Despite many “refutations” in empirical tests, the efficient market hypothesis (EMH) remains the central concept of financial economics. The EMH’s resistance to the results of empirical testing emerges from the fact that the EMH is not a falsifiable theory. Its axiomatic definition shows...

The concept of efficiency in the public services is more complex than the concept of efficiency in the private, profit-oriented sector. Consequently, the measurement of efficiency in the public services is very complex and implies more effort in the identification of relevant outputs and inputs....

This paper explains the main characteristics of and prerequisites for coordination between the measures and instruments of monetary and public debt management policies in Croatia and evaluates current practice, particularly over the last two recession years. Attention is drawn to the importance...

Sport is a complex social activity that encompasses various areas. This, of course, complicates the matter of its financing since it is financed by private and public sources. This is mostly due to the fact that certain sporting activities are considered to be public goods which are then...

Amateur soccer teams are influenced by different local and regional factors from professional soccer teams. This article revisits the literature on the determinants of soccer performance and the sustainability of non-profit organizations. Using panel data techniques, we conclude that the...

The main purpose of this article is to assess Croatia’s fiscal capacity in 2007 by means of the National Accounts Supply and Use Tables (SUT) approach and its harmonisation with EU regulations. National fiscal capacity is important for assessing an EU member country’s contribution to the EU...

The main aim of this paper is to provide a systematic overview of value added taxation in Croatia along with main changes in relevant legislation and to estimate total amount of tax expenditures. Results show that the proportion of tax expenditures in GDP in Croatia in 2010 amounted to less than...

Tax expenditures include all reliefs and other tax procedures used for reducing or deducting the amount of tax that would otherwise have to be paid by taxpayers. There are many personal income tax expenditures in Croatia and they represent an important segment of the tax and social policies....

The paper employs Uhlig’s sign restriction approach to stress-testing of the Croatian banking system. The analysis is based on a standard monetary VAR comprising real economic activity, inflation and short-term interest rates augmented by the ratio of non-performing loans or return on average...

We measure budget transparency in 33 Croatian cities in 2010, investigating the quality of city budget information and the openness of the city budget process to the public. We construct and answer a questionnaire on the basis of which we calculate an Open City Budget Index (OCBI), as a general...