Dubravko Mihaljek
Head of Operations
Monetary and Economic Department
Dubravko analyses macro-financial developments in the global economy and leads and oversees the business operating processes of the MED. He has been Adviser (2018-19), Head of Macroeconomic Analysis (2011-18), Head of Emerging Markets (2010-11), Secretary to the Group of Governors from Small Open Economies (since 2009), and a Senior Economist in MED (1999-2010). Before joining the BIS, Dubravko had been an Economist and Senior Economist in the Fiscal Affairs, European and Asian Departments of the IMF (1990-99), and an Assistant Research Fellow at the Economics Institute Zagreb (1982-89). He studied economics at the University of Pittsburgh (PhD, 1990), University of Minnesota (MA, 1986) and University of Zagreb (BA, 1981).
Fields of interest
- Macroeconomics
- International economics
- Public Finance
- "Residential investment and economic activity: evidence from the past five decades" (with A Mehrotra and E Kohlscheen), International Journal of Central Banking, forthcoming.
- " The dollar, bank leverage and real economic activity: an evolving relationship" (with B Erik, M Lombardi and H S Shin), AEA Papers and Proceedings, May 2020.
- " Convergence in Central and Eastern Europe: Can all get to EU average?", Comparative Economic Studies, vol 60, June 2018, pp 217-29.
- " Three decades of current account adjustments", Comparative Economic Studies, vol 55, June 2013.
- " The determinants of cross-border bank flows to emerging markets: new empirical evidence on the spread of financial crises" (with S Herrmann), Economics of Transition, vol 21, July 2013. Also published as BIS Working Papers no 315.
- " Public investment: catalyst for sustainable growth. Introduction to the Public Sector Economics 2017 Conference Issue", Public Sector Economics, vol 42, 2018, pp 93-97.
- " Credit allocation or misallocation", in B Banerjee and F Coricelli (eds), Crisis, credit and resource misallocation: evidence from Europe during the Great Recession, Centre for Economic Policy Research, 2017, pp 229-35.
- " Conducting monetary policy when fiscal space is limited", in B Jazbec and B Banerjee (eds), Rethinking monetary–fiscal policy coordination, Proceedings of a seminar jointly organised by the Bank of Slovenia and the International Monetary Fund, 2017, pp 83–140.
- " Public sector economics–introduction to the inaugural issue" (with K Ott), Public Sector Economics, vol 41, no 1, pp 1–6.
- " Risks of a new financial crisis", in B Jazbec, C Towe, M Piñón and B Banerjee (eds), Reinvigorating credit growth in Central, Eastern, and Southern European Economies, Bank of Slovenia and International Monetary Fund, 2015, pp 182–93.
- " Do we understand what drives house prices?" (with A Subelyte), in Financial cycles and the real economy: lessons for CESEE countries, E Nowotny et al (eds), Edward Elgar, 2014.
- "How to finance health expenditure in times of financial crisis?" (in Croatian), in M Vehovec (ed), The health sector from an economic perspective, Institute of Economics, Zagreb, 2014, pp 29-50.
- " Macroeconomic indicators and competitiveness", How to rebook the Croatian economy, The Institute of Economics, Zagreb, 2014, pp 6-9.
- " Domestic bank intermediation in emerging market economies during the 2008-09 crisis", Financial theory and practice, vol 38, December 2014. Also published as BIS Papers no 54.
- " A model for pricing long-term country risk in private sector cross-border financing" (with D Revoltella and F Mucci), Financial Theory and Practice, vol 34, September 2010.
- "The spread of the financial crisis to central and eastern Europe: evidence from the BIS data", in R Matousek (ed), Money, banking and financial markets in central and eastern Europe: 20 years of transition, Palgrave Macmillan, 2010.
- " The global financial crisis and fiscal policy in central and eastern Europe", Financial Theory and Practice, vol 33, September 2009.
- "Catching-up and inflation in the Baltic states and south-eastern Europe: the role of the Balassa-Samuelson effect" (with M Klau), Recent developments in the Baltic countries: what are the lessons for south-eastern Europe?, proceedings of OeNB Workshops, no 15, September 2009.
- " Catching-up and inflation in transition economies: the Balassa-Samuelson effect revisited", European Economy Occasional Papers, no 50, July 2009. Also published as BIS Working Papers no 270.
- " Global financial crisis and cross-border credit flows to CEE", Bancni Vestnik Special Issue no 11, “Global financial crisis and the road to recovery”, 2009, pp 102-10.
- " Health care financing reforms in central and eastern Europe: common problems and possible approaches", in D Franco (ed), Fiscal sustainability: analytical developments and emerging policy issues, proceedings of the 2008 Public Finance Workshop of Banca d'Italia, 2008.
- " Determinants of house prices in central and eastern Europe" (with B Égert), Comparative Economic Studies, vol 49, September 2007. Also published as BIS Working Papers no 236.
- " Fiscal transparency from central banks' perspective: off-budget activities and government asset funds", in G Kiss (ed), Temporary measures and off-budget activities, MNB, Budapest,2007.
- "The Balassa-Samuelson effect and the Maastricht criteria", in N Batini (ed), Monetary policy in emerging markets and other developing countries, Nova Science Publishers, New York, 2007.
- "The role of housing markets and foreign-owned banks in the credit expansion in central and south-eastern Europe", in C Enoch and I Otker-Robe (eds), Rapid credit growth in central and eastern Europe: endless boom or early warning, Palgrave, 2007.
- " Privatisation, consolidation and the increased role of foreign banks: an assessment of structural change in the emerging market banking systems", in P Mooslechner et al (eds), Emerging markets: any lessons for southeastern Europe?, OeNB, 2007. Also published as BIS Papers no 28.
- " Contemporary views of the Croatian transition", in A Cicin-Sain and V Sonje (eds), Croatia at a crossroads: challenges of long-term development in a competitive environment, Zagreb School of Economics and Management, 2007, pp 129-60.
- "Eastern Europe’s risky credit boom", Central Banking Journal, vol 17, August 2006, pp 67-72.
- " Health care policy and reform in Croatia: how to see the forest for the trees?", in K Ott (ed), Croatia's accession to the European Union, vol 4: The challenges of participation, Institute of Public Finance and Friedrich Ebert Stiftung, Zagreb, 2006.
- "Are the Maastricht criteria appropriate for central and eastern Europe?", in S Motamen-Samadian (ed), Economic transition in central and eastern European countries , Palgrave, 2006.
- " EU entrants, candidates and aspirants: how large are the differences and how quickly could they be closed?", Ekonomski pregled, vol 56, no 11, 2005.
- " External balances, capital flows and monetary and exchange rate policies in central and eastern Europe", in Svaljek et al (eds), Proceedings of the 65th Anniversary Conference of the Institute of Economics, Zagreb, Institute of Economics, Zagreb, 2005.
- " Free movement of capital, the real estate market and tourism: a blessing or a curse for Croatia on its way to the European Union?" In K Ott (ed), Croatian accession to the European Union, vol 3: Facing the challenges of negotiations, Institute of Public Finance and Friedrich Ebert Stiftung, Zagreb, 2005.
- "Banking industry in central and eastern Europe: the unexpected leader in the transition and integration with the EU", in D Masciandaro (ed), Financial intermediation in the new Europe: banks, markets and regulation in EU accession countries, Edward Elgar, 2004, pp 3-27.
- " The Balassa-Samuelson effect in central Europe: a disaggregated analysis" (with M Klau), Comparative Economic Studies, vol 46, March 2004. Also published as BIS Working Papers no 143.
- " Challenges of macroeconomic stability: a speed limit on Croatia’s accession to the European Union?", in K Ott (ed) Croatian accession to the European Union, Vol 2: institutional challenges, Institute of Public Finance and Friedrich Ebert Stiftung, Zagreb, 2004, pp 21-47.
- " Fiscal positions in emerging economies: central banks' perspective" (with B Tissot), Financijska teorija i praksa, vol 27, September 2003. Also published as BIS Papers no 20.
- " Sustainability of Croatia's public and external debt", Croatian Economic Survey, vol 7, April 2005, pp 11-52.
- " Macroeconomic aspects of Croatia's EU accession", in K Ott (ed), Croatian accession to the European Union, vol 1: Economic and legal challenges, Institute of Public Finance and Friedrich Ebert Stiftung, Zagreb, 2003.
- Toward a long-term strategy of economic development of Croatia: where to begin, what to do, and how to do it?, Institute of Public Finance Occasional Paper, no 11, Zagreb, June 2001.
- " Sequencing of fiscal reforms in transition economies", Financijska teorija i praksa, vol 23, no 3, 1999, pp 233-54.
- "Theory and practice of confederate finances", in P Birch Sorensen (ed), Public finance in a changing world, Macmillan, 1998.
- " Intergovernmental relations and local public finance in Japan", in T Ter-Minassian (ed), Fiscal federalism in theory and practice, IMF, 1997.
- Hong Kong, China: growth, structural change, and economic stability during the transition (with J Dodsworth), IMF Occasional Paper, no 152, September 1997.
- "The new revenue-sharing arrangement in China: an illustrative example", in E Ahmad (ed), Financing decentralized expenditures: an international comparison of grants, Edward Elgar, 1997.
- " Behavior of participatory firms in Yugoslavia: lessons for transforming economies" (with J Svejnar, J Prasnikar and V Prasnikar), Review of Economics and Statistics, vol 76, November 1994.
- Economic reforms in China: a new phase (with W Tseng et al), IMF Occasional Paper, no 114, September 1994.
- "Money and growth", Ekonomski pregled, vol 44, no 11-12, 1993.
- " Project evaluation and uncertainty in practice: a statistical analysis of 1015 World Bank projects" (with G Pohl), World Bank Economic Review, vol 6, May 1992.
- " Scope for reform of socialist tax systems" (with V Gandhi), in V Tanzi (ed), Fiscal policies in economies in transition, IMF, 1992.
- " Intergovernmental fiscal relations in Yugoslavia, 1972-90", in V Tanzi (ed), Transition to market: studies in fiscal reform, IMF, 1992, pp 177-201.
- " Fiscal federalism and the new independent states" (with George Kopits), in V Tanzi (ed), Transition to market: studies in fiscal reform, IMF, 1992.
- "Wealth effects of inflation and devaluations in Yugoslavia: who gains and who loses?" Economic Analysis, vol 23, 1989.
- "Sequencing of economic liberalization policies in developing countries: a survey of principal issues and results", Economic Analysis, vol 22, 1988.
- "Financing of public services in Yugoslavia: a Lindahl equilibrium model for the labour-managed economy", Economic Analysis, vol 20, 1986.
- "Theoretical foundations of new classical macroeconomics", Ekonomski pregled, vol 36, 1985.
- "Illyrian theory of labour-managed firm", Ekonomski pregled, vol 32, 1981.