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Cyclically Adjusted Budget Balance: The Case of Croatia

Sandra Švaljek
Maruška Vizek
Andrea Mervar

Puni tekst: hrvatski, pdf (409 KB) str. 5-51 preuzimanja: 423* citiraj
APA 6th Edition
Švaljek, S., Vizek, M. i Mervar, A. (2009). Ciklički prilagođeni proračunski saldo: primjer Hrvatske. Radni materijali EIZ-a, (1), 5-51. Preuzeto s
MLA 8th Edition
Švaljek, Sandra, et al. "Ciklički prilagođeni proračunski saldo: primjer Hrvatske." Radni materijali EIZ-a, vol. , br. 1, 2009, str. 5-51. Citirano 03.12.2020.
Chicago 17th Edition
Švaljek, Sandra, Maruška Vizek i Andrea Mervar. "Ciklički prilagođeni proračunski saldo: primjer Hrvatske." Radni materijali EIZ-a , br. 1 (2009): 5-51.
Švaljek, S., Vizek, M., i Mervar, A. (2009). 'Ciklički prilagođeni proračunski saldo: primjer Hrvatske', Radni materijali EIZ-a, (1), str. 5-51. Preuzeto s: (Datum pristupa: 03.12.2020.)
Švaljek S, Vizek M, Mervar A. Ciklički prilagođeni proračunski saldo: primjer Hrvatske. Radni materijali EIZ-a [Internet]. 2009 [pristupljeno 03.12.2020.];(1):5-51. Dostupno na:
S. Švaljek, M. Vizek i A. Mervar, "Ciklički prilagođeni proračunski saldo: primjer Hrvatske", Radni materijali EIZ-a, vol., br. 1, str. 5-51, 2009. [Online]. Dostupno na: [Citirano: 03.12.2020.]

Cyclically adjusted government budget balance has often been used in the evaluation of fiscal stance. It indicates how much room fiscal authorities have to act anticyclically. The main idea is to separate temporary (cyclical) effects on the budget from those caused by discretionary measures of fiscal authorities. In this paper, after reviewing the concept, its applications and various methodological approaches, the size of cyclically adjusted budget balance is estimated in the case of Croatia for the period 1995:1q-2008:3q. Thereby, the ECB methodology is implemented and it is assumed that cyclically sensitive budget elements include income tax, profit tax, VAT, excise duties, social security contributions and unemployment benefits. The elasticities of cyclically sensitive budget components, with respect to their macroeconomic bases, are calculated with an error-correction model. The results of the exercise indicate that both periods of pro- and anticyclical fiscal policies have been present in the analyzed period with the restrictive and procyclical policy prevailing in the recent years.

Ključne riječi
fiscal policy; government budget; cyclical adjustment; Croatia

Hrčak ID: 71598



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