This paper investigates fiscal multipliers in Croatia in the period 1996Q1-2011Q4. For this purpose, a Blanchard Perotti three variable baseline SVAR is employed as a no regime-switch model, along with a four variable baseline STVAR as a regime-switch model. Results show that during recessions fiscal multipliers in Croatia tend to be much larger and move in line with Keynesian assumptions, i.e. a positive government spending shock increases output, private consumption and private investment, while oppositely a positive tax shock worsens the same macroeconomic variables. Moreover, during recession times government spending for purchases of goods and services seems to be the most effective fiscal instrument for boosting economic activity.
This study explores the efficiency level of the current international regulatory framework (MARPOL) in preventing sea pollution during maritime transportation. We employ a game-theoretic approach that models the decisions of shipowners and countries, with respect to the treatment and disposal of waste, where shipowners' decisions are based on comprehensive estimations of all waste management costs for all categories of waste (i.e. all MARPOL Annexes) differentiated across six types of standard risk vessels, while countries' decisions are based on estimates of all societal costs of (im)proper ship waste management. We focus on the Adriatic Sea case study and evaluate the game separately for members and non-members of the Paris Memorandum of Understanding (Paris MoU). Our main results seem to indicate that shipowners are generally motivated to be environmentally friendly if sailing Paris MoU waters. Otherwise, shipowners are merely motivated to pollute, due to low inspection rates and expected fines.This study explores the efficiency level of the current international regulatory framework (MARPOL) in preventing sea pollution during maritime transportation. We employ a game-theoretic approach that models the decisions of shipowners and countries, with respect to the treatment and disposal of waste, where shipowners' decisions are based on comprehensive estimations of all waste management costs for all categories of waste (i.e. all MARPOL Annexes) differentiated across six types of standard risk vessels, while countries' decisions are based on estimates of all societal costs of (im)proper ship waste management. We focus on the Adriatic Sea case study and evaluate the game separately for members and non-members of the Paris Memorandum of Understanding (Paris MoU). Our main results seem to indicate that shipowners are generally motivated to be environmentally friendly if sailing Paris MoU waters. Otherwise, shipowners are merely motivated to pollute, due to low inspection rates and expected fines.
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