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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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