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The Croatian Economy in Transition

  • Dragomir Vojnić
Part of the European Economic Interaction and Integration book series (EEIIWP)

Abstract

I will first discuss some major issues of the transitional crisis. The Croatian economy, like all the other countries in transition, is passing through a very difficult transitional crisis. That transitional crisis has been manifested in drastic declines of gross domestic product, employment, productivity, all categories of consumption, salaries and wages, and overall standards of living. The drastic falls in production and consumption occurred simultaneously with high rates of escalating inflation. The facts are summarised in Table 22.1.

Keywords

Central Bank Displace Person Foreign Exchange Reserve Stabilisation Programme Soft Budget Constraint 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Footnotes

  1. 1).
    For comparative economic statistics see, e.g., Gabrisch, H. (1993), “Under the Impact of Western Recession. The economic situation of the post-socialist countries in the first quarter of 1993 and outlook for 1993/94”, WIIW Research Reports, no. 197b, June.Google Scholar
  2. 3).
    Marendić, Božo, and Škegro, Borislav (eds.) et al. (1992), “Conception and Strategy of Economic Development of the Republic of Croatia”, in Economic Movements and Economic Policy of Croatia, no. 10, National Bank of Croatia and Institute of Economics, Zagreb, p. 147.Google Scholar
  3. 4).
    Zdunić, Stjepan. et al. (1991). Privatisation in the Policy of Economic Development, Institute of Economics, Zagreb, March, pp. 91–96.Google Scholar
  4. 10).
    Kornai, János (1986), “The 50ft Budget Constraints”, Kyklos, pp. 3–30.Google Scholar
  5. 11).
    For more information on relevant issues see Hunke, Steve H., and Schuler, Kurt (1991), “Currency Boards for Eastern Europe”, Heritage Lectures, 355, The Heritage Foundation, p. 38.Google Scholar
  6. 13).
    For more consideration of some relevant issues see Bruno, Michael (1993), “Stabilisation and lhe Macroeconomics of Transition — How Different is Eastern Europe?”, Economics of Transition, vol. I, no. 1, pp. 5–19.CrossRefGoogle Scholar
  7. 14).
    It goes without saying that in Croatia as in some other countries in transition. the difference between the exchange rate and the rate of internal purchasing power has widened. For more information see Laski, Kazimierz (1992), “Transition from Command to Market Economies in Central and Eastern Europe: First Experiences and Questions”. WIIW Research Reports, no. 181, pp. 14–24.Google Scholar
  8. #.
    For more consideration of some relevant issues see Zdunić, Stjepan (1993), “Critical Factors in the Policy of Renewal, Reconstruction, Restructuring and Development of Croatian Economy”. Ekonomski pregled, no. 1–2. Zagreb. pp. 3–36.Google Scholar
  9. 17).
    Rohatinski, Željko, and Santini, Guste (1993), Economic Policy for 1993, RIFIN, Zagreb, pp. 1–49.Google Scholar
  10. 18).
    Anušlć, Zoran (1993), “Budget Deficit and Inflation: Croatia in the Years 1991 and 1992”, Ekonomski pregled, no. 7–8, Zagreb.Google Scholar
  11. 19).
    More detailed information about these questions can be obtained from Rohatinski, Željko (1993), “The August bases of the October measures”, in Current Economic Development and Economic Policy, no. 23, National Bank of Croatia and Institute of Economics, Zagreb, pp. 5–80.Google Scholar
  12. 20).
    These questions were the subject of several international meetings. I mention especially the book by Somogyi, Lászlo et at. (1993), The Political Economy in the Transition Process in Eastern Europe, Proceedings of the 13th Arne Ryde Symposium, Rungsted Kyst, 11–12 June 1992, Edward Elgar Publishing Company, Vermont, USA, p. 375.Google Scholar
  13. 21).
    Vojnić, Dragomir (1993), Ekonomija i politika tranzicije (Economics and Politics of Transition), Informator, Zagreb and Institute of Economics, Zagreb, pp. 107–112.Google Scholar
  14. 22).
    For a somewhat broader analysis of these and related questions see Puhovski, Žarko, et at. (1993), Politics and Economics of Transition, Centre for the Study of Transformation of Central and Eastern Europe, Informator, Zagreb, p. 203.Google Scholar

Copyright information

© Wiener Institut für Internationale Wirtschaftsvergleiche (WIIW) (The Vienna Institute for Comparative Economic Studies) 1995

Authors and Affiliations

  • Dragomir Vojnić

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