IDEAS home Printed from
   My bibliography  Save this paper

The Present State of the Croatian Public Debt


  • Zoran Bubas

    (Institute of Public Finance, Zagreb)


The statistics of the public debt of the Republic of Croatia show that in spite of considerable positive advances in the statistical purview of the public sector, the purview of the public debt is not complete even in the narrowest understanding of the concept of public debt. For this reason it is necessary precisely to determine what should be a part of the public debt, and separate the internal from the external public debt. Available data about the state of the total public debt confirm the thesis that the Croatian public debt in 1997 was of moderate size (about 33% of GDP) but show that its structure is changing: the reduction of the internal debt is accompanied by a rise in the external indebtedness of the public sector. Because of the general economic situation, the open savings-investment gap and debt inherited from the former state of Yugoslavia there are many challenges before public debt policy. Since most of the new net borrowings abroad in 1997 were accounted for by public and publicly guaranteed debt, the decision makers have to pay particular attention to the proper use of the funds borrowed and to a cautious approach to the issue of state guarantees. Bearing in mind the possibility of refinancing the debt, a small and open country like Croatia cannot be compared with highly developed countries the debts of which are always refinanced and in fact never fall due for payment. For Croatia, glitches in the world capital markets could have very serious consequences, and it is necessary to be prepared for future challenges as soon as possible.

Suggested Citation

  • Zoran Bubas, 1998. "The Present State of the Croatian Public Debt," Occasional paper series 06, Institute of Public Finance.
  • Handle: RePEc:ipf:occasi:6

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Murray, Matthew N., 1995. "Sales Tax Compliance and Audit Selection," National Tax Journal, National Tax Association, vol. 48(4), pages 515-30, December.
    2. Pommerehne, Werner W & Weck-Hannemann, Hannelore, 1996. "Tax Rates, Tax Administration and Income Tax Evasion in Switzerland," Public Choice, Springer, vol. 88(1-2), pages 161-170, July.
    3. Richard M. Bird, 2014. "Administrative Dimensions of Tax Reform," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 963-992, November.
    4. Murray, Matthew N., 1995. "Sales Tax Compliance and Audit Selection," National Tax Journal, National Tax Association, vol. 48(4), pages 515-530, December.
    5. Glenn Jenkins, 1992. "Economic Reform And Institutional Innovation," Development Discussion Papers 1992-04, JDI Executive Programs.
    6. David Wildasin, 1996. "Introduction: Fiscal Aspects of Evolving Federations," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 3(2), pages 121-135, May.
    Full references (including those not matched with items on IDEAS)

    More about this item


    puiblic debt; government policy; public finance;

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ipf:occasi:6. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Martina Fabris). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.