natgillin/translations-raw huggingface dataset:
Since the kuna is more or less tied to the main European currency, current turbulences on the monetary market that impair the value of the euro automatically imply an increase in the debt denominated in other foreign currencies.
Budući da je kuna više-manje tečajno vezana za glavnu europsku valutu, trenutačne turbulencije na monetarnom tržištu koje snižavaju vrijednost eura automatski impliciraju i porast duga denominiranoga u ostalim inozemnim valutama.
Especially dangerous for the public debt growth would be the depreciation of the kuna which is slightly overvalued, according to the International Mo
Posebno bi opasna za rast javnog duga bila deprecijacija kune, koja je prema mišljenju Međunarodnoga monetarnog fonda (MMF-a) blago precijenjena.
However, the balance sheet deterioration and the recessionary impact in the event of even a moderate nominal depreciation of the kuna would be significant, given large private and public sector foreign currency exposures, while competitiveness gains from exchange rate realignment would fully materialize only when the growth in trading partners improves and the structure of Croatia's economy becomes more outward-oriented (IMF, 2010).
bilance stanja i recesijski učinak, čak i u slučaju umjerene nominalne deprecijacije kune, bili bi značajni s obzirom na velike valutne izloženosti privatnoga i javnog sektora, dok bi koristi koje bi konkurentnosti donijela promjena tečajnog režima u potpunosti postale vidljive tek nakon što se poboljša rast trgovinskih partnera i nakon što struktura hrvatskoga gospodarstva postane više izvozno orijentirana (MMF, 2010).
It is obvious that a stable exchange rate policy remains an absolute imperative, so that it is realistic to expect that there will be no exchange rate corrections in the short run.
Evidentno je da je politika stabilnog tečaja apsolutni imperativ pa je realno očekivati da do korekcije tečaja još neko vrijeme ne bi trebalo doći.
Public debt sustainability
Održivost javnog duga
Debt sustainability is defined as a debtor's ability to fulfil his financial obligations to creditors in the long run, with an economically acceptable revenue and expenditure balance.
Održivost duga definira se kao sposobnost dužnika da na dugi rok ispunjava svoje financijske obveze prema kreditorima, uz ekonomski prihvatljiv saldo prihoda i rashoda.
If the debt starts to grow faster than the debtor's ability to pay it off, it becomes unsustainable.
Ako dug počne rasti brže nego sposobnost dužnika da ga otplaćuje, on postaje neodrživ.
This highly depends on market expectations and movements of many variables (interest rates, exchange rates, revenue/expenditure growth rates etc.).
To ponajprije ovisi o tržišnim očekivanjima i kretanju brojnih varijabli (kamatnih stopa, tečaja, stope rasta prihoda/rashoda itd.).
A static sustainability analysis actually examines the sustainability, i.e. stability of public debt on the basis of indicators like budget deficit, primary budget deficit and real interest rate needed to stabilize the debt at a previous year's level.
Statička analiza održivosti zapravo je analiza održivosti, odnosno stabilnosti javnog duga uz pomoć pokazatelja poput proračunskog deficita, primarnoga proračunskog deficita i realne kamatne stope, potrebnih za stabiliziranje duga na razini prethodne godine.
domestic general government debt denominated in domestic currency domestic general government debt denominated in foreign currencies
unutarnji dug opće države denomiran u domaćoj valuti unutarnji dug opće države denomiran u stranoj valuti
foreign general government debt
inozemni dug opće države
2 The concept of the analysis follows the concept of the scientific paper by Mihaljek (2003); however, the analytical framework is different, although in accordance with the definition of debt change set out in Hiebert and Rostagno (2000), due to identification consistency.
2 Koncept analize slijedi koncept rada Mihaljek (2003), no analitički okvir izveden je na drugačiji način, a u skladu s definicijom promjene duga u Hiebert i Rostagno (2000), radi konzistentnosti u oznakama.
Mihaljek (2003) defines debt change in the period of one year as Dt+1 - Dt = Bt, while in Hiebert and Rostagno (2000) it is defined as Dt+1 - Dt = Bt+1, i.e. the change of debt from one year-end to another is exactly equal to the budget deficit realised in the observed period.
Mihaljek (2003) promjenu duga u razdoblju jedne godine definira kao Dt+1 - Dt = Bt, dok se u Hiebert i Rostagno (2000) definira kao Dt+1 - Dt = Bt+1, tj. promjena duga od kraja jedne godine (što je ekvivalentno početku iduće) do kraja iduće godine jednaka je točno ostvarenom deficitu u tom vremenu.
Basic assumptions of the static sustainability analysis are that the debt stock in some period changes only for the amount of budget deficit realised in this period and that the whole deficit amount is financed exclusively with bonds issuing.
Osnovne su pretpostavke statičke analize održivosti da se iznos duga u nekom razdoblju mijenja samo za iznos proračunskog deficita ostvarenoga u tom razdoblju te da se, radi jednostavnosti, cijeli iznos deficita financira isključivo izdavanjem obveznica.
Of course, in the case of Croatia the situation is much simpler because the deficit is also financed by borrowing from banks, international organisations etc. Therefore, the debt stock represents the total amount of issued bonds, and the change in debt over a one-year period (actually, from one year-end to another) represents the sum of expenses for interest payments and the realised primary deficit in a current year.
Naravno, u primjeru Hrvatske to je uvelike pojednostavnjena situacija, jer se deficit financira i zaduživanjem kod banaka, međunarodnih organizacija itd. Dakle, iznos duga ukupno je stanje izdanih obveznica, a promjena duga u razdoblju jedne godine (gleda se zapravo od kraja jedne do kraja iduće godine) zapravo je zbroj izdataka za kamate na javni dug i ostvarenoga primarnog deficita u tekućoj godini.
bt), primary deficit ( ¯
bt), primarni deficit ( ¯
p) and real interest rate
p) i realna kamatna sto
represents the nominal GDP growth rate, gt is
nominalna stopa rasta BDP-a, gt
the real GDP growth rate, it is the interest rate on outstanding public debt in year t and dt - 1 is the public debtto-GDP ratio at the end of year t - 1.
realna stopa rasta BDP-a, it kamatna stopa na nedospjeli iznos javnog duga u godini t i dt - 1 udio javnog duga u BDP-u na kraju godine t - 1.
It is necessary to emphasize that the afore-mentioned analytical measures are established on a net debt concept, while all the calculations are based on total (gross) debt amounts.
Potrebno je naglasiti da su navedene analitičke mjere zasnovane na konceptu neto duga, dok se u svim izračunima upotrebljavaju iznosi ukupnog (bruto) duga.
calculated and that their interpretation is clear.
lako i brzo izračunati i njihova je interpretacija jasna.
The main disadvantage of such an analysis is that it is too static and backward-looking, i.e. the above mentioned indicators point to a deficit, primary deficit and real interest rate needed to stabilize the debt at the last year's level, with macroeconomic and fiscal variables from the current year (Mihaljek, 2003).
Glavni nedostatak takve analize jest da je previše statička i da “gleda unatrag”, odnosno navedeni pokazatelji upućuju na iznose ukupnoga i primarnog deficita te na realne kamatne stope potrebne da se javni dug stabilizira na razini iz prethodne godine, uz vrijednosti makroekonomskih i fiskalnih varijabli iz tekuće godine (Mihaljek, 2003).
Figures 5 and 6 show the realised deficit and primary deficit, and the deficit and primary deficit needed to stabilize public debt at a previous year's level in the period from 2002 to 2009.
Grafikoni 5. i 6. vizualno prikazuju deficit i primarni deficit te potreban deficit i primarni deficit za stabiliziranje javnog duga na razinama s kraja prethodne godine u razdoblju od 2002. do 2009. godine.
Calculated data for 2008 exclude the Croatian Motorways (HAC) from the general government, which implied a decrease in all the indicators except the nominal GDP growth rate.
Izračunani podaci za 2008. isključuju HAC iz obuhvata opće države, što se odrazilo na smanjenje svih pokazatelja, osim na rast nominalnog BDP-a.
A minor inconsistency in the calculation occurs only when calculating the average nominal interest rate on public debt for 2008, because we divide expenses for interest payments in 2008 (excluding HAC) by outstanding debt at the end of 2007 (including HAC).
Mala nekonzistencija proizlazi iz izračuna prosječne nominalne kamatne stope na javni dug za 2008. jer su tada izdaci za kamate iz 2008. (bez HAC-a) uspoređeni s nedospjelim iznosom javnog duga s kraja 2007. (s uključenim HAC-om).
On the other hand, the realised deficit (and primary deficit) in these years was higher than needed to stabilize public debt.
Usto, u tim je godinama ostvaren i viši deficit (i primarni deficit) od potrebnoga za stabiliziranje javnog duga.
deficit/surplus needed to stabilize the debt
deﬁ cit/suﬁ cit potreban za stabiliziranje duga
Source: Author's calculation based on Table A2 in the Appendix.
Izvor: autorov izračun na temelju podataka iz tablice A2.
In other words, the needed fiscal effort amounted to 4% of GDP.
Drugim riječima, potrebni je fiskalni napor iznosio 4% BDP-a.
Figure 7 shows the realised real interest rate and real interest rate needed to stabilize the debt at a previous year's level in the period 2002-2009.
Grafikon 7. prikazuje ostvarenu vrijednost realne kamatne stope i realnu kamatnu stopu potrebnu da bi se dug u razdoblju od 2002. do 2009. godine stabilizirao na razini prethodne godine.
As in the case of deficit and primary deficit, in 2003 and 2004, the realised real interest rate was also below the real interest rate needed to stabilize public debt.
Jednako kao deficit i primarni deficit, i realna je kamatna stopa u 2003. i 2004. bila viša od potrebne da bi se dug stabilizirao.
The aim of this analysis is to compare the fiscal outturns for Croatia with those in for other countries in the period from 2007 to 2009.
Cilj je analize usporediti ostvarene fiskalne rezultate u Hrvatskoj s rezultatima drugih zemalja u razdoblju 2007-2009.
At first sight, Croatia seems to be in an enviable position regarding the debt level compared to the EU Member States.
Ukupan udio javnog duga u BDP-u Hrvatske dvostruko je niži od prosjeka zemalja članica EU, odnosno zemalja eurozone.
For that reason, a too high debt-to-GDP ratio in, for example, Germany, Italy or Belgium is not as worrying as its even two times lower level in Croatia.
No u obzir treba uzeti i razvijenost promatranoga gospodarstva pa zbog toga previsok udio javnog duga u BDP-u u, primjerice, Njemačkoj, Italiji ili Belgiji ne zabrinjava kao što zabrinjava dvostruko manji udio u Hrvatskoj.
Emerging markets have much smaller chances to borrow on international financial markets, and, due to their generally lowest credit ratings, their terms of borrowing are far less favourable than those offered to developed countries.
Naime, tržišta u nastajanju općenito imaju mnogo manje mogućnosti zaduživanja na međunarodnim financijskim tržištima, ali je i zbog općenito nižega kreditnog rejtinga to zaduživanje znatno nepovoljnije nego za razvijene zemlje.
This can potentially cause huge problems, since the budget deficit in Croatia is mainly financed with new borrowings.
To potencijalno može stvoriti velike probleme jer se deficit u Hrvatskoj uglavnom servisira novim zaduživanjima.
Besides that, the burden of debt that will be left to future generations is also an important issue when considering the optimal public debt level.
Osim toga, teret duga koji će ostati budućim generacijama također se nameće kao važno pitanje u razmatranju optimalne visine javnog duga.
Croatian citizens whose standards of living, according to Eurostat data (2010a), are 40% lower on average than the average for EU-27 countries, and they could hardly sustain a new potential attack on the standards of living.
Hrvatski građani, koji prema podacima Eurostata (2010a) u prosjeku imaju gotovo 40% niži standard nego prosječan građanin EU-27, teže se mogu nositi s potencijalnim novim udarom na standard.
3 The euro area is constituted of the EU Member States that adopted the euro as their official currency.
3 Eurozonu čine zemlje članice EU koje su prihvatile euro kao vlastitu valutu.
This analysis observes the average of 16 euro area members at the end of 2009: Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxemburg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain.
Ovdje se uzima u obzir prosjek 16 članica koje su 2009. bile u eurozoni: Austrija, Belgija, Cipar, Finska, Francuska, Njemačka, Grčka, Irska, Italija, Luksemburg, Malta, Nizozemska, Portugal, Slovačka, Slovenija i Španjolska.
Above mentioned are just some of the reasons why even the public debt-to-GDP ratio of 35% is too high for Croatia.
Navedeni su samo neki razlozi koji pokazuju da je čak i ova razina javnog duga od 35% za Hrvatsku previsoka.
In 2008, transition countries like Estonia, Latvia or Lithuania, which were similar to Croatia according to the standards, had far lower public debt-to-GDP ratios.
U 2008. tranzicijske zemlje poput Estonije, Latvije ili Litve, koje su standardom slične Hrvatskoj, imale su daleko niže udjele javnog duga u BDP-u od hrvatskoga.
However, in 2009 the Latvian and Lithuanian public debts increased sharply and almost equalled the Croatian public debt.
Međutim, u 2009. javni su dugovi Latvije i Litve zabilježili velike poraste te se gotovo izjednačili s hrvatskim.
According to that indicator, Croatia could pay out the whole amount of its public debt in only one year if there were no expenditures.
Prema tom pokazatelju Hrvatska bi u jednoj godini, kad ne bi imala nikakve rashode, mogla otplatiti sav javni dug.
However, an increase in public debt paralleled with a decrease in budget revenue could seriously threaten the stability of public finance in the future.
Ipak, istodobni rast javnog duga i pad prihoda u kriznim vremenima opasno bi mogli ugroziti stabilnost javnih financija u budućnosti.
The Croatian fiscal position constantly improved over the period 2004-2008, along with a decline in the public debt-to-GDP ratio.
Fiskalna pozicija Hrvatske u razdoblju 2004-2008. neprestano se poboljšavala smanjivanjem udjela javnog duga u BDP-u.
This was mainly due to the fiscal consolidation process, because of the primary budget surpluses realised over the period 2006-2008.
Razlog tomu je proces fiskalne konsolidacije zbog kojega je od 2006. do 2008. došlo i do ostvarivanja primarnih proračunskih suficita.
This period was also marked by high economic growth which finally led to a decrease in the public debt-to-GDP ratio.
U tom je razdoblju ostvaren i visok gospodarski rast, što je u konačnici pridonijelo smanjenju udjela javnog duga u BDP-u.
Moreover, cuts in public expenditure may reduce the deficit and, gradually, public debt.
Smanjivanjem rashoda moglo bi se ostvariti i još veće smanjenje deficita, a time postupno i javnog duga.
Compared with the EU-27 average, Croatia seems to be in a relatively favourable position.
U odnosu prema prosjeku zemalja EU-27, čini se da je Hrvatska u relativno povoljnoj situaciji.
Moreover, public debt at the end of 2009 was two times lower than the EU-27 average.
Dapače, javni dug na kraju 2009. upola je manji od prosjeka EU-27.
However, this conclusion must be taken with caution, because Croatia is much less developed than the EU-27 average, which is confirmed by the GDP per capita in Purchasing Power Standards.
No pri donošenju takvih zaključaka valja biti oprezan jer je Hrvatska još daleko nerazvijenija od prosjeka EU-27, što nam potvrđuje iznos BDP-a po stanovniku, mjeren standardom kupovne moći.
Therefore, a more reasonable approach to the issuance of financial guarantees should be followed in the future, because the activation of the existing ones may seriously disturb public finance, but also drastically increase public debt.
Stoga bi svakako trebalo voditi brigu i o razumnijem izdavanju državnih financijskih jamstava jer bi aktiviranje dijela postojećih jamstava ozbiljno poljuljalo državne financije, ali i utjecalo na drastično povećanje javnog duga.
A major threat to the public debt growth is the currency structure of the debt.
Velika je prijetnja porastu javnog duga i valutna struktura duga.
Source: Eurostat (2010c); author's calculation.
Izvor: Eurostat (2010c); autorov izračun
General government debt stock at end-period in million HRK 1.
Dug opće države na kraju razdoblja (u mil. kn) 1.
General government domestic debt 1.1 Central government domestic debt 1.2 Domestic debt of extra-budgetary users 1.3 Local government domestic debt 2.
Unutarnji dug opće države 1.1. unutarnji dug središnje države 1.2. unutarnji dug izvanproračunskih fondova 1.3. unutarnji dug lokalne države 2.
General government foreign debt 2.1 Central government foreign debt 2.2 Foreign debt of extra-budgetary users 2.3 Local government foreign debt 3.
Inozemni dug opće države 2.1. inozemni dug središnje države 2.2. inozemni dug izvanproračunskih fondova 2.3. inozemni dug lokalne države 3.
Source: Ministry of Finance (2006a; 2006b; 2007; 2008; 2009; 2010); CBS (2009); author's calculation.
Izvor: Ministarstvo financija (2006a; 2006b; 2007; 2008; 2009; 2010); Državni zavod za statistiku (2009); autorov izračun
Total public debt (% of GDP)
Ukupni javni dug (% BDP-a)
Nominal annual GDP growth (%)
Rast nominalnog BDP-a (% u god.)
Real annual GDP growth (%)
Rast realnog BDP-a (% u god.)
GDP deflator annual growth (%)
Rast BDP deflatora (% u god.)
Expenses for interest payments (% of GDP)
Izdaci za kamate (% BDP-a)
Nominal interest rate (%)
Nominalna kamatna stopa (%)
Realised general government budget deficit (% of GDP)
Ostvareni deficit proračuna opće države (% BDP-a)
Deficit needed to stabilize the debt (% of GDP)
Deficit potreban za stabiliziranje javnog duga (% BDP-a)
Realised general government primary budget deficit (% of GDP)
Ostvareni primarni deficit proračuna opće države (% BDP-a)
Primary deficit needed to stabilize the debt (% of GDP)
Primarni deficit potreban za stabiliziranje javnog duga (% BDP-a)
Needed fiscal effort (% of GDP)
Potreban fiskalni napor (% BDP-a)
Realised real interest rate (%)
Ostvarena realna kamatna stopa (%)
Real interest rate needed to stabilize the debt (%)
Realna kamatna stopa potrebna za stabiliziranje javnog duga (%)
Difference between real interest rate needed to stabilize the debt and realised real interest rate
Razlika između realne kamatne stope potrebne za stabiliziranje javnog duga i ostvarene vrijednosti
Source: Ministry of Finance (2009; 2010); CBS (2009); author's calculation.
Izvor: Ministarstvo financija (2009; 2010); Državni zavod za statistiku (2009); autorov izračun
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Dostupno na: [http://epp.eurostat.ec.europa.eu/tgm/refreshTableAction.do?tab=t able&plugin=1&pcode=teina220&language=en].
Hiebert, P. and Rostagno, M., 2000.
Hiebert, P i Rostagno, M., 2000.
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PETRUŠIĆ | Government guarantees and financial liabilities...
PETRUŠIĆ | Državna jamstva i financijske obveze javnih trgovačkih...
Government guarantees and financial liabilities of state owned road transport companies in Croatia
Državna jamstva i financijske obveze javnih trgovačkih društava iz cestovnog prometa
ANTO BAJO Institute of Public Finance JELENA PETRUŠIĆ Faculty of Economics and Business Zagreb
ANTO BAJO, Institut za javne financije JELENA PETRUŠIĆ, Ekonomski fakultet Zagreb
Reclassification of these companies' debts into direct general government debt resulted in a growth of that debt.
Analiza jamstava korisna je zbog dobivanja cjelovitijih informacija o visini duga, uvjetima zaduživanja te dospijećima obveza poduzeća iz cestovnog prometa.
complete information about the amount of debt, the borrowing conditions and maturities of the road transport
Hrvatske ceste d.o.o. je javno poduzeće za upravljanje, građenje, rekonstrukciju i održavanje državnih cesta.
Croatian Roads Ltd. is a state-owned company for the management, construction, reconstruction and maintenance of state roads.
Hrvatske uprave za ceste, čime nastaju Hrvatske autoceste i Hrvatske ceste, a jedini osnivač je RH.
In line with this decision two companies were formed - Croatian Motorways and Croatian Roads with the only founder being the Republic of Croatia.
HAC i HC financijske izvještaje sastavljaju prema međunarodnim računovodstvenim standardima i prema Zakonu o cestama.
2 The resulting difference between own income and expenditure incurred in the current fiscal year, is made up at the expense of public capital.
2 Društva koja u bilanci imaju javno dobro, primjenjuju kapitalni pristup pri evidenciji pojedinih poslovnih događaja.
The economic purpose of the company is the financing, construction, management and maintenance of the RijekaZagreb motorway and its road and ancillary facilities on the land of the road in the exercise of rights granted by the Concession Agreement.
Prema tom pristupu, ukoliko vlastiti prihodi nisu dostatni za pokriće ukupnih rashoda, razlika se pokriva iz javnog kapitala kao i dio troška amortizacije koji se ne može pokriti vlastitim prihodima, te financijski rashodi.
At the same time ARZ and HAC remained owned by the state.
Restrukturiranje i monetizacija duga HAC-a i ARZ-a.
This also applies to the part of depreciation which can not be covered with own revenue, and financial expenditures.
Dio jamstava je istekao, odnosno dio kreditnih obveza poduzeća su otplatila.
Overview of government guarantees approved to the road transport sector (in billion HRK) and share of guarantees to the road transport sector in total government guarantees and total transport (in %) from 2001 until 2014
Pregled odobrenih državnih jamstava u sektoru prometa (u mlrd. kuna), te udio cestovnog prometa u ukupnim i jamstvima sektoru prometa (u %) od 2001. do 2014.
Total guarantees approved in billion
Ukupno odobrena jamstva u mlrd.
Guarantees approved to the transport sector in billion
Odobrena jamstva sektoru prometa u mlrd.
Share of road transport in total transport in %
Jamstva cestovnom prometu u % jamstava sektoru prometa