The paper discusses the structural changes taking place in the financial system of the Republic of Croatia after the country became independent. Particular attention is given to the banking system, bankruptcies and rehabilitation of banks. Furthermore, the paper analyzes the development of...

This paper provides a sectoral examination of the impact of trade policies and custom valuation procedures on estimating time varying import content of Japanese transplant automobiles. Using monthly data from 1985 to 1992, we introduce an error correction model (ECM) and a state space VAR model...

In this paper, we examine a series of questions about bilateral trade flows in the light of a rich and up-to-date panel data set. The analyses performed reveal that (1) globalization process has been functioning in a number of ways, (2) functioning of economic regions display alternative results...

It is generally accepted that the recent economic crisis of 2007-2010 has caused widespread economic recession in different countries. Since the ports and coastal regions are of great importance to economic infrastructure, this study examined the possible impact resulting from such a global...

The Southeast European (SEE) countries have strong roots in social and historical terms. Their experience of the last couple of decades indicates, however, that SEE is in continual change and transformation: They want to attain more open societies, functioning markets and well-knit international...

The aim of the paper is to propose a new simple frictionless model of international trade shares as an alternative to standard gravity models. In the proposed model (total) shares of export from a given country depend only on a gross domestic product and a distance of importing countries. The...

This study sheds new light on the question of whether or not sentiment surveys, and the expectations derived from them, are relevant to forecasting economic growth and stock returns, and whether they contain information that is orthogonal to macroeconomic and financial data. I examine 16...

For decades, the academic literature has focused on three survey measures of expected inflation: the Livingston Survey, the Survey of Professional Forecasters, and the Michigan Survey. While these measures have been useful in developing models of forecasting inflation, the data are low frequency...

I present evidence that higher frequency measures of inflation expectations outperform lower frequency measures of inflation expectations in tests of accuracy, predictive power, and rationality. For decades, the academic literature has focused on three survey measures of expected inflation: the...