Short- and medium-term fiscal positions in a high-inflation environment: the case of Croatia
https://doi.org/10.3326/pse.47.4.4 | Published online: December 11, 2023 Table 1
Croatia: Government revenue and expenditure growth in 2022, in %
Note: Initial budget planned in 2021 forecast a deficit of - 2.6% of GDP. Source: MoF (2021), Eurostat (2023). Graph 1
Changes in general government balance, primary balance and public debt, 2020-22 Table 2
Baseline and sub-period model results with breakpoints (BP)
Note: The results of the Breusch-Godfrey test indicate that there is no autocorrelation in the models. The results of the Breusch-Pagan-Godfrey test indicate that there is no heteroskedasticity in the models with the usual level of significance. *, **, *** indicates statistical significance at 10%, 5% and 1%, respectively. Source: Authors' calculations. Table 3
Robustness check: HP filter instead of production function estimate of output gap
Note: The results of the Breusch-Godfrey test indicate that there is no autocorrelation in the models. The results of the Breusch-Pagan-Godfrey test indicate that there is no heteroskedasticity in the models with the usual level of significance. *, **, *** indicates statistical significance at 10%, 5% and 1%, respectively. Source: Authors' calculations. Graph A1
General government debt in Croatia (% of GDP) Graph A2
General government primary balance in Croatia (% of GDP) Graph A3
Harmonised index of consumer prices (HICP) in Croatia (%) Graph A4
Real GDP in Croatia (%) Graph A5
Output gap in Croatia: production function and HP filter methods (% of potencial GDP)
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December, 2023 IV/2023 |
