Bojana Olgić Draženović

University of Rijeka Faculty of Economics and Business

Ekonomski rast i njegovi uzroci dugo se istražuju u ekonomskoj znanosti. U novije vrijeme, kvaliteta institucija prepoznata je kao važna determinanta ekonomskog rasta. Može se reći da je kvaliteta institucija gotovo neodvojiva od ekonomskog rasta suvremenih ekonomija. Koristeći pokazatelje institucionalnog razvoja, autori istražuju jesu li i kako i...

Pension funds are major asset owners in financial markets and global investors with long-term investment horizons and the need for stable and predictable cash flows. On the other hand, these institutional investors are crucial for maintaining social security, so their performance and investment structure should take into account their responsibilit...

Considering environmental issues such as greenhouse gas emissions associated with climate change and the depletion of fossil fuels, one of the possible solutions is the use of renewable energy sources. Wind energy is one of the most competitive and resilient energy sources in the world, which can play an important role in accelerating the global tr...

This study differentiates and determines the problem as well as the determinants of moral hazard in financing higher education. Moral hazard is a phenomenon that occurs when financial costs of risks undertaken are being transferred onto a third person. It occurs when a person – individual or institution – acts differently because they are detached...

Since the beginning of the transition period, the pension system in Croatia has been subject to review and numerous reforms have been implemented. Nevertheless, the sustainability of the pension system and insufficient pension revenues remain the fundamental problems of the Croatian pension system. Therefore, it seemed reasonable to examine the cau...

Green bonds are fixed-income financial instruments that resemble conventional bonds but differ from them in the purpose of issuance. Since their purpose is to finance socially responsible and environmentally sustainable projects, they are linked to ESG criteria and have only been present in the financial market for a relatively short time. Despite...

The economics of religion has become a specific field of economics in recent decades. From households to markets, various economic entities, religious groups, and institutions are analysed. It is emphasized that religiosity can influence economic performance and behaviour. In addition, various studies examine the impact of religion on economic grow...

The purpose of the article/hypothesis: The purpose of this article is to present the impact of capital gains tax on the returns of the two most popular cryptocurrencies: BITCOIN and Ethereum Classic (ETC). Methodology: In this study, the rates of return on selected cryptocurrencies were proposed as a variable that may be affected by taxes on capit...

The behavior of market participants often does not rely on market signals, but replicates the investment decisions of other parties. The convergence of their investment behavior leads to the emergence of herd behavior with negative implications for financial stability. Moreover, this phenomenon may be even more pronounced in times of crisis. Althou...

The deposit insurance system is a form of banking regulation that protects depositors and provides stability in the banking system. It is an important part of the financial safety net, especially in times of economic turmoil, as it provides explicit depositor protection and prevents a ‘bank run’. However, there are some negative effects on banking...

Efficient and smooth performance of the banking sector is very important for the functioning of the financial system of an economy as it affects economic stability and growth. Along with conventional banking systems, Islamic banks are playing an increasingly important role and have become an essential part of the financial structure of many Muslim...

Saving for the third age is extremely important in the conditions of an uncertainty in the global economy, unfavorable demographic trends and the related problem of fiscal imbalances. In order to improve the sustainability of the Croatian three-pillar pension system, there have been recent attempts to significantly increase the role of voluntary pe...

The outbreak of the pandemic COVID -19 caused a shock to the economic supply and demand and, with great uncertainty, led to a decline in the activity of the financial system. The financial system of the Republic of Croatia faces demanding challenges under these unfavourable conditions and the prospect of growth in the future. The negative impact of...

The Paris Agreement aims to hold the increase in the global average temperature to well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels. Its signatories also seek to increase the ability of countries to adapt to the adverse impacts of climate change and foster climat...

Klimatske promjene i globalne negativne posljedice zahtijevaju mjere za prilagodbu na održiviji model rasta i razvoja ekonomija. Stoga se kao prioritet nameće ublažavanje štetnih posljedica i poticanje održivog i klimatski otpornog gospodarstva. Jednu od ključnih uloga u procesu transformacije gospodarstava na nisko-ugljičnu budućnost imaju razvojn...

The aim of this paper is to examine performance of pension funds in Croatia, or more precisely, to measure the technical efficiency of mandatory pension funds. The main role of the pension funds is to collect and invest the money contributed by the employer or the employee during working years until retirement. Therefore, development of pension fun...

Modern sovereign money is accepted as an institution in virtue of the collective intentionality of the acceptance of the sovereign status function declaration it being the official currency of a country. A status function declaration may not create money it may only create a currency. How does one test the fact that an official currency also has al...

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 capt...

Deposit insurance system was primarely created to protect depositors and their deposits. It creates depositors confidence in the banking system, thus preventing depositor panic and bank run of bank deposits especially in the time of crisis. Since most depositors do not possess adequate knowledge and professional experience, which is necessary to as...

Pension funds are one of the basic contributors of the efficient financial system because of promoting long-term savings and stimulating financial development and economic growth. Strong development of pension funds in the last decades is driven by the growing demand arising from the ageing of the population in the last decades. Due to the great im...

SAŽETAK Bankovna stabilnost temelji se na povjerenju deponenata u bankovne institucije i cjelokupni bankovni sustav. Jedna od bazičnih mjera koje osiguravaju navedeno je sustav osiguranja depozita kao sastavni dio sigurnosne mreže svakog financijskog sustava. Njegova važnost posebno dolazi do izražaja u uvjetima nestabilnosti i kriza, dok se u tzv....

Foreign direct investment represents the basis of economic growth of each country and affects the economic, technological and social environment and volume of trade more than any other type of capital. Accordingly, each country is trying to attract foreign direct investment and foreign capital. In order to achieve this, it is important that each c...

Performance evaluation of financial institutions is crucial for the development and improvement of financial system and the whole national economy. Most of traditionally structured financial systems, particularly those in the post-transition EU countries, are strongly determined by the domination of banking sector and underdeveloped financial marke...

Ekonomski rast i njegovi uzroci dugo se istražuju u ekonomskoj znanosti. U novije vrijeme kvaliteta institucija prepoznata je kao važna determinanta ekonomskog rasta. Može se reći da je kvaliteta institucija gotovo neodvojiva od ekonomskog rasta suvremenih ekonomija. Koristeći pokazatelje institucijskog razvoja, autori istražuju jesu li i kako inst...

Procesi financijske intermedijacije imali su važnu ulogu u transformaciji zemalja CEE-a u tržišne ekonomije. Intervencije države u mobiliziranju i alociranju financijskih resursa prepoznate su kao efikasan i brz put k razvijanju financijskih sustava. Stoga su nositelji ekonomske politike usmjerili svoje napore k osiguranju bazičnih zakonodavnih okv...

Despite significant investments and incentives, renewable energy resources are still not economically competitive to traditional fossil energy resources, except for isolated sustainable power systems detached from the national electricity grid. As far as the cost of " green " power production, or the power generated from renewable resources, is not...

Financial transaction tax (FTT) is one of the most controversial and most discussed form of taxation in recent decades. The growing interest for the introduction of new tax regulations of the financial sector was triggered by the outbreak of the financial crisis. The idea of implementation of FTT is to generate significant fiscal revenues, to prope...

In the past few decades, the concept of corporate social responsibility has been at the centre of interest in many areas of economic research, studies using different levels of analysis. This paper analyses corporate social responsibility at the level of organisation within the banking system, where the issue of corporate social responsibility disc...

The capital market is an important source of financing for viable investment projects and further economic development. Development of long-term financial markets is particularly important for transition EU countries, taking into account that stock markets in these countries did not start to operate until the mid-1990s. Despite legislation infrastr...

On the liberalised power supply market, with an ever growing development and utilization of renewable energy sources, there has been introduced a " differentiated " product, or better, the so called " green " electricity, which is either totally or partially recovered from " green resources " , that is, from renewables. Power supply companies provi...

The responsibility of the financial sector for the global financial crisis spurred the interest of the public to assess the 'fair and substantial contribution' of the financial industry that would level the costs associated with government interventions. In addition to various and comprehensive changes in the regulatory regime, most countries focus...

It is known that deposit insurance scheme acts as a protection of depositors, banks, but also the whole banking system because it prevents the panic and bank run during the crisis. Deposit insurance was the subject of research by many authors, but characteristics of the system and their importance changed over the time. In 90's of the last century...

Options represent the right to buy or to sell a specific number of underlying assets (stocks, indexes, commodities etc.) at a given price in a predetermined period of time. To analyze the value of options the Black and Scholes model will be presented and special spreadsheets will be developed using only “plain vanilla” Excel, i.e. its basic financi...

SAŽETAK Financijska regulacija i supervizija među najvažnijim su sastavnicama financijske stabilnosti svake nacionalne ekonomije. Osim načina i instrumenata kojima se ona provodi, od vitalnog značaja za stabilnost je i primijenjeni institucijski okvir, odnosno model ustroja institucija za superviziju. Prvo pitanje prilikom izbora modela ili kombina...

Institutional investors are increasingly becoming more important participants in global financial markets. The importance of institutional investors development in emerging countries is even greater in relation to their underdeveloped local capital markets and in the light of their considerable growth potential. Given the beneficial role of these i...

Financial sector has a specific role in the country’s economy as a driving force of growth and development. In the same way as the efficiency of the national economy can be fostered by the development of financial mechanism, it can be also threatened by possible financial crisis and instabilities.Therefore, a question of regulation and supervision...

There is a trend towards integration of financial regulation and supervision in Europe and in developed overseas countries. Nevertheless, integrated regulatory bodies are quite unusual worldwide and this relatively new structure should be examined in detail. There are a number of different models of the institutional structure of financial regulati...

To analyze interest rate risk of coupon bearing bonds and to immunize bond portfolios against this risk excel spreadsheets are developed using only plain vanilla excel, i.e. its basic functions and some additional functions from the Excel Analysis Toolpak Add-In. The reason for not using complicated macros nor Visual Basic for Application is that e...

Bond markets are essential for a country to enter a sustained phase of development driven by market-base capital allocation and increased avenues for raising debt capital. Development of domestic bond markets can increase the resilience of a country's financial system and protect it from external shocks and reduction of available sources of financi...

The question of regulation and supervision of all parts of financial system is of major importance for any country. In order to protect the interest of the society and to accelerate the economic development, it is necessary to provide adequate legal framework as well as independent supervision institutions. The regulations refer mostly to maintenan...