Although national economies have territorial boundaries, during the 80s, a process of capital flows liberation began, which eliminated the boundaries of cross-border movements of the financial capital. This process irretrievably altered the financial systems of countries embracing this process, additionally influencing, to a large extent, the real economic activity of these countries as well.

Today, a large majority of countries in the world partly allow free movement of capital. The Institute of Economics, Zagreb is—within the research area Financial systems and international capital flows—engaged in research concerning the basic characteristics of the transitional countries’ financial systems and the influence these characteristics exert over real economic results. Within the financial system, special focus is placed on the stock market, government bond market and the banking system. Research is also focused on examining the price dynamics and interdependence of various types of financial assets, the process of euroization of the financial systems of post-transitional European countries and on the basic determinants and modalities of stock market functioning in Croatia.

Given the fact that Croatia, having liberalized its capital account during the process of EU accession, is also a part of the international capital market, the focus of interest of the researchers from the Institute of Economics, Zagreb also includes integration processes of the individual parts of the Croatian financial systems into global markets and the interconnection between Croatian and international capital markets.

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  1. Consolidated democracy advantage : political instability and sovereign spreads in the EU Glaurdić, Josip, Cristophe Lesschaeve and Maruška Vizek, 2019, Comparative European Politics, paper published onlije July 4 2019, DOI:
  2. Developing a financial conditions index for a post-transition country: the case of Croatia Broz, Tanja, Tajana Barbić and Petra Palić, 2018, Post-Communist Economies, 30(4), pp. 549–564.
  3. Access to finance: innovative firm's perceptions in post-transition EU members Botrić, Valerija and Ljiljana Božić, 2017, Economics and Management, 20 (1), pp. 129–143.
  4. Lending activity and credit supply in Croatia during the crisis Broz, Tanja and Tomislav Ridzak, 2017, Journal of Policy Modeling, 39 (6), pp. 1102–1116
  5. Relationship between financial satisfaction and financial literacy: exploring gender differences Škreblin Kirbiš, Ivona, Maja Vehovec and Zvonimir Galić, 2017, Društvena istraživanja: časopis za opća društvena pitanja, 26 (2), pp. 165–185
  6. Regime switching behaviour of real estate and equity prices in emerging countries Njavro, Mate, Petra Posedel and Maruška Vizek, 2016, Prague Economic Papers, 25 (4), pp. 396–410.
  7. Time-varying integration of the sovereign bond markets in European post-transition economies Posedel Šimović, Petra, Marina Tkalec, Maruška Vizek and Junsoo Lee, 2016, Journal of Empirical Finance, 36, pp. 30–40. 
  8. Mandatory shares listing effect in the Croatian capital market from 2002–2010 Grubišić Šeba, Mihaela, 2015, Ekonomska istraživanja (Economic Research), 28 (1), pp. 1079–1095. 
  9. Interactions between real estate and equity markets: an investigation of linkages in developed and emerging countries Čeh Časni, Anita and Maruška Vizek, 2014, Czech Journal of Economics and Finance (Finance a úvĕr), 64 (2), pp. 100–119. 
  10. Assessment of creditworthiness of crafts in Croatia Aralica, Zoran and Tomislav Budimir, 2013, Ekonomska istraživanja (Economic Research), special ed. May 30 – June 1, 2013., pp. 133–150.
  11. Monetary determinants of deposit euroization in European post-transition countries Tkalec, Marina, 2013, Panoeconomicus, 1 (0), pp. 89–101. 
  12. The dynamics of deposit euroization in European post-transition countries: evidence from threshold VAR Tkalec, Marina, 2012, Czech Journal of Economics and Finance (Finance a úvĕr), 62 (3), pp. 278–296. 
  13. The determinants of financial euroization in a post-transition country: do threshold effects matter? Ivanov, Marijana, Marina Tkalec and Maruška Vizek, 2011, Czech Journal of Economics and Finance (Finance a úvĕr), 61 (3), pp. 230–251.
  14. Equity investment strategies: the case of Croatia Barbić, Tajana and Iva Čondić-Jurkić, 2010, Ekonomska istraživanja (Economic Research), 23 (4), pp. 63–77. 
  15. Interest rate risk management and financial derivatives for risk management in Croatian banks Slijepčević, Sunčana and Igor Živko, 2008, Ekonomska istraživanja (Economic Research), 21 (1), pp. 10–18. 

Other papers

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  1. The determinants of country risk premium volatility: evidence from a panel VAR model Palić, Petra, Petra Posedel Šimović and Maruška Vizek, 2017, Croatian Economic Survey, 19 (1), pp. 37–66.
  2. 20 Years of the Croatian capital market Grubišić Šeba, Mihaela, 2017, Zagreb international review of economics & business, 20(SI), pp. 41-50.
  3. Do fiscal variables affect stock market returns in EU countries? Barbić, Tajana and Iva Čondić-Jurkić, 2017, Ekonomski pregled : mjesečnik Hrvatskog društva ekonomista, 68(3), pp. 253-266.
  4. Access to finance in Croatia – are innovative firms in a disadvantaged position? Botrić, Valerija and Ljiljana Božić, 2015, Ekonomski pregled: mjesečnik Hrvatskog društva ekonomista Zagreb, 66 (5), pp. 431–454.
  5. Financing preferences of European SMEs Grubišić Šeba, Mihaela, 2016. In J. Ateljević i J. Trivić (Eds.), Economic development and entrepreneurship in transition economies : issues, obstacles and perspectives, pp. 185-204. New York: Springer
  6. The determinants of country´s risk premium volatility: evidence from panel VAR model Palić, Petra, Petra Posedel and Maruška Vizek, 2015, EIZ Working Papers, no. 1505.
  7. Financialisation and financial crisis in South-Eastern European countries Radošević, Dubravko and Vladimir Cvijanović (Eds.), 2015. Frankfurt a/M : Peter Lang.
  8. Corporate motives for public shares offering during the financial crisis Grubišić Šeba, Mihaela and Silvijo Orsag, 2015, UTMS Journal of Economics ─ International Journal of Multidisciplinary Scientific Research for South and Southeastern Europe, 6 (1), pp. 99─114. 
  9. Financing policies of Croatian publicly listed firms Grubišić Šeba, Mihaela, 2013, UTMS Journal of Economics, 4 (2), pp. 127─141.
  10. The costs of corporate securities' issuers in the Croatian capital market Grubišić Šeba, Mihaela, 2013, Ekonomski pregled: mjesečnik Hrvatskog društva ekonomista Zagreb, 64 (3), pp. 213─240.
  11. Financing innovations – the interdependence between micro- and macro-understanding Aralica, Zoran, 2011, Ekonomski pregled: mjesečnik Hrvatskog društva ekonomista Zagreb, 62 (9–10), pp. 544–558. 
  12. Relationship between macroeconomic fundamentals and stock market indices in selected CEE countries Barbić, Tajana and Iva Čondić-Jurkić, 2011, Ekonomski pregled: mjesečnik Hrvatskog društva ekonomista Zagreb, 62 (3–4), pp. 113–133. 
  13. A review of the efficient market hypothesis Barbić, Tajana, 2010, Privredna kretanja i ekonomska politika, 20 (124), pp. 29–62. 
  14. The role of sovereign wealth funds in the world's financial market Grubišić, Mihaela, 2008, Računovodstvo i financije, LIV (7), pp. 72─78.
  15. Integration of Croatian, CEE and EU equity markets: cointegration approach Vizek, Maruška and Tajana Dadić, 2006, Ekonomski pregled: mjesečnik Hrvatskog društva ekonomista Zagreb, 57 (9–10), pp. 631–646. 


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  1. Consulting services of financial experts – quality evaluation of project proposals, 2016–2017 Commissioned by: Ministry of Economy
    Project manager: Maruška Vizek
  2. Economic, statistical and political aspects of sovereign bond markets, 2014–2017 Commissioned by: Croatian Science Foundation
    Project manager: Maruška Vizek 
  3. Financial conditions index, 2016 Commissioned by: EIZ Club
    Project managers: Tajana Barbić and Tanja Broz
  4. Links between zombie lending, productivity and employment, 2014–2015 Commissioned by: Global Development Network (GDN) and The Center for Economic Research and Graduate Education - Economics Institute (CERGE-EI)
    Project manager: Tanja Broz
  5. Assessment of financial literacy in Croatia: testing regional differences – pilot survey, 2014 Commissioned by: EIZ Club
    Project manager: Maja Vehovec