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 In the new thematic issue of Public Sector Economics dedicated to the Economics and governance for sustainability, guest editors Louis Meuleman and Ingeborg Niestroy are introducing readers to articles that are trying to find the balance among the environmental, social and economic dimensions of our societies: planet, people and prosperity. Florian Flachenecker and Jun Rentschler in the article From barriers to opportunities: Enabling investments in resource efficiency for sustainable development are examining the role of resource efficiency in reconciling environmental and economic objectives. How to deal with losers and achieve 'win-win' package deals are the topics dealt with by David Horan in the article on Compensation strategies to enact new governance frameworks for SDG transformations. In the article Post-growth perspectives: Sustainable development based on efficiency and on sufficiencyRudi Kurz is exploring available strategies for achieving ambitious environmental goals. Elisabeth Hege, Laura Brimont and Félicien Pagnon in the article Sustainable development goals and indicators: can they be tools to make national budgets more sustainable? are analyzing the added value of the Sustainable Development Goals (SDGs) and indicators in the budgeting process. Luigi Ferrata in Digital financial inclusion – an engine for “leaving no one behind” highlights how financial inclusion - the access to financial services - allows the weakest members of society to contribute to the achievement of the SDGs and to improve their life. In the article Implementing Agenda 2030 in the Arab world: Contextualization, action areas and policy planning Lamia Moubayed Bissat and Carl Rihan assess the implementation of Agenda 2030 in the Arab region and conclude with “roadmap” for the improvements. Dagmar Radin is reviewing the Sustainable Development Goal 16: Focus on public institutions, World Public Sector Report 2019 published by the United Nations, Division for Public Institutions and Digital Government, Department of Economic and Social Affairs. 

January 9, 2020

At the Institute of Public Finance (IPF) International Monetary Fund (IMF) mission met with representatives of the Ministry of Finance, Croatian National Bank and IPF. The IMF mission visited Croatia from 3 – 12 December holding regular consultations (based on IMF Article IV) and at the IPF discussed various topics like pension reform, tax measures aimed at containing emigration, budget transparency, efficient use of the EU structural and investment funds, effects of the fiscal multipliers and the status of public enterprises.

December 16, 2019

 The Prof. Dr. Marijan Hanžeković Trust awarded the best scientific papers. In the regular category, the 50,000 kuna award, the diploma and the medal was awarded to Iva Tomić from the Institute of Economics, Zagreb for the paper Employment protection reforms and labour market outcomes in the aftermath of the recession: Evidence from Croatia. In the student category, the 15,000 kuna award, the diploma and the medal was awarded to Ivan Tomaš, student from the Zagreb School of Economics and Management for the paper A stochastic forecast for the Croatian pension system.

The awarded paper will be published in the journal Public Sector Economics no. 1/2020 and at the Prof. Dr. Marijan Hanžeković Trust’s web site.

December 3, 2019

Institute of Public Finance, in cooperation with Friedrich Ebert Stiftung Zagreb, organized the annual Public Sector Economics conference dedicated to wealth and property taxation. The conference was opened by Assistant Minister of Finance and Director General of the Tax Administration Božidar Kutleša. Numerous foreign and domestic scientists and experts participated, and lectures were held by world renowned experts Enid Slack from the University of Toronto and Sarah Perret from OECD.

 
By organizing this Conference, Institute of Public Finance wanted to initiate and encourage discussions among scientists, public sector experts and general public about potentials and limitations of the wealth and property taxes and their role in the modern economy. Selected papers from the conference will be published in the journal Public Sector Economics.
October 24, 2019

In the new issue of Public Sector Economics, Mikkel Barslund and Lars Ludolph in the article Could the decrease in Belgian government debt-servicing costs offset increased age-related expenditure?calculate the direct gains accruing to the Belgian government from lower net debt interest payments and contrast them to the projected future increases in age-related expenditures. Sylwia Pieńkowska-Kamieniecka, Joanna Rutecka-Góra and Damian Walczak in the article Willingness to redistribute: the case of Poland based on the solidarity game, present the determinants of willingness for redistribution of a group of Polish students. Maria Cornachione Kula in the article The behavior of U.S. States’ debts and deficits uses a panel of U.S. state data from 1978-1998 to empirically investigate whether primary surpluses respond to rising debt/GDP ratios. José Alves in the article The impact of tax structure on investment: an empirical assessment for OECD countries evaluates the impact of the tax structure on investments in OECD countries in 1980-2015 period. The impact of direct and indirect taxes on the growth of the Turkish economy has been analysed by employing the autoregressive distributed lag (ARDL) approach by Suna Korkmaz, Metehan Yilgor and Fadime Aksoy. Predrag Bejaković reviews a book Governance Beyond the Law: The Immoral, The Illegal, The Criminal (Abel Polese, Alessandra Russo and Francesco Strazzari, Eds.)

September 14, 2019

The Institute of Public Finance hosted the Migration and Ageing Populations workshop on September 5th - 6th 2019, organised with the Oxford Institute for Population Ageing (University of Oxford) and Ministry of Demography, Family, Youth and Social Policy of the Republic of Croatia. Participants from Central and Eastern Europe, members of the EAST (Eastern European Ageing Societies in Transition) research network, presented their research on migration and ageing. Professor George W. Leeson from the University of Oxford gave a lecture entitled ‘Migration as a Policy Response to Population Ageing’. The State Secretary at the Ministry of Demography, Family, Youth and Social Policy, Ms. Margareta Mađerić, was also present at the workshop. The programme is available here.

September 13, 2019

On July 3, 2019, the Institute of Public Finance presented the results of the fifth annual research cycle of the budget transparency of all 576 Croatian local governments. The average budget transparency - measured by the number of budget documents published on the official websites of counties, cities and municipalities – has improved year by year and now stands at 3.9 (out of a maximum of 5). This is considerable improvement in comparison to the 2015 when the average was 1.8. However, despite improvements and very good averages - counties 4.9, cities 4.3, municipalities 3.8 - there are still too many differences, especially among municipalities. The large number of cities and the bulk of municipalities will have to intensify their efforts to comply with obligations of the Budget Act and the Access to Information Act, as well as the Ministry of Finance's recommendations.

 
The detailed results for all counties, cities and municipalities are given in an interactive map and in the newsletter Budget transparency in Croatian counties, cities and municipalities (November 2018 – March 2019).
July 3, 2019

In the new issue of Public Sector Economics, Francisco Bastida, Bernardino Benito, María-Dolores Guillamón and Ana-María Ríos in the article Tax mimicking in Spanish municipalities: expenditure spillovers, yardstick competition, or tax competition?  evaluate whether local governments make tax decisions just focusing on their economic or budgetary features or whether the tax rates of neighboring municipalities are also or mainly taken into account. Dirk-Hinnerk Fischer and Simona Ferraro in the article A proposal for a simple average-based progressive taxation system introduce a first theoretical presentation of a simple progressive taxation system. Sergii Slukhai and Tetiana Borshchenko in the article Social welfare dynamics in post-socialist countries: unveiling the secrets of success analyse the influence of various factors on social well-being in the post-socialist countries of Central and Eastern Europe. Ombir Singh in the article State ownership and performance of firm: evidence from Indiacompares and analyses the performance of public and private sector firms operating in five different industries. Maja Vehovec reviews a book Structural reforms for growth and cohesion: lessons and challenges for CESEE countries and a modern Europe (editors: Ewald Nowotny, Doris Ritzberger-Gruenwald and Helene Schuberth).

Call for papers: Special Issue on the Economics and Governance for Sustainability

June 11, 2019

Louis Meuleman (Leuven University, Member of United Nations Committee of the Experts on Public Administration - CEPA, European Commission) held a lecture on the topic of Metagovernance for Sustainability - A Framework for Implementing the Sustainable Development Goals on 24 April 2019 in the Institute of Public Finance.

The lecturer highlighted the governance challenges related to the implementation of the United Nations Sustainable Development Goals (SDGs), using the concept of metagovernance (governance of governance styles). Taking into account the specificities of societal factors such as different values and traditions in different countries, successful decision makers do not stick to one governance approach; they think beyond the governance style that their organization or culture may be used to. Thus, he showed how hierarchical, network and market governance styles can be combined and how governance failure can be prevented or dealt with.

April 24, 2019

Dubravko Mihaljek, Head of Operations at the Monetary and Economic Department of the Bank for International Settlements in Basel, held a lecture on the topic of Global Economic Downturn and the Dollar Exchange Rate on 17 April 2019 in the Institute of Public Finance.

The lecturer emphasized that in April 2018 indicators began to point to the slowdown in industrial production growth worldwide, which in the first three months of 2019 further deepened. However, service activities and employment continue to generate significant growth. Large and relatively closed economies continue to grow well, while small and open are beginning to slow down. The slowdown in industrial production coincides with the strengthening of the effective exchange rate of the dollar. Thus, he clarified the interaction between the trade and financial spheres of globalization and questioned the possibility of their separate development as it has been assumed in the last half century.

April 17, 2019

The new issue of Public Sector Economics contains contributions to the Institute of Public Finance conference held in Zagreb in October 2018. It starts with the Editors’ introduction to the Public Sector Economics 2018 Conference – Introduction to the Public Sector Economics 2018 Conference – Fiscal Openness: Transparency, Participation and Accountability in Fiscal Policies.

In keynote speeches James E. Alt traces the evolution of the concept of fiscal transparency in academic and policy agendas over the past three decades; and Francisco Bastida highlights the quality rather than quantity aspects of transparency as the key to the strengthening of public trust in government. Sandra Švaljek, Ivana Rašić Bakarić and Marijana Sumpor in the article Citizens and the city: the case for participatory budgeting in the City of Zagreb test some conclusions from the transparency literature in a case study of participatory budgeting in the city of Zagreb, Croatia’s capital. Lobna M. Abdellatif, Mohamed Zaky, Mohamed Ramadan, Jad Mazahreh and Ibrahim Elghandour in the article Transparency of law making and fiscal democracy in the Middle East use the Open Budget Index dataset to measure the quality of the law-making process for government budgets in Egypt, Jordan and Tunisia. Ana Ostrovidov Jakšić and Ivan Jakšić in the article How to prolong labour market participation in the Republic of Croatia? analyse the labour market for older workers from the point of view of prolonging their participation in the labour market in the Republic of Croatia. This issue ends with a review of Louis Meuleman’s book Metagovernance for Sustainability: A Framework for Implementing the Sustainable Development Goals

March 11, 2019

The Institute of Public Finance hosted a presentation of results from the research project Application of Microsimulation Models in the Analysis of Taxes and Social Benefits in Croatia, financed by the Croatian Science Foundation. Microsimulation models of the fiscal system simulate personal income taxes, social security contributions and social benefits. These models enable an ex ante evaluation of a potential reform of fiscal instruments and its effects on the distribution of disposable income, work incentives as well as budgetary revenue and expenditure. As opposed to other EU countries, where the microsimulation models are regularly utilised in the analyses of taxes and social benefits, these models have been only recently introduced in Croatia. Therefore, a microsimulation model of the Croatian system of taxes and social benefits (miCROmod) was developed within the project. Also, miCROmod has been employed in the analyses of personal income tax, child benefits, making work pay instruments and local social benefits in Croatia.

The results of the research were presented by Slavko Bezeredi (Institute of Public Finance), Martina Pezer (Institute of Public Finance), Ivica Rubil (The Institute of Economics Zagreb) and the project leader Ivica Urban (Institute of Public Finance).

December 12, 2018

The Prof. Dr. Marijan Hanžeković Trust, for the 19th year in a row, awarded the best scientific paper. In the regular category: 50,000 HRK, diploma and a medal was awarded to Vladimir Arčabić from the Faculty of Economics and Business Zagreb for the paper “Fiscal convergence and sustainability in the European Union”. The student category prize, due to insufficient quality of submitted papers, this year was not awarded.

The awarded paper will be published in the journal Public Sector Economics no. 4/2018 and at the Prof. Dr. Marijan Hanžeković Trust’s web site.

December 6, 2018

Institute of Public Finance, in cooperation with Friedrich Ebert Stiftung Zagreb and International Budget Partnership, organized an annual Public Sector Economics conference dedicated to fiscal transparency, citizen participation in fiscal processes and government accountability. The conference was opened by Assistant Minister of Finance and Chief State Treasurer Ivana Jakir-Bajo. Numerous foreign and domestic scientists and experts participated, and lectures were held by world renowned professors James Alt from Harvard University and Francisco Bastida from the University of Murcia.

By organizing this Conference, Institute of Public Finance wanted to initiate and encourage discussions among scientists, public sector experts and general public to address the contemporary challenges faced by the public sector and ways to efficiently collect and allocate public funds. Selected papers from the conference will be published in the journal Public Sector Economics.

October 25, 2018

On July 13, 2018, the Institute of Public Finance hosted a presentation of results from the research project Channels and effectiveness of fiscal devaluations, financed by the Croatian Science Foundation. Fiscal devaluation is a tax policy instrument that should mimic the effects of nominal exchange rate devaluation, i.e. improve external competitiveness and increase net exports of a devaluing country. In its basic form, it consists of a budget-neutral reduction in employers’ social security contribution rate and an increase in the value added tax. This research tried to fill some of the gaps in the existing literature and provide more reliable econometric estimates of the effectiveness of fiscal devaluations, along with exploring some specific channels through which fiscal devaluations are expected to work.

July 13, 2018

On July 2, 2018 the Institute of Public Finance presented the results of the latest research cycle related to budget transparency of all 576 Croatian local units. The average budget transparency - measured by the number of budget documents published on the official websites of counties, cities and municipalities – has improved year after year and in the last four cycles it almost doubled from an average of 1.8 to 3.52. However, despite improvements and very good averages - counties 4.9, cities 4, municipalities 3.3 - there are still too many differences, especially among municipalities, so large number of cities and the bulk of municipalities will have to intensify their efforts to comply with obligations of the Budget Act and the Access to Information Act, as well as the Ministry of Finance's recommendations.

In order to make the results as readily accessible, the Institute published an interactive map showing the status of each local government unit. Detailed analysis of the research has been published in the newsletter Budget transparency in Croatian counties, cities and municipalities (November 2017 – March 2018).

July 2, 2018

The new issue of Public Sector Economics contains contributions to the Institute of Public Finance conference held in Zagreb in November 2017. It starts with the Editors’ introduction to the Public Sector Economics 2017 Conference Issue – Public investment: catalyst for sustainable growth by Katarina Ott and Dubravko Mihaljek. In keynote speeches Balázs Égert deals with policy drivers of the unusually weak business investment in many advanced economies following the recent crisis; Evžen Kočendaexamines links between public investment, banking sector and sovereign risk; while Matthias Kollatz-Ahnen and Markus J. Roick analyse the global shortfall in infrastructure investment, particularly at the municipal level in Europe. In introductory notes Zdravko Marić reviews the evolution of private and public investment in Croatia and identifies conditions for their medium term pick-up; Manica Hauptmanwarns that despite the return of more favourable financing conditions, investment in EU has not reached its pre-crisis levels; and Zrinka Živković Matijević emphasizes the importance of human capital investment in Croatia. Ehtisham Ahmad, Annalisa Vinella and Kezhou Xiao focus on public-private partnerships as vehicles for infrastructure projects. Sanja Borkovic and Peter Tabak investigate the relationship between public investment and productivity of Croatian firms. Gökçen Yilmaz studies how the allocation of public investment affected productivity growth in Turkey in 1975-2001. Maria Manuel Campos and Hugo Reis study the evolution of private returns to schooling in the Portuguese economy during 1986-2013. The issue ends with a review of Jean Tirole’s landmark book “Economics for the Common Good”.

June 5, 2018

In the new issue of Public Sector Economics, you can read the article by Vuk Vuković The political economy of local government in Croatia: winning coalitions, corruption, and taxes. It represents the first comprehensive effort to provide a theoretical and empirical explanation of systemic corruption in Croatian local government and links corruption, maximized chances of staying in power and higher taxes. The article won the first prize in the regular category of the 2017 Prof. Dr. Marijan Hanžeković Trust competition. Ivana Đurović in the article The effects of intercompany lending on the current account balances of selected economies in the Western Balkans quantifies the effect of intercompany lending on the current account balances in the economies that previously made up Yugoslavia. The article won the first prize in the student category of the 2017 Prof. Dr. Marijan Hanžeković Trustcompetition. Petar Sorić and Ivana Lolić in the article Economic uncertainty and its impact on the Croatian economy quantify institutional (political and fiscal) and non-institutional uncertainty as significant predictors of economic activity. Michael Fuchs, Katarina Hollan and Katrin Gasior in the article Simulation of an application of the Hartz-IV reform in Austria, using the tax-benefit microsimulation model, analyse potential effects of unemployment benefit reform in Austria. Martina Pezer reviews the book Poverty and Shared Prosperity 2016: Taking on Inequality by the World Bank.

December 12, 2017

On 8th December 2017, the Prof. Dr. Marijan Hanžeković Trust, for the 18th year in a row, awarded the best scientific papers. In the regular category: 50,000 HRK, diploma and a medal was awarded to Vuk Vuković, PhD candidate at University of Oxford, Department of Politics and International Relations, for the paper The political economy of local government in Croatia: winning coalitions, corruption, and taxes”. In the student category: 15,000 HRK and a diploma was awarded to Ivana Đurović, student at the Central European University in Budapest, Department of Economics, for the paper The effects of intercompany lending on the current account balances of selected economies in the Western Balkans.

The awarded papers are published in the journal Public Sector Economics number 4/2017.

December 8, 2017
August 3, 2017

From 3 to 5 May 2017, an educational programme „Labour Supply Modelling Based on the Theory of Discrete Choice” was held at the Institute of Public Finance. The programme was conducted by the institute Oslo Fiscal Studies (University of Oslo), with Professor John K. Dagsvik (Statistics Norway and Oslo Fiscal Studies) as the lecturer. Labour supply models simulate changes in labour supply behaviour as a result of changes in the tax-benefit system, wage rates and different socio-demographic variables. These models are increasingly used for ex-ante evaluations of the impact of various policy reforms on labour supply.

The participants have learnt about the traditional static labour supply models, elements of the discrete choice theory and labour supply models based on the discrete choice framework. Furthermore, various examples of applications of labour supply models were shown and the literature review in this area was provided.

Educational program was organised within the project Application of Microsimulation Models in the Analysis of Taxes and Social Benefits in Croatia, which is carried out by researchers of the Institute of Public Finance, and funded by the Croatian Science Foundation (UIP-2014-09-4096).

May 9, 2017
May 9, 2017
December 5, 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.

September 20, 2016

On Thursday, 18 February 2016, a round table "Application of Microsimulation Models in the Analysis of Taxes and Social Benefits in Croatia" was held at the Institute of Public Finance, at which the eponymous Project was presented, which is carried out by researchers of the Institute of Public Finance, and funded by the Croatian Science Foundation (UIP-2014-09-4096). The speakers were Holly Sutherland and Chrysa Leventi from the Institute for Social and Economic Research, Essex, and Slavko Bezeredi and Ivica Urban from the Institute of Public Finance.

Fiscal system microsimulation models enable the simulation of taxes, social insurance contributions, and social benefits, thus allowing researchers to predict the effects of a potential reform of these fiscal instruments on the distribution of disposable income, work incentives, as well as on budgetary revenue and expenditure. Although microsimulation models are one of the key tools for academic and policy analysis in other EU countries, such models have not been systematically developed and used in Croatia so far.

The round table presented the content and objectives of the Project. Much attention was paid to EUROMOD - a tax-benefit microsimulation model for EU countries. From January 2016, for the first time, EUROMOD includes Croatia; in the development of the EUROMOD Croatian module researchers of the Institute of Public Finance have participated. Information about the Project are also presented in the Newsletter Application of Microsimulation Models in the Analysis of Taxes and Social Benefits in Croatia.

February 18, 2016

Dubravko Mihaljek, Head of Macroeconomic Analysis at the Bank for International Settlements in Basel held lecture Global economy on its way to recovery? at the Institute of Public Finance on 8 July 2015.

The main conclusion of Mihaljek's lecture was that the global economy was recovering well with the strengthening of the role of developed countries (EU, USA and Japan) in the growth of global economy, while the emerging market contribution (apart from China and Japan) to the global growth is somewhat limited. Also, Central Europe is recovering well due to the recovery of the European Union.

July 9, 2015

On 17 June 2015 the Institute of Public Finance presented the results of a large research project related to local budget transparency, which for the first time included all 576 local government units in Croatia. Despite improvements in the local budget transparency, the situation is still far from satisfactory.

The only one of 428 municipalities which published all requested budget documents is Viškovo. The top-ranked counties are the Brod-Posavina, Krapina-Zagorje, Sibenik- Knin, Varaždin and Zadar. The most transparent cities are Buzet, Crikvenica, Čakovec, Dubrovnik, Koprivnica, Opatija, Osijek, Pazin, Pula, Rijeka, Slavonski Brod, Split, Šibenik, Vodice and Zagreb. The Institute awarded special prizes to all top-ranked local government units.

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.

Detailed analysis of research is published in the Newsletter entitled Budget transparency in Croatian counties, cities and municipalities (November 2014 – March 2015).

June 19, 2015

On Wednesday, 25 March 2015 the Institute of Public Finance hosted a lecture by Robert Sonora (School of Business Administration, Fort Lewis College, Durango, Colorado) entitled Public debt and economic growth: new evidence.

One of the key assumptions implied in the majority of studies is that lower economic growth is spurred by high debt, but not the reverse. However, if reverse causality holds, the usual estimation of the model can yield biased estimators because of a feedback effect. Sonora’s results show that the inter-temporal causal relationship is bi-directional which provide a warning regarding the estimation results in many previous studies that have ignored the role of the feedback effect. He checked the robustness of estimated thresholds in the relationship between public debt and GDP growth using a variety of dynamic panel methods and datasets to address the issue of endogeneity, feedback and endowment effects. The main conclusion is that there is no “absolute” threshold which holds for all countries and for all times. However, it does not mean that individual countries do not have their own thresholds.

March 25, 2015

On Wednesday, 21 January 2015 the Institute of Public Finance hosted a lecture by Daniela Pirvu from the Faculty of Economics, University of Pitesti entitled The access of social enterprises to the public procurement market in Romania: current challenges.

The public procurement system in Romania is becoming more important in the context of harmonization with the EU rules and the increase of public spending through the absorption of European cohesion and structural funds. Daniela Pirvu has researched the period 2008-2013 as well as analysed and defined the features of public procurement in Romania. She has determined that the social enterprises actively take part in socially significant areas of social protection, social services, health, local services, education, culture, sport and recreation. Enhancement of public procurement system may be used to incite public enterprises, to achieve better results in competitive and efficient environment. Activities of social enterprises may be significantly improved if allowed access to special contracts and procedures.

January 21, 2015

The annual award ceremony of the prof. dr. Marijan Hanzekovic Foundation was held on Friday December 5, 2014.

In the regular category the 50,000 kn prize, the diploma and medals was won by Miljana Valdec and Jurica Zrnc (Croatian National Bank, Zagreb) for the paper "The direction of causality between exports and firm performance: microeconomic evidence from Croatia using the matching approach". The award in the student category wasn’t awarded due to the insufficiant quality of submitted papers.

The members of the award committee for 2014 were Vjekoslav Bratić (Institute of Public Finance, Zagreb); Dubravka Jurlina Alibegović (The Institute of Economics, Zagreb); Evan Kraft (American University, Washington D.C.); Dubravko Mihaljek (Bank for International Settlements, Basel) and Katarina Ott (Institute of Public Finance, Zagreb).

The awarded papers are published in the journal Financial Theory and Practice No. 1/15.

 

December 5, 2014

This year marks the twentieth anniversary of the first major tax reform in Croatia. The Institute of Public Finance, Faculty of Economics and Management and Faculty of Economics Rijeka have organized the international scientific conference Tax Reforms: Experiences and Perspectives. The aim is to compare experiences and draw lessons from tax reforms in different countries of the region and former transition economies that are now members of the EU.

The Conference gathers distinguished Croatian and international scientists and experts, mostly from former transition countries, now members of the EU, as well as countries from the region (B&H, Serbia, Macedonia). Invited lectures were given by Gaëtan J. A. Nicodème (European Commission, Bruxelles), Sijbren Cnossen (Maastricht University and Erasmus University, Rotterdam) and Michael Keen (IMF, Washington).

Press release is available here.

July 1, 2014

On Tuesday, 8 April 2014 Velibor Mačkić from the Faculty of Economics and Business Zagreb held lecture at the Institute of Public Finance entitled Political Economy of Fiscal Policy.

Since the beginning of the new millennium economic results in Croatia can clearly be divided in two periods, regarding GDP growth rates and unemployment. Independently, the constant throughout the entire period is budget deficit at all governmental units: national, regional and local. The lecturer indicated the political constraints as potential explanations of those phenomena. He presented the existing political-economic models with emphasis on models of political budget cycles while in the empirical part of lecture he discussed the results of research performed at regional and local level in Croatia, from 2002 to 2011. The goal was to answer the following questions: Are there political budget cycles in counties and the largest Croatian cities? Which theoretical model do they correspond to? Is there an increase in budget expenditures in election years if the executive government on central and regional/local level come from the same party?

The lecture was based on the paper Political budget cycles at the municipal level in Croatia published in the journal Financial Theory and Practice. The paper is also available online in Croatian: Političko-proračunski ciklusi na uzorku hrvatskih gradova. The paper won the Marijan Hanžeković Foundation award for the best paper in regular category for 2013.

April 9, 2014

On Monday, 17 March 2014 prof. Rajeev K. Goel (Illinois State University, Department of Economics) held lecture at the Institute of Public Finance entitled Effectiveness of Whistleblower Laws in Combating Corruption.

The whistleblower laws are becoming an important managing tool in both public and private sector. In order to examine the efficiency of the whistleblower laws and the conscience on their significance, a study that forms an unique Internet measure of conscience on laws and provisions on whistleblowers has been presented, with the emphasis on practices of American federal states. By putting the analysis in the frames of extensive literature on corruption, the results demonstrate that the higher level of conscience on the significance of whistleblowers results in higher extent of reported corruption. It appears that the presence of information on whistleblower laws on the Internet is more effective for combating corruption than the quality and the quantity of the laws.

March 17, 2014

On Thursday, 19th December 2013 Institute of Public Finance's researcher Goran Vukšić held lecture entitled The Impact of Current Crisis on Employment and Employment Conditions in Croatia.

The current economic crisis has put many private companies, but also state owned enterprises and other public sector entities under pressure to cut costs. Many of them reduced employment and/or wages of their employees. In addition to these negative effects, there may have been changes in other employment characteristics, such as full time and short time employment, employment for an unspecified and fixed period of time, number of hours worked, etc. These effects may have differed across different groups of employees as distinguished by gender, age or educational attainment. Also, there may be differences depending on the type of ownership.

The research was conducted with the financial support by Friedrich Ebert Foundation with the aim of analysis of employment characteristics using sectoral data for Croatia between 2009 and 2012.

December 27, 2013

The annual award ceremony of the prof. dr. Marijan Hanzekovic Foundation was held on Friday, 29th November. In the regular category the 50,000 kn prize, the diploma and medal was won by Velibor Mačkić (Faculty of Economics and Business, Zagreb) for the paper Političko-proračunski ciklusi na uzorku hrvatskih gradova.  In the student category the 15,000 kn prize, the diploma and medal was won by Bruna Škarica (Faculty of Economics and Business, Zagreb) for the paper Determinants of Non-Performing Loans in Central and Eastern European Countries.

The members of the award committee for 2013 were Mihaela Bronić (Institute of Public Finance, Zagreb); Dražen Derado (Faculty of Economics, Split); Primož Dolenc (Faculty of Management, University of Primorska, Koper); Zrinka Živković Matijević (Raiffeisenbank Austria, Zagreb) and Katarina Ott (Institute of Public Finance, Zagreb).

The awarded papers are published in the journal Financial Theory and Practice No. 1/14.

December 13, 2013

On Friday, 18th October 2013 prof. Igor Masten from the Faculty of Economics in Ljubljana presented the paper Structural FECM: Cointegration in large-scale structrual FAVAR models at the Institute of Public Finance. Together with his colleagues Anindya Banerjee and Massimiliano Marcellino prof. Masten developed the factor-augmented error-correction model, FECM, presented the advantages in regard to FAVAR – factor-augmented vector auto-regressive model and tested it on monthly data for United States of America for the period 1959-2003 as well as through Monte Carlo simulation. You can learn more about this topic in the article.

October 21, 2013

On Wednesday, 25th September 2013 Edwin Lau (OECD, Paris) visited the Institute of Public Finance and held lecture entitled OECD work on Open Government Data for the representatives of scientific institutions, public administration and civil society.

Open government data is fast becoming a political objective and commitment for OECD countries and beyond. Its implicit promise to support economic growth and to improve public services, as well as to promote government transparency and accountability make it an attractive policy objective. While many governments are rushing to launch political commitments and online portals, fewer have taken the steps to address the enabling conditions that support truly open government data. Governments are not monolithic, and internally face many challenges - policy, technical financial, organisational, cultural and legal - to making open government data a reality. The OECD is collecting data on open government initiatives around the world in order to measure their extent and impact. This will provide an evidence base to support countries' business cases for open government data, as well as to help them to map the necessary steps to designing and implementing open government data initiatives. See more at Ubaldi, B. (2013) Open Government Data: Towards Empirical Analysis of Open Government Data Initiatives.

September 25, 2013

Dubravko Mihaljek from the Bank for International Settlements delivered a lecture The World Economy and Economic Policy: five years after the beginning of the crisis on Wednesday, June 26, 2013 at the Institute of Public Finance.

Different parts of world economy are recovering in various speed and in different manners from the crisis that started in autumn 2008. The lecturer referred to the current condition of the world economy and chances for further recovery, with emphasis on economic and financial trends in Europe and prospects for foreign financing of private and public sector in emerging market economies like Croatia. He analysed the achievements and current issues of economic policy.  Has monetary policy exhausted possibilities for supporting economic recovery? How have the roles of exchange-rate and macroprudential policy been regarded? What is the role of structural policies in labour, products and services markets? How can fiscal policy contribute to achieving strong, stable and sustainable growth?

June 28, 2013

The annual award ceremony of the prof. dr. Marijan Hanzekovic Foundation was held on Friday, 7th December 2012. In the regular category the 50,000 kn prize, the diploma and medals were won by Mirna Dumičić and Tomislav Rizdak (Croatian National Bank, Zagreb) for the paper Determinants of Banks' Net Interest Margins in Central and Eastern Europe. The award in the student category wasn’t awarded due to the insufficiant quality of submitted papers.

The members of the award committee for 2012 were Hrvoje Šimović (Faculty of Economics and Business, Zagreb); Velimir Šonje (Arhivanalitika; Zagreb School of Economics and Management, Zagreb); Ivica Urban (Institute of Public Finance, Zagreb); Ilija Ivan Zovko (University of Oxford; Lloyds TSB, London); and Katarina Ott (Institute of Public Finance, Zagreb).

The awarded papers will be published in the journal Financial Theory and Practice 1/13.

December 7, 2012

The Global Movement for Budget Transparency, Accountability, and Transparency (BTAP) is a vibrant movement integrated by a broad range of activists and organizations working on public finance and budget accountability issues from around the world to advance budget transparency, accountability, and participation. More than hundred civil society groups from over fifty countries and twelve international organizations have joined BTAP by embracing a cause, expressed in the The Dar es Salaam Declarationn.

The BTAP website aims to bring the Movement closer to its members and to key stakeholders by providing substantial information on: the Movement and the way it operates, the activities undertaken by its working groups, ongoing Campaigns, and news on budget transparency and accountability. The website also works as a mechanism for organizations to join BTAP and endorse the Dar Declaration. The BTAP could also be followed on Twitter.

December 3, 2012

On 28 September 2012 Institute of Public Finance received the recognition by the European Commission for making significant progress in implementing the rules of the European Charter for Researchers and the Code of Conduct for Recruitment of Researchers, authorising the IPF to use the HR Excellence in Research logo.

The recognition signifies the IPF's orientation in supporting the European initiative for the development of researchers' mobility in Europe and clearly emphasizes IPF's work to enhance its efforts in improving employment, working conditions and encouraging the researchers' careers. The recognition authorises the IPF to use the HR Excellence in Research logo on its internet pages and publications, which additionally distinguishes IPF in national and especially European Research Area (ERA).

October 1, 2012

The annual award ceremony of the prof.dr. Marijan Hanzekovic Foundation was held on Friday, 9th December 2011. In the regular category the 50,000 kn prize, the diploma and medals were won by Lei Hou and Jiarui Zhang (PhD candidates, Ludwig Maximilians University of Munich and Department of Economics, University of Munich and School of Economics) for the paper Multiple finances, margins of FDI and aggregate industry productivity. In the student category, the 15,000 kn prize and the diploma was won by Alen Džanić (student of economics, Central European University, Budapest) for the paper Concentration of ownership and corporate performance: evidence from the Zagreb Stock Exchange.

The members of the award committee for 2011 were Mario Holzner (The Vienna Institute for International Economic Studies, Vienna), Ivo Krznar (Croatian National Bank, Zagreb), Kristina Šorić (Faculty of Business and Economics, Zagreb); Goran Vukšić (Institute of Public Finance) and Katarina Ott (Institute of Public Finance).

The awarded papers will be published in the journal Financial Theory and Practice 1/12 as well as on the Internet pages of the Foundation and of the Institute of Public Finance.

This year's competition had the most applications since the start of the Foundation. Every year we receive more international applications.

December 9, 2011

On April 8, 2011, the Institute of Public Finance organised a conference entitled the Croatian Public Debt: management and market development challenges. The aim was to use scientifically grounded research to analyse the sustainability of the public debt, the possibilities of developing primary and secondary markets and the opportunities and constraints related to improving public debt management and transparency in the Republic of Croatia.

To make the most of the hard work and commitment of the experts who took part in the conference, the Institute has published a volume of Proceedings (Croatian only).  Its diversity of topics and the quality of the papers will inevitably make it a must for the scholarly, the specialised and the general public wishing to obtain an insight into the problems of the public debt in Croatia. The volume is bound to prompt further analyses of topics oriented to the development of the financial market.

October 26, 2011

On Wednesday, 6th July the Institute of Public Finance organized the lecture by dr. Neven Petrović from the Faculty of Humanities and Social Sciences in Rijeka on the topic „Justification of Taxation – who, how much?“. The philosophers have seldom discussed the question of equitable taxes. Mostly the question is about whether they should serve the redistribution of goods or not, but arguments on the kind of tax rates to be used are rare. Libertarians usually claim that the rates should be proportional, while the egalitarians suggest progressive tax rates. This lecture has tried to use some philosophical tools to try to give an argumentative answer to the question. The distribution that is performed consciously should be based on the principle of formal equality, i.e. the similar cases should be treated similarly and different differently. What is relative similarity when taxation is concerned? Considering the fact that moral intuitions are of little help, other philosophical tools had to be used: argument based on the hypothetical consent used by Hayek to justify the market system.

July 6, 2011

The Institute of Public finance and Banka magazine have organized the round table “Crucified between the two pillars”. On this fifth round table held as a part of the project Pension System Analysis the emphasis is on the latest changes of the pension system in Hungary and Poland, the description of business of mandatory pension funds in Croatia and the link between the pension system reform and the development of the capital market.

The materials from the round table held on 14th June can be found on the Internet pages of Banka magazine.

June 14, 2011

On Tuesday, 14th June 2011 the Institute of Public Finance presented the results of the research Open Local Budget Index for 33 Croatian towns.

During 2010 the Institute measured the budgetary transparency of 33 Croatian towns. The aim was to research the quality of information about the town budgets and explore the openness of towns’ budgetary processes to the public.

Open local budget index on average amounted to 65, which means that the towns provided 65% of expected transparency (quality of information in budgetary documents and openness of towns’ budgetary processes to the public). The best result was achieved by Slavonski Brod (82) and the worst Šibenik (45).

Details about the research – the methodology, surveys, questionnaires, results by towns – can be found on Open Local Budget Index for 33 Croatian towns.

June 14, 2011

The Institute of Public Finance and Banka magazine organized the round table Disability pensions: Are Croats crushed by crisis or by poor health?, held as a part of the project Pension System Analysis. Apart of the disability pensions, the participants of the round table discussed the pension system reform in Slovenia.

The materials from the round table held on 19th May can be found in Banka magazine's Internet pages.

April 20, 2011

On Friday, 8th April, the Institute of Public Finance organized the conference Croatian Public Debt: management and challenges of market development. The goal of this Conference was to incite the discussion on public debt, indicate on the need to develop the transparent market and good practices of prudent public debt management as well as to incite the Government, the Parliament and the public to understand the significance of public debt on long term growth, sustainability and stability of Croatian financial system that would influence the development, sustainability and stability of the entire economic system.

The Conference was inspired by Anto Bajo, Marko Primorac and Ana Andabaka Badurina’s book Public Debt: management and challenges of the market development, published by the Institute of Public Finance.

April 9, 2011

The Institute of Public Finance and Banka magazine organized the third round table as a part of the project Pension System Analysis, entitled “The pensioners are searching for jobs too“. Four presentations covered the following topics: 1) Elderly people in the working world; 2) Longer working life and attitudes of employers about the older employees; 3) Do the exempt severance pays incite early pensions?; 4) Controversies of the existing pensions taxation system.

The materials from the round table held on 17th March can be found on the Banka magazine Internet pages.

March 17, 2011

As a part of the project Pension System Analysis, the Institute of Public Finance and business magazine Banka organized the second round table on the subject „Pensioners and „Pensioners“: Who embarked the first pillar of the pension system“.

The working materials from the round table held on 16th February can be found on the Internet pages of Banka magazine.

February 16, 2011

Prof.dr. Marijan Hanžeković Foundation has announced the new competition for the annual award for 2011. Papers in English or in Croatian can be submitted until 1st June 2011.

Articles and review articles from the domain of public sector economics can be entered for the competition. Also acceptable are applied and theoretical research papers oriented to a broader group of economic topics, such as economic growth and development, the role of institutions, the transition to a market economy and European integration. Empirical analysis should be connected with the experiences of the countries of Central, Eastern and South-Eastern Europe, but does not have to be restricted to them. All papers on economic, legal and institutional topics related to the development of Croatia will be considered particularly worthwhile.

Details about the criteria and information about the competition can be found on the Foundation's Internet pages.
 

January 26, 2011
 
 
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