Mile Bošnjak

This paper develops a precision-weighted estimation framework for heterogeneous panels under cross-sectional dependence and endogeneity.. The proposed approach combines unitl evel estimates using data-driven weights based on their estimated variance, providing a tractable alternative to both pooled and fully disaggregated estimators while preserving heterogeneity. We establish that the feasible estimator is asymptotically equivalent to an infeasible oracle that uses true precision weights. In particular, the estimator admits the same stochastic expansion as the oracle, implying that weight estimation does not affect first-order asymptotic properties. The framework is general and extends to settings with endogenous regressors, provided that the first-step estimator satisfies a standard T-1/2 stochastic expansion. Monte Carlo evidence shows substantial finite-sample efficiency gains relative to unshrunk estimators, especially under weak or heterogeneous identification. An empirical application to euro area inflation illustrates how precision weighting stabilizes noisy unit-level estimates while preserving economically meaningful cross-sectional heterogeneity.

This paper examines the efficiency of the euro's exchange market against the USD, GBP, and CNY, which are generally considered highly efficient. We used two robust tests on a fixed-length rolling window to identify periods of inefficiency. A classification problem was then formulated to link these periods to specific market conditions. The data sample spanned from 1999 to 2025 for EUR/USD and EUR/GBP, and from 2005 to 2025 for EUR/CNY. Our findings show that market efficiency fluctuates over time. EUR/CNY returns were the most inefficient, followed by EUR/USD, with EUR/GBP returns being the most efficient. The detected periods of inefficiency appear to be linked to periods of crisis and high uncertainty. Logistic regression results also suggested that periods of lower volatility are more likely to be predictable or inefficient. These empirical findings align with market microstructure theory.

This paper aims to examine the drivers of income inequalities in the European Union. Existing literature suggested a variety of determinants of income inequality. This paper takes into account uncertainty related to the selection of explanatory variables and follows the Bayesian model averaging approach while controlling heterogeneities in panel data by fixed effects specification. Following previous empirical findings and conditions by the availability of reliable data sources, 20 potential drivers of income inequality for 28 EU member countries between 2016 and 2019 were considered in this research. Empirical findings from this research pointed out financialization, human capital index, and adjusted wage share as the most prominent drivers of post-tax income inequality in the short run. Furthermore, the results suggested stabilizing effects of taxation on income inequalities in EU member countries. Key words income inequality; European Union; data-driven model; Bayesian model averaging

The main purpose of this paper is to identify and discuss challenges and opportunities of using biomass in agriculture. The importance of biomass supply chain is thus emphasized. The main objective is to identify all the challenges of assessing the potential of biomass as well as the challenges in collection and storage of biomass residuals in agriculture on the example of Croatia. Methodology framework for determining potential locations for collection and logistics centers and establishment of the value chain is proposed and is based on the Herfindahl-Hirschman Index (HHI) and concentration rates by counties. The scientific contribution of the paper is seen in filling the research gap on biomass potential and organization of the biomass supply chain. Research results and policy recommendations can be informative for government decision making as well as for designing and implementing national bioeconomy strategy, but they can also be useful for analyzing the biomass supply chain and designing new business models with the purpose of efficiently using biomass potential.

Empirical literature explaining stock markets behaviour develops in a several directions. One strand of literature supports efficient market hypothesis while other strand of literature suggests fractal market hypothesis. Existing literature presents mixed findings on long memory property and hypothesis of stock market fractality. This paper aims to contribute to the debate and examine multifractality and long memory property of returns in Croatian and Serbian capital markets while considering the role of trading columns. Using multifractal Detrended Fluctuation Analysis and daily returns from the beginning of 2010 up to the end of 2021 for CROBEX and BELEX15 empirical finding suggested multifractality and long memory or persistence in CROBEX and BELEX15 returns. Dynamics in trading volumes exhibited multifractality but no long memory property in case of CROBEX as well as in case of BELEX15. Price-volume cross-correlation in case of CROBEX as well as in case of BELEX15 can be described as mean reverting process with no long memory property.

Ovaj rad ispituje utjecaj diverzifikacije izvoza na rast ukupne produktivnosti faktora proizvodnje tristo najvećih izvoznika u Republici Hrvatskoj grupiranih u 13 industrijskih sektora. U radu se koriste godišnji financijski podaci poduzeća za razdob...

7. mednarodna znanstvena konferenca: "Krepitev odpornosti s trajnostnim gospodarstvom in poslovanjem - na poti k ciljem trajnostnega razvoja". Trajnost je vse pomembnejši mehanizem odpornosti ter konkurenčnosti gospodarstev in podjetij v dinamičnem in nepredvidljivem globalnem okolju. Cilji trajnostnega predstavljajo usmeritve za implementacijo trajnosti na številna področja družbenih, gospodarskih in okoljskih dejavnosti posameznikov, organizacij in družb. Nedavna svetovna zdravstvena kriza, podnebne spremembe in mednarodni geopolitični pretresi povečujejo pomen trajnosti za družbe in organizacije in narekujejo nujno preoblikovanje poslovnih modelov podjetij v smeri trajnosti. Ti dogodki sprožajo spremembe škodljivih družbeno-gospodarskih trendov ter dejavnikov globalne konkurenčnosti gospodarstev in podjetij. Prispevki v zborniku obravnavajo aktualne ekonomske in poslovne izzive, s katerimi se v obdobju nove razvojne paradigme, srečujejo države in podjetja ter posegajo na vsa področja ekonomije in poslovnih ved.