Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics最新文献

{"title":"Political Stubbornness and Online Local Budget Transparency in Croatia","authors":"Katarina Ott, Velibor Mačkić, Mihaela Bronić","doi":"10.18045/ZBEFRI.2019.2.553","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2019.2.553","url":null,"abstract":"Online local budget transparency (OLBT) has been recognized as an important feature of good governance. Accordingly, in this paper, OLBT is measured in all 128 cities and a sample of 100 municipalities in Croatia using several key local budget documents published on local government websites. Using a fixed effect Poisson panel model covering the 2013-2017 period, it is shown that along with residents’ income and fiscal capacity of local governments, political ideology and political competition determine the level of OLBT. This paper contributes to the growing body of budget transparency literature by establishing the importance of political factors as determinants of OLBT in this former socialist, fiscally centralized EU member state and reveals the curious stubbornness of the citizens who consistently vote for non-transparent politicians. The main finding is that political factors (political ideology and political competition) matters in determining OLBT, resulting in suboptimal equilibrium of local governments with low levels of OLBT. The local incumbent concludes that OLBT is not a high priority and that his/her constituency will not hold it against him/her. In this environment such a conclusion stands owing to the fact that voters who are * Received: 19-06-2019; accepted: 02-12-2019 1 This work was supported by the Croatian Science Foundation [grant IP-2014-09-3008]. 2 Professor, Senior Research Advisor, Institute of Public Finance, Smičiklasova 21, 10000 Zagreb, Croatia. Scientific affiliation: public sector economics. Phone: +38514886444. E-mail: kott@ ijf.hr. ORCiD: 0000-0003-2242-4181. Website: http://www.ijf.hr/eng/employees/researchers/7/ katarina-ott-phd/1494/ (corresponding author). 3 Assistant Professor, Faculty of Economics and Business, University of Zagreb, Trg J. F. Kennedyja 6, 10000 Zagreb, Croatia. Scientific affiliation: competitiveness analysis, new political economy, political cycles. Phone: +38512383201. E-mail: vmackic@efzg.hr. ORCiD: 0000-0002-32008571. Website: http://www.efzg.unizg.hr/departments/economic-theory/faculty-2831/velibormackic-phd/22082. 4 Senior Research Associate, Institute of Public Finance, Smičiklasova 21, 10000 Zagreb, Croatia. Scientific affiliation: fiscal decentralization and development, tax system, budget transparency. Phone: +38514886444. E-mail: mihaela.bronic@ijf.hr. ORCiD: 0000-00020863-2040. Website: http://www.ijf.hr/eng/employees/researchers/7/mihaela-bronic-phd/150/. Katarina Ott, Velibor Mačkić, Mihaela Bronić • Political Stubbornness and Online... 554 Zb. rad. Ekon. fak. Rij. • 2019 • vol. 37 • no. 2 • 553-585 stubborn in their voting patterns refuse to change the incumbent who created nontransparency.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2020-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67568980","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Integrity of the benchmark price for price testing of US municipal bonds","authors":"S. Devjak","doi":"10.18045/zbefri.2020.1.215","DOIUrl":"https://doi.org/10.18045/zbefri.2020.1.215","url":null,"abstract":"External financial market data institutions (vendors) may provide different prices for the same US municipal bond due to differences among market participants in perception about its market value. The valuation control function will include only selected vendors in the calculation of the consensus price, which enters as a benchmark price in the price testing process. Selection of vendors is largely driven by the valuation control function’s consideration of their valuation capabilities and their market coverage. Empirical analysis in this paper shows that additional pricing service may bring additional pricing information to the final consensus price, which may significantly alter the benchmark price and final price testing results. The approach described in this paper is in interest of any financial institution with US municipal bonds in the trading portfolio. Contribution of this paper to valuation of US municipal bonds is high because remaining literature does not explain alternative approach to measurement of additional pricing information in the benchmark price.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67568802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Total factor productivity drivers in the selected EU countries: Cointegration approach","authors":"Z. Borovic, Mladen Rebić, Dalibor Tomaš","doi":"10.18045/zbefri.2020.1.295","DOIUrl":"https://doi.org/10.18045/zbefri.2020.1.295","url":null,"abstract":"In this paper, we will present the results of our survey on TFP and its main drivers. For this purpose, our analysis is based on a sample of thirteen EU countries for the period 1995 - 2016. In the first iteration, we have estimated the TFP for selected countries. The main goal of this paper is to determine the existence of a long-run relationship, ie. cointegration between the TFP and its main drivers. To do so, in the second iteration we have used the relatively new panel ARDL (Autoregressive Distributed Lag) model proposed by Pesaran (1997) and Pesaran and Shin (1999). The obtained results in this paper reveal the existence of a long-term relationship, i.e. co-integration between the TFP on one hand, and R&D, and ICT, on the other hand, confirming the basic hypothesis that there is a long-term and statistically significant relationship, i.e. co-integration between the above-mentioned variables.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67568835","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Research and Development and Economic Growth: EU Port Regions","authors":"Gorana Mudronja, Alen Jugović, Dunja Škalamera-Alilović","doi":"10.18045/ZBEFRI.2019.2.587","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2019.2.587","url":null,"abstract":"Investment in research and development (R&D) creates preconditions for the implementation of more advanced and better technologies. It enables the introduction of new products or production processes which can result in higher earnings and potential economic growth. Even though research and development is a catalyst for the genesis of aggregate economic activity, its importance is not widely researched at regional levels. The European Union has defined strategies which view innovation as an essential element in stimulating growth and job creation. The aim of this paper is to establish and measure the impact of investment in R&D on economic growth of port regions. The data used in this research were panel data of the European Union’s port regions for NUTS 2 classification for the period from 2005 to 2015. The results of the two-step Generalized Method of Moments (GMM) indicate that investment in R&D has a significant impact on the economic growth of the port regions in European Union. However, in order for innovations to be accepted and implemented, it is also necessary for regions to have specific economic structure which was further analyzed in this paper. Regions with high innovation capacity create greater economic benefits and are considered to grow faster than other regions.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2019-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49517838","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Reaction of Zagreb Stock Exchange CROBEX Index to macroeconomic announcements within a high frequency time interval","authors":"Tomasz Schabek, Bojana Olgić Draženović, D. Mance","doi":"10.18045/ZBEFRI.2019.2.741","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2019.2.741","url":null,"abstract":"The purpose of this study is to analyse Zagreb Stock Exchange CROBEX Index reactions to selected macroeconomic announcements within ultra-short time intervals. We utilize 5-minute rates of returns from September 2017 to March 2018 and 25 macroeconomic announcements. After carefully arranging the data, we ran the regression with dummy variables capturing the exact announcement times. We used heteroscedasticity and autocorrelation consistent (HAC) estimations in order to account for specific characteristics of intraday data and to retain the robustness of the results. Our results indicate that, for short intraday periods, some reactions are statistically significant, but the majority stays insignificant. These conclusions support the semi-strong form of the efficient-market hypothesis and are in line with inferences of similar studies of advanced economies.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2019-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67569171","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does digitalization affect the contribution of entrepreneurship to economic growth?","authors":"Maja Ivanović-Đukić, T. Stevanović, Tamara Rađenović","doi":"10.18045/ZBEFRI.2019.2.653","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2019.2.653","url":null,"abstract":"The paper analyses the contribution of different types of innovative entrepreneurship: new products entrepreneurship (NP), new technology development entrepreneurship (NT), high growth expectation entrepreneurship (HG), and average growth expectation entrepreneurship (AG) to economic growth through the EU regions, which differ from each other on the degree of digitization. The regions were created by the application of cluster analysis. The clustering criterion was the level of digitization measured by the Digital Economy and Society Index. Hierarchical regression models were developed with purpose to investigate the effect of different types of innovative entrepreneurship on economic growth, on panel data for the period 2010-2017. The obtained results confirm differences in contribution of the certain types of entrepreneurship to economic growth in the EU regions, as well as, the influence of digitization on the relationship between entrepreneurship and economic growth. High growth expectation entrepreneurship and new technology development entrepreneurship have greatest contribution to economic growth in the regions characterized by a higher degree of digitization. On the other side, average growth expectation entrepreneurship and new products entrepreneurship have a dominant role in economic growth in the regions with lower levels of digitization.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2019-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.18045/ZBEFRI.2019.2.653","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67569037","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Time-varying parameters of Croatian import demand","authors":"Mile Bošnjak, Vlatka Bilas, Domagoj Racic","doi":"10.18045/ZBEFRI.2019.2.853","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2019.2.853","url":null,"abstract":"The paper aims to examine Croatian import demand elasticities to changes in income and relative prices while allowing time variation in parameters of import demand. Data sample consist of quarterly time series data over the period 2000 q1 -2018 q3. Following state space model with time-varying parameters approach estimates were obtained and tested. The results revealed persistent and high income elasticity of import demand in Croatia. However, the role of relative prices has changed over the observed period and eventually cannot be distinguished from zero. The findings from this research supported the hypothesis of prices convergence in Croatia towards the prices within European Monetary Union member countries. Furthermore, results found no significant effect on Croatian import demand when Croatia joined the European Union. The research results indicate that, due to a relatively high income elasticity of import demand and convergence of import prices, production of innovative and sophisticated products should be facilitated.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2019-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67569142","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Persistence of shocks in CDS returns on Croatian bonds: Quantile autoregression approach","authors":"Mile Bošnjak, I. Novak, Maja Bašić","doi":"10.18045/ZBEFRI.2019.2.759","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2019.2.759","url":null,"abstract":"The paper aims to examine persistence of shocks in returns on CDS for 5Y Croatian bonds. Based on sample of daily data from January 6, 2004 up until December 13, 2019 the paper evaluated research hypothesis that assumed persistence of shocks in returns on 5Y Croatian bond. To evaluate the research hypothesis, the paper employed quantile autoregression approach and nonparametric time varying autoregreession approach. The empirical results rejected the research hypothesis assuming persistence of shocks in returns on CDS for 5Y Croatian bonds. Based on the results from this paper, returns on CDS from for 5Y Croatian bonds are in line with efficient market hypothesis for endogenous shocks of small magnitude and at the highest level of endogenous shocks. Furthermore, efficient market hypothesis holds during the calm periods, while during the periods with more dynamics in CDS prices the paper suggests profitable strategy for trader and investors. Eventually, the paper contributes to the ongoing discussion regarding efficient market hypothesis while revealing the case of returns on CDS for 5Y Croatian bonds. Furthermore, the paper suggests trading and investment strategies for investors.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2019-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67569232","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Taxes and the macro economy","authors":"R. Barro","doi":"10.18045/ZBEFRI.2019.2.377","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2019.2.377","url":null,"abstract":"My research with Furman (2018) assessed the 2017 U.S. tax reform and concluded that economic growth would be boosted by about 1 percent per year for 2018-19 and to a lesser extent for the following eight years. This forecast accorded well with realizations through the first quarter of 2019, but subsequent growth is slower, likely due to adverse effects from the ongoing trade war. Extensions from the previous research consider effects from businesses’ choices of legal form between corporate and pass-through status. Corporate form conveys benefits from perpetual legal identity, limited liability, potential for public trading of shares, and ability to retain earnings. However, legal changes have enhanced pass-through alternatives, for example, through the invention of the S-corporation in 1958 and the improved legal status of LLCs (limited liability companies) at the end of the 1980s. Corporate form is subject to a time varying tax wedge, which offsets the productivity benefits. In a theoretical framework, with a distribution of firms’ productivities associated with corporate and pass-through status, the tax wedge determines the fraction of firms that opt for corporate status, the level of economy-wide output (productivity), and the share of output generated by corporations. This framework underlies the empirical analysis of corporate shares of business economic activity. Long-difference regressions for 1968-2013 show that a higher tax wedge reduces the corporate share of gross assets. The corporate share also exhibits downward trends, likely reflecting underlying legal changes.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2019-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67568865","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Tax evasion in the countries of Former Yugoslavia","authors":"Marko Crnogorac, Santiago Lago‐Peñas","doi":"10.18045/ZBEFRI.2019.2.823","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2019.2.823","url":null,"abstract":"This article presents estimates of tax evasion in all Former Yugoslavian countries for various years and taxes during the last two decades. The scarcely available fiscal and national accounts data only allow us to provide approximate estimates. Nevertheless, they are a useful contribution to the existing literature in a unique sense since tax evasion is estimated for the very first time for some of the countries. The main aggregate assessment of tax evasion is based on data for shadow economy and tax burden. In addition, this research finding provides more specific measures of evasion for some single taxes that are based on data discrepancies from different sources. Lastly, we derive implications for the controls of tax evasion and the observed tax collections.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2019-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67569129","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}