THE ELEVENTH DUBROVNIK ECONOMIC CONFERENCE 


 

June 29 - July 2, 2005
Hotel "Grand Villa Argentina"
Dubrovnik, Croatia

Organized by THE CROATIAN NATIONAL BANK
(participation by invitation only)

Last update: July 6, 2005

 


Scientific Committee


Organizing Committee

Participants 

List of Papers 

Panel Discussion 

 

SCIENTIFIC COMMITTEE
1. Mr. Željko Rohatinski - Chairman
Governor of the Croatian National Bank
2. Mr. Boris Vujčić - Vice Chairman
Assistant Professor,
Deputy Governor of the Croatian National Bank
3. Mr. Mario I. Blejer - Member
Director of the Centre for Central Banking Studies,
Bank of England,
 
4. Mr. Jacob A. Frenkel - Member
Vice Chairman of the American International Group, Inc.
 
5. Mr. Paul Wachtel - Member
Professor
New York University,
Leonard N. Stern School of Business,
 

 

 

 

ORGANIZING COMMITTEE
1. Mr. Tomislav Presečan - Chairman
Vicegovernor of the Croatian National Bank, Chairman of the Committee
2. Ms. Nina Srkalović
Head of the Office of the Governor, 
Deputy Chairwoman of the Committee
3. Ms. Mirjana Šipić
Senior Advisor in the Accounting Department, 
Member of the Committee
4. Ms. Vanja Orešković
Associate in the Office of the Governor, Secretary of the Committee

 

 

 

PARTICIPANTS

 1. Ms. Maria Asenius, Member of the Cabinet, European Commission
 2. Mr. Ante Babić, State Secretary, Government of the Republic of Croatia
 3. Mr. Mate Babić, Member of the Croatian National Bank Council
 4. Mr. Thorsten Leo Beck, The World Bank
 5. Mr. Mario I. Blejer, Director, Centre for Central Banking Studies
 6. Mr. Michael David Bordo, Professor, Rutgers University
 7. Mr. Claudio Borio, Head of Research and Policy Analysis, Bank for International Settlements
 8. Mr. José Manuel Campa, Professor, IESE Business School
 9. Ms. Emilia Carulli, Assistant to the Editors, Journal of Banking and Finance
10. Mr. Carlo Cottarelli, Deputy Director, International Monetary Fund
11. Mr. Ante Čičin Šain, Former Governor of the Croatian National Bank
12. Ms. Martina Dalić, State Secretary, Ministry of Finance of the Republic of Croatia
13. Mr. Dimitri G. Demekas, Division Chief, International Monetary Fund
14. Mr. Krešimir Dragić, Assistant Minister, Ministry of Finance of the Republic of Croatia
15. Ms. Marija-Magdalena Đidara, Deputy Director, Croatian National Bank
16. Mr. Đorđe Đukić, Professor, Faculty of Economics Belgrade
17. Mr. Randall K. Filer, President, CERGE - EI Foundation
18. Ms. Vesna Filipović Radaković, Director, Croatian National Bank
19. Mr. Tomislav Galac, Director, Croatian National Bank
20. Ms. Katja Gattin-Turkalj, Adviser, Croatian National Bank
21. Mr. Calvo Gonzales, EU Neighboring Regions Division, International and European Relations, European Central Bank
22. Mr. Charles A.E. Goodhart, Professor, London School of Economics
23. Mr. Oleh Havrylyshyn, Deputy Director and Special Advisor, International Monetary Fund
24. Ms. Antje Hildebrandt, Foreign Research Division, Oesterreichische Nationalbank
25. Mr. Ljubinko Jankov, Executive Director, Croatian National Bank
26. Mr. Boštjan Jazbec, Bank of Slovenia and Faculty of Economics Ljubljana
27. Mr. Igor Jemrić, Director, Croatian National Bank
28. Ms. Ivana Jović, Chief Economist, Privredna banka d.d. Zagreb
29. Ms. Goranka Kapac Vlahović, Division Chief, Croatian National Bank
30. Ms. Marcela Kir, Director, Craoatian National Bank
31. Mr. Evan Kraft, Director, Croatian National Bank
32. Mr. Ricardo Lago, Economist
33. Mr. Maroje Lang, Division Chief, Croatian National Bank
34. Mr. Kirsten Lommatzsch, German Institute of Economic Research
35. Mr. Sanja Madžarević-Šujster, Senior Country Economist, The World Bank
36. Mr. Relja Martić, Vicegovernor, Croatian National Bank
37. Mr. Albert Martinez, Country Manager, The World Bank, Croatia Country Office
38. Ms. Jadranka Marušić, Director, Croatian National Bank
39. Mr. Adolf Matejka, Vicegovernor, Croatian National Bank
40. Mr. Neven Mates, Resident Representative, International Monetary Fund, Resident Representative Office in Moscow
41. Mr. Paolo Mauro, Research Department, International Monetary Fund
42. Mr. Gian Maria Milesi-Ferretti, Research Department, International Monetary Fund
43. Mr. Žarko Miljenović, Chief Economist, Zagrebačka banka d.d. Zagreb
44. Ms. Danijela Mladinović, Analyst, Croatian National Bank
45. Mr. Fernando Montes-Negret, Sector Director for Financial Sector and Private Sector Development, The World Bank
46. Ms. Piroska M. Nagy, Senior Banker, European Bank for Reconstruction and Development
47. Mr. Erik F. Nielsen, Managing Director, Goldman Sachs
48. Ms. Radmila Nižetić, Chairwoman of the Board, Tržište novca Zagreb
49. Mr. Damir Novotny, Member of the Croatian National Bank Council
50. Mr. Gábor Orbán, Analyst, Magyar Nemzeti Bank
51. Ms. Vanja Orešković, Governor's Office, Croatian National Bank
52. Ms. Sanja Petrinić Turković, Director, Croatian National Bank
53. Mr. Damir Polančec, Deputy Prime Minister, Government of the Republic of Croatia
54. Mr. Stephen S. Poloz, Chief Economist, Export Development Canada - EDC
55. Mr. Cristian Popa, Deputy Governor, National Bank of Romania
56. Mr. Tomislav Presečan, Vicegovernor, Croatian National Bank
57. Ms. Andreja Pufnik, Adviser, Croatian National Bank
58. Mr. Hrvoje Radovanić, Assistant Minister, Ministry of Finance of the Republic of Croatia
59. Ms. Nina Ramondelli, Senior Vice-President, Moody's Investor Service
60. Mr. Romain Rancière, CREI and IMF Research Department
61. Mr. Dario Rukelj, Analyst, Ministry of Finance of the Republic of Croatia
62. Ms. Eva Sanchez-Ampudia, Vice President, JP Morgan Securities
63. Mr. Stijepo Sentović, Internal Audit Officer, Croatian National Bank
64. Mr. Matthew Shinkman, Senior Economist/Editor, The Economist Intelligence Unit
65. Ms. Nina Srkalović, Head of Governor's Office, Croatian National Bank
66. Ms. Renata Stanišić, Adviser, Croatian National Bank
67. Mr. Hrvoje Stojić, Head of Market Research, Hypo Alpe-Adria Bank d.d. Zagreb
68. Mr. Gordi Sušić, Division Chief, Croatian National Bank
69. Mr. Giorgio P. Szegö, Professor, Journal of Banking and Finance
70. Mr. Roman Swaton, Vice President, DWS Investments, Deutsche Bank Group
71. Mr. Goran Šaravanja, Chief Economist, CA IB d.d. Zagreb
72. Mr. Vedran Šošić, Division Chief, Croatian National Bank
73. Mr. Ivan Šuker, Minister, Ministry of Finance of the Republic of Croatia
74. Ms. Sandra Švaljek, Member of the Croatian National Bank Council
75. Ms. Sanja Tomičić, Director, Croatian National Bank
76. Mr. Athanasios Vamvakidis, Resident Representative, International Monetary Fund, Resident Representative Office Zagreb
77. Ms. Ružica Vuger, Chief Adviser to the Governor, Croatian National Bank
78. Mr. Boris Vujčić, Deputy Governor, Croatian National Bank
79. Mr. Paul Wachtel, Professor, Leonard N. Stern School of Business, New York University
80. Mr. Maxwell Watson, Advisor, Directorate-General for Economic and Financial Affairs, European Commission
81. Mr. Guntram B. Wolff, Economics Department, Deutsche Bundesbank
 

 

 

LIST OF PAPERS
Session I

Jürgen von Hagen and Guntram B. Wolff:
What do deficits tell us about debt? Empirical evidence on creative accounting with fiscal rules in the EU  PDF

Jürgen von Hagen and Guntram B. Wolff:
What do deficits tell us about debt? Empirical evidence on creative accounting with fiscal rules in the EU  PPS

Comments on Jurgen von Hagen and Guntram B. Wolff : What do deficits tell us about debt? Empirical evidence on creative accounting with fiscal rules in the EU”  by Athanasios Vamvakidis

Gian Maria Milesi-Ferretti and Kenji Moriyama:
Fiscal Adjustment in EU Countries: A Balance Sheet Approach 
PDF

Gian Maria Milesi-Ferretti and Kenji Moriyama:
Fiscal Adjustment in EU Countries: A Balance Sheet Approach 
PPS

Comments on Fiscal Adjustment in EU Countries: A Balance Sheet Approach by Paul Wachtel

Session II

Max Watson: Financial Stability during Convergence: Is Fiscal Policy the Right Regulator?  PDF

Max Watson: Financial Stability during Convergence: Is Fiscal Policy the Right Regulator?  PPS

Gábor Orbán and György Szapáry: The Stability and Growth Pact and its Reform from the Perspective of the New Member States   PDF

Gábor Orbán and György Szapáry: The Stability and Growth Pact and its Reform from the Perspective of the New Member States   PPS

Comments on Gábor Orbán and György Szapáry: The Stability and Growth Pact and its Reform from the Perspective of the New Member States by Neven Mates

Session III

E. Borensztein, M. Chamon, O. Jeanne, P. Mauro, J. Zettelmeyer:  Sovereign Debt Structure for Crisis Prevention  PDF

E. Borensztein, M. Chamon, O. Jeanne, P. Mauro, J. Zettelmeyer:  Sovereign Debt Structure for Crisis Prevention  PPS

Comments on E. Borensztein, M. Chamon, O. Jeanne, P. Mauro, J. Zettelmeyer:  Sovereign Debt Structure for Crisis Prevention by Maroje Lang

Michael D. Bordo and Christopher M. Meissner: The Role of Foreign Currency Debt in Financial Crises: 1880-1913 vs. 1972-1997  PDF

Michael D. Bordo and Christopher M. Meissner: The Role of Foreign Currency Debt in Financial Crises: 1880-1913 vs. 1972-1997  PPS

Session IV

Katja Gattin - Turkalj: Estimates of the Fundamental Equilibrium Exchange Rate of Kuna  PDF

Katja Gattin - Turkalj: Estimates of the Fundamental Equilibrium Exchange Rate of Kuna  PPS

Balázs Égert, Amina Lahrèche-Révil, Kirsten Lommatzsch: The Stock-Flow Approach to the Real Exchange Rate of CEE Transition Economies  PDF

Balázs Égert, Amina Lahrèche-Révil, Kirsten Lommatzsch: The Stock-Flow Approach to the Real Exchange Rate of CEE Transition Economies  PPS

Comments  on Egert, Lahreche-Revil, and Lommatzsch: The Stock-Flow Approach to the Real Exchange Rate of CEE Transition Economies by Boštjan Jazbec
Session V

Thorsten Leo Beck and Luc Laeven: Institutions Building and Growth in Transition Economies  PPS

Comments on Thorsten Leo Beck and Luc Laeven: Institutions Building and Growth in Transition Economies by Oleh Havrylyshyn

Romain Rancière, Aaron Tornell and Frank Westermann:  Crisis and Growth: A Re-evaluation

Comments on Romain Rancière, Aaron Tornell and Frank Westermann by Randall K. Filler

Session VI

José Manuel Campa and Ignacio Hernando: M&As Performance in the European Financial Industry  PDF

José Manuel Campa and Ignacio Hernando: M&As Performance in the European Financial Industry  PPS

Charles A.E. Goodhart:  A Framework for Assessing Financial Stability?  PDF

Charles A.E. Goodhart:  A Framework for Assessing Financial Stability?  PPS

Comments on  Charles A.E. Goodhart: A Framework for Assessing Financial Stability? by Piroska M. Nagy

 

PANEL DISCUSSION

 Mario I. Blejer: Financial Stability and Financial Efficiency  

  Giorgio Szegö: Banks: From Planned to Market Economy in EU