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Government guarantees and public debt in Croatia

  • Anto Bajo

    (Institute of Public Finance, Zagreb)

  • Marko Primorac

    (Faculty of Economics and Business, Zagreb)

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    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.

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

    Volume (Year): 35 (2011)
    Issue (Month): 3 ()
    Pages: 253-276

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    Handle: RePEc:ipf:finteo:v:35:y:2011:i:3:p:253-276
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    1. Hana Polackova Brixi & Allen Schick, 2002. "Government at Risk : Contingent Liabilities and Fiscal Risk," World Bank Publications, The World Bank, number 15233, October.
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