NEVEN VIDAKOVIĆ

POPULAR PAPERS

Here is the list of the popular papers I wrote over the years. In the „official qualification“ these could be deemed as professional papers or like Ljubo Jurčić would say: scientific papers published in journal important for profession (Znanstveni radovi objavljeni u časopisima važnim za struku). In any case here they are:

Monetary Policy Versus Structural Reforms: The Case of Croatia

monetary policyOver the course of the recession during the last six years, central bank officials in Croatia have on numerous occasions stated there is a strong need for structural reforms in Croatia and that there is no need for monetary policy reforms. This short paper investigates why the CNB is only demanding fiscal reforms (i.e. internal devaluation) and is not offering any monetary reforms (conventional or unconventional monetary policy responses). Over the course of the last 15 years CNB has caused several structural changes that lead to financial instability. This paper reviews three main structural changes initiated by the monetary policy of the central bank, i.e. structural changes of: credit policy of the banking system, development in the external indebtedness and central bank independence. The modern monetary theories and new central bank strategies imposed new views on central bank policy measures. We suggest several financial sector and central banking reforms in Croatia, including accession of Croatia to SSM, the first pillar of EU banking union.

Download Monetary Policy Versus...


Did the banks in Croatia have extra interest income from CHF appreciation?

chf -Croatian banksRecent appreciation of CHF has caused uproar in Croatia and other Eastern European countries. Ever since the Swiss central bank has removed parity with the Euro, sudden appreciation of CHF has caused retail annuities tied to the CHF to increase significantly. Once again the issue of the legality and morality of loans in CHF has been brought back to the media spotlight. In Croatia in particular there has been prevalent the argument that the banks have heavily profited from the appreciation of the CHF. Croatian central bank has responded to these allegations with the press realize clearly stating that the open currency position of the banks has been around 0, ever since CHF loans started in Croatia, therefore it was impossible for the banks to profit from the CHF appreciation. This paper investigates did the banks have extra income interest income because of the appreciation of CHF even with the open currency position of 0. The answer is yes, however overall profitability of CHF loans as a banking product is doubtful at best.

Download Extra interest income from CHF...


New CNB measures to stimulate credit growth: problems and solutions

 

transition gameThe paper analyses the new measure implemented by Croatian national bank. The measure is a decrease in the reserve requirement, but the actual release of funds is contingent on increase in lending to firms. This new measure is significant because for the first time in Croatia there is a measure whose purpose is to affect specifically credit policy of the banks. Although this new measure has good intentions it does not solve the problem of why highly liquid banking system in Croatia is not willing to increase lending. The reason for lack of credit growth lies in two separate problems. The first problem is the willingness of banks to have more credit risk and the second problem is the way monetary policy is conducted in Croatia

Download New CNB Measures...

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Dollar

Paper on dollar and what determines the relationship between the € and $

 

Exit Strategy

Problem of exit strategy in small and large economies. Paper focuses on how USA and Croatia will exit the economic measures they have implemented during recent economic crisis.

 

Oil

First paper ever written for Moja Banka about oil and prices of oil.

 

10 years of €

Papers talks about the dollar. The title is 10 years of €, but since I do not have a very high opinion about € I decided to write about the dollar. The editor loved it.

 

Bauk neoliberalizma kruži Hrvatskom

Pokušajmo prvo doznati što je neoliberalizam i onda zaključiti treba li ili ne treba Hrvatskoj.

 

Peti sudionik

Moderna ekonomija počiva na ekonomskim modelima koji preko kompleksnih algoritama nastoje replicirati ekonomsko ponašanje sudionika u ekonomiji.

 

Securitization

Paper on securitization and how did the process of securitization cause the global crisis. The paper investigates how did the securitization process destroy liquidity and capital adequacy of banks. The paper follows a simple example how process of securitization has destroyed a highly liquid and highly capitalized bank. So much for the simulations.

 

Nelikvidnost

Paper investigates the recent surge in illiquidity in Croatia has happed and why. The motivation behind the paper was the economic insanity of blaming everything on the government. The government is the reason for inflation. The government is the reason for lack of liquidity in the economy. This paper debunks some myths.

 

Alisa u zemlji čudesa

Kriza koja je trajala dobar dio 2008. i 2009. godine bi se mogla okarakterizirati kao da su se ekonomije našle u istoj situaciji kao i Alisa kada je padala kroz zečju rupu. Nepoznati teritorij s neizvjesnim nastavkom. U zadnjih nekoliko brojeva sam se bavio razlozima zašto je Alisa pala u rupu, kako rupa izgleda i kako se izlazi iz rupe. U ovome članku bih se bavio kada izaći iz rupe.

 

Ciljana inflacija -kraj sedme runde

Jedna od najboljih strateških manevara svih vremena je bila borba Muhameda Alia i Georga Formana 1974 u Zairu. Svatko tko je gledao taj meč nije mogao vjerovati što vidi: Ali je bio gotov. Malo boksača je ikada primilo toliko udaraca.

 

Ekonomski rast

Obzirom da se ekonomska kriza polako približava kraju potrebno je razumjeti kako će svijet izgledati nakon krize. Posebno kako će se ostvariti ekonomski rast i što u ekonomiji može generirati ekonomski rast.

 

Grčki problem

Obzirom da se ekonomska kriza polako približava kraju potrebno je razumjeti kako će svijet izgledati nakon krize. Posebno kako će se ostvariti ekonomski rast i što u ekonomiji može generirati ekonomski rast.

 

In memoriam Paul Samuelson

Ekonomski agent nastoji maksimizirati užitak koji dolazi od potrošnje. Pri tome je količina potrošnje ograničena sa količinom prihoda I koje ostvaruje kao nadnicu W koja je jednaka broju radnih sati n puta nadnica po satu l. Ovaj ekonomski problem se može jednostavno riješiti tako da se upotrijebit matematička metoda linearnoga programiranja. Rješenje ovakvih slučajeva u ekonomskoj znanosti ne samo kod proučavanja ponašanja kućanstava je ekonomska ostavština Paula Anthonya Samuelsona.

 

Kako povezati točke u cjelinu

Popularna dječja igra je povlačenje crta od broja do broja u nizu kako bi se onda dobila cijela slika. Igra u sebi ima element misterije, jer djecu zanima što će biti na kraju i kako će izgledati slika. Sličnu verziju ove igre igraju i ekonomisti i bankari. Uzimajući početne postavke (zacrtane brojke) nastoje povezati brojke u jednu cjelinu preko različitih scenarija i onda dobiti cjelokupnu sliku. Sličnu stvar ćemo pokušati i mi u ovome članku.

 

Kamatna stopa

Pitanje kamatne stope je jedno od najvažnijih ekonomskih pitanja. Kamatna stopa po jednoj jednostavnoj definiciji jeste: cijena novca. S obzirom da su sva dobra i usluge u ekonomiji izražene u novcu, isto tako je i cijena novca izražena u novcu, samo da ne govorimo da 100 hrk kredita košta 5 hrk, kažemo da 100 hrk kredita košta 5%.

 

Thomas Sargent i Christoper Sims - nobelovci 2011.

Sredinom 1970-ih godina prošloga stoljeća američka ekonomija i ekonomska teorija su bili u istome stanju: katastrofalnome. Ekonomija je bila u stanju stagflacije: viske inflacije i praktički nepostojećega ekonomskoga rasta.

 

Traženje i ekonomski razvoj

Učesnicima u ekonomiji je ponekad važnije imati mogućnost izbora nego stvarno iskoristiti tu mogućnost. Naravno ovakvi odabiri imaju značajne utjecaje i na druge ekonomske varijable, posebno na tržišta rada, jer Paolo želi živjeti u Milanu. Zbog ovakvoga odabira ponuda radne snage u Milanu će se povećati.

 

Zašto ne štedim u juanu

Već godinama se priča o tome kako je dolar nestabilan i kako je samo pitanje vremena kada će vrijednost dolara naglo pasti. U zadnjih 10 godina dolar je u stalnoj spirali prema dolje...

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Godina 2010

The most recent prognosis regarding the global financial crisis and what will happen to Croatia in 2010 and beyond.

 

Guste Santini's tax reform

The paper is very short and to the point way states why I think the proposed reform of the tax system in Croatia is good.

 

Ivo Perišin

Reminiscence of Ivo Perišin. Milton Friedman was American Ivo Perišin (yes, this is the correct way, not the other way around

 

The start of the economic crisis in Croatia

The paper investigates what does the global economic crisis of 2009 and 2010 means for Croatia and why the Global crisis is not the Croatian crisis. The paper is unfortunately a self indulgent price of vanity which points out that some of us (me included) were always right about the situation in Croatia, while others were wrong. What can I say even I have my weaknesses.

 

Foreign debt in Croatia in 2008

The paper predicts the foreign debt in Croatia in 2008. The paper predicts an increase of 6 bln €. I have to say I was right. What can I say it is was basic arithmetic.