Innovation Institute was honored to welcome prof. Vujčić to speak as part of the Thinkers’ Impact Series program, on December 12th, 2013 at 14:30. Prof. Vujčić’s speech was on “Economic cycles and economic policies”.
In his speech, Governor Vujčić pointed out the following:
- Structural reforms should be a priority and are a key factor for further development.
- Due to ineffective monetary policy in earlier times, the role of today’s monetary policy is constrained.
- CNB should keep the kuna exchange rate stable because this is the basis of successful monetary policy in highly euroised countries, such as Croatia.
- The banking sector is largely financed in foreign currency from parent banks based abroad, instead of in kunas from the central bank; this significantly reduces the scope of CNB’s actions for reviving the economy.
- Taking into account the limitations of monetary policy, it would be especially helpful if fiscal policy could take up an important role in beating the recession.
- Since fiscal policy was not anticyclical during boom times (unlike monetary policy) and a budget surplus has not been maintained, fiscal consolidation is extremely difficult; however, there appears to be little alternative to fiscal consolidation.
- Structural reforms (referring to any reforms that influence the business climate in the country) are at this point the most important measure for beating the recession.
- With these reforms, Croatia can attract new investments and stimulate entrepreneurs to create new jobs (as well as making it easier to obtain financing from EU funds).
- Countries that have implemented quality structural reforms have obtained a good long-term competitive position and a favorable climate for new value creation.
LIST OF MEDIA REPORTS:
BORIS VUJČIĆ, Ph.D.
Governor of the Croatian National Bank
Date and place of birth:
June 2, 1964
• Deputy Governor, Croatian National Bank, since 2000, second term since 2006
• Member of the Managing board of the Global Development Network, since 2006
• Deputy Chief Negotiator with European Union in Croatia’s accession talks, since 2005
• Visiting Professor at the Faculty of Mathematics, University of Zagreb, since 2004
• Professor, University of Zagreb, Faculty of Economics, since 2003
• Assistant Professor, University of Zagreb, Faculty of Economics, since 1989
• Director, Research Department, Croatian National Bank, 1997-2000
• Consultant to the European Commission, DG II – Economic and Financial Affairs, 1996
• External Collaborator for the International Labor Organization (ILO), 1994-1995, 2000
• Visiting scholar at the University of Kentucky, USA, 1994
• Visiting lecturer at the University of Freiberg, Germany, 1993
• Visiting fellow at the Institute of Development Studies – University of Sussex, Brighton, 1992.
• Ph.D. Faculty of Economics, University of Zagreb, 1996
• Certificate, In-service training at the European Commission, DG II – Economic and Financial Affairs, Monetary Matters Department, Brussels, 1995 – 1996
• Predoctoral Fulbright scholar, Michigan State University, Dept. of Economics, 1994-1995
• M.A., Faculty of Economics, University of Zagreb, 1991
• Certificate, CIHEAM, University of Montpellier, France, 1989, (computer advanced research in economics, EC scholarship)
• B.A., Economics, University of Zagreb, 1988
• International Monetary Fund, Causes of banking and exchange rate crises, seminar for senior central bank management, Washington DC, 2000
• Certificate, Federal Reserve New York: Central Banking seminar, New York, 1999
• Certificate, Japan Center for International Finance: Finance and Securities Business, 1998, Tokyo, Japan
• Certificate, Banca d’Italia, Central banking, Rome, 1998
• International Monetary Fund: Exchange rate policies, seminar for senior central bank management, Washington DC, 1998
Fields of specialization:
• International Finance
• Labor Economics