners to old-age poverty; the second, a restructuring phase, which led, under the aegis of international financial institutions, to the legislation of radical reforms; and the third, a populist phase, which undid most of the previous efforts. The article will conclude that this concoction of poverty, agency capture and crony capitalism had a common denominator, that is the struggle for power during the country’s democratic consolidation.

Suggested Citation

  • Igor Guardiancich, 2007. "The Political Economy of Pension Reforms in Croatia 1991-2006," Financial Theory and Practice, Institute of Public Finance, vol. 31(2), pages 95-151.
    • Handle: RePEc:ipf:finteo:v:31:y:2007:i:2:p:95-151
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    File URL: http://www.ijf.hr/eng/FTP/2007/2/guardiancich.pdf
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    References listed on IDEAS

    as
    1. Dobronogov, Anton & Murthi, Mamta, 2005. "Administrative fees and costs of mandatory private pensions in transition economies," Journal of Pension Economics and Finance, Cambridge University Press, vol. 4(1), pages 31-55, March.
    2. Streeck, Wolfgang & Thelen, Kathleen (ed.), 2005. "Beyond Continuity: Institutional Change in Advanced Political Economies," OUP Catalogue, Oxford University Press, number 9780199280469.
    3. Vittas, Dimitri, 1998. "Regulatory controversies of private pension funds," Policy Research Working Paper Series 1893, The World Bank.
    4. Igor Guardiancich, 2004. "Welfare State Retrenchment in Central and Eastern Europe: The Case of Pension Reforms in Poland and Slovenia," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 2(1), pages 41-64.
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    More about this item

    Keywords

    Croatia; institutional change; multipillar pension systems; pension reforms; populist measures;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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