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New issue of Public Sector Economics
Published: March 16, 2017

The inaugural issue of Public Sector Economics contains a selection of keynote speeches, introductory notes and articles presented at the Institute of Public Finance conference held in Zagreb in October 2016. The keynote EU challenges, investment in the EU and the role of the European Investment Group by Debora Revoltella, Chief Economist of the European Investment Bank, reviews the causes of weak recovery in investment in Europe since the crisis, and policies needed to restart, particularly, innovation-related investment in intangibles. Zrinka Živković Matijević, Head of the Research Department of Raiffeisenbank Austria in Croatia, in her note Every year the budget story starts all over again – will this one be any different? reviews the Croatian fiscal policy and how it was affected by the crisis. In the note European economic governance and the 2017 European Semester cycle Manica Hauptman, Economic Counsellor and European Semester Officer representing the European Commission in Croatia, provides an update on economic governance in the EU, its 2017 governance cycle, and the main tools for coordination of economic and fiscal policies of the 28 member states. Zdravko Marić, Minister of Finance of the Republic of Croatia, in the note Public finance in the Republic of Croatia: current state and outlook summarises the economic challenges and opportunities facing the Croatian economy.

Rilind Kabashi in the article Macroeconomic effects of fiscal policy in the European Union, with particular reference to transition countries studies the near and medium-term fiscal multipliers – i.e. the effects of fiscal policy on output and other macroeconomic variables – in EU countries between 1995 and 2012. Martin Beznoska and Tobias Hentze in the article Demographic change and income tax revenue in Germany: a microsimulation approach using a microsimulation model assess the impact of expected demographic changes in Germany on future income tax revenue. Šime Smolić in the article The determinants of health among the population aged 50 and over: evidence from Croatia studies the self-assessed health of people aged 50 years and over in Croatia, based on the data from an EU-wide survey of health, ageing and retirement. Marijana Bađun in the article Determinants of disability pensions in Croatia: the role of institutions explores why roughly one quarter of Croatia's retired population receives a pension based on disability.

Predrag Bejaković reviews the book Multi-level finance and the Euro crisis – causes and effects (editors: Ehtisham Ahmad, Massimo Bordignon and Giorgio Brosio) while Hrvoje Arbutina delivers an obituary for Professor Emeritus Božidar Jelčić, the first Director of the Institute of Public Finance.

New name of the journal
Published: March 16, 2017

The scientific journal Financial Theory and Practice enters the 41st year of its publication with a new name Public Sector Economics, refreshed editorial board, editorial staff, as well as the new web platform.

During these years, the journal has several times changed both its name and contents. With this newest change it will more focus on theoretical, empirical and policy papers analysing the role and functioning of the public sector on macroeconomic, sectoral and microeconomic levels, both in developed and in emerging markets.

More about journal’s past but also the future in the Editors’ introduction Public sector economics – introduction to the inaugural issue by Katarina Ott and Dubravko Mihaljek.


Local budget transparency
On 5th July 2016 the Institute of Public Finance presented the budget transparency research results for all 576 Croatian local government units (counties, cities and municipalities).

To make the results more accessible and easier to read, the Institute published an interactive map that shows the status of each local government unit.

In the new Newsletter entitled Budget outturns of Croatian municipalities, cities and counties for 2015, Katarina Ott, Mihaela Bronić and Branko Stanić present the basic data on the budget outturns of all Croatian local government units for 2015. This analysis and the tables provided in the Excel format, allow all interested parties to get acquainted with the fiscal condition of their local government units in 2015 and make relevant comparisons with the situation in 2014.

In the new Fiscus entitled The Gas Sector in the Republic of Croatia - Liberalisation and Financial Operations, Anto Bajo, Marko Primorac and Dijana Jurinec have analysed business operations of 100 companies in the gas sector and emphasized significant changes in the market structure.

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