The Institute of Public Finance is a public research institute which performs applied and theoretical research in the field of public sector economics. The Institute conducts research about the public sector and its components – tax, pension, health and educational systems, social security system, public administration and state-owned enterprises. The research in these fields has been carried out ever since the Institute was founded in 1970 by the University of Zagreb. The Institute's primary goal is to research efficiency, sustainability and accountability of the public sector. This includes the analysis of economic trends and the effects of economic policy in the public sector. Among the most important topics researched by the Institute are, for example, open state budgets, participation of citizens in the budgetary process, unofficial economy, effects of institutions on economic growth, foreign direct investments, redistributive effects of taxes and social benefits.