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Functional distribution of income and economic activity in Croatia: Post-Keynesian approach

Boris Vujčić ; Croatian National Bank, Zagreb, Croatia
Milan Deskar-Škrbić   ORCID icon orcid.org/0000-0002-7611-2071 ; Erste&Steiermarkische bank d.d., Zagreb, Croatia
Zvonimir Ratkovski ; Deloitte Croatia, Zagreb, Croatia
Jurica Zrnc ; Croatian National Bank, Zagreb, Croatia

Puni tekst: engleski, pdf (3 MB) str. 53-73 preuzimanja: 807* citiraj
APA 6th Edition
Vujčić, B., Deskar-Škrbić, M., Ratkovski, Z. i Zrnc, J. (2014). Functional distribution of income and economic activity in Croatia: Post-Keynesian approach. Zbornik radova Ekonomskog fakulteta u Rijeci, 32 (1), 53-73. Preuzeto s https://hrcak.srce.hr/123120
MLA 8th Edition
Vujčić, Boris, et al. "Functional distribution of income and economic activity in Croatia: Post-Keynesian approach." Zbornik radova Ekonomskog fakulteta u Rijeci, vol. 32, br. 1, 2014, str. 53-73. https://hrcak.srce.hr/123120. Citirano 26.09.2020.
Chicago 17th Edition
Vujčić, Boris, Milan Deskar-Škrbić, Zvonimir Ratkovski i Jurica Zrnc. "Functional distribution of income and economic activity in Croatia: Post-Keynesian approach." Zbornik radova Ekonomskog fakulteta u Rijeci 32, br. 1 (2014): 53-73. https://hrcak.srce.hr/123120
Harvard
Vujčić, B., et al. (2014). 'Functional distribution of income and economic activity in Croatia: Post-Keynesian approach', Zbornik radova Ekonomskog fakulteta u Rijeci, 32(1), str. 53-73. Preuzeto s: https://hrcak.srce.hr/123120 (Datum pristupa: 26.09.2020.)
Vancouver
Vujčić B, Deskar-Škrbić M, Ratkovski Z, Zrnc J. Functional distribution of income and economic activity in Croatia: Post-Keynesian approach. Zbornik radova Ekonomskog fakulteta u Rijeci [Internet]. 2014 [pristupljeno 26.09.2020.];32(1):53-73. Dostupno na: https://hrcak.srce.hr/123120
IEEE
B. Vujčić, M. Deskar-Škrbić, Z. Ratkovski i J. Zrnc, "Functional distribution of income and economic activity in Croatia: Post-Keynesian approach", Zbornik radova Ekonomskog fakulteta u Rijeci, vol.32, br. 1, str. 53-73, 2014. [Online]. Dostupno na: https://hrcak.srce.hr/123120. [Citirano: 26.09.2020.]

Sažetak
The aim of this paper is to quantify the effects of changes in functional income distribution on selected macroeconomic variables in Croatia in period from 2000-2012. We use structural VAR approach with identification scheme based on a priori restrictions that are derived from theoretical framework of Post-Keynesian macroeconomic model. Our main hypothesis, which is confirmed in the empirical analysis, is that the accumulation of capital in Croatia was primarily determined by income from labor, i.e. that Croatia had wage-led accumulation. We also found that labor market dynamics was dominantly influenced by demand side shocks and that positive effects of the rise in exports, resulting from the gain in competitiveness (after reducing wage share in income) outweigh negative effects of weaker demand on the capacity utilization. So in our opinion export share increase should become policy priority, as domestic demand is currently constrained by high private and public debt levels. To the extent that increase in exports might require decline in the relative share of labor, negative impact on the investments in non-tradable sector would need to be offset with higher investments in tradable sector of Croatian economy.

Ključne riječi
functional distribution of income; Post-Keynesian macroeconomic model; Croatian economy; SVAR

Hrčak ID: 123120

URI
https://hrcak.srce.hr/123120

[hrvatski]

Posjeta: 1.269 *