created the maps. Josip Glaurdić is also grateful to the Leverhulme Trust and the Isaac Newton Trust (ECF-2012-399\7) which supported his work on this study.
When companies are faced with an upcoming and expected economic shock some of them tend to react better than others. They adapt by initiating investments thus successfully weathering the storm, while others, even though they possess the same information set, fail to adopt the same business strategy and eventually succumb to the crisis. We use a unique setting of the recent financial crisis in Croatia as an exogenous shock that hit the country with a time lag, allowing the domestic firms to adapt. We perform a survival analysis on the entire population of 144,000 firms in Croatia during the period from 2003 to 2015, and test whether investment prior to the anticipated shock makes firms more likely to survive the recession. We find that small and micro firms, which decided to invest, had between 60 and 70% higher survival rates than similar firms that chose not to invest. This claim is supported by both non-parametric and parametric tests in the survival analysis. From a normative perspective this finding could be important in mitigating the negative effects on aggregate demand during strong recessionary periods.
Studies of popular attitudes toward European integration have paid limited attention to the historical roots of voters' security preferences. Using an original municipality-level data set, we test whether the pattern of voting in Croatia's 2012 referendum on European Union accession was affected by the legacy of the country's 1991-1995 war for independence or rather by economic factors. While finding evidence for the impact of the communities' level of prosperity and structure of economy, our analysis more notably demonstrates that the intensity of the communities' experience of war had a positive effect on their level of support for European Union membership. This effect also had a strong interactive relationship with the communities' political allegiances, highlighting the importance not only of historically rooted security issues but also of political actors who make those issues electorally salient.In these times of upheaval in Europe, it bears repeating that the European Union (EU) is not only an economic but also a security organization. Its foundations are firmly rooted in the geopolitical considerations of the early Cold War period. Its traditional and nontraditional security functions make it arguably the most
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