The estimate of regional balances of payments in Croatia
PETAR FILIPIĆ, PhD*
Article** JEL: R10, E31, E42 doi: 10.3326/fintp.40.1.3
* The author is grateful to two anonymous reviewers, as well as his colleagues Nenad Starc and Dražen Koska, for their useful comments and suggestions. ** Received: October 12, 2015 Accepted: December 13, 2015
Petar FILIPIĆ University of Split, Faculty of Economics, Cvite Fiskovića 5, 21000 Split, Croatia e-mail: [email protected] - - At that moment the tone 1 Ional anD ReGIonal econoMIes econoMIes anD ReGIonal Ional IntRoDUctIon, oR, nat anD econoMIc PolIcIes For more on this see Filipić (2006). of voice becomes sharper, the province is less developed than the national aver age. And then, an octave higher still, the provinces are isolated in every sense with sense every in isolated are provinces the still, higher octave an then, And age. is ad- into the discussion After that an argument all the consequences entailed. envi- high a by characterised is region the that criticism, brook not will that duced from away investors of interest the moves sometimes which sensitivity, ronmental these At areas. the end, to the sound of fist on table, everything is top-down, in- stead of allowing something in the management approach that is bottom-up. as imagined is divisions, and dissents internal the of irrespective region, the Then state, with an open econ- like a little is in many elements that entity an economic on which exogenous factors have a strong omy, and yet not a crucial impact. It is with dealt often have theory trade international and theory regional that interesting 1 When in Croatia in discussions of given economic problems, the terms metropolis terms the problems, economic given of discussions in Croatia in When and province are used as indicators of geography and development, only a little province the in those that saying produced be to arguments for necessary is charge economy. own their managed they if better it find would abstract Neither the region, as part of the state, nor regional development has occupied the centre of attention in the theory of international trade. wantThere the are including several practical, reasons, entirely as well as methodological, and theoretical both - Croa of construction the for necessary those particularly statistics, adequate any of several objectives to thisare there balances of Accordingly, payments. tian regional is made to the limitations of the run- in which reference After the introduction work. which the content economic policies, comes a chapter in ning of individual regional the to ideal the from way the On defined. is payments of balance regional ideal an of objective content of balances regional of payments, that is, one thereflecting avail- set statistics suitable and solved be to had problems methodological many data, able up. In the sequel, the analysis of the balances of payments a reveals whole scale of quan- the Although currency. foreign of terms in positive or negative are that regions tities of the individual balances and items in interesting are themselves, it is impor tant to understand that to exposures the monetary regional different policy possibly require a selective approach from economic policy. At the end, making use of the regional balances of payments, the influence of the depreciation of the kuna on the domestic gross of product the is regions analysed. It is established that in some hy- paribus ceteris treated were transactions currency foreign if depreciation, pothetical losses, and gains important be would there aggregates, economic other to relation in inequality in Croatia. developmental which would lead to ever greater disparities, developmental rate, exchange payment, of balance region, Keywords: Croatia 1
financial theory and petar filipić: practice the estimate of regional balances of payments in croatia
86 40 (1) 85-128 (2016) financial theory and petar filipić: practice the estimate of regional balances of payments in croatia
87 40 (1) 85-128 (2016) - et al., 2008). the economy of the region is more closely connected with of the economies economies national different economy than the national other regions within are with each other, policy. measures of economic – some of the regions are more less isolated from information, – some of the regions by high environmental sensitivity, – some of the regions are characterised (Barca et al., 2012), and also urban structures – they have different Abreu 1990; Davies, and (Alderman innovation of patterns various have they – – the regions are at different stages of development, are at different – the regions are more open than the national economy, – regional economies – a poorer economic structure – makes a regional economy sensitive to varied What is particularly important is that there are constraints on the economic policy own economic to deal with their measures that the region had in their armoury problems (Filipić, 2000). This refers to all economic policies, most important, fiscal particularly and Rules monetary. of the the common national fiscal policy Although we have seen various kinds and strengths of apply at the regional level. fiscal decentralisation, the most productive budgetary revenues are always in the The region is part of the area of the com- hands of the central (economic) policy. bank, which central by the is controlled supply money in which the mon currency and instruments seek to it for possible it is policy monetary in even not that means measures to govern its own development (Filipić, 2001). this However, does not mean that these themes should be removed from the purview of research. ated asymmetrical effects that in the situation of reduced public spending hit the of reduced public situation that in the effects ated asymmetrical more weakly developed regions dependent on public transfers and internal de- mand more and strongly, the rise of interest rates is reflected on the reduction of in industrial regions. investment, which is particularly visible The recent global economic crisis made the discussion about the specific features of European regional economies very aspects topical. Two are in the centre of at- of the monetary union who by acces- tention (Camagni, 2015). In member states to the status of region, the impossibilitysion to the union were reduced, as it were, of a devaluation of the currency in the event of a more strongly the social differences creased the exposure to the crisis and deepened negative balance of trade in- in the more weakly developed regions. In addition, the policy of austerity gener In addition, regional specificities necessitate different forms of regional develop- for: ment policy, If this framework is theoretical adjusted to of the special requirements the Croa- tian economic scene, but not only the Croatian (Filipić and Grčić, 2002; Capello can be observed: 2009) the following and Nijkamp, the similarities and differences of the national economy and a smaller and more or and more a smaller and economy of the national and differences the similarities region. of it, the part less isolated - tHe balance of PaYMents anD ReGIonal PossIbIlItIes anD ReGIonal PaYMents tHe balance of anD IMPossIbIlItIes Every textbook on international economics or macroeconomics on its numerous pages will list everything about the concept and the structure of the balance of that are published in this balance, and payments, the techniques of the accounts will devote most of its space to the policy of balancing the balance of payments (for example, Babić and Babić, 2008). In the many methodological documents Annual by the CNB, banks (for Croatian that are usually published by the central of listings and sheet balance the of position every of definitions are there Reports) the residents who are bound to give the building elements of the balance of pay- ments to the central bank and the statistics office are provided. In line with the and with the conviction that all levels lower than universally the accepted theory, books these all in ever, never, policy, macroeconomic for unimportant are national of payments of documents are there mentions of the balance and implementation balances of pay- regional articles units. In truth, in academic the smaller territorial understood to in three of their aspects: (a) when regions are ments are mentioned, groupings; (b) in or geographical political mean states that belong to economic, areas, and (c) when it currency about the theory of optimal the context of debates un- actually are payments of balances regional of discussions that proved being is to the re- Ramos, 2006) and the discussion is directed necessary (for example, gional balances of current transactions (Ramos, 2007). - rela of regulation the is policy economic of segment topical very and important An inter are directly policy and price trade policy Foreign countries. with foreign tions with multiplier, a via then, and policies, exchange foreign and monetary with woven other policies, so as ultimately to produce the most favourable result of trade entered in the balance annual statement is All of this in the for tional economy. the na- of the state, which represents a systematic representation of the value of the - eco period. countries in a given residents with foreign of (Croatian) nomic transactions and this is the balances of payments are not constructed, In most countries, regional imports and exports of well. Since 2012, data concerning the case with Croatia as - man orderly an in happened had this although reported, been not have counties the And the currentner situationfor willfifty certainly years continue, previously. for by the instead of addressing the regions, prompted theory, contemporary monetary monetary issues in the Taclas,euro area, has reaffirmed and improved (Dellas and areas (Mun- theory of optimal currency the almost forgotten 2009; Cesarano, 2006) dell, 1963). Nevertheless, even alongside these important theories, some entirely the following, con- will continue to look for answers. Like mundane questions article: to what extent does a change inverted into the case study at the end of this Croatia? in disparities developmental regional affect kuna the for rate exchange the An attempt will be made to arrive at answers to these questions with the help of regions and countries constructed of the Croatian the regional balances of payments for the purpose of this analysis. 2
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89 40 (1) 85-128 (2016) Looked at in terms of the narrower balances that make up the balance of payment that make up the balance Looked at in terms of the narrower balances (table 1), the balance of current transactions (save for government transfers) is in its is content the only same for The the difference national and the regional level. service goods, the in conducted are that transactions All scope. geographical the in and transfer segment in a foreign currency or in kuna equivalent are listed here. accounts and the corporate from the regional this makes up a difference Naturally, transactions are treated as trade of a region with “abroad”. kuna inter-regional It is the general government sector at all of its levels that makes the fundamental balances of payments (sectorisa- between the national and the regional difference Accounts, ESA, EC, and Regional tion according to European System of National regional balances of payments that will be2013). It does not exist in the Croatian It is possible, according to some key (for example the structure of presented below. or GDP tax revenues) to divide state transfers and government loans into regions/ of payments would to a great extentcounties, but in this case the regional balances (because of the large aggregates of government sources and the use of the funds) lose their specificities. All other residents from the national balance of payments are also there in the regional: (1) non-financial corporations, (2) financial corpo- (3) households, and (4) foreign countries.rates (excluding monetary institutions), Once a year, Once a each Croatian they exporters year, year, re- meet (Brnić, 2015). Tirelessly, of course, rate. Upwards, of the kuna exchange demand for a correction peat their and here one has for, to agree with them, export is supposed to exert a positive ef- on of this requested depreciation But the effects the economy. fect on the whole of nor is there any word in economic life are not mentioned, the rest of the participants of importers, for example. Several times a each year, debtors year, with loans de- clause get together currency or in kuna with a currency nominated in a foreign has it if or altered, be to not rate exchange the want logically, who, 2015) (Gatarić, to be, then to a lower level, the level of a few years back. Nor does this interest the others; any mention in its exchange rate calculations to group pay any attention for the topic ofdeposits is for them anathema. It is important of foreign currency this article, that both of them, and all others, live and make a living in a very con- share the destinies of in the counties, and in many ways crete space, in the regions, a change in the exchange rate of the domes- Will their own economic surrounding. tic currency improve or damage the economic situation in the region or county? a Will positive different of regional foreign currency inflows and outflows lead to find To unemployed? of number small a and region the of capita per income great a outside the scope of ultimately, from analyses that out, it is necessary to start off and an appropriate of economic policy, this work, can result in adequate measures balances of payments.analytical apparatus consists of the regional So the theme of regional balances of payments is not at all on the agenda, either either on the agenda, at all is not payments of balances of regional theme So the - in draw the interest whence arises: questions The logical practice. or of of theory of payments? regional balances ing up Croatian
3.7. Income from portfolio investment 3.7. Income from portfolio investment 3.7. Income from portfolio investment 3.7. Income from portfolio investment portfolio from Income 3.7. investment portfolio from Income 3.7. investment portfolio from Income 3.7. investment portfolio from Income 3.7.
economy economy
3.6. Income from FDI abroad FDI from Income 3.6. 3.6. Income from FDI abroad FDI from Income 3.6.
3.6. Income from FDI in the domestic domestic the in FDI from Income 3.6. 3.6. Income from FDI in the domestic domestic the in FDI from Income 3.6.
3.5. Compensations to employees 3.5. Compensations to employees 3.5. Compensations to employees 3.5. Compensations to employees to Compensations 3.5. employees to Compensations 3.5. employees to Compensations 3.5. employees to Compensations 3.5.
Balance of current transfers current of Balance Balance of current transfers current of Balance
3.4. Government transfers abroad 3.4. Government transfer revenues transfer Government 3.4. abroad transfers Government 3.4.
foreigners (interest and dividends) and (interest foreigners abroad (interest and dividends) and (interest abroad foreigners (interest and dividends) and (interest foreigners abroad (interest and dividends) and (interest abroad
3.3. Other private transfers to to transfers private Other 3.3. 3.3. Other private transfers from from transfers private Other 3.3. 3.3. Other private transfers to to transfers private Other 3.3. 3.3. Other private transfers from from transfers private Other 3.3.
from abroad from from abroad from
3.2. Pensions paid to foreigners to paid Pensions 3.2. 3.2. Pensions paid to foreigners to paid Pensions 3.2.
3.2. Pensions of domestic residents residents domestic of Pensions 3.2. 3.2. Pensions of domestic residents residents domestic of Pensions 3.2.
employed inland employed from abroad from employed inland employed from abroad from
3.1. Remittances of foreign workers workers foreign of Remittances 3.1. 3.1. Remittances of domestic workers workers domestic of Remittances 3.1. 3.1. Remittances of foreign workers workers foreign of Remittances 3.1. 3.1. Remittances of domestic workers workers domestic of Remittances 3.1.
3. Transfers from abroad from Transfers 3. abroad Transfers 3. abroad from Transfers 3. abroad Transfers 3.
b. Income and current transfers current and Income b. b. Income and current transfers current and Income b.
Balance of goods and services and goods of Balance Balance of goods and services and goods of Balance
Services balance Services Services balance Services
2.2. Other services from abroad 2.2. Other services sold abroad 2.2. Other services from abroad 2.2. Other services sold abroad sold services Other 2.2. abroad from services Other 2.2. abroad sold services Other 2.2. abroad from services Other 2.2.
2.1. Tourist spending abroad spending Tourist 2.1. 2.1. Spending of foreign tourists inland tourists foreign of Spending 2.1. 2.1. Tourist spending abroad spending Tourist 2.1. 2.1. Spending of foreign tourists inland tourists foreign of Spending 2.1.
2. Services imports Services 2. 2. Services exports Services 2. 2. Services imports Services 2. 2. Services exports Services 2.
Goods balance Goods Goods balance Goods
1. Goods imports Goods 1. 1. Goods exports Goods 1. 1. Goods imports Goods 1. 1. Goods exports Goods 1.
a. Goods and services and Goods a. a. Goods and services and Goods a.
Debit Credit Debit Credit
current account current current account current
national level – croatia – level national Regional or county level county or Regional
Content of the balance of payments of balance the of Content
1 1 T able
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Source: for the national level, CBS; regional level, author. level, regional CBS; level, national the for Source:
Foreign currency inflow currency Foreign outflow currency Foreign Liabilities Assets
Reserves account Reserves Balance of foreign currency inflows and outflows and inflows currency foreign of Balance
10. Government loans made abroad 10. Government borrowing abroad borrowing Government 10. abroad made loans Government 10.
monetary instruments monetary instruments to foreigners to instruments monetary instruments instruments monetary instruments to foreigners to instruments
9. Private purchases of foreign foreign of purchases Private 9. 9. Private sale of monetary monetary of sale Private 9. 9. Private purchases of foreign foreign of purchases Private 9. 9. Private sale of monetary monetary of sale Private 9.
8.2. Household 8.2.
8.1. Non-financial corporates 7.2. Household 7.2. corporates Non-financial 8.1.
in domestic banks domestic in
8. Private deposits in foreign banks foreign in deposits Private 8. 8. Foreign currency deposits in banks in deposits currency Foreign 8. 7.1. Non-financial corporates Non-financial 7.1.
8. Private deposits of foreigners foreigners of deposits Private 8.
to foreigners to from foreigners from institutions
7. Private commercial loans made made loans commercial Private 7. 7. Private commercial loans received received loans commercial Private 7. 7. Foreign currency loans of credit credit of loans currency Foreign 7.
D. short-term capital short-term D. D. short-term capital short-term D.
6. Government loans made abroad 6. Government borrowing abroad borrowing Government 6. abroad made loans Government 6.
abroad investments in the country the in investments abroad investments in the region the in investments
5. Private investments in securities securities in investments Private 5. 5. Private foreign portfolio portfolio foreign Private 5. 5. Private investments in securities securities in investments Private 5. 5. Private foreign portfolio portfolio foreign Private 5.
4. FDI abroad FDI 4. 4. FDI from foreign countries 4. FDI abroad FDI 4. countries foreign from FDI 4. 4. FDI from foreign countries foreign from FDI 4.
c. long-term capital long-term c. c. long-term capital long-term c.
Assets Liabilities Assets Liabilities
Capital and financial account financial and Capital Capital and financial account financial and Capital
Balance of income of Balance Balance of income of Balance
3.8. Income from other investments 3.8. Income from other investments 3.8. Income from other investments 3.8. Income from other investments other from Income 3.8. investments other from Income 3.8. investments other from Income 3.8. investments other from Income 3.8.
national level – croatia – level national Regional or county level county or Regional PER ASPERA AD (ReGIonal) ASTRA , oR PER ASPERA soURces of Data soURces of There are three kinds of sources of data for the compilation of the national balance for the compilation There are three kinds of sources of data Statis- of Bureau Croatian the institutions: government of reports (1) payments: of Insurance (CIRI); (2) specialised tics (CBS), the Croatian Institute for Retirement reports of the CNB about aggregated payment transactions with foreign countries, re- debtor relations with foreign countries, monetary statistics and international prin- In CNB. the by conducted reports statistical and assessments (3) and serves; ciple, the goods balance is made by the CBS, the balance of transfers in the part relating to pensions is the task of CIRI, and the rest, the balance of services, not including tourism, and items in the balance of capital and financial transactions, pursuant to reports by residents, is aggregated by the CNB. This “in principle” or estimated means that within all the balances there are items that are either adopted from foreign sources. Everything Everything stated about the balance of current transactions transactions, financial and capital also of balances the in sub-balance capital applies long-term to the naturally apart from the item of government loans and borrowings. All real and portfolio investments to or from foreign countries, that have their origin or desti- too. balance of payments in the regional region, can be recorded nation in a it takes unquestioningly accounts national the of criterion “domestic-foreign” The foreign the in abroad and domestic the in paid is inland everything that granted for In the regional currency. short-term balances of capital and financial transactions that are presented here, this criterion is replaced by the “foreign currency-kuna” the only essential to which, apart from the county location, criterion, according - resi of transactions financial All transaction. the in involved currency the is thing clause are the foreign currency or in kuna with a currency dents in a region in content of this segment of the regional balances of capital and financial transac- sometimes also because of on want of way information, the tions. In this manner, from national to regional, items 7 and 8 are modified and transformed loans and deposits. gional foreign currency into re- level) government (general above stated reasons For account. reserves the Finally, it does not exist at the regional level. Instead of reserves, in the regional balance inflows and outflows is recorded. of payments, the balance of foreign currency As already stated, the balance of of the payments is a systematic representation values of economic transactions of residents with the rest of the world in a given require of payments, in the way arranged in this paper, balances period. Regional a new Theydefinition. are a systematic depiction of the value of economic trans- actions of regional residents that, irrespective of whether they are with foreign or in the out in a foreign currency, residents, are carried or with domestic countries in Conceived period. given a in clause, currency foreign a with currency domestic part, they can be considered foreign currency balances. in a considerable this way, 3
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- - - Accordingly, for analytical and economic reasons as economic and for analytical Accordingly, 2 Members of the EU do on the whole make up regional balances of the imports and exports of goods and ser Members of the EU do on the whole make up regional balances of the imports and exports of goods and , and Ger and ,
- 4 of the CNB have, making use of the addresses of use of the making CNB have, of the 3 Available at:
financial theory and petar filipić: practice the estimate of regional balances of payments in croatia
94 40 (1) 85-128 (2016) financial theory and petar filipić: practice the estimate of regional balances of payments in croatia
95 40 (1) 85-128 (2016) - - - - with the proviso that here too the statistics sector statistics the too here that proviso the with 5 6 Available at:
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97 40 (1) 85-128 (2016) - - 2,630.6 1,635.6 2,808.4 9,265.5 1,109.2 1,172.8 2,031.6 6,363.6 6,858.7 8,890.3 9,605.7 42,124.0 13,253.4 22,518.8 inland credit institutions Foreign currency inflow 7.2. Households 7.1. Non-financial corporates 7. Foreign currency loans of 7. Liabilities 2.2. Other services inland 2.1. Foreign tourist spending Foreign tourist spending 2.1. 2. Services exports 1. Goods exports Credit -63.5 4. FDI from abroad 177.8 2,291.0 1,510.2 1,016.5 6,541.4 2,526.7 current account current 39,493.5 18,592.2 20,883.2 16,147.1 C. Long-term capital D. Short-term capital A. Goods and services A. Goods and Capital and financial transactions Capital and financial consolidated counties balance of payments counties balance consolidated Balance of foreign currency inflows and outflows – all counties currency Balance of foreign 2 banks able Foreign currency inflow and outflow balance Foreign currency outflow Short-term capital balance Balance of capital and financial transactions 8.2.Households 8.1. Non-financial corporate 8. Foreign currency deposits in 8. Long-term capital balance 4. FDI abroad Services balance Goods and services balance Assets 2.2. Other services from abroad 2.2. Other services from 2.1. Tourist spending abroad Tourist 2.1. Goods balance 2. Services imports 1. Goods imports Debit Consolidated balance of payments of all the counties in 2012, in millions of euros of millions in 2012, in counties the all of payments of balance Consolidated What is not known distribution of is the territorial these balance of payments items and their balances. The data in table 3 distribute the figures in the last row of table 2 across the Croatian space. vices imports are smaller than exports, both in tourism and in other services; for eign investments are greater than Croatian investments abroad, foreign currency loans to the non-financial sector are four times the size of the foreign currency deposits of the same sector; foreign currency deposits of All of these relations are on the whole greater than their loans in foreign currency. households are 40% familiar from CBS statistics about the balance of payments of the country. Finally, the sub-balances. The imports of goods are greater than the exports. Ser the sub-balances. Finally, T - 40.7 -170.2 60.6 -133.3 21.6 -47.1 63.0 -54.7 94.8 -66.0 113.7 70.5 Regional balance 390.3 124.0 549.6 503.9 256.4 18.1 121.3 -5.9 752.8 181.1 139.5 -72.7 174.0 30.5 732.0 351.2 637.0 265.9 -283.5 -17.8 -453.0 -1,159.8 1,148.8 348.0 1,171.3 -18.2 1,064.3 132.7 1,840.2 1,512.2 3,078.5 1,675.4 1,001.1 920.9 1,917.0 378.2 4,995.5 2,053.7 2,630.6 2,630.6 -4,685.1 247.0 -3,536.3 595.1 -2,365.0 576.9 RfcbP* eRfcbP** 3 able zagreb or central croatian macroregion central croatian or zagreb Zagreb County Sisak-Moslavina County nUts 2, macroregion, county nUts 2, macroregion, Krapina-Zagora County Karlovac County Varaždin County Varaždin Koprivnica-Križevci County Bjelovar-Bilogora County Bjelovar-Bilogora Međimurje County total excl. zagreb total City of Zagreb zagreb macroregion total macroregion zagreb osijek or slavonian macroregion osijek or County Virovitica-Podravina Požega-Slavonia County Brod-Posavina County Osijek-Baranja County Vukovar-Srijem County Vukovar-Srijem osijek macroregion total osijek macroregion nUts 2 continental croatia Rijeka or Primorje-Gorski Kotar macroregion Primorje-Gorski Kotar Rijeka or Primorje-Gorski Kotar County Lika-Senj County Istria County Rijeka macroregion total Rijeka macroregion split or Dalmatia macroregion Dalmatia split or Zadar County Šibenik-Knin County Split-Dalmatia County Dubrovnik-Neretva County split macroregion total split macroregion nUts 2 adriatic croatia nUts 2 Rc total The balance of regional balances of foreign currency (RFCBP) and estimated balance estimated and (RFCBP) currency foreign of balances regional of balance The (ERFCBP) inflows and outflows in 2012, according to NUTS 2, macroregions and millions of euros counties in Table 3, Table like all the subsequent tables, contains two variants of the balance of the balance of foreign currency inflows and outflows of the more closely defined ter ritorial units. In the first, labelled (*), data per county are obtained on the basis of into services and/or goods exported or imported have that firms of classification the to city) in which they are registered according of the county (municipality, or out the registry of business marked entities. variant, second This The title. is its in E the no has usual balance the of approach variant this the in hence official statistics, bycounty per services and goods of imports the E) the (hence estimates (**), with T
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99 40 (1) 85-128 (2016) <=0 >0 1 raph The picture will be different and, it seems, more realistic if imports are divided according to GDP criteria. This criterion brings imports closer to their ultimate to the address of the import than records according purpose and is more accurate firm.To answer the question just how much more accurate, one would have to of destination ultimate the about Zagreb) from (mainly importers the of data have the goods imported. g In the official version (RFCBP*), all the counties, except for the Zagreb County, The currency. foreign to respect with positive are Split-Dalmatia and City Zagreb import of goods is the item that conditions this distribution of success. The very low coverage of goods imports by exports has brought the whole of the Zagreb In balance. negative a to Croatia, Continental 2 NUTS the even and macroregion, the Split-Dalmatia the County, negative balance of foreign currency inflows and very the by also but deficit import-export the by only not to contributed is outflows discrepancy of loans and deposits. large All sources, as well as the methodology of the alternative balances, and for the es in the appendix. units, are given along with the tabl definitions of the regional Apart from data for the twenty counties and Zagreb City, aggregates are regional Apart from for data counties and the twenty Zagreb City, two into divided is Croatia criteria, European with line In 3. table in produced also NUTS 2 regions, Continental Croatia and Adriatic Croatia (Regional Develop- OG ment 147/14) of and Croatia also Law, according to the division into regions (LZMK 2013-2015) into four macro-regions, Encyclopaedia from the Croatian Rijeka and Split. those of Zagreb, Osijek, dividing the total Croatian imports according to the country structure of GDP. Such GDP. of structure country the to according imports Croatian total the dividing a distribution can be justified by a direct import coefficient that is calculated by comparing import with Other GDP. sub-balances (tourism, long-term and short- regional balances of payments. versions of the are the same in both term capital) Regional balances of foreign currency inflows and outflows* per county in 2012 currency Regional balances of foreign - <=0 >0 2 raph County statistics that reveal foreign currency positives and negatives, in which ordinary very a suggest deficits, some and surpluses, capital or trading have some The answer to this bad to be in the red? question: is it good to be in the black and which balance, desirable (a) a theoretically question takes us to three situations: from a series of (mainly structural) reasons is never achieved, particularly at the opportuni- with correlated positively is openness greater the where level, regional encour surplus certain a to up which balance, positive a (b) development; for ties surroundings; the from criticisms invite not does and development economic ages and (c) a negative balance, which with every greater greater percentage balance invites of every payments problems. Although at first glance the selection is that we are now inside economic theory and practice, simple one should not forget in which the Although obvious the often positive deceives. is good and the nega- tive is bad, for a final estimate of success, the balance of payments of eachframework, in economic and regional in its national gional unit has to be located re- the context of the economic analysis, so that we can give a more accurate answer to the previous question. In essence, this is not the task of this work. But for isolation, re- in live and display statistical a just be to not payments of balances gional below. they are correlated with GDP Instead of the three counties, in this estimated version of regional balances of pay- of balances regional of version estimated this in counties, three the of Instead ments a negative balance is shown by ten of them, with the proviso that the City of Zagreb is no longer among them. It has delivered its negative balance to transformation this the of consequence The Slavonia. to East, the to and surroundings of imports is that both the NUTS 2 regions and the three macroregions, save for in the black. are foreign currency the Osijek, g Balance of regional balances of foreign currency inflows 2012 county, and outflows** per
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101 40 (1) 85-128 (2016) - per capita per tVcft **/ tVcft per capita per tVcft */ tVcft GDP 122.6 107.0 117.9 UoDt**/ GDP 111.2 113.6 95.5 205.7 172.9 99.6 93.8 75.8 71.4 87.9 90.7 53.1 54.8 113.5 128.2 91.0 102.7 63.7 74.1 49.7 57.8 65.5 77.3 48.0 56.5 116.3 128.1 93.1 102.6 98.5 100.2 79.4 80.7 58.6 70.8 52.0 62.8 63.1 76.0 41.8 50.3 88.3 92.2 72.5 75.7 81.7 86.1 62.0 65.2 100.8 91.7 63.3 116.9 76.5 106.4 37.8 45.7 68.9 82.5 40.3 48.2 75.7 85.1 42.8 48.1 68.9 81.5 54.0 63.8 59.6 70.4 34.5 40.7 67.7 79.5 44.4 52.2 94.8 89.5 96.6 91.2 86.9 77.2 99.8 97.2 110.7 57.4 127.2 72.2 138.5 145.3 170.9 179.2 106.1 117.0 128.4 141.6 168.1 173.2 126.9 130.8 103.3122.0 113.9 138.6 79.3 117.2 87.5 133.1 100.0 100.0 100.0 100.0 tVcft*/ 4 able nUts 2, macroregion, county nUts 2, macroregion, macroregion central croatian or zagreb Zagreb County Krapina-Zagora County Sisak-Moslavina County Karlovac County Varaždin County Varaždin Koprivnica-Križevci County Bjelovar-Bilogora County Bjelovar-Bilogora Međimurje County total excl. zagreb total City of Zagreb zagreb macroregion total macroregion zagreb slavonian macroregion osijek or County Virovitica-Podravina Požega-Slavonia County Brod-Posavina County Osijek-Baranja County Vukovar-Srijem County Vukovar-Srijem osijek macroregion total osijek macroregion nUts 2 – continental croatia Rijeka or Primorje-Gorski Kotar macroregion Primorje-Gorski Kotar Rijeka or Primorje-Gorski Kotar County Lika-Senj County Istria County Rijeka macroregion total Rijeka macroregion macroregion Dalmatia split or Zadar County Šibenik-Knin County Split-Dalmatia County Dubrovnik-Neretva County total split macroregion nUts 2 – adriatic croatia nUts 2 – Rc total Total volume transactions of currency (TVFCT) foreign per Total unit of GDP and per = 100 in 2012, Croatia and counties 2, macroregions to NUTS capita, according sion of given regional units in Croatian foreign currency transactions (at home and home (at transactions currency foreign Croatian in units regional given of sion abroad) is defined. In the indicator the total volume of foreign currency transac- It is usual to measure the inclusion of some economy in international change by It is usual to measure the inclusion of some economy in international the share of imports and/or exports of goods and services in This GDP. is how economies are ranked and compared. Because of the heterogeneous structure of exceptionally of payments, it includes the funds, and so it is only the balance compared with Since GDP. the regional balances of payments presented in this paper are very specific, the arguments were setout on the preceding pages, and since the natural need of researchers is to compare and rank, the indicator of inclu T - tions tions of regional units (TVFCT), those on the inflow and outflow side, is first of all compared with of the these GDP units, and then with the Croatian average. In is the result of the index that locates (and inclusion ranks) regional units around the Croatian average. The same procedure is repeated for placed the are that units regional second of populations the is indicator, it GDP of instead here although that indicator from an would come gains analytical Additional in the denominator. would analyse foreign currency inflows and but outflows this separately, investi some other analyst. be reserved for some other occasion or gative pleasure must the City economies. Or because two foreign currency perhaps three, One country, the all Varaždin, of exception honourable the With itself. to all story a is Zagreb of first the of terms in average Croatian the below are Croatia Continental in counties The volume of indicator. foreign currency transactions in terms of is GDP some- where between 58 and 85% of the Croatian average. In Adriatic Lika-Senj Croatia, County only shares the same fate. All the other counties, b average. are above the Croatian and even the Zagre Dalmatia per capita, save the Split- is The Osijek macroregion Per capita indicators increase the regional differences. just above half of the Croatian average, and the Zagreb (not City) hovers at two thirds of While this the average. Split macroregion according including Zagreb to this indicator has come down to the Croatian average, the Rijeka macroregion is a serious rival to the City of Zagreb. As already pointed out, all these differences do not have to mean that better to live and do business there, and that in Con- Adriatic Croatia is richer and that it’s tinental Croatia all of that is worse. What the numbers is do however, that show, counties to almost all instru- degree of exposure among the there is a different currency foreign inflation, rate, (exchange policy monetary of measures and ments to approach selective a require would This on). so and rates interest interventions, ironical an brings whole a as demand a such although policy, fiscal) (and monetary or sour smile to the face of someone in charge of In this favour policy. of such a demand, although unwillingly it is sometimes necessary to look for the heaviest in which and statutory regulation about regional equality constitutional artillery, there is an insistence of the link of local and regional developmental needs with measures of adoption the and level central the of development the of priorities the and regional self-government. for the even development of units of local
financial theory and petar filipić: practice the estimate of regional balances of payments in croatia 40 (1) 85-128 (2016) 102 financial theory and petar filipić: practice the estimate of regional balances of payments in croatia
103 40 (1) 85-128 (2016)
113 and deposits (-) deposits and
f.c. loans (+) (+) loans f.c.
rom (+) to (-) abroad (-) to (+) rom f
Direct investment investment Direct
ocals (-) ocals l (+) oreigners f
ourist activity ourist t
-31 -12 7 179
expenditures (-) expenditures
earnings (+) (+) earnings trade in services in trade
11
Imports (-) Imports
exports (+) (+) exports trade in goods in trade 2 -55 100 78 319 -21 600 5 -125 -0.15 -13 167 4 -2 33 -984 26 -147 -85 -1 1,199 33 -70 -1 -16 -8 1 38 49 -60 -0.06 -18 -8 1 80 97 55 -2 -29 -12 2 -64 25 -345 47 37 773 12 -126 73 -139 4 -22 -15 6 188 15 -269 -4 -48 2,123 55 -349 55 -133 4 -18 15 3 -36 -54 -232 1 -33 -17 -8 217 -23 -155 15 -13 -14 3 -46 -420 69 72 756 6 -148 -31 -200 1 -24 -12 23 79 -10 -1,281 126 -5 3,322 165 -525 -31 -887 131 56 1,032 106 -174 223 218 -2 -43 -19 44 303 205 -19 -228 -2,943 297 71 6,245 208 -1,527 -218 -1,662 171 76 2,923 43 -1,002 -200 -749 93 -158 -97 213 1,139 -864 -549 84 35 -35 128 4,049 -6,541 -6,541 521 521 5,842 1,173 1,636 -6,347 -2,614 198 597 -318 967 1,963 -6,147 -1,865 105 756 -220 753 824 -6,314 -3,598 224 450 -403 965 3,163 balance* balance** balance* balance** balance balance balance roatia c ontinental 5 ts 2 c able osijek macroregion total osijek macroregion Vukovar-Srijem County Vukovar-Srijem Brod-Posavina County Osijek-Baranja County 29 -466 10 -67 -38 1 751 Požega-Slavonia County osijek or slavonian macroregion osijek or County Virovitica-Podravina Rc total zagreb macroregion total macroregion zagreb nUts 2 adriatic croatia nUts 2 City of Zagreb split macroregion total split macroregion total excl. zagreb total Split-Dalmatia CountyDubrovnik-Neretva County -199 -841 -45 -110 1,075 46 -1,329 Međimurje County Šibenik-Knin County Bjelovar-Bilogora County Bjelovar-Bilogora split or Dalmatia macroregion Dalmatia split or Zadar County Koprivnica-Križevci County Rijeka macroregion total Rijeka macroregion Varaždin County Varaždin Istria County Karlovac County Lika-Senj County Sisak-Moslavina County Rijeka or Primorje-Gorski Kotar macroregion Primorje-Gorski Kotar Rijeka or Primorje-Gorski Kotar County Krapina-Zagora County 42 17 -8 -27 -8 2 863 nU zagreb or central croatian macroregion central croatian or zagreb Zagreb County nUts 2, macroregion, nUts 2, macroregion, county Balance Balance of sub-balances of regional balances of payments, of euros and counties in millions NUTS 2, macroregions 2012, in terms of A look at the balance of sub-balances in table 5 will expand the understanding and of sub-balances in table look at the balance A In the mosaic of of action. the need for and direction more precisely indicate a for elements sufficient are there balances currency foreign negative and positive absolute if the Particularly country. about each study to be written separate amounts of the individual items presented in the tables at the end of the paper are used as analytical material as well. T <=0 >0 <=0 >0 4 3 raph raph g In this place, merely a basic impression. a basic place, merely In this Something has been already said about goods trade and services trade with foreign countries from the perspective of consolidated regional balances. In this balance sheet, just as in the balance of services, a change of registration of import from the poten- the to services and goods of imports implemented has that firm the of address tial final purpose of the importhas spread the negative county without any currency balance of tourism has The foreign whole Croatian space. balances into the doubt divided Croatia into two parts. The households and corporate of continual currency terms fromon going abroad than they earn in foreign Croatia spend more counties two in only negative is investments foreign of balance The tourists. foreign the balance of foreign currencyloans And finally, Šibenik-Knin). (Vukovar-Srijem, and deposits. Non-financial corporate show a negative balance in all counties, and loans and deposits of and still more the total balance of the balance of households, economic Croatia. bipartite foreign currency and of a again tells both residents, once g Balance of goods exports* (+) and imports (-) per country, 2012 (-) per country, Balance of goods exports* (+) and imports Balance of imports* (+) and exports* (-) according per county, 2012 per county, according Balance of imports* (+) and exports* (-)
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105 40 (1) 85-128 (2016) <=0 >0 <=0 >0 <=0 >0 7 6 5 raph raph raph g g g Balance of foreign currency earnings (+) and expenditures (-) from tourism per 2012 county, Balance of earnings* (+) and expenditures** (-) per county, 2012 (-) per county, (+) and expenditures** Balance of earnings* Balance of earnings* (+) and expenditures (-) on services per county, 2012 per county, on services (-) and expenditures (+) of earnings* Balance <=0 >0 <=0 >0 <=0 >0 10 9 8 raph raph raph g g g Balance of foreign currency loans (+) and deposits (-) of households per county, 2012 county, per households of (-) deposits and (+) loans currency foreign of Balance Balance of foreign currency loans (+) and deposits (-) of non-financial corporates non-financial of (-) deposits and (+) loans currency foreign of Balance 2012 per county, Balance of direct investments to (-) and from (+) foreign countries, per county, 2012 county, per countries, foreign (+) from and (-) to investments direct of Balance
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107 40 (1) 85-128 (2016) - sK, <=0 >0 foReIGn cURRencY RI to of tHe KUna on tHe GDP of tHe ReGIons of GDP tHe on tHe KUna of 11 raph case stUDY: eXPosURe case stUDY: tHe eXcHanGe cHanGe In a effects of tHe oR, Rate The depreciation of the domestic currency will, immediately after the announce currency will, immediately of the domestic The depreciation In every macroeconomics textbook you can read that, with certain elasticity condi- factor we if happens What balance. trade foreign the improve will devaluation tions, the balance of payments? Elementary eco- into the analysis the other segments of nomic logic will tell us of the consequences of depreciation (or devaluation) of the (Babić, 2000). Let us go in order. domestic currency to every individual resident The purpose of making a regional balance of payments is to provide a data base for the economic analysis of the effects of the foreign currency activities of the region founded of on aggregates. Because meagre informa- macroeconomic the tion base of the regional level in Croatia, only a few variables can be correlated. How vigorously some economic variable will react to the change of Hav- some other elasticity. of coefficient the us shows interdependent is it which with variable about the foreign currency transactions of the re- ing at our disposal information elasticity to gions changes allows in us the to exchange calculate rate GDP of the national currency. 5 ment of the new exchange rates, increase the value of foreign claims and claims contracted with a foreign currency clause. Earnings related to foreign currency of On the other side, that are increased. markets outputs on foreign and domestic and foreign equipment of raw materials the costs for the procurement liabilities, will be increased by the amount of the exchange rate change, and the costs of in- terest payment on foreign currency loans and loans with a foreign currency clause in the are contained of this effect All the necessary data for the calculation as well. balances of payments of the regions displayed above. g Balance of foreign currency loans (+) and deposits (-) of non-financial corporates corporates non-financial of (-) deposits and (+) loans currency foreign of Balance 2012 per county, and households - - Households Households in Croatia have more assets than liabilities, which in the event of a - de this of assets the for effects positive in result will currency domestic the of preciation more circumstances were If the statistical with its liabilities. as compared sector, theincluded) not were pensions foreign and abroad from remittances (if favourable more marked. would be still resident in the calculation of this positive effect For depreciation. of matter the in involved powerfully is too sector financial The more expen- become would clause loans and loans with a currency eign currency increased be would instalments Repayment depreciation. the of amount the by sive deposit ac- owners of foreign currency At the same time, same amount. by the counts would send their hearty thanks to the Central to depreciate. signed the decision Bank governor who had calcula- the in and payments, of balances the in exist not does government General if only for Accordingly, by depreciation. sector is not effected tion that follows this foreign liabilities (par should be said that with this resident, heuristic reasons, it the by them increase will devaluation each preponderant, are debt) foreign ticularly the government has to sell kuna.same percentage because in every payment of the depreciation of a hypothetical of two calculations 6 shows the results Table This is the of payments conditions of 2012. balance to the regional kuna applied for the kuna being taken as 7.5172 for one euro, reason for the base exchange rate deprecation one-percent a table the of 3 and 2 columns In year. that in average the of the kuna is calculated, which has the significance of coefficient of elasticity of In columns 4 and rate of the domestic currency. on changes in the exchange GDP 5 come the results in the case of Although a the ten-percent last devaluation. two columns could have been omitted, a concession was made to the managers of ex- that about of depreciation demand again once year, every who, companies porting much. Here too, as in the previous calculations, the results are the of treatment different a shown by obtained payments of balances for regional of versions both allocation of the imports of goods and services. The result is, once again, the Half same of story. the country would win by a de- And not a random half of the counties, scattered here preciation, half would lose. Only economy. the and geography of terms in clearly very grouped but there, and to prove the principle that the exception Međimurje, confirmsthe only thecounty that rule,would have therea positive effect is however expressed a in with one only the Šibenik-Knin, and Croatia, Continental in GDP of percentage the Adriatic Croatia. in negative effect The extent to which (in the ERFCBP** version) a potential depreciation would the affect existing regional in differences development, if for a moment we leave out the City of Zagreb, is shown by the following figures. In the thirteen counties of depreciation losers, in 2012, about 49% of the population of Croatia produced about 35% On of the GDP. other hand are the seven winning counties, in which
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109 40 (1) 85-128 (2016) eRfcbP ** Kuna/euro Kuna/euro exchange rate 7.5172→8.2689 (>10%) Difference in % GDP Difference Kuna/euro Kuna/euro exchange rate 0.117 -0.101 1.174 -1.005 0.024 -0.169 0.2360.156 -1.694 0.084 1.558 0.841 0.3650.4570.964 0.1240.599 0.088 0.840 3.6470.704 0.395 4.575 9.6420.615 1.242 0.431 5.9890.772 0.875 0.557 8.397 0.418 7.038 3.954 0.464 0.338 6.151 4.314 7.717 5.572 4.179 4.644 3.385 0.578 0.367 5.778 3.667 -0.114 -0.341-0.114 -1.144 -0.194 -3.410 -1.138 -1.945 -0.440-0.071 -0.333 -0.123-0.039 -4.397 -0.711-0.121 -0.071 -3.326 -1.230 -0.360 -0.395-0.431-0.303 -1.210 -0.708 -0.095-0.075 -0.135 -3.596 -0.030 -4.315-0.143 -0.319 -3.033-0.305 -0.281 -0.954 -0.277 -0.318 -0.747 -1.354 -0.226 -0.538 -0.297-0.289 -0.476 -1.432 -3.191 -0.446 -3.052 -2.812 -0.191 -2.769 -3.179 -2.263 -5.383 -2.894 -4.761 -4.456 -1.914 -0.236 -0.330 -2.356 -3.304 -0.015 -0.015 -0.146 -0.146 RfcbP* eRfcbP** RfcbP * 7.5172→7.5924 (>1%) lavonian macroregion 6 sijek or s sijek or able zagreb or central croatian macroregion central croatian or zagreb Zagreb County Krapina-Zagora County Sisak-Moslavina County Karlovac County County Varaždin Koprivnica-Križevci County County Bjelovar-Bilogora Međimurje County excl. zagreb total City of Zagreb total macroregion zagreb o Požega-Slavonia County Brod-Posavina County Osijek-Baranja County County Vukovar-Srijem total osijek macroregion nUts 2 continental croatia macroregion Primorje-Gorski Kotar Rijeka or Primorje-Gorski Kotar County Lika-Senj County Istria County total Rijeka macroregion Dalmatia macroregion split or Zadar County Šibenik-Knin County Split-Dalmatia County Dubrovnik-Neretva County total split macroregion adriatic croatia nUts 2 Virovitica-Podravina County Virovitica-Podravina Rc total nUts 2, macroregion, county nUts 2, macroregion, Effect of a depreciation of the kuna against the euro on percentage of GDP of the of GDP of percentage on euro the against kuna the of depreciation a of Effect 2012 regions, T 33% of the population produced 32% There of are Croatian two GDP. important depreciation effects on regional disparities. The first, the better off, would be ad- at look we if second, the development; in weakest those from distanced ditionally them as a whole, off depreciation, the better a ten-percent is that if there were average. the Croatian GDP would reach
- - <=0 >0 fRoM tHe anGle of anGle of tHe fRoM 12 ceteris paribus, that is, in a situation of an isolated influence of foreign cur raph localIsM tHe ReGIonal DIMensIon tHe ReGIonal foReIGn cURRencY localIsM sHoUlD be DRoPPeD o tHInKs tHat tHInKs conclUsIon, o oR, WH It is very clear that the very mention of the regional aspect in the economy of inter of economy the in aspect regional the of mention very the that clear very is It rency transfers on economic development. How of the depreciation effects might work if the amount of it, through for prices, example, in to its spill entirety, over, if users to end consumers, or, elasticity, rate price exchange as a result of great are issues the answers to which exceed the loans their might not be able to pay off limits of this paper. 6 of the methodological apparatusnational trade arouses doubts as to the credibility After all it is semantically dubious on it. this aspect uses, and then the results based to apply something international, between nations, then, to smaller territorial units, un- components of a single nation (and a single economy). If to this is added the to build up the statistical and any efforts questionable national monetary integrity, methodological apparatus capable of helping to give answers to many foreign questions and goods international in involved are regions the which to level the about influence of the concerning or involvement, that of quality the and flows, currency - monetary policy measures on regional economies, seems futile. It would be possi ble to carry out many analyses if one were in possession of regional corporate Discussion about the result of each individual county would dilute the essence of winners and losersleast the leading results among the potential this analysis. But at should be brought out. In the S version of regional balances of payments, the big- gest losers are Zagreb County, City of Zagreb, Osijek-Baranja, Vukovar-Srijem and Šibenik-Knin Counties. In this version of payments balances the winners are are positives the version, E the In Šibenik-Knin. from apart counties Adriatic the all and only the City of Zagreb profits. less positive, the negatives more negative, calculations previous the all that again, once mention to important is it end, the At hold g Positive and negative effects of a hypothetical depreciation per county, 2012 per county, depreciation of a hypothetical effects and negative Positive
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111 40 (1) 85-128 (2016) - - ments was determined without the items of general government. On the way from all the necessary data, regional balances ofthe ideal, because of the non-existence of payments were transformed into what is objectively possible. They became a sys- resi regional of transactions economic accessible of values the of depiction tematic countries or with domestic residents,dents that, no matter whether with foreign or in the domestic currency with a foreignwere carried out in a foreign currency currency clause in a given period. Conceived in such a way, regional balances of payments should in great part be considered foreign currency balances. The final (what is practice balance) and statistical (the ideal theory result of the gap between objectively possible) is the regional balances of payments shown in the paper, in which the balances of goods and services and the balances of capital and financial - transactions are shown, while the balance of transfers and earnings, because of prob lems with data, is omitted. One more important change happened on the way from The criterion of national accounts “domestic- the national to the regional balances. was transactions financial and capital of balances short-term regional the in foreign” replaced by the “foreign currency-kuna” criterion, according to which all financial transactions of regional residents in foreign currency or kuna with a currency clause, bal- those abroad and those at home, then, is the content of this segment of regional Secondly, about the methodology of drawing up regional balances of payments. For Secondly, of the national balance of paymentsthe compilation of these balances, the template was used, the idea being to territorialise the items, that is, distribute them over the Croatian regional units. From this point of view the ideal regional balance of pay Above all, the statistics that have been kept in the last sixty years about the situation the about years sixty last the in kept been have that statistics the all, Above of the regional Croatian economy moved along the curve of a normal distribution with a temporally precisely determined maximum. The movement was upwards, quantitatively and up qualitatively, to the moment when the first and last regional fewerever been have there then, Since 1994). (CBS, issued was bulletin statistical published are that none are there and demographic), the for (save statistics regional Accord- and capable of being used in the making of regional balances of payments. for the restoration of regional economic statis- argues implicitly, paper, this ingly, step forward by the CBS.tics to the public, for a published regional Below are what, in this sense, can be found above in this paper. Below are what, in But what will happen if some analyst insists on wasting his time and attempting,wasting his time and analyst insists on will happen if some But what The public to the public? of his barren attempts to present the results what is more, a on founded if even attraction, occasional The attractive. is what likes whole the on The academic pub- framework, can be found in this paper. dubious methodological This requires public academic weighs arguments. lic, and however, judges whether relevant. in a paper for it to be considered strong arguments there are sufficiently accounts in which the trade of a region with the surroundings, both domestic andboth domestic the surroundings, with of a region the trade in which accounts foreign, were registered. However, analysts of the regional economy of Croatia Croatia. not drawn up in such accounts are this, since quite simply cannot do - ances of capital and financial transactions. The paper, then, explicitly offers a meth- a offers explicitly then, paper, The transactions. financial and capital of ances regions. Croatian of the of payments balances up the for drawing odology Analysis of data from the regional balances of payments identifies important re- gional differences, in both consolidated balances and in each individual sub-bal- ance. However, it is pointed out in the paper that the differences do not have to mean that some county or region is wealthier or more developed than others that is stressed in the paper is What show worse balance of payments performance. that the level different of county exposure to foreign currency risk potentially re- to economic policy. quires a selective approach For an assessment of the foreign currency (and overall international) position of involve- the quantifies first The used. are indicators two units, regional individual with a for in foreign currency transactions and transactions ment of the regions eign currency clause; the second, the identifies used first the that in mind Never rate. exchange the kuna the to Case GDP of elasticity Study is the coefficient of variable, a of change marginal a second the and involvement, of rate and strength both of them, from the position of the foreign currency balance, indicate the pow- erful bipartite nature of already recognised in the the Croatian economic space, event the In Adriatic. and Continental into divided was Croatia which in procedure where foreign currency transactions as compared to of the kuna, of a depreciation other economic aggregates are treated ceteris paribus, important regional losses which, according to the results of this analysis, would lead and gains would occur, the transform to wishes paper This Croatia. in inequality developmental great a to attractiveness of the results obtained, irrespective of their restrictions in meas- of theory influences the into research additional for invitation an into practice, and on regional development. policy, ures of economic, and in particular monetary, put forward stand Can what has been effort? the worth it Was was that. that Well, the negative, are questions these to answers the if Even critiques? academic to up on them. author spent three jolly research months
financial theory and petar filipić: practice the estimate of regional balances of payments in croatia 40 (1) 85-128 (2016) 112 financial theory and petar filipić: practice the estimate of regional balances of payments in croatia
113 40 (1) 85-128 (2016) (inh./km²) 729641 1.29 113,804 1.13 2.66 790,017 18.44 156.1 1,232.5 3,0601,2294,468 5.413,626 2.171,262 317,606 7.891,748 132,892 6.41 7.412,640 172,439 2.23 3.10 128,899 3.09 103.8 4.02 175,951 4.66 108.1 3.01 115,584 4.11 38.6 119,764 2.70 35.5 139.4 2.802,024 66.1 1,823 45.4 2,030 3.584,155 3.222,454 3.59 84,836 7.34 78,034 158,575 1.98 4.34 305,032 1.82 3.703,588 179,521 41.9 7.125,353 42.8 4.19 78.1 2,813 6.34 73.4 9.46 73.4 296,195 4.973,646 50,927 6.912,984 208,0554,540 1.19 6.44 4.86 82.5 1,781 5.27 170,017 8.02 9.5 74.0 109,375 3.15 3.97 454,798 2.55 122,568 10.61 46.6 2.86 36.6 100.2 68.8 11,754 20.77 555,177 12.96 47.2 18,762 33.1519,403 1,276,939 34.28 29.80 2,066,956 48.24 68.1 106.5 12,48631,889 22.06 56.34 805,998 2,872,954 18.81 67.05 64.5 90.09 12,95124,705 22.8856,594 43.65 100.00 856,758 1,411,935 4,284,889 19.99 32.95 100.00 66.1 57.15 75.0 area (km²)area % Population % Pop. den. a1 able nUts 2, macroregions* nUts 2, macroregions* of croatia and counties zagreb or central croatian macroregion central croatian or zagreb I Zagreb II Krapina-Zagora III Sisak-Moslavina Karlovac IV Varaždin V VI Koprivnica-Križevci VII Bjelovar-Bilogora XX Međimurje total City of Zagreb total macroregion zagreb slavonian macroregion osijek or Virovitica-Podravina X XI Požega-Slavonia XII Brod-Posavina Osijek-Baranja XIV Vukovar-Srijem XVI total osijek macroregion nUts 2 – continental croatia macroregion Primorje-Gorski Kotar Rijeka or VIII Primorje-Gorski Kotar IX Lika-Senj XVIII Istria total Rijeka macroregion Dalmatia macroregion split or XIII Zadar Šibenik-Knin XV XVII Split-Dalmatia XIX Dubrovnik-Neretva total split macroregion adriatic croatia nUts 2 – Rc total Area and population of RC per NUTS 2*, macroregion** and county in 2011 2*, macroregion** of RC per NUTS and population Area * Pursuant to Article 43 of the Official Statistics Law (OG 103/03, 75/09, 52/12) the CBS deter- CBS the 52/12) 75/09, 103/03, (OG Law Statistics Official the of 43 Article to Pursuant * mines the National Classification of Spatial Units. August In 2012 the EC accepted the propos- Croatia. Adriatic and Continental is, that regions, 2 NUTS two into RC the of division the for al The use of the new classification for the purpose of the Cohesion Policy started when Croatia joined the EU, i.e. on July 1, 2013. zavod Leksikografski edition, Internet enciklopedija, Hrvatska to: according Regionalisation ** 2013-2015. Zagreb, Krleža, Miroslav 2014. Bulletin, Statistical CBS, 2011; dwellings, and households population, of Census Source:CBS, T aPPenDIX croatia = 100 croatia GDP in euros in GDP % capita Per 823968 1.87 2.20 6,193813958 7,510 1.85 60.4 2.18 6,788 73.2 8,418520468920 66.2 1.18 82.1 1.06 2.09 6,129 5,997 5,802 59.7 388 58.5 56.6 0.88 7,619847 1.93 74.3 7,744 75.5 2,4811,380 5.641,454 3.14 7,8121,052 3.31 8,003 2.399,929 76.1 8,264 9,102 22.59 78.0 80.6 7,776 88.7 2,452 75.8 1,0655,425 5.58 2.42 12.34 8,0393,873 5,932 6,7312,633 8.816,894 78.4 57.8 13,076 5.99 65.6 1,398 15.68 12,6553,583 12,418 3.18 127.5 1,2087,036 8.15 123.4 8,223 121.0 2.75 16.01 7,878 9,856 80.2 8,212 76.8 96.1 80.0 14,67524,604 33.38 55.97 18,576 11,903 181.1 116.0 30,029 68.31 10,452 101.9 13,93043,959 31.69 100.00 9,866 10,259 100.0 96.2 of euros GDP millions millions GDP a2 a2 able nUts 2, macroregions, counties nUts 2, macroregions, zagreb or central croatian macroregion central croatian or zagreb Zagreb Krapina-Zagora Sisak-Moslavina Karlovac Varaždin Koprivnica-Križevci Bjelovar-Bilogora Međimurje zagreb excl. total City of Zagreb total macroregion zagreb slavonian macroregion osijek or Virovitica-Podravina Požega-Slavonia Brod-Posavina Osijek-Baranja Vukovar-Srijem total osijek macroregion nUts 2 – continental croatia macroregion Primorje-Gorski Kotar Rijeka or Primorje-Gorski Kotar Lika-Senj Istria total Rijeka macroregion Dalmatia macroregion split or Zadar Šibenik-Knin Split-Dalmatia Dubrovnik-Neretva total split macroregion adriatic croatia nUts 2 – Rc total GDP of the RC per NUTS 2, macroregion and county in 2012 county in and 2, macroregion per NUTS of the RC GDP Source: CBS, Communication no. 12.1.6. Gross Domestic Product for the RC, NCSU, Domestic CBS, level Product Communication two no. 12.1.6. Gross Source: 2015. 13 March 2010), Zagreb, and counties for the 2000-2012 period (ESA T
financial theory and petar filipić: practice the estimate of regional balances of payments in croatia 40 (1) 85-128 (2016) 114 financial theory and petar filipić: practice the estimate of regional balances of payments in croatia
115 40 (1) 85-128 (2016) overage xport/Import) (e – exports* and imports* per o 98.7 1.03 129.4 0.80 -30.7 76.30 17.4 0.18 12.2 0.08 5.3 143.32 23.5 0.24 69.9 0.43 -46.4 33.60 23.0 0.24 67.3 0.42 -44.3 34.14 362.1 3.77 1,226.2 7.59 -864.1 29.53 319.8 3.33 278.2 1.72 41.6 114.95 488.1 5.08 282.8 1.75 205.3 172.62 222.4 2.32 167.4 1.04 55.0 132.87 752.3 7.83 529.5 3.28 222.8 142.07 247.8 2.58 174.6 1.08 73.2 141.96 406.9 4.24 310.1 1.92 96.7 131.20 130.6 1.36 81.7 0.51 48.9 159.80 101.5 1.06 69.0 0.43 32.5 147.11 182.8 1.90 205.8 1.27 -23.0 88.82 159.3 1.66 213.4 1.32 -54.1 74.66 535.3 5.57 565.9 3.50 -30.6 94.59 698.1 7.27 682.7 4.23 15.5 102.27 168.1 1.75 142.6 0.88 25.5 117.86 255.7 2.66 253.3 1.57 2.4 100.94 475.2 4.95 674.4 4.18 -199.3 70.45 922.5 9.60 1,140.3 7.06 -217.8 80.90 434.93 4.53 406.1 2.52 28.6 107.04 2,898.0 30.17 3,098.0 19.19 -200.1 93.54 3,525.5 36.70 9,672.1 59.90 -6,146.6 36.45 6,423.5 66.87 12,770.1 79.09 -6,346.6 50.30 1,008.8 10.50 976.0 6.04 32.9 103.37 7,432.3 77.37 13,746.0 85.13 -6,313.8 54.07 1,250.9 13.02 1,260.8 7.81 -9.8 99.22 2,173.4 22.62 2,401.1 14.87 227.7 90.52 9,605.7 100.00 16,147.1 100.00 -6,541.4 59.49 9,628.6 100.24 16,214.4 100.42 -6,585.7 59.38 export* % Import* % balance c roatia c ontinental a3 a3 ts 2 – c plit or Dalmatia macroregion plit or able Average euro/kuna exchange rate in 2012 = 7.5172. euro/kuna Average nUts 2, macroregions, nUts 2, macroregions, counties zagreb or central croatian macroregion central croatian or zagreb Zagreb Krapina-Zagora Sisak-Moslavina Karlovac Varaždin Koprivnica-Križevci Bjelovar-Bilogora Međimurje total excl. zagreb excl. total City of Zagreb zagreb macroregion total macroregion zagreb osijek or slavonian macroregion osijek or Virovitica-Podravina Požega-Slavonia Brod-Posavina Osijek-Baranja Vukovar-Srijem osijek macroregion total osijek macroregion nU Rijeka or Primorje-Gorski Kotar macroregion Primorje-Gorski Kotar Rijeka or Primorje-Gorski Kotar Lika-Senj Istria Rijeka macroregion total Rijeka macroregion s Zadar Šibenik-Knin Split-Dalmatia Dubrovnik-Neretva split macroregion total split macroregion nUts 2 – adriatic croatia nUts 2 – Regions total Unassigned Rc total International International goods trade of the RC in mil. euros o T NUTS 2, macroregion and county in 2012 NUTS 2, macroregion * Data per county obtained pursuant to the classification of firms that have exported and from imported into the county or municipality or city in to according which the they registered are Register of Business Entities. terms in countries foreign with RC the of goods in Trade 4.2.4, no. Communication CBS, Source: 13 June 2013. Zagreb, of counties, cities and municipalities in 2012 – final figures, overage xport/Import) (e – exports* and o % balance c Import** 98.7 1.03 298.6 1.85 -199.9 33.05 17.4 0.18 142.5 0.88 -125.1 12.24 23.5 0.24 443.7 2.75 -420.2 5.29 23.0 0.24 67.3 0.42 -44.3 34.14 362.1 3.77 911.3 5.64 -549.3 39.73 319.8 3.33 302.3 1.87 17.5 105.78 488.1 5.08 506.9 3.14 -18.8 96.29 222.4 2.32 355.6 2.20 -133.2 62.54 752.3 7.83 534.1 3.31 218.2 140.85 247.8 2.58 386.4 2.39 -138.6 64.13 406.9 4.24 351.9 2.18 55.0 115.62 130.6 1.36 191.0 1.18 -60.4 68.35 101.5 1.06 171.9 1.06 -70.4 59.06 182.8 1.90 337.9 2.09 -155.2 54.08 434.9 4.53 900.7 5.58 -466.0 48.26 159.3 1.66 391.2 2.42 -231.9 40.72 535.3 5.57 1,422.6 8.81 -887.3 37.63 698.1 7.27 967.2 5.99 -269.0 72.18 168.1 1.75 513.5 3.18 -345.4 32.73 255.7 2.66 311.1 1.93 -55.4 82.20 475.2 4.95 1,316.1 8.15 -840.9 36.10 922.5 9.60 2,584.5 16.01 -1,662.0 35.69 2,898.0 30.17 3,647.1 22.59 -749.2 79.46 3,525.5 36.70 5,390.5 33.38 -1,864.0 65.40 6,423.5 66.87 9,037.6 55.97 -2,614.1 71.07 1,008.8 10.50 1,992.7 12.34 -983.9 50.63 7,432.3 77.37 11,030.3 68.31 -3,598.0 67.38 1,250.9 13.02 2,532.3 15.68 -1,281.4 49.40 2,173.4 22.62 5,116.8 31.69 -2,943.4 42.48 9,605.7 100.00 16,147.1 100.00 -6,541.4 59.49 9,628.6 100.24 16,214.4 100.42 -6,585.7 59.38 export* % roatia c ontinental a4 a4 ts 2 – c plit or Dalmatia macroregion plit or able Average euro/kuna exchange rate in 2012 = 7.5172. euro/kuna Average nUts 2, macroregions, nUts 2, macroregions, counties zagreb or central croatian macroregion central croatian or zagreb Zagreb Krapina-Zagora Sisak-Moslavina Karlovac Varaždin Koprivnica-Križevci Bjelovar-Bilogora Međimurje total excl. zagreb excl. total City of Zagreb zagreb macroregion total macroregion zagreb osijek or slavonian macroregion osijek or Virovitica-Podravina Požega-Slavonia Brod-Posavina Osijek-Baranja Vukovar-Srijem osijek macroregion total osijek macroregion nU Rijeka or Primorje-Gorski Kotar macroregion Primorje-Gorski Kotar Rijeka or Primorje-Gorski Kotar Lika-Senj Istria Rijeka macroregion total Rijeka macroregion s Zadar Šibenik-Knin Split-Dalmatia Dubrovnik-Neretva split macroregion total split macroregion nUts 2 – adriatic croatia nUts 2 – Macroregions total Macroregions Unassigned Rc total International International trade in goods of the RC in millions of euros o T imports**, per NUTS 2, macroregion and county in 2012 and per NUTS 2, macroregion imports**, * Export: Data per county obtained pursuant to the classification of firms that have exported according registered are they which in city or municipality or county the into imported and from to the Register of Business Entities. ** Import: Estimate of imports per county obtained by dividing RC total imports to according of GDP. the county structure terms in countries foreign with RC the of goods in Trade 4.2.4. no. Communication CBS, Source: 13 June 2013. Zagreb, of counties, cities and municipalities in 2012 – final figures,
financial theory and petar filipić: practice the estimate of regional balances of payments in croatia 40 (1) 85-128 (2016) 116 financial theory and petar filipić: practice the estimate of regional balances of payments in croatia
117 40 (1) 85-128 (2016) – earnings and and – earnings
o 0 0.00 0.1 0.00 - 0.1 3.5 0.17 2.2 0.14 1.3 0.1 0.01 1.2 0.08 - 1.1 4.2 0.21 6.1 0.40 - 1.9 4.0 0.20 3.2 0.21 0.9 7.2 0.36 8.9 0.59 - 1.7 1.6 0.08 9.7 0.64 - 8.1 12.6 0.62 58.1 3.84 - 45.4 85.4 4.20 38.2 2.53 47.1 42.7 2.10 47.0 3.11 - 4.3 39.4 1.94 13.6 0.90 25.8 17.4 0.86 7.1 0.47 10.3 18.4 0.91 3.0 0.20 15.4 14.0 0.69 9.7 0.64 4.3 15.0 0.74 10.5 0.70 4.4 16.2 0.80 5.3 0.35 11.0 113.3 5.58 44.2 2.93 69.1 317.9549.6 15.65 27.05 147.1 252.5 9.74 16.72 170.8 297.2 106.6 5.25 6.6 0.44 100.0 231.7 11.40 105.4 6.98 126.3 0.001 0.00 0.2 0.01 - 0.2 189.0 9.30 58.2 3.85 130.8 182.8 9.00 89.4 5.92 93.4 120.6 5.94 36.1 2.39 84.4 9,641.5 474.58 3,121.6 206.70 6,520.0 7,609.9 374.58 1,611.4 106.70 5,998.6 2,031.6 100.00 1,510.2 100.00 521.4 1,482.0 72.95 1,257.7 83.28 224.2 1,259.7 62.01 1,154.7 76.46 105.0 1,442.5 71.01 1,244.1 82.38 198.4 a5 a5 able Average euro/kuna exchange rate in 2012 = 7.5172. euro/kuna Average Rc total Unknown county (tourism)** nUts 2 – adriatic croatia nUts 2 – Rc excl. tourism split macroregion total split macroregion Dubrovnik-Neretva Split-Dalmatia Šibenik-Knin Dalmatia macroregion split or Zadar Rijeka macroregion total Rijeka macroregion Istria Lika-Senj macroregion Primorje-Gorski Kotar Rijeka or Primorje-Gorski Kotar nUts 2 – continental croatia osijek macroregion total osijek macroregion Vukovar-Srijem Osijek-Baranja Brod-Posavina Požega-Slavonia slavonian macroregion osijek or Virovitica-Podravina zagreb macroregion total macroregion zagreb total excl. zagreb excl. total City of Zagreb Međimurje Bjelovar-Bilogora Koprivnica-Križevci Varaždin Karlovac Sisak-Moslavina Krapina-Zagora nUts 2, macroregions, countiesnUts 2, macroregions, macroregion central croatian or zagreb Zagreb earnings % expenditures % balance expenditures*, per NUTS 2, macroregion and county in 2012 and county in 2, macroregion per NUTS expenditures*, International International trade in services of the RC in million euros o T * Data per county obtained pursuant to the classification of firms that have had earnings or in expenditures the county or municipality or city to in according the which they registered are Register of Business Entities. mostly and county, a to assigned be cannot that services the to refers county unknown item The ** to relate travel services (tourism) the of expenditures which cannot be geographically divided because of the shortcomings of the method of estimation. July 2013. Sector, CNB, Statistics Source: Drawn up in alignment with the Metodologija za razmjenu usluga s inozemstvom
financial theory and petar filipić: practice the estimate of regional balances of payments in croatia 40 (1) 85-128 (2016) 118 financial theory and petar filipić: practice the estimate of regional balances of payments in croatia
119 40 (1) 85-128 (2016) earnings currency currency , estimate o % foreign 1.82.51.3 0.052.1 0.060.5 0.03 3.2 0.5 4.4 1.8 0.06 2.2 0.01 0.01 3.8 0.05 0.8 0.8 0.4 3.2 0.30.92.5 0.011.0 0.015.0 0.02 0.7 0.06 0.5 0.03 1.6 0.13 4.4 1.8 8.9 14.0 0.3624.4 24.8 0.63 43.2 96.4 2.49 171.0 accommodation accommodation foreign overnight foreign stays in commercial stays in commercial 53.77 53.77 53.77 53.77 53.77 53.77 53.77 53.77 53.77 88.5253.77 53.77 125.453.77 53.77 53.77 3.2453.77 86.36 222.4 57.5556.18 130.563.7961.25 624.3 3.3778.04 1,226.153.77 1,946.8 16.14 231.4 69.64 1,107.0 31.7092.63 464.2 50.3373.92 2,174.1 197.266.73 3,452.1 678.567.24 12.00 450.7 1,790.7 5.10 3,737.5 823.1 17.54 3,868.0 11.65 350.0 1,203.2 46.30 96.63 3,175.2 799.2 6,627.3 100 6,858.7 Daily 104.86 101.1 2.61 179.2 spending a7 a7 Average daily spending of tourists (commercial accommodation) in euros per county. accommodation) in euros daily spending of tourists (commercial Average 2013, pp. 41-43. Zagreb and visitors to Zagreb, For the counties: Zagreb, Krapina-Zagora, Sisak-Moslavina, Karlovac, Varaždin, Požega-Slavonia, Brod- Koprivnica-Križevci, Bjelovar-Bilogora, Virovitica-Podravina, daily lowest the of level the at estimate Međimurje and Vukovar Osijek-Baranja, Posavina, spending level of the Institute of Tourism. Overnight stays of foreign tourists per county of the SBC, Statistical Reports 1491/2013, Table Table 1491/2013, Reports Statistical SBC, the of county per tourists foreign of stays Overnight 2012, in municipality and city country, per tourists of stays overnight and arrivals Beds, 2.12. pp. 61-68. Balance Balance of of payments Payments, Annual DZS, Report Statistical 2014, tab. 22-11, of the RC, p. 407. able Average euro/kuna exchange rate in 2012 = 7.5172. euro/kuna Average nUts 2, macroregion, counties nUts 2, macroregion, zagreb or central croatian macroregion central croatian or zagreb Zagreb Krapina-Zagora Sisak-Moslavina Karlovac Varaždin Koprivnica-Križevci Bjelovar-Bilogora Međimurje zagreb excl. total City of Zagreb total macroregion zagreb slavonian macroregion osijek or Virovitica-Podravina Požega-Slavonia Brod-Posavina Osijek-Baranja Vukovar-Srijem total osijek macroregion nUts 2 – continental croatia macroregion Primorje-Gorski Kotar Rijeka or Primorje-Gorski Kotar Lika-Senj Istria total Rijeka macroregion Dalmatia macroregion split or Zadar Šibenik-Knin Split-Dalmatia Dubrovnik-Neretva total split macroregion adriatic croatia nUts 2 – Rc total Foreign Foreign currency earnings from tourism in 2012, million euros o T according to NUTS 2, macroregions and counties 2, macroregions to NUTS according Source: Source: 1) 2) spending. daily tourist Average B27. and spending of 2012, tourists Views Table in Croatia, Tomas Institute of Tourism, 2.1) tourists of spending and Views 2014, Tomas Tourism, of Institute Zagreb: of City the For 2.2) 2.3) 3) 3.9 8.1 9.0 9.7 43.3 30.4 50.2 50.9 74.9 94.1 18.5 42.5 16.0 14.8 12.5 16.2 22.4 13.9 12.7 38.3 o 252.5 382.2 128.6 129.8 634.2 540.2 399.6 140.6 1,016.5 by domestic population 288.3 8.3 22.1 1.0 2.9 6.4 87.7 1.3 17.2 2.9 39.6 1.1 14.9 0.6 7.6 0.6 8.4 8.4 6.4 7.1 5.4 9.2 7.0 2.6 7.2 3.7 10.2 7.2 5.5 11.9 31.5 69.2 183.3 35.2 93.4 13.7 36.4 31.1 98.6 12.2 38.8 17.9 57.0 72.7 67.9 12.7 9.7 21.7 16.5 111.3 290.7 725.9 100.3 282.0 190.4 443.8 184.0 356.2 business Private abroad travels a8 a8 able Average euro/kuna exchange rate in 2012 = 7.5172. euro/kuna Average nUts 2 – adriatic croatia nUts 2 – Rc total split macroregion total split macroregion Dubrovnik-Neretva Split-Dalmatia Šibenik-Knin split or Dalmatia macroregion split or Zadar Rijeka macroregion total Rijeka macroregion Istria Lika-Senj Rijeka or Primorje-Gorski Kotar macroregion Primorje-Gorski Kotar Rijeka or Primorje-Gorski Kotar nUts 2 – continental croatia osijek macroregion total osijek macroregion Vukovar-Srijem Osijek-Baranja Brod-Posavina Požega-Slavonia osijek or slavonian macroregion osijek or Virovitica-Podravina zagreb macroregion total macroregion zagreb total excl. zagreb excl. total City of Zagreb Međimurje Bjelovar-Bilogora Koprivnica-Križevci Varaždin Karlovac Sisak-Moslavina nUts 2, macroregion, counties nUts 2, macroregion, Krapina-Zagora zagreb or central croatian macroregion central croatian or zagreb Zagreb Tourist Tourist activity of the domestic population in in millions of euros and counties 2, macroregions to NUTS according 2012, travels abroad. Estimate o T NB: Used for the estimate were data from the publication ‟Tourist activity of the domestic pop- the publication ‟Tourist data from NB: Used for the estimate were ulation in April 2012”, 2013, of by CBS from perma- regions and IZTZG [Institute of Tourism] Lika, Slavonia, Croatia, N. (Zagreb, units statistic represent publication this in that dwelling nent and Kordun Banija, Istria, Dalmatia) Kvarner being with and disaggregated the Gorski Kotar, into macroregions. into counties and then aggregated use of data about country GDP
financial theory and petar filipić: practice the estimate of regional balances of payments in croatia 40 (1) 85-128 (2016) 120 financial theory and petar filipić: practice the estimate of regional balances of payments in croatia
121 40 (1) 85-128 (2016) % balance travel) (foreign (foreign % expenditures
o 3.24.42.2 0.05 0.063.8 0.03 38.30.8 12.70.8 0.06 13.9 3.763.9 0.01 1.25 0.01 -35.1 22.4 1.37 0.05 16.2 -8.3 -11.7 12.5 2.21 14.80.7 1.60 -18.6 0.5 1.23 -15.4 1.6 1.45 0.01 -11.7 4.4 0.01 -11.9 1.8 0.02 9.08.9 0.06 8.1 0.03 16.0 0.13 0.89 42.5 0.80 18.5 1.57 -8.3 94.1 4.18 -7.6 -14.3 1.82 -38.1 9.25 -16.7 -85.1 24.8 0.36 9.743.2 0.63 0.96 15.1 140.6 13.83 -97.4 179.2222.4 2.61 3.24 399.6 540.2 39.31 53.14 -220.4 -317.8 231.4 3.37171.0 634.2 2.49 62.39823.1 -402.9 3.9349.7 12.00799.2 5.10 0.38 50.2 167.1 11.65 30.4 4.94 43.3 772.9 2.99 319.3 4.26 755.9 3,175.26,627.3 46.296,858.7 96.62 100.00 252.5 382.2 1,016.5 24.84 100.00 2,922.7 37.60 5,842.2 6,245.1 1,107.0 16.142,174.13,452.1 31.70 74.9 50.33 50.9 7.37 129.81,203.2 1,032.1 5.01 17.54 12.76 2,123.2 3,322.3 128.6 12.65 1,074.6 (foreign (foreign tourists) a9 a9 able Average euro/kuna exchange rate in 2012 = 7.5172. euro/kuna Average split macroregion total split macroregion adriatic croatia nUts 2 – Rc total zagreb or central croatian macroregion central croatian or zagreb Zagreb Krapina-Zagora Sisak-Moslavina Karlovac Varaždin Koprivnica-Križevci Bjelovar-Bilogora Međimurje zagreb excl. total City of Zagreb total macroregion zagreb slavonian macroregion osijek or Virovitica-Podravina Požega-Slavonia Brod-Posavina Osijek-Baranja Vukovar-Srijem total osijek macroregion nUts 2 – continental croatia macroregion Primorje-Gorski Kotar Rijeka or Primorje-Gorski Kotar Lika-Senj Istria total Rijeka macroregion Dalmatia macroregion split or Zadar Šibenik-Knin Split-Dalmatia Dubrovnik-Neretva nUts 2, macroregion, countiesnUts 2, macroregion, Revenue Foreign currency balance sheet of tourism in the RC in 2012. Estimate per NUTS NUTS per Estimate 2012. in RC the in tourism of sheet balance currency Foreign in million euros and county 2, macroregion o T Sources and methodology of the estimate: see tables 6 and 7. Sources - (liabilities-assets) 7.4 0.67 1.4 -2.22 6.0 3.5 0.32 0.0 0.00 3.5 4.0 0.36 0.6 -0.94 3.4 0.8 0.07 0.0 0.00 0.8 0.8 0.07 0.0 0.00 0.8 1.2 0.11 -1.0 1.50 2.1 2.3 0.21 -0.3 0.50 2.7 6.8 0.61 0.0 0.00 6.8 4.5 0.40 2.4 -3.79 2.1 -8.2 -0.74 0.0 0.00 -8.2 -3.7 -0.33 -9.6 15.04 5.9 56.9 5.13 13.8 -21.80 43.0 92.8 8.37 47.3 -74.39 45.6 45.6 4.11 -9.6 15.08 55.2 51.7 4.67 -161.6 254.37 213.4 22.6 2.04 -0.1 0.15 22.7 51.5 4.64 7.902 -12.44 43.6 -20.9 -1.89 0.01 -0.02 -21.0 -22.5 -2.02 -34.8 54.83 12.4 -20.1 -1.81 -18.4 28.89 -1.7 -17.5 -1.57 -19.0 29.83 1.5 -33.4 -3.01 -161.0 253.39 127.6 207.0 18.66 -0.9 1.40 207.8 150.1 13.53 -14.7 23.20 164.8 101.0 9.10 -5.1 8.13 106.1 902.3 81.34 -62.6 98.59 964.9 922.4 83.15 -44.3 69.70 966.7 870.6 78.49 117.3 -184.67 753.3 1,109.2 100.00 -63.5 100.00 1,172.8 liabilities % assets % balance
o a10 a10 able Average euro/kuna exchange rate in 2012 = 7.5172. euro/kuna Average nUts 2 – adriatic croatia nUts 2 – Rc total split macroregion total split macroregion Dubrovnik-Neretva Split-Dalmatia Šibenik-Knin split or Dalmatia macroregion split or Zadar Rijeka macroregion total Rijeka macroregion Istria Lika-Senj Rijeka or Primorje-Gorski Kotar macroregion Primorje-Gorski Kotar Rijeka or Primorje-Gorski Kotar nUts 2 – continental croatia osijek macroregion total osijek macroregion Vukovar-Srijem Osijek-Baranja Brod-Posavina Požega-Slavonia osijek or slavonian macroregion osijek or Virovitica-Podravina zagreb macroregion total macroregion zagreb total excl. zagreb excl. total City of Zagreb Međimurje Bjelovar-Bilogora Koprivnica-Križevci Varaždin Karlovac Sisak-Moslavina Krapina-Zagora nUts 2, macroregion, counties nUts 2, macroregion, zagreb or central croatian macroregion central croatian or zagreb Zagreb Direct investments, liabilities and assets, per NUTS 2, macroregion and county in in county and macroregion 2, NUTS per assets, and liabilities investments, Direct euros 2012 in million o T Source: Croatian National Bank, Statistical Sector, July 2015. National Bank, Statistical Sector, Croatian Source: For the FDI methodology see
financial theory and petar filipić: practice the estimate of regional balances of payments in croatia 40 (1) 85-128 (2016) 122 financial theory and petar filipić: practice the estimate of regional balances of payments in croatia
123 40 (1) 85-128 (2016) % >, or tables or >,
o foreign foreign currency currency loans total Interest Interest on these clause a foreign a foreign currency currency loans with 1.6 543.8 8.3 655.2 7.07 the interest interest on these 8.9 0.2 117.40.4 2.03.9 0.018.4 0.04 126.3 74.74 0.18.1 1.36 61.7 0.1 138.8 0.7 0.8 163.7 1.9 75.13.6 65.6 0.04 1.5 0.81 147.2 0.71 1.59 171.8 51.8 1.85 0.5 55.4 0.60 11.2 0.1 72.5 0.99 83.7 0.90 14.615.2 0.3 0.165.770.8 82.3 1.0 80.1 0.420.5 0.9 299.4 0.5 0.9 103.9 96.9 3.6 113.3 95.2 1.3 1.05 365.1 1.03 1.5 174.7 3.94 48.0 1.89 133.8 0.768.8 1.44 0.9 633.8 1,072.7 8.7 13.7 681.8 1,141.540.3 7.36 12.32 0.521.122.4 0.3 258.3 0.2 199.4 3.7 245.6 1.9 298.6 4.3 3.22 220.5 268.0 2.38 2.89 111.4 114.5 1.2 338.6 5.8 453.1 4.89 114.9 1.5 417.9 6.8 532.8 5.75 321.4 3.8 1,207.5 16.9 1,528.9 16.50 230.0 3.1245.4 1,013.4 3.9 15.6329.2 661.8559.2 1,243.4 4.9 8.0 13.42 10.3 1,365.2 2,378.6 907.2 20.2 35.8 9.79 1,694.4 2,937.8 18.29 31.71 loans 1,129.81,451.1 15.9 19.7 2,527.6 3,735.1 41.2 58.1 3,657.4 5,186.2 39.47 1,519.9 55.97 20.6 4,807.8 71.9 6,327.7 68.29 2,079.1 28.6 7,186.4 107.7 9,265.5 100.00 foreign foreign currency currency roatia c ontinental 11a ts 2 – c able Average euro/kuna exchange rate in 2012 = 7.5172. euro/kuna Average nUts 2, macroregion, nUts 2, macroregion, counties Sisak-Moslavina Karlovac Koprivnica-Križevci Bjelovar-Bilogora Međimurje zagreb excl. total City of Zagreb total macroregion zagreb slavonian macroregion osijek or Virovitica-Podravina Požega-Slavonia Brod-Posavina Osijek-Baranja Vukovar-Srijem total osijek macroregion nU macroregion Primorje-Gorski Kotar Rijeka or Primorje-Gorski Kotar Lika-Senj Istria Dalmatia macroregion split or Zadar Split-Dalmatia Šibenik-Knin Dubrovnik-Neretva total split macroregion adriatic croatia nUts 2 – Rc total Krapina-Zagora Varaždin total Rijeka macroregion zagreb or central croatian macroregion central croatian or zagreb Zagreb Foreign Foreign currency loans from credit institutions to non-financial corporates per euros of 2012 in million and county at the end NUTS 2, macroregion o T D5 Statistical Review of the CNB for Institutional Sectors. Source: Croatian National Bank, Statistical Sector, July 2015. National Bank, Statistical Sector, Croatian Source:
foreign foreign currency currency loans total Interest Interest on these
clause o a foreign a foreign currency currency loans with Interest Interest on these 1.80.3 0.0690.4 0.0050.4 1,243.9 0.0190.6 0.004 301.00.4 7.7 0.009 402.6 0.003 260.51.8 2.1 1,245.7 423.95.7 2.2 0.009 266.5 1.5 9.40 301.2 0.120 2.5 403.1 245.5 1.7 2.27 3,398.2 260.9 3.04 424.5 1.3 20.4 1.97 266.90.3 3.20 0.2 3,403.9 2.01 247.2 0.011 25.68 0.0060.6 1.87 339.8 0.019 824.10.3 2.1 1,816.60.4 4.9 0.0040.7 10.8 340.1 0.0081.4 1,067.5 824.2 0.015 1,817.2 2.57 0.0273.0 117.5 6.22 13.71 5.4 812.5 1,997.5 0.0714.8 0.7 1,067.86.4 4.5 10.6 0.074 483.1 8.06 117.9 0.078 1,998.9 1,199.3 813.2 2.9 0.89 15.08 469.3 6.14 7.1 486.1 2.2 1,204.1 3.67 9.09 475.7 3.59 0.04 0.00112.2 254.417.9 0.137 0.2570.07 1.5 3,631.10.01 7,029.3 0.001 21.8 254.5 0.000 42.2 159.20.04 3,643.3 1.92 162.4 7,047.2 27.49 0.00118.5 1.0 53.17 1.0 0.276 331.2 159.3 8,845.9 162.4 2.0 1.20 53.1 1.23 331.2 8,864.40.04 2.50 66.88 0.00214.2 224.1 0.225 1.8 2,375.9 14.0 224.1 2,390.1 1.69 18.03 15.634.1 0.252 0.527 4,373.3 13,219.3 24.6 77.6 4,389.0 13,253.4 100.00 33.12 loans foreign foreign currency currency roatia c ontinental a12 a12 ts 2 – c able Average euro/kuna exchange rate in 2012 = 7.5172. euro/kuna Average nUts 2, macroregion, nUts 2, macroregion, counties zagreb or central croatian macroregion central croatian or zagreb Zagreb Krapina-Zagora Sisak-Moslavina Karlovac Varaždin Koprivnica-Križevci Bjelovar-Bilogora Međimurje zagreb excl. total City of Zagreb total macroregion zagreb slavonian macroregion osijek or Virovitica-Podravina Požega-Slavonia Brod-Posavina Osijek-Baranja Vukovar-Srijem total osijek macroregion nU macroregion Primorje-Gorski Kotar Rijeka or Primorje-Gorski Kotar Lika-Senj Istria total Rijeka macroregion Dalmatia macroregion split or Zadar Šibenik-Knin Split-Dalmatia Dubrovnik-Neretva total split macroregion adriatic croatia nUts 2 – Rc total Foreign currency loans of credit institutions to households per NUTS 2, macroregion macroregion 2, NUTS per households to institutions credit of loans currency Foreign in million euros at the end of 2012 and county T o D5 Statistical Review of the CNB for Institutional Sectors. Source: Croatian National Bank, Statistical Sector, July 2015. National Bank, Statistical Sector, Croatian Source: financial theory and petar filipić: practice the estimate of regional balances of payments in croatia 40 (1) 85-128 (2016) 124 financial theory and petar filipić: practice the estimate of regional balances of payments in croatia 125 40 (1) 85-128 (2016) % Deposits >, or tables or >, Interest Interest on these 6.3 0.1 0.27 6.4 0.02 0.28 2.1 0.02 0.09 11.4 0.1 0.50 65.548.427.418.0 0.445.9 0.115.4 0.1 2.86 0.145.7 2.11 0.4 1.20 0.1 0.79 2.00 0.2 0.67 21.5 2.00 15.728.1 0.712.984.6 0.2 0.04 0.94 0.04 0.69 0.9 1.23 0.56 3.69 61.2 1.0 2.67 511.7 3.9 22.34 272.6 1.6 11.90 127.8381.8 0.7 3.2 5.58 130.1 16.67 125.6328.3840.0 0.1 0.9 2.9 5.68 6.7 5.48 14.33 36.67 1,093.81,366.4 7.3 8.9 47.74 59.64 1,451.0 9.8 63.33 2,291.0 16.5 100.00 deposits o foreign currency currency foreign a13 a13 able Average euro/kuna exchange rate in 2012 = 7.5172. euro/kuna Average nUts 2, macroregion, counties nUts 2, macroregion, zagreb or central croatian macroregion central croatian or zagreb Zagreb Krapina-Zagora Sisak-Moslavina Karlovac Varaždin Koprivnica-Križevci Bjelovar-Bilogora Međimurje zagreb excl. total City of Zagreb total macroregion zagreb slavonian macroregion osijek or Virovitica-Podravina Požega-Slavonia Brod-Posavina Osijek-Baranja Vukovar-Srijem total osijek macroregion nUts 2 – continental croatia macroregion Primorje-Gorski Kotar Rijeka or Primorje-Gorski Kotar Lika-Senj Istria total Rijeka macroregion Dalmatia macroregion split or Zadar Šibenik-Knin Split-Dalmatia Dubrovnik-Neretva total split macroregion adriatic croatia nUts 2 – Rc total Foreign currency deposits currency of Foreign non-financial corporates per NUTS 2,macroregion in million euros at the end of 2012 and county o T D5 Statistical Review of the CNB for Institutional Sectors. Source: Croatian National Bank, Statistical Sector, July 2015. National Bank, Statistical Sector, Croatian Source: deposits and deposits currency kuna include currency deposits foreign NB: with Foreign a cur- clause. rency 4.73.65.1 1.42 7.1 1.57 3.5 1.95 4.4 2.37 4.2 1.28 1.59 2.15 2.03.35.1 0.71 0.99 3.8 1.93 1.47 2.8 0.93 9.94.2 4.57 9.4 2.79 4.12 Interest Interest on these 849. 263.9 292.0 363.1 440.2 237.8 295.0 399.2 132.8 183.2 358.3 727.3273.0 11.5 3.91 172.9 519.6 765.7 1,229.6 19.2 6.61 3,520.75,383.38,904.0 51.8 77.6 129.3 18.94 28.95 47.89 1,674.61,769.3 25.71,313.5 9.01 3,255.7 22.0 17.8 9.52 41.82,623.1 7.06 17.51 4,757.88,013.6 38.5 61.9 14.11 103.7 25.59 43.10 deposits 10,578.6 155.1 56.90 18,592.2 258.8 100.00 foreign currency currency foreign o a14 a14 able Average euro/kuna exchange rate in 2012 = 7.5172. euro/kuna Average zagreb or central croatian macroregion central croatian or zagreb Zagreb Krapina-Zagora Sisak-Moslavina Karlovac Varaždin Koprivnica-Križevci Bjelovar-Bilogora Međimurje zagreb excl. total City of Zagreb total macroregion zagreb slavonian macroregion osijek or Virovitica-Podravina Požega-Slavonia Brod-Posavina Osijek-Baranja Vukovar-Srijem total osijek macroregion nUts 2 – continental croatia macroregion Primorje-Gorski Kotar Rijeka or Primorje-Gorski Kotar Lika-Senj Istria total Rijeka macroregion Dalmatia macroregion split or Zadar Šibenik-Knin Split-Dalmatia Dubrovnik-Neretva total split macroregion adriatic croatia nUts 2 – Rc total nUts 2, macroregion, counties nUts 2, macroregion, Foreign currency deposits of households per NUTS 2, macroregion and county at at county and macroregion 2, NUTS per households of deposits currency Foreign 2012 in million euros the end of o T D5 Statistical Review of the CNB for Institutional Sectors. Source: Croatian National Bank, Statistical Sector, July 2015. National Bank, Statistical Sector, Croatian Source: deposits and deposits currency kuna include currency deposits foreign NB: with Foreign a cur- clause. rency financial theory and petar filipić: practice the estimate of regional balances of payments in croatia 40 (1) 85-128 (2016) 126 financial theory and petar filipić: practice the estimate of regional balances of payments in croatia 127 40 (1) 85-128 (2016) Za- Journal BNL BNL Quarterly Poslovni dnevnik, Poslovni University University of Cambridge DIUS županija, Godina 1-1993. Zagreb: Modelling regional patterns of innovation of patterns regional Modelling Međunarodna Međunarodna ekonomija. Zagreb: Sigma 12.1.6. Bruto domaći za proizvod Republiku Hrvat- Turistička Turistička aktivnost domaćeg stanovništva u 2012. , No. 08 11. Available at: . Zagreb: Croatian Bureau of Statistics. 2014. Zagreb: Croatian Bureau CBS, 2015b. Statistički ljetopis 16. Cesarano, 17. F., 2006. 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