Croatia - Restructuring Public Finance to Sustain Growth and Improve Public Services : A Public Finance Review

Croatia - Restructuring Public Finance to Sustain Growth and Improve Public Services : A Public Finance Review

The year 2000 was a turning point in Croatian history, marked by closing the chapter of the war and the first phase of transition. With that, the country turned its attention to the "second transition,"the principle goal of which is to pl...

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Bibliographic Details
Main Author:	World Bank
Format:	Public Expenditure Review
Language:	English
Published:	2012
Subjects:	ACCESS TO CAPITAL ADMINISTRATIVE COST AGGREGATE DEMAND AMORTIZATION ARREARS ASSESSMENT PROCESSES AVERAGE EXCHANGE RATE AVERAGE GROWTH AVERAGE WAGES BALANCED BUDGET BANK DEPOSITS BANKRUPTCIES BANKS BASIC PENSION BENEFICIARIES BORROWING BORROWING REQUIREMENTS BUDGET CONSTRAINT BUDGET PLANNING BUDGETING BUSINESS CYCLE BUSINESS PLAN CALCULATIONS CAPITAL INFLOWS CENTRAL BANK CENTRAL BANKS CLAIMANTS COMMODITIES COMMODITY COMMODITY PRICE CONSUMER CONSUMER PRICE INDEX CONTRIBUTION RATE CONTRIBUTION RATES CONTRIBUTIONS COST BENEFIT ANALYSIS COST ESTIMATES CREDIT EXPANSION CREDIT GROWTH CROWDING OUT CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT PENSION CURRICULUM DEBT DEBT FINANCING DEBT REPAYMENT DEBT SERVICE DECENTRALIZATION DEFICIT FINANCING DEFICITS DEPOSITS DIRECT COSTS DISABILITY DOMESTIC BANKS DOMESTIC BORROWING DOMESTIC CREDIT DOMESTIC DEBT EARLY RETIREMENT EARNINGS ECONOMIC ACTIVITY ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC MANAGEMENT EDUCATIONAL SERVICE ENVIRONMENTAL ENVIRONMENTAL TAXES EQUITY ISSUES EXCHANGE RATE EXPENDITURE RESTRAINT EXTERNAL DEBT EXTERNAL INDEBTEDNESS EXTERNAL SHOCKS FINANCES FINANCIAL PERFORMANCE FINANCIAL SECTOR FINANCIAL SHOCK FINANCIAL SUPPORT FISCAL CONSTRAINTS FISCAL DEFICIT FISCAL DISCIPLINE FISCAL POLICY FISCAL POSITION FISCAL SUSTAINABILITY FIXED EXCHANGE RATE FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FUND MANAGEMENT GLOBAL MARKETS GOVERNMENT BORROWING GOVERNMENT BUDGETS GOVERNMENT DEBT GOVERNMENT DEFICIT GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT INFORMATION GOVERNMENT REVENUES GOVERNMENT SAVINGS GOVERNMENT SPENDING GOVERNMENT SUBSIDIES GRANT FUNDING HEALTH INSURANCE HEALTH INSURANCE FUND HEALTH SPENDING HOUSEHOLD EXPENDITURE HOUSEHOLD EXPENDITURES HOUSEHOLD INCOME HUMAN RESOURCE INCOME INCOME GROUPS INCOME INEQUALITY INCOME LEVELS INCOMES INCREASE IN INCOME INDEBTEDNESS INDIVIDUAL ACCOUNT INFLATION INFORMATION SYSTEM INFORMATION SYSTEMS INSTRUMENT INSURANCE SCHEMES INTEREST PAYMENTS INTEREST RATE INTEREST RATE POLICY INTEREST RATES INTERNATIONAL STANDARDS INVESTMENT FINANCING LABOR COSTS LABOR FORCE LABOR MARKET LABOR PRODUCTIVITY LIFE EXPECTANCY LIQUIDITY LIQUIDITY POSITION LITERACY LIVING STANDARDS LOCAL GOVERNMENT LOCAL GOVERNMENTS MACROECONOMIC STABILITY MANDATORY PENSION FUNDS MARKET COMPETITION MARKET FAILURES MINIMUM PENSION MONETARY POLICY NATIONAL BANK NATIONAL CURRICULUM OIL OIL PRICES OPEN ECONOMY PENSION PENSION BASE PENSION BENEFITS PENSION CONTRIBUTION PENSION FUNDS PENSION POLICY PENSION REFORM PENSION SYSTEM PENSIONERS PENSIONS POLLUTION PRICE INDEX PRICE INDEXATION PRIMARY EDUCATION PRIVATE SECTOR INVESTMENT PRODUCTIVITY PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC FINANCE PUBLIC FINANCES PUBLIC GOODS PUBLIC INVESTMENT PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIP REAL ESTATE REAL EXCHANGE RATE RECURRENT EXPENDITURES RELATED COSTS RENTS REPLACEMENT RATE REPLACEMENT RATES RESERVES RESOURCE MANAGEMENT RESPONSIBILITIES RETIREMENT RETIREMENT AGE RETURN RETURN ON ASSETS RETURNS REVENUE ENHANCEMENT SAFETY NET SAFETY NETS SALARIES SALARY SAVINGS SCHOLARSHIP SCHOLARSHIPS SECONDARY EDUCATION SECONDARY SCHOOL SENIOR SHAREHOLDER SHORT-TERM EXTERNAL DEBT SICK LEAVES SOCIAL ASSISTANCE SOCIAL PROTECTION SOCIAL SECURITY SOCIAL WELFARE SUSTAINABLE GROWTH TAX TAX EXEMPTIONS TAX RATES TAX SYSTEM TAXATION TECHNICAL EDUCATION TERM CONTRACTS TRANSITION COUNTRIES TRANSITIONAL ARRANGEMENTS TRANSPARENCY UNEMPLOYMENT UNEMPLOYMENT BENEFITS WAGE WAGE GROWTH WAGE RATES WASTE MANAGEMENT WELFARE BENEFIT WORLD TRADE WORTH
Online Access:	http://documents.worldbank.org/curated/en/2008/02/16209523/croatia-restructuring-public-finance-sustain-growth-improve-public-services-public-finance-review http://hdl.handle.net/10986/6252

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Summary:	The year 2000 was a turning point in Croatian history, marked by closing the chapter of the war and the first phase of transition. With that, the country turned its attention to the "second transition,"the principle goal of which is to place Croatia on a path to the European Union (EU). While opening the economy to global markets through World Trade Organization (WTO) and CEFTA memberships and reestablishing cooperation with its Southeast European neighbors, the signing of the Stabilization and Association Agreement (SAA) marked the first firm milestone on Croatia's path to EU. In October 2005, Croatia opened EU accession negotiations, with the screening phase concluded a year after. Benefiting from successful economic transformation and the EU accession negotiations, growth has remained solid, and is roughly on par with the average for the European transition countries. Inflation has been modest despite higher prices for imported oil, and has been kept in check partly due to exchange rate appreciation. In fact, the central bank has intervened to prevent stronger appreciation in the face of robust capital inflows. However, the oil and commodity price increases and the aggregate demand pressures have contributed to a widening of the current account deficit in 2005-2007, despite somewhat tighter fiscal policy. Building on this foundation, the Government has an unparalleled opportunity to place Croatia on a sustainable growth path to achieve better living standards for all and to integrate into EU. To seize this opportunity, Croatia needs to sustain macroeconomic stability and continue creating a better climate for investment. In this context, key priorities for the public sector will include: reducing the size of the state and the fiscal deficit, and thereby helping to increase private sector productivity and competitiveness; and improving public sector efficiency and effectiveness. This report will suggest ways in which these twin priorities may best be addressed.

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