In the new issue of Public Sector Economics Milan Deskar-Škrbić and Darjan Milutinović in the paper Design of fiscal consolidation packages and model-based fiscal multipliers in Croatia analyse fiscal consolidation in the 2014-2016 excessive deficit procedure of Croatia. The paper won the first prize in the regular category of the 2020 Prof. Dr. Marijan Hanžeković Trust competition. Mislav Brkić in the paper Costs and benefits of government borrowing in foreign currency: is it a major source of risk for EU member states outside the Euro? explores to what extent governments of non-euro area EU member states rely on foreign currency borrowing and whether they have sufficient capacity to preserve currency stability in the event of adverse shocks. The paper Decentralization and welfare: theory and an empirical analysis using Philippine data by Tristan Canare studies the relationship of several decentralization indicators and welfare, as measured by per capita income, human development index, and poverty. Juan Camilo Anzoátegui-Zapata and Juan Camilo Galvis-Ciro in the paper Effects of fiscal credibility on inflation expectations: evidence from an emerging economy, busing the Colombian experience, build a fiscal credibility index and evaluate its impact on inflation expectations for the 2004-2019 period. Piotr Bartkiewicz in the paper The evolution of the Polish government bond market describes the long-term trends in the Polish sovereign local currency debt.Antonija B uljan reviews the book Modernizing VATs in Africa by Sijbren Cnossen.

In the newsletter entitled Budget outturns of Croatian municipalities, cities and counties for 2018 and 2019, Katarina Ott, Mihaela Bronić, Branko Stanić and Filip Badovinac – based on the Ministry of Finance’s data – present the basic data on their revenue, expenditure, surplus/deficit and budget transparency. The tables provided in the Excel format, allow readers to get acquainted with fiscal condition of their municipalities, cities and counties in  2018-2019 and compare it with previous years (2014-2017) and with other municipalities, cities and counties.