Modernizing VATs in Africa

Book Review</p

What drives banks’ appetite for sovereign debt in CEE countries?

In this paper, we provide the first analysis of the level and determinants of sovereign exposure of banking systems in Central and Eastern European (CEE) countries, thus contributing to the existing literature on sovereign exposures and the sovereign-bank nexus. Results of descriptive analysis showed that exposure to sovereign debt securities in CEE countries is substantially higher than in euro area countries, which can be explained by the lower development of financial markets in this region. We also found evidence of home-bias in CEE and emphasized the role of different monetary policy regimes in explaining differences in exposure among CEE countries. Results of panel analysis showed that changes of debt securities in bank balance sheets in CEE countries are mostly determined by broader macroeconomic conditions and to a lesser extent by their regulatory frameworks. In addition, we did not find evidence of so-called reach-for-yield behaviour. Our results indicate that efforts to reduce sovereign exposure in CEE countries require strong collaboration of not only regulators, but also of fiscal authorities and other policy makers able to contribute to the development of financial markets in this region. Moreover, regulators should especially focus on reducing the home-bias in CEE

Determinante učinkovitosti zdravstvenog i obrazovnog sustava te sustava javne uprave u državama središnje, istočne i jugoistočne Europe

This paper analyses determinants of public sector efficiency in 15 Central Eastern and South Eastern European (CESEE) countries. Using Data Envelopment Analysis (DEA) and panel Tobit regressions we analyse the efficiency of public expenditure on health care, education, and public administration. This paper represents the first analysis of public expenditure efficiency for this region. The countries in the sample share a similar economic transition background and transition related challenges in terms of government size and efficiency. In this paper we use input-oriented DEA to calculate efficiency scores and apply Tobit regressions to identify the determinants of public expenditure efficiency for each category. According to our results, the health care sector shows the most room for improvement. With an average input efficiency score of 0.87, the analysed countries could attain the same output with an average 13% fewer resources. The results show that Bulgaria, Estonia, and Slovenia are the most efficient, whilst Serbia, Croatia, and Bosnia and Herzegovina are the worst performers. GDP per capita has a positive effect on efficiency in the health care sector, the rising share of the elderly population reduces the efficiency coefficient, whilst a higher level of education has a positive effect on the efficiency score, as recorded in earlier studies. In education, our results suggest that countries waste an average 10% of their resources. The Czech Republic, Estonia, Poland, Romania, and the Slovak Republic represent the frontier, while the worst performers are Slovenia, Lithuania, and Latvia. The results show that GDP per capita has a positive effect on efficiency in the education sector, whilst a higher unemployment rate leads to lower efficiency scores. Regarding public administration, the average efficiency score of the analysed countries is 0.9, which indicates that countries are wasting an average 10% of their resources. Estonia and Romania are fully efficient, whilst Montenegro, Bosnia and Herzegovina, and Hungary are the most inefficient countries in the sample. As expected, GDP per capita and institutional quality have positive effects on the efficiency of public administration.Rad se bavi analizom determinanata učinkovitosti javnoga sektora u 15 zemalja središnje i jugoistočne Europe. Analizom omeđivanja podataka (AOMP) i Tobitovom regresijom ocjenjuje se učinkovitost javnih rashoda u sustavu zdravstva, javne uprave i obrazovanja. To je prva znanstvena analiza učinkovitosti javnih rashoda u navedenim državama koje dijele iskustvo ekonomske tranzicije te slične izazove u vezi s veličinom i učinkovitosti javnog sektora. AOMP usmjeren na inpute korišten je za izračun koeficijenata učinkovitosti, dok se Tobitovom regresijom identificiraju determinante učinkovitosti javnih rashoda za svaku od analiziranih kategorija.Prema dobivenim rezultatima, u zdravstvenom sektoru postoji najviše prostora za poboljšanje. Prosječna vrijednost učinkovitosti inputa od 0,87 upućuje na to da bi analizirane države mogle ostvariti isti output uz prosječno 13 % manje resursa. Najučinkovitije su države Bugarska, Estonija i Slovenija, dok su Srbija, Hrvatska i Bosna i Hercegovina ostvarile najlošije rezultate. BDP po stanovniku pozitivno utječe na učinkovitost u zdravstvenom sektoru, dok rastući udio starije populacije umanjuje koeficijent učinkovitosti. Viša razina obrazovanja također pozitivno utječe na učinkovitost, što je u skladu s prethodnim istraživanjima. Rezultati pokazuju prosječan gubitak resursa od 10 % u obrazovnom sektoru. Češka, Estonija, Poljska, Rumunjska i Slovačka nalaze se na granici učinkovitosti, dok su najlošije rezultate ostvarile Slovenija, Latvija i Litva. BDP po stanovniku ima pozitivan učinak na učinkovitost obrazovnog sektora, dok veća stopa nezaposlenosti umanjuje njegovu učinkovitost. U sektoru javne uprave prosječna vrijednost učinkovitosti iznosi 0,9, što znači da analizirane države gube u prosjeku 10 % svojih resursa. Estonija i Rumunjska potpuno su učinkovite, dok su Crna Gora, Bosna i Hercegovina i Mađarska ostvarile najnižu razinu učinkovitosti. U skladu s očekivanjima, BDP po stanovniku i kvaliteta institucija pozitivno utječu na učinkovitost javne uprave

Konvergencija realnih kamatnih stopa i neovisnost monetarne politike u zemljama Srednje i Istočne Europe

In this paper we provide new empirical evidence relevant for discussions on monetary policy independence in the context of euro adoption in three Central and Eastern European (CEE) countries: Czechia, Hungary and Poland. Unlike many other authors, in this paper we focus on real and not nominal interest rates as real interest rates are at the hearth of modern macroeconomic and monetary policy theory. In the paper we employ several methodologies to test the convergence of real interest rates between these countries and the euro area and to determine the main drivers of real interest rates. Based on the unit root analysis we find evidence of convergence of real interest rates in these countries, thus confirming the real interest rate parity (RIRP) hypothesis. Next, using principle component analysis (PCA) we show that common factor extracted from the sample of CEE countries and individual euro area countries can explain high proportion of real interest rate developments in these countries. Finally, results of our newly proposed analytical framework for the analysis of determinants of real interest rates in small open economies, based on a Bayesian VAR model with block exogeneity, show that external shocks have non-negligible effect on real interest rate developments in selected CEE countries. Thus, our results indicate that real interest rates in CEE depend on factors that are beyond the scope of domestic monetary policy makers. In this sense we can conclude that (conventional) monetary policy independence in these countries is limited. Thus, we see the loss of monetary policy independence as overly emphasized argument in discussions on the euro adoption in these countries. However, we are aware that national central banks in CEE started to rely more on non-conventional measures recently, which gives them a higher degree of flexibility (and autonomy).U ovom radu daju se novi empirijski dokazi relevantni za rasprave o neovisnosti monetarne politike u kontekstu uvođenja eura u tri zemlje Srednje i Istočne Europe (CEE): Češkoj, Mađarskoj i Poljskoj. Za razliku od mnogih drugih autora, u ovom se radu težište stavlja na realne, a ne na nominalne kamatne stope, jer su realne kamatne stope u središtu moderne makroekonomske teorije i monetarne politike. U istraživanju se primjenjuje nekoliko metodologija za ispitivanje konvergencije realnih kamatnih stopa između ovih zemalja i euro-područja kako bi se utvrdili glavne odrednice realnih kamatnih stopa. Na temelju testova jediničnog korijena nalazimo dokaze o konvergenciji realnih kamatnih stopa u tim zemljama, čime se potvrđuje hipoteza o realnom kamatnom paritetu (RIRP). Nadalje, primijenjena analiza glavnih komponenata (PCA) ukazuje na činjenicu da se zajedničkim faktorom izdvojenim iz uzorka zemalja Srednje i Istočne Europe i pojedinih zemalja euro-područja može objasniti visok udio kretanja realnih kamatnih stopa u tim zemljama. Konačno, rezultati našeg predloženog novog analitičkog okvira za analizu odrednica realnih kamatnih stopa u malim otvorenim gospodarstvima, temeljenog na Bayesovskom VAR modelu s pretpostavkom blok-egzogenosti (eng. block exogeneity ), pokazuju da vanjski šokovi imaju nezanemariv učinak na kretanje realnih kamatnih stopa u odabranim zemljama srednje i istočne Europe. Dakle, naši rezultati pokazuju da realne kamatne stope u SIE ovise o čimbenicima koji su izvan dosega domaćih kreatora monetarne politike. U tom smislu može se zaključiti da je (konvencionalna) neovisnost monetarne politike u tim zemljama ograničena. Stoga gubitak neovisnosti monetarne politike vidimo kao pretjerano naglašeni argument u raspravama o uvođenju eura u tim zemljama. Međutim, svjesni smo da su se nacionalne središnje banke u Srednjoj i Istočnoj Europi nedavno počele više oslanjati na nekonvencionalne mjere, što im daje veći stupanj fleksibilnosti (i autonomije)

Mogućnost primjene sniženih stopa PDV-a na prirodni plin i električnu energiju u ublažavanju inflacijskih pritisaka

Gospodarski oporavak nakon korona-krize izazvao je poremećaj u globalnim lancima opskrbe i eksplozivan rast cijena energenata na globalnom tržištu koji mnogi uspoređuju s naftnim šokom u razdoblju od 1973. do 1974. godine. Kako bi zaštitili krajnje potrošače, većina zemalja EU razmatra uvođenje različitih mjera pomoći, od čega se snižavanje stopa PDV-a ističe kao jedna od mjera. Cilj ovog rada je istražiti u kojoj bi mjeri smanjenje stope PDV-a na prirodni plin i električnu energiju u Hrvatskoj moglo doprinijeti stabilizaciji cijena energenata, posebno kada se s 1. travnja 2022. godine očekuje porast cijene plina za kućanstva. U tu svrhu analizira se kretanje cijena energenata prilikom prethodnih smanjenja stope PDV-a u Hrvatskoj, Grčkoj, Portugalu i Ujedinjenom Kraljevstvu. Na temelju kretanja cijena cijene plina i električne energije u navedenim zemljama neposredno prije i nakon promjene stope PDV-a, može se zaključiti da bi smanjenje stope PDV-a moglo djelovati na stabilizaciju cijene energenata u Hrvatskoj. Međutim, sa sniženim stopama PDV-a treba postupati izrazito oprezno jer takvi zaključci ne vrijede i za cijene koje se formiraju slobodno na tržištu. U brojnim istraživanjima do sada pokazalo se da je prijenos sniženih stopa PDV-a na potrošačke cijene nepotpun. Snižene stope PDV-a, osim što nisu učinkovit instrument redistribucijske politike, narušavaju tržišnu alokaciju resursa te uzrokuju značajan gubitak proračunskih prihoda

Efficiency of the Croatian Healthcare System – A Comparison with EU Countries

Cilj ovog rada je analizirati pokazatelje učinkovitosti sustava zdravstvene zaštite u Hrvatskoj te ocijeniti njegovu učinkovitost na temelju usporedbe s drugim zemljama EU-a. Analiza učinkovitosti zdravstvenog sustava u Hrvatskoj i 21 odabranoj zemlji EU-a u razdoblju 2013.−2018. godine provodi se primjenom dinamičke DEA window analize (WDEA). Prema rezultatima analize, ukupna učinkovitost rashoda za zdravstvo u Hrvatskoj, promatrana kao odnos rashoda za zdravstvo i očekivanog životnog vijeka pri rođenju, na najnižoj je razini u EU te iznosi 57% u 2018. godini. Dok je troškovna učinkovitost hrvatskog zdravstvenog sustava na maksimalnoj razini od 100%, sistemska učinkovitost iznosi svega 48%. Prema navedenom pokazatelju, Hrvatska bilježi najnižu učinkovitost u odnosu na odabrane zemlje EU-a čiji je prosjek iznosio 88% u 2018. godini. Dakle, neučinkovitosti zdravstvenog sustava generiraju se prilikom transformacije intermedijarnih inputa u ishode liječenja, odnosno Hrvatska bi iste zdravstvene ishode mogla ostvariti uz manji angažman intermedijarnih resursa. Prema rezultatima panel analize, pušenje i konzumacija alkohola ključne su determinante učinkovitosti zdravstvene zaštite u zemljama EU-a. Hrvatska nedovoljno ulaže u mjere promocije zdravlja te prevenciju bolesti za koju izdvaja svega 3% ukupnih rashoda za zdravstvo. Jačanjem javnozdravstvenih politika protiv pušenja i konzumacije alkohola te povećanjem trošarina na duhanske proizvode i alkoholna pića moguće je indirektno utjecati na poboljšanje zdravstvenih ishoda, uz zadržavanje postojeće razine izdvajanja za zdravstvo.The aim of the paper is to analyse the indicators of the healthcare system efficiency in Croatia and to assess its effectiveness based on a comparison with other EU countries. The analysis of the efficiency of the healthcare system in Croatia and 21 selected EU countries in the period from 2013 to 2018 was conducted by the application of the dynamic DEA window analysis (WDEA). According to the results of the analysis, the overall efficiency of expenditure on healthcare in relation to average life expectancy is on the lowest level in Croatia, amounting to 57% in 2018. While cost-effectiveness of the Croatian healthcare system is on the maximum level of 100%, systemic effectiveness amounts to only 48%. According to the aforementioned indicator, Croatia has recorded the lowest efficiency in relation to the selected EU countries, the efficiency of which amounted to 88% in 2018. Therefore, inefficiencies of the healthcare system are generated during the transformation of intermediary inputs into treatment outcomes, which means that Croatia could achieve the same health outcomes with a lesser engagement of intermediary resources. According to the results of the panel analysis, smoking and alcohol consumption are the key determinants of the efficiency of healthcare protection in EU countries. Croatia does not invest enough into health promotion measures and prevention of diseases, for which it spends only 3% of the overall expenditure on healthcare. Strengthening of public healthcare policies against smoking and alcohol consumption and the increase of excise duties on tobacco products and alcoholic beverages could indirectly influence the improvement of health outcomes, while maintaining the existing levels of expenditure on healthcare

SKOČIBUČIĆ-LUKARIS PALACE – CONSERVATION-RESTAURATION WORK ON THE EAST PORTION OF THE FAÇADE PLASTER

Konzervatorsko-restauratorski zahvati izvođeni tijekom 2006. i 2007. godine na Peristilu, između ostalog, obuhvatili su i cjelovitu obnovu i prezentaciju istočnog pročelja palače Skočibučić- Lukaris. U članku se daje iscrpni pregled svih zaštitnih zahvata provedenih na žbukanim oblogama koje svojom povijesnom slojevitošću i tehnološko-tehničkim izvedbenim svojstvima obogaćuju graditeljsku baštinu stare splitske jezgre i daju nove spoznaje o funkciji i karakteristikama žbuka u Dalmaciji.The Skočibučić-Lukaris Palace is situated in the very heart of Split, on the south-east corner of the Peristil. Like many other palaces in Split, the palace is neither a work of a single author nor was it built in a particular period of time: it was gradually created through centuries assimilating elements from different artistic periods. Therefore the Palace is not a mere reflection of a particular style: its construction relfects both ancient and more contemporary influences. Structural complexity is not only accentuated through interpolation of the façade into the colonnade and the arches of the Peristil, but through its partially plastered east portion of the façade. Although these multiple layers of plaster bear no artistic significance, it is yet important to study their construction, quality and methods of application, in order to define their significance in the broader context of building heritage. The stone and plaster surfaces of the Skočibučić – Lukaris Palace façade, prior to conservation-restauration work, reflected signs of deterioration that occured in the course of time, such as thick films, impurities, discolorations and layers of biological growths. The surface of the outer wall of the palace was covered with layers of plaster simulating the original stone construction of the colonnade of the Diocletian’s peristyle. The original portions of the façade plaster emulate joint pattern of the ancient stone blocks. The analysis of both plaster layers from the façade surface and the ancient stone block joints reveals high quality granulated lime plaster. The plaster is pigmented with darker shade of ocher, which, due to damaging chemical processes over the course of time, gradually faded into the shades of grey. Specific façade finish, reflected in the original pigmentation of the façade plaster, gives the palace its unique character and adds to its visual perception. Altered pigmentation and discoloration of the finish base was successfully removed by various methods of chemical cleaning, which both preserved and restored the original light ocher shade of the façade and its portions that were under atmospheric influences. Using the specific method of desalinization, that is, the clay compresses and cellulose pulp, the traces of salt were successfully removed from the inner and outer layers of plaster. All portions of the façade detached from its base, as well as the critical zones around fissures, were stabilized using the method of injection. Reconstruction plaster, possessing the quality of granular calibration and filler similar to the original one, successfully served its primary purpose. Having successfully replaced the original, it also created the authentic copy good enough to meet visual aesthetic and artistic criteria

SKOČIBUČIĆ-LUKARIS PALACE – CONSERVATION-RESTAURATION WORK ON THE EAST PORTION OF THE FAÇADE PLASTER

Konzervatorsko-restauratorski zahvati izvođeni tijekom 2006. i 2007. godine na Peristilu, između ostalog, obuhvatili su i cjelovitu obnovu i prezentaciju istočnog pročelja palače Skočibučić- Lukaris. U članku se daje iscrpni pregled svih zaštitnih zahvata provedenih na žbukanim oblogama koje svojom povijesnom slojevitošću i tehnološko-tehničkim izvedbenim svojstvima obogaćuju graditeljsku baštinu stare splitske jezgre i daju nove spoznaje o funkciji i karakteristikama žbuka u Dalmaciji.The Skočibučić-Lukaris Palace is situated in the very heart of Split, on the south-east corner of the Peristil. Like many other palaces in Split, the palace is neither a work of a single author nor was it built in a particular period of time: it was gradually created through centuries assimilating elements from different artistic periods. Therefore the Palace is not a mere reflection of a particular style: its construction relfects both ancient and more contemporary influences. Structural complexity is not only accentuated through interpolation of the façade into the colonnade and the arches of the Peristil, but through its partially plastered east portion of the façade. Although these multiple layers of plaster bear no artistic significance, it is yet important to study their construction, quality and methods of application, in order to define their significance in the broader context of building heritage. The stone and plaster surfaces of the Skočibučić – Lukaris Palace façade, prior to conservation-restauration work, reflected signs of deterioration that occured in the course of time, such as thick films, impurities, discolorations and layers of biological growths. The surface of the outer wall of the palace was covered with layers of plaster simulating the original stone construction of the colonnade of the Diocletian’s peristyle. The original portions of the façade plaster emulate joint pattern of the ancient stone blocks. The analysis of both plaster layers from the façade surface and the ancient stone block joints reveals high quality granulated lime plaster. The plaster is pigmented with darker shade of ocher, which, due to damaging chemical processes over the course of time, gradually faded into the shades of grey. Specific façade finish, reflected in the original pigmentation of the façade plaster, gives the palace its unique character and adds to its visual perception. Altered pigmentation and discoloration of the finish base was successfully removed by various methods of chemical cleaning, which both preserved and restored the original light ocher shade of the façade and its portions that were under atmospheric influences. Using the specific method of desalinization, that is, the clay compresses and cellulose pulp, the traces of salt were successfully removed from the inner and outer layers of plaster. All portions of the façade detached from its base, as well as the critical zones around fissures, were stabilized using the method of injection. Reconstruction plaster, possessing the quality of granular calibration and filler similar to the original one, successfully served its primary purpose. Having successfully replaced the original, it also created the authentic copy good enough to meet visual aesthetic and artistic criteria

Integrating nature-based solutions in social economy education for enhancing environmental sustainability

PURPOSE: This study aims to provide internationally comparative insights into the ways in which higher education institutions (HEIs) in selected EU countries, particularly their social economy (SE) departments, effectively integrate active environmental learning using NBS (nature-based solutions) into their settings.DESIGN/METHODOLOGY/APPROACH: Desk research was used to identify the best practices among HEIs in selected countries (Poland, Croatia, Greece, Cyprus, Portugal), while case studies were developed on the basis of best practices analysis and interviews with relevant stakeholders.FINDINGS: The social economy's focus on social and environmental issues creates a favourable context for citizens to develop essential green skills. However, it can be noted that the use of NBS approach is not widespread. The need for an interdisciplinary approach was identified in most case studies, as was the need for more collaboration. Future approaches should focus more on creating paths of communication between educators from different disciplines.PRACTICAL IMPLICATIONS: The particular value of this study is in its potential to aid HEIs educators and education researchers to understand the use and educational value of NBS as a more effective alternative to traditional environmental education. Insights gained from this study are valuable in demonstrating the potential of SE departments to champion NBS initiatives, extending beyond the traditional confines of natural sciences and showing benefits of interdisciplinarity in addressing climate change.ORIGINALITY/VALUE: This study is especially valuable given the increasing interest and recognised potential of NBS, a novel concept with varied levels of implementation in HEIs across countries.peer-reviewe