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Economic Growth in Croatia: Potential and Constraints

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Author Info

  • David Moore

    (International Monetary Fund, Washington)

  • Athanasios Vamvakidis

    (International Monetary Fund, Washington)

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    Abstract

    This paper examines the factors and constraints that affect recent and potential growth in Croatia, as well as policies that can influence it. On current productivity trends, it estimates Croatia’s potential growth rate at 4–41 percent, a result reasonably robust to different methodologies. For growth to be sustained at a significantly higher rate, the business environment needs to be improved through further measures to reduce the administrative burden, legal uncertainties, and corruption. The analysis also emphasizes the importance of attracting more greenfield foreign direct investment, and reforms to reduce the role of the state in the economy through fiscal consolidation and faster privatization.

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    File URL: http://www.ijf.hr/eng/FTP/2008/1/moore.pdf
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    Bibliographic Info

    Article provided by Institute of Public Finance in its journal Financial Theory and Practice.

    Volume (Year): 32 (2008)
    Issue (Month): 1 ()
    Pages: 1-28

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    Handle: RePEc:ipf:finteo:v:32:y:2008:i:1:p:1-28

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    Related research

    Keywords: economic growth; economic reform; potential growth;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Elina Ribakova & Balázs Horváth & Dimitri G. Demekas & Yi Wu, 2005. "Foreign Direct Investment in Southeastern Europe," IMF Working Papers 05/110, International Monetary Fund.
    2. Robert J. Hodrick & Edward Prescott, 1981. "Post-War U.S. Business Cycles: An Empirical Investigation," Discussion Papers 451, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    3. Stanley Fischer, 1993. "The Role of Macroeconomic Factors in Growth," NBER Working Papers 4565, National Bureau of Economic Research, Inc.
    4. Richter, Kaspar, 2006. "Thailand's growth path : from recovery to prosperity," Policy Research Working Paper Series 3912, The World Bank.
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    Cited by:
    1. Athanasios Vamvakidis, 2008. "Convergence in Emerging Europe," IMF Working Papers 08/181, International Monetary Fund.

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