Brown Bag Seminar - Gordana Kordić, Ph.D., Maja Mihelja Žaja, Ph.D., Margareta Gardijan Kedžo, Ph.D. - March 24, 2021 at 2 pm, via Google Meet

We are glad to invite you to the 33rd (and 8th online) Brown Bag Seminar, which will take place on Wednesday, March 24, 2021, starting at 2 pm via the Google Meet app. The cycle of the Brown Bag Seminars will be continued by Prof. Gordana Kordić, Ph.D., Assoc. Prof. Maja Mihelja Žaja, Ph.D. (both from the Department of Finance, FEBZG), and Assist. Prof. Margaret Guardian Kedžo (Department of Mathematics, FEBZG). The authors will present three joint papers on the fiscal rules of the European Union.
Summary of the presentations:
The global financial crises, which have negatively affected the world economy from 2007 onwards, have severely jeopardized the European Union's macroeconomic stability. Nevertheless, the convergence criteria agreed in Maastricht in 1992, in terms of monetary and fiscal stability, have not changed. On the other hand, national authorities have introduced a series of (fiscal) rules to preserve stability. These rules were aimed at macroeconomic stability and the consequent resumption of growth and crisis resolution.
The aim of the first paper (Kordić, G .; Mihelja Žaja, M .; Gardijan, M., (2018), "Evaluating fiscal rules efficiency in European Union countries using data envelopment analysis") was to examine the effectiveness of fiscal rules implementation for 28 European countries. taking into account the Maastricht criteria as a precondition for the convergence rule. To this end, Data Limiting Analysis (DLA) was used as a method of mathematical programming to assess the relative efficiency of countries with multiple criteria: large deviations from the Maastricht (fiscal) criteria are considered undesirable, while higher GDP growth, revenue in GDP, and employment rate desirable characteristics in terms of selected macroeconomic indicators. The DLA reveals countries that were relatively efficient or inefficient during 2000-2016,
The aim of the second paper (Mihelja Žaja, M., Kordić, G., Gardijan Kedžo, M. (2019), “The analysis of contextual variables affecting the efficiency of fiscal rules in the EU”) was to study the influence of contextual variables on efficiency assessments fiscal rules. In the first phase of the analysis, a DLA model was specified to assess the relative efficiency for each observed country each year in the period from 2008 to 2016. Subsequently, in the second phase, efficacy scores were regressed to several contextual variables to look at the factors that explain the variations in efficacy.
The third paper (Gardijan Kedžo, M., Kordić, G .; Mihelja Žaja, M., "The role of fiscal rules in maintaining stability in a situation of external shock: the example of the European Union") aimed at the existing quarterly data from 2012 to In 2019, forecast the values of fiscal variables in the next eight quarters (2020Q1-2021Q4) in order to assess the consequences of the pandemic and the effectiveness of fiscal policy based on existing rules, defined by the Maastricht criteria.

To access the Brown Bag seminar, click on "Join or start a meeting" at, and enter "brownbagseminar" in the space provided.
Description of the Brown Bag Seminar concept:
The Brown Bag Seminar (BBS) is an informal one-hour workshop with aim of presenting research in different stages of design (ideas, rounded theoretical framework, conducted empirical research, etc.), promoting discussion and creating a stimulating environment focused on the constructive discussion between exhibitors and the rest of participants of the seminar. The basic idea of the BBS is to create a platform where at least once a month, the FEB ZG employees will have the opportunity to present the ideas and articles they work on within their scientific-research work. We invite you to respond and help with your constructive comments to exhibitors and expose by yourself the topics you are currently working on, unpublished works or present the research ideas you are thinking about.
The idea is that presentations (in English or Croatian - depending on the presenter's preference) last for 30-40 minutes, and is followed by a discussion. 
On behalf of the organizers,
Assist. Prof. Petar Sorić, Ph.D.