Transformation of the finance sector in Croatia


Type Research Project

Duration July 1, 1999 - March 31, 2000

  • Insurance Studies AE (Former organization)

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  • Theil, Michael (Details) Project Head
 

Abstract (German)

Der Finanzdienstleistungssektor spielt in Transformationsländern eine gewichtige Rolle. Die Entwicklung in Kroatien war durch die Balkankrieg der 90er erheblich gehemmt. Erst in den letzten Jahren sind die Rahmenbedingungen für eine Umstrukturierung verbessert worden. <br>Die Arbeit untersucht die ökonomischen, legistischen und institutionellen Rahmenbedingungen fuer den Finanzsektor und greift dabei auf Erfahrungen aus anderen Transformationsländern zurück. <br>In drei Untersuchungsebenen (Gesamtwirtschaft, Finanzsektor sowie Banken und Versicherungen) wird - aufbauend auf Erfahrungen aus anderen Transformationsländern geprüft, welche weitere Entwciklung in der näheren Zukunft zu erwarten ist.


Abstract (English)

By the end of the Eighties, countries of the former Eastern Bloc overthrew their gov-ernments and began to reconstruct their economies, promoting private initiative and foreign investment. By now, some of these former Communist countries, for instance Poland, The Czech Republic, Hungary and several more, are already enjoying candi-date status for membership in the European Union. <br>In Southeast Europe, however, this development did not go without major conflicts: In 1991, war broke out, first between Slovenia and Croatia, both struggling for inde-pendence, on the one side and Serbia, trying to preserve the state Yugoslavia, on the other. A number of additional military controversies followed. Therefore, Croatia's transition from planned to market economy has been substantially hampered and delayed. In the past few years, however, this country has developed to one of the most promising in the region. This development did also benefit from political changes in the course of the elections early this year. The finance sector, and in particular the banking and insurance industries are believed to be of utmost importance for economic development. Therefore, the paper is intended to give a description of the status quo of the private insurance industry in this country and to develop a framework to estimate the future economic progress. The importance of this work is seen mainly in the rising interest of foreign enterprises to enter the Croatian market - not only in the insurance and banking sectors. In addition, the paper may contribute to the assessment of the economic development and political reliability of this country, which is of paramount importance for the whole region. <br>We designed three stage of analysis: First, economic development is treated on a general level, where we examine the transition processes in countries with similar economic and political conditions. Which conclusions can be drawn for the case of Croatia?

Publications

Working/discussion paper, preprint

2000 Knezevic, Marijana, Pranjic, Monika, Theil, Michael. 2000. Kroatien im Transformationsprozeß von der Plan- zur Marktwirtschaft unter besonderer Berücksichtigung des Finanzsektors. WU Wien (Details)

Classification

  • 5307 Business and management economics (Details)
  • 5942 European integration (Details)

Expertise

  • financial services
  • bank
  • insurance
  • Croatia
  • reform countries