克罗地亚和欧洲东南部国家外债指标分析外文文献.pdf

Hrvoje Jošić, Ph. D. Faculty of Economics and Business University of Zagreb, Zagreb E-mail: hjosic@efzg.hr COMPARATIVE ANALYSIS OF EXTERNAL DEBT INDICATORS IN CROATIA AND SOUTHEASTERN EUROPEAN COUNTRIES∗ UDK / UDC: 336.273.3(497.5:4-69) JEL klasifikacija / JEL classification: E60, F34, H63 Pregledni rad / Review Primljeno / Received: 3. veljače 2013. / February 3, 2013 Prihvaćeno za tisak / Accepted for publishing: 10. lipnja 2013. / June 10, 2013 Abstract The issue of debt sustainability is the key macroeconomic question faced by country’s policy makers when making important macroeconomic decisions. The problem of indebtedness in Croatia appeared after 1999 when public and external debt recorded accelerated growth rates. There is a danger of risk associated with the sources of funding that affects the apprehension about the possibility of future external debt servicing. However this is not only the specificity of the Croatian economy, because most Southeastern European transition countries were in a similar situation. The goal of the analysis is to compare the level of indebtedness in Croatia and Southeastern European countries and test the hypothesis of the paper which states that “Croatia is highly indebted country according to external debt burden and external debt flow indicators ”. Using comparative analysis of external debt indicators the level of indebtedness in Croatia and Southeastern European countries is compared for the year 2010. Only by analyzing a large number of external debt indicators over a longer period of time it is possible to get a clear picture about the level of country’s external indebtedness. From the comparative analysis of external debt indicators in Croatia and Southeastern European countries ∗ This paper is based on a research from a