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The Political Economy of Pension Reforms in Croatia 1991-2006

  • Igor Guardiancich

    (European University Institute, Florence)

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    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.

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

    Volume (Year): 31 (2007)
    Issue (Month): 2 ()
    Pages: 95-151

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    Handle: RePEc:ipf:finteo:v:31:y:2007:i:2:p:95-151
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    1. Vittas, Dimitri, 1998. "Regulatory controversies of private pension funds," Policy Research Working Paper Series 1893, The World Bank.
    2. 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(01), pages 31-55, March.
    3. Streeck, Wolfgang & Thelen, Kathleen (ed.), 2005. "Beyond Continuity: Institutional Change in Advanced Political Economies," OUP Catalogue, Oxford University Press, number 9780199280469, March.
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