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Government guarantees and public debt in Croatia

Author

Listed:
  • Anto Bajo

    (Institute of Public Finance, Zagreb)

  • Marko Primorac

    (Faculty of Economics and Business, Zagreb)

Abstract

Government financial and performance guarantees have been issued in Croatia since 1996, to support funding and ensure favourable borrowing conditions in the financial market for companies in majority state ownership. However, government guarantees have rarely been part of defined strategies and goals of public debt and risk management. Despite their steady growth, the structure of active guarantees and their influence on Croatian public debt are still unknown. This paper analyses the amount and structure of state guarantees, their maturities and the authority and accountability for their management, and it compares the structure of guarantees in terms of economic sectors. The main objective of the paper is to determine the influence of government guarantees on the public debt growth.

Suggested Citation

  • Anto Bajo & Marko Primorac, 2011. "Government guarantees and public debt in Croatia," Financial Theory and Practice, Institute of Public Finance, vol. 35(3), pages 253-276.
    • Handle: RePEc:ipf:finteo:v:35:y:2011:i:3:p:253-276
    as

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    File URL: http://www.ijf.hr/upload/files/file/FTP/2011/3/bajo-primorac.pdf
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    References listed on IDEAS

    as
    1. Polackova, Hana, 1998. "Contingent government liabilities : a hidden risk for fiscal stability," Policy Research Working Paper Series 1989, The World Bank.
    2. Hana Polackova Brixi & Allen Schick, 2002. "Government at Risk : Contingent Liabilities and Fiscal Risk," World Bank Publications - Books, The World Bank Group, number 15233.
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    Cited by:

    1. Oliver Falck & Siegfried Schönherr, 2016. "An Economic Reform Agenda for Croatia: a comprehensive economic reform package prepared for the Croatian Statehood Foundation," ifo Forschungsberichte, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 70.
    2. Markus Reischmann, 2016. "Public Debt Policies," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 17(1), pages 48-51, April.
    3. Markus Reischmann, 2016. "Public Debt Policies," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 17(01), pages 48-51, April.
    4. Porumboiu Adriana Elena & Brezeanu Petre, 2022. "Determinants of Government Debt in the Member States of the European Union: Sources of Fiscal Risk," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 16(1), pages 707-721, August.

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