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The Gas Sector in the Republic of Croatia
Published: October 12, 2016

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. In parallel with the process of joining the European Union, Croatia has gradually liberalised the market for gas – especially supply and distribution. The aim of liberalisation was abolishing state monopolies, introduction of the market pricing mechanisms, and ensuring higher standards of service as well as more secure gas supply. Due to liberalisation of the gas supply, the market share of private firms has increased, whereas firms with minority state ownership have gradually been squeezed out of the market. Market processes and changes in Croatian gas sector should be observed within the scope of wither – geopolitical relations and global competition for market positioning of big stakeholders.

Global economy and low inflation
Published: September 20, 2016

Dubravko Mihaljek, Head of Macroeconomic Analysis at the Bank for International Settlements in Basel, held lecture Global economy and low inflation at the Institute of Public Finance on 20 September 2016.

The lecturer emphasized the fact that the global economy has shown unexpected resilience to the many disruptions during the past year, but despite moderate strengthening of economic activity and still very expansive monetary policy, the inflation remains very low. He explained the main causes of low inflation, its consequences on economic and monetary policy, possibility to question numerical inflation targets as well as theoretical and empirical grounds on which the concept of targeted inflation is based.

New issue of Financial Theory and Practice
Published: September 8, 2016

In the new issue of Financial Theory and Practice you can read the article The evolution of law under communism and post-communism: a system-theory analysis in the spirit of Luhmann written by Bruno Schönfelder who suggests that Luhmann’s theory of social systems and evolution offers a powerful approach for analyzing law and the economy. It considers the sample of Central European countries before and after 1990. Massimo Milevoj in the article Financial transactions taxation in the European Union and Croatia provides a systematic review of what is known about the financial transactions tax, its practical application in EU countries and elsewhere in the world and its impacts on financial markets. A special emphasis is placed on the outlook for the taxation of financial transactions in the EU and the possibilities and constraints in the Republic of Croatia. Yan Zheng and Tomislav Vukina in the article Using the age-based insurance eligibility criterion to estimate moral hazard in medical care consumption use fuzzy regression discontinuity design to estimate the moral hazard effect in health care consumption in the population of young adults. The analysis finds a 92% reduction in the number of hospital visits for individuals who lost insurance coverage when crossing the 18th birthday threshold. Ana Grdović Gnip reviews the book Financial institutions and markets in the European Union – regulation and supervision (Marta Božina Beroš).


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.

Conference announcement
Institute of Public Finance, in cooperation with Friedrich Ebert Stiftung, is organizing the conference Public Sector Economics (October 14-15, 2016, Zagreb, Croatia).

Detailed information are available at the conference web site.


In Newsletter entitled Budget transparency in Croatian counties, cities and municipalities (November 2015 - March 2016) Katarina Ott, Mihaela Bronić, Miroslav Petrušić and Branko Stanić present the results of a budget transparency analysis for local government units in Croatia, measured by the number of key budget documents published on their respective official websites in the period November 2015-March 2016.


In new Fiscus entitled The restructuring and privatisation of the shipyards in Croatia Anto Bajo, Marko Primorac and Martin Hanich explain the main characteristics of the processes in which the shipyards have been restructured, of the liabilities that the state has assumed pursuant to restructuring contracts and the sale of their shares and the liabilities and responsibilities that the new owners have taken on.

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