View More View Less
  • 1 University of Zagreb, Croatia
Restricted access

Purchase article

USD  $25.00

1 year subscription (Individual Only)

USD  $700.00

This paper analyses the impact of public debt level and its (un)sustainability on fiscal policy in Croatia in the 2001–2015 period. A switching regression approach is used to distinguish different regimes when government spending, i.e. fiscal policy has more or less impact on economic growth during different cycles. In the second part, the structural VAR model is used to analyse the dynamic effects of government spending on domestic demand in Croatia. To observe the public debt effects on a fiscal policy, a “closed” model is compared with an “extended” model which includes a debtto- GDP indicator. Results show a negative impact of recession on public debt sustainability and confirm the main thesis that public debt level significantly affects and reduces the effectiveness of fiscal policy in Croatia.

  • Afonso, A.Sousa, R. M. (2009): The Macroeconomic Effects of Fiscal Policy. ECB Working Paper Series, No. 991.

  • Aizenman, J. M.Hutchison, Y.Jinjarak, Y. (2013): What Is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk. Journal of International Money and Finance, 34(C): 3759.

    • Search Google Scholar
    • Export Citation
  • AMECO (2016): Annual Macro-Economic Database (AMECO). European Commission, Directorate General for Economic and Financial Affairs.

  • Arghyrou, M.Kontonikas, A. (2012): The EMU Sovereign-Debt Crisis: Fundamentals, Expectations and Contagion. Journal of International Financial Markets, Institutions and Money, 22(4): 658677.

    • Search Google Scholar
    • Export Citation
  • Auerbach, J. A.Gorodnichenko, Y. (2012): Measuring the Output Responses to Fiscal Policy. American Economic Journal: Economic Policy, 4(2): 127.

    • Search Google Scholar
    • Export Citation
  • Babić, A.Krznar, I.Nestić, D.Švaljek, S. (2003): Dinamička analiza održivosti javnog i vanjskog duga Hrvatske (Dynamic Analysis of Croatia’s Fiscal and External). Privredna kretanja i ekonomska politika, 13(97): 77126.

    • Search Google Scholar
    • Export Citation
  • Bajo, A.Primorac, M. (2013): The Cost of Government Borrowing and Yields on Croatian Government Bonds. Newsletter, No. 83. Institute of Public Finance, Zagreb. http://www.ijf.hr/upload/ files/file/ENG/newsletter/83.pdf

    • Search Google Scholar
    • Export Citation
  • Batini, N.Eyraud, L.Forni, L.Weber, A. (2014): Fiscal Multipliers: Size, Determinants, and Use in Macroeconomic Projections. IMF Technical Notes and Manuals, No. 04.

    • Search Google Scholar
    • Export Citation
  • Blanchard, O.Perotti, R. (2002): An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output. The Quarterly Journal of Economics, 117(4): 13291368. Contreras

    • Search Google Scholar
    • Export Citation
  • Banco, J.Battelle, H. (2014): Fiscal Multipliers in a Panel of Countries. Banco de México Working Papers, No. 15.

  • Cota, B.Žigman, A. (2011): The Impact of Fiscal Policy on Government Bond Spreads in Emerging Markets. Financial Theory and Practice, 35(4): 385412.

    • Search Google Scholar
    • Export Citation
  • Deskar-Škrbić, M.Šimović, H. (2017): Effectiveness of Fiscal Spending in Croatia, Slovenia and Serbia: The Role of Trade Openness and Public Debt Level. Post-Communist Economies, 29(3): 336358.

    • Search Google Scholar
    • Export Citation
  • Deskar-Škrbić, M.Šimović, H.Ćorić, T. (2014): The Effects of Fiscal Policy in a Small Open Transition Economy: The Case of Croatia. Acta Oeconomica, 64(S1): 133152.

    • Search Google Scholar
    • Export Citation
  • Eurostat (2017): National Accounts (ESA 2010).

  • Hory, M. P. (2016): Fiscal Multipliers in Emerging Market Economies: Can We Learn Something from Advanced Economies Experiences. International Economics, 146: 5984.

    • Search Google Scholar
    • Export Citation
  • Ilzetzki, E.Mendoza, E.Végh, Cs. (2013): How Big (Small?) are Fiscal Multipliers? Journal of Monetary Economics, 60(2): 239254.

    • Search Google Scholar
    • Export Citation
  • Krznar, I. (2002): Analiza održivosti fiskalne politike u RH (Analysis of the Sustainability of Fiscal Policy in the Republic of Croatia). Financijska teorija i praksa, 26(4): 813835.

    • Search Google Scholar
    • Export Citation
  • Mihaljek, D. (2003): Analiza održivosti javnog i vanjskog duga Hrvatske pomoću standardnih financijskih pokazatelja (Analysis of Public and External Debt Sustainability for Croatia: Application of Standard Financial Indicators). Privredna kretanja i ekonomska politika, 13(97): 2975.

    • Search Google Scholar
    • Export Citation
  • Mihaljek, D. (2009): The Global Financial Crisis and Fiscal Policy in Central and Eastern Europe: The 2009 Croatian Budget Odyssey. Financial Theory and Practice, 33(3): 239272.

    • Search Google Scholar
    • Export Citation
  • Ravn, S. H.Spange, M. (2012): The Effects of Fiscal Policy in a Small Open Economy with a Fixed Exchange Rate: The Case of Denmark. Working Papers, No. 80. Danmarsk Nationalbank.

    • Search Google Scholar
    • Export Citation
  • Šimović, H.Batur, A. (2017): Fiskalna održivost i održivost javnog duga u Hrvatskoj (Fiscal Sustainability and Public Debt Sustainability in Croatia). In: Blažić, H.Dimitrić, M.Pečarić, M. (eds): Financije na prekretnici: Imamo li snage za iskorak? (Finance at Turning Point: Do We Have Strength Stepping out?) Rijeka: Ekonomski fakultet, pp. 271287.

    • Search Google Scholar
    • Export Citation
  • Šimović, H.Ćorić, T.Deskar-Škrbić, M. (2014): Mogućnosti i ograničenja fiskalne politike u Hrvatskoj (Possibilities and Limitations of Fiscal Policy in Croatia). Ekonomski pregled, 65(6): 541575.

    • Search Google Scholar
    • Export Citation
  • Sopek, P. (2010): Budget Deficit and Public Debt in Croatia. Newsletter, No. 49. Institute of Public Finance, Zagreb. http://www.ijf.hr/eng/newsletter/49.pdf

    • Search Google Scholar
    • Export Citation
  • Sopek, P. (2011): Testing the Sustainability of the Croatian Public Debt with Dynamic Models. Financial Theory & Practice, 35(4): 413442.

    • Search Google Scholar
    • Export Citation
  • Švaljek, S. (1997): Granice javnog duga: pregled teorije i metoda ocjene održivosti politike zaduživanja (Public Debt Boundaries: Theory Review and Sustainability Assessments Methods of Public Debt Policy). Privredna kretanja i ekonomska politika, 7(61): 3465.

    • Search Google Scholar
    • Export Citation
Submit Your Manuscript
 
The author instruction is available in PDF.
Please, download the file from HERE.

 

The description of the refereeing procedure is available in PDF.
Please, download the file from HERE.

 

 

Senior editors

Editor(s)-in-Chief: Prof. Dr. Mihályi, Péter

Editor(s): Ványai, Judit

Editorial Board

  • Ádám Török (Chairman) / University of Pannonia; Budapest University of Technology and Economics
  • Edina Berlinger / Corvinus University of Budapest, Department of Finance
  • Péter Halmai / Budapest University of Technology and Economics; National University of Public Service
  • István Kónya / Institute of Economics Centre for Regional and Economic Studies, University of Pécs
  • János Köllő / Institute of Economics Centre for Regional and Economic Studies
  • István Magas / Corvinus University of Budapest, Department of World Economy; University of Physical Education, Department. of Sports and Decision Sciences
 

Advisory Board

  • Ǻslund, Anders, Institute of International Economics, Washington (USA)
  • Kolodko, Grzegorz, Kozminski University, Warsaw (Poland)
  • Mau, Vladimir, Academy of National Economy (Russia)
  • Messerlin, Patrick A, Groupe d’Economie Mondiale (France)
  • Saul Estrin, London School of Economics (UK)
  • Wagener, Hans-Jürgen, Europa Universität Viadrina (Germany)

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary

Indexing and Abstracting Services:

  • EconLit
  • Elsevier GEO Abstracts
  • GEOBASE
  • International Bibliographies IBZ and IBR
  • JEL
  • Referativnyi Zhurnal
  • RePEc
  • SCOPUS
  • Social Science Citation Index
  • Index Copernicus

 

2020  
Total Cites 275
WoS
Journal
Impact Factor
0,875
Rank by Economics 325/377 (Q4)
Impact Factor  
Impact Factor 0,534
without
Journal Self Cites
5 Year 0,500
Impact Factor
Journal  0,38
Citation Indicator  
Rank by Journal  Economics 347/549 (Q3)
Citation Indicator   
Citable 37
Items
Total 37
Articles
Total 0
Reviews
Scimago 13
H-index
Scimago 0,292
Journal Rank
Scimago Economics and Econometrics Q3
Quartile Score  
Scopus 225/166=1,4
Scite Score  
Scopus Economics and Econometrics 392/661 (Q3)
Scite Score Rank  
Scopus 0,668
SNIP  
Days from  289
sumbission  
to acceptance  
Days from  447
acceptance  
to publication  

2019  
Total Cites
WoS
212
Impact Factor 0,914
Impact Factor
without
Journal Self Cites
0,728
5 Year
Impact Factor
0,650
Immediacy
Index
0,156
Citable
Items
45
Total
Articles
45
Total
Reviews
0
Cited
Half-Life
3,9
Citing
Half-Life
9,5
Eigenfactor
Score
0,00015
Article Influence
Score
0,052
% Articles
in
Citable Items
100,00
Normalized
Eigenfactor
0,01891
Average
IF
Percentile
28,437
Scimago
H-index
12
Scimago
Journal Rank
0,439
Scopus
Scite Score
214/165=1,3
Scopus
Scite Score Rank
Economics and Econometrics 355/637 (Q3)
Scopus
SNIP
0,989

 

Acta Oeconomica
Publication Model Hybrid
Submission Fee none
Article Processing Charge 900 EUR/article
Printed Color Illustrations 40 EUR (or 10 000 HUF) + VAT / piece
Regional discounts on country of the funding agency World Bank Lower-middle-income economies: 50%
World Bank Low-income economies: 100%
Further Discounts Editorial Board / Advisory Board members: 50%
Corresponding authors, affiliated to an EISZ member institution subscribing to the journal package of Akadémiai Kiadó: 100%
Subscription fee 2021 Online subsscription: 588 EUR / 732 USD
Print + online subscription: 688 EUR / 860 USD
Subscription fee 2022 Online subsscription: 600 EUR / 750 USD
Print + online subscription: 704 EUR / 880 USD
Subscription Information Online subscribers are entitled access to all back issues published by Akadémiai Kiadó for each title for the duration of the subscription, as well as Online First content for the subscribed content.
Purchase per Title Individual articles are sold on the displayed price.

Acta Oeconomica
Language English
Size B5
Year of
Foundation
1966
Publication
Programme
2021 Volume 71
Volumes
per Year
1
Issues
per Year
4
Founder Magyar Tudományos Akadémia
Founder's
Address
H-1051 Budapest, Hungary, Széchenyi István tér 9.
Publisher Akadémiai Kiadó
Publisher's
Address
H-1117 Budapest, Hungary 1516 Budapest, PO Box 245.
Responsible
Publisher
Chief Executive Officer, Akadémiai Kiadó
ISSN 0001-6373 (Print)
ISSN 1588-2659 (Online)