Managing the cash and liquidity of the Croatian budget

The principal proposition this paper will endeavour to maintain is that the liquidity of the budget is not fully managed by the Ministry of Finance, which is why it is unable, in collaboration with the Croatian National Bank, to rein in and slow down the growth in short-term public debt. Only since 2001, thanks to institutional improvements, have the conditions been created in the Ministry of Finance for cash and liquidity management. Thus payments operations, previously in the hands of a government institution, were taken over by the banks; the financial operations of budgetary spending agencies were channelled via the Single Account of the Treasury; and government deposits were gradually transferred from numerous commercial banks to the Single Account of the Treasury in the Croatian National Bank and the state-owned Croatian Postal Bank. Unfortunately, however, the Ministry of Finance, in collaboration with the Croatian National Bank, still carries out no operation of cash and liquidity management within the government Treasury system, nor does it operate on the money market with its surplus budgetary resources. Because of this state of affairs, management of the cash and liquidity of the central government budget is within the purview of the commercial banks.Single Account of the Treasury, payments operations, management of cash and liquidity, commercial banks

Closure of dilates of shift-invariant subspaces

Let $V$ be any shift-invariant subspace of square summable functions. We prove that if for some $A$ expansive dilation $V$ is $A$-refinable, then the completeness property is equivalent to several conditions on the local behaviour at the origin of the spectral function of $V$, among them the origin is a point of $A^*$-approximate continuity of the spectral function if we assume this value to be one. We present our results also in the more general setting of $A$-reducing spaces. We also prove that the origin is a point of $A^*$-approximate continuity of the Fourier transform of any semiorthogonal tight frame wavelet if we assume this value to be zero

Public investments in Croatia

This Occasional Paper occurred as the byproduct of preparations for writing the report by Geoff Dixon, Katarina Ott and Jean-Jacques Dethier “Capital Expenditure by the Government in Croatia: Fiscal Accounts, Budgetary Institutions and Budgeting Process”, The World Bank, Europe and Central Asia Region, Poverty Reduction and Economic Management Unit, June 1998. The authors, Katarina Ott and Anto Bajo (Institute of Public Finance) first published the text in Croatian in the Institute’s journal “Financijska praksa” Volume 23, Number 1, (March 1999). This Occasional Paper is the English language translation of the article published in “Financijska praksa”

The balance-of-payments constraint on economic growth in a long-term perspective: Spain, 1850-2000

The balance of payments can act as a constraint to the rate of growth of output, on setting a limit to the growth of the level of demand to which supply can adapt. In this paper, we examine this issue for the case of Spain, using time series data extending over one-and-a-half century, i.e., the period 1850-2000. Our results show that the foreign sector would have worked as a constraint to growth only during some periods of remarkably high growth in comparison with the Western European average, such as 1914-1935, and, especially, 1950-1975.Economic growth, External deficit, Spanish economy.

The National Superficial Deposit Thickness Model. (Version 5)

The Superficial Deposits Thickness Model (SDTM) is a raster-based dataset designed to demonstrate the variation in thickness of Quaternary-age superficial deposits across Great Britain. Quaternary deposits (all unconsolidated material deposited in the last 2.6 million years) are of particular importance to environmental scientists and consultants concerned with our landscape, environment and habitats. The BGS has been generating national models of the thickness of Quaternary-age deposits since 2001, and this latest version of the model is based upon DiGMapGB-50 Version 5 geological mapping and borehole records registered with BGS before August 2008