Chief Economist and Strategist
Privredna banka Zagreb
Radnička 50, 10000 Zagreb, Croatia
Feb 2012- present, Part time teaching at Zagreb School of Economics and Management (topic: Money and Banking in English),
- Sept 2007 – present, Chief Economist and Strategist, Privredna banka Zagreb (a bank of Intesa Sanpaolo), Member of Intesa Sanpaolo International Network Research Steering Committee.
- Sept 2005 – Sept 2007, Central Banking Consultant, working mostly for the IMF and WB on numerous different projects and countries mostly on central banking issues (including Albania, Bosnia and Herzegovina, Kosovo, Madagascar, Montenegro, Romania, Ukraine, etc.).
- July 2004 – Sept 2005, IMF consultant, Independent Evaluation Office, IMF, Washington DC. Working on the evaluation of the Financial Sector Assessment Project (FSAP). During that time participated in a short term mission to Ukraine for the WB (on monetary policy and liquidity).
- Jan 2001 – July 2004. IMF Expert on long-term assignment. Advisor to the governor of the Central Bank of Bosnia and Herzegovina, advisor to the governor of the Bank of Albania and advisor at the Banking and Payments Authority of Kosovo (now CBK). Advising in the areas of research function at the central banks, monetary policy and monetary policy instruments and systemic stability of the financial system. During that assignment participated in short term missions to Georgia and Russia for the IMF and the WB.
- July 2000 – Dec 2000 Chief advisor to the governor, Croatian National Bank.
- March 1996 – July 2000. Governor of the Croatian National Bank. During that period average yearly inflation in Croatia was about 4%, while international reserves increased by more than a half. Monetary policy was modernized and at the same time banking sector was significantly restructured (25 banks and saving houses had to be closed), while avoiding a major run on banks. I worked on institution building and better governance in the Croatian National Bank and on new regulation and legislation. I was part of Croatia’s negotiating team with the IMF (two programs). During the same time I was Croatia’s governor at the IMF and regularly participated at BIS Governors’ meetings. Member of the Board of the Agency for Bank Restructuring and Deposit Insurance.
- July 1997 – Dec 2000. Associate Professor at the University of Zagreb, Faculty of Economics, Department for Macroeconomics and Economic Policy. I was teaching Macroeconomics at undergraduate level and Central Banking and Development of the Croatian Financial System at the post-graduate level.
- Dec 1995 - March 1996. Economic advisor to the President of the Republic of Croatia. Advising on international economic developments, macroeconomic policy, and monetary policy and banking system stability.
- Nov 1992 – Dec 1995. Director of research and analysis department in the central bank. Responsible for about 50 people and reported directly to the Governor.
- Dec 1981 – Nov 1992. Teaching and research at the University of Zagreb, Croatia. Fulbright fellow in 1987/1988 academic year at the University of Pittsburgh, Department of Economics.
March 1990 Ph.D. in Economics, University of Zagreb;
Sept 1987 - July 1988 Doctoral Student, University of Pittsburgh, Department of Economics; Pittsburgh, PA, USA (Fulbright fellow);
July 1987 - Aug 1987 Certificate from Economics Institute, Boulder, CO, USA, (Fulbright fellow);
March 1984 Master of Arts in Economics, University of Zagreb;
July 1984 – Aug 1984 Certificate from Salzburg Seminar in American Studies, Salzburg, Austria;
April 1980 BA in Economics, University of Zagreb.
English (fluent), French (fluent), German (passive), Croatian (native).
Born on May 8, 1957 in Zagreb, Croatia. Married, two children (22 and 28 years of age).
Participated in numerous international conferences with papers or as discussant (3-5 on average every year)
Organized six international conferences in Dubrovnik, Croatia (Croatian National Bank Annual Conference), together with Mario I. Blejer
Member of the International Advisory Board of the Unicredit Group (from Sept 2004 until April 2007)
ECB Shadow Council Member organized by Handelsblatt (from Nov 2003 to Feb 2006)
Awards and Honors:
2000 Jacques de Larosière Lecture: "The Transition process: It's All About People, Isn't it?" EBRD Ninth Annual Meeting in Riga, Latvia,
1997 Central European Annual Awards for Excellence - Best Central Bank Governor,
1997 Euromoney Publications - Best Eastern European Banker.
LIST OF PUBLICATIONS (selected publications in English only):
“Do all central banks need a well-developed brain?” in “Central Bank Modernization” (editors Neil Courtis and Peter Nicholl), Central Banking Publications, 2005, pp. 125-137.
“Financial Vulnerability and Exchange Rate in Emerging Markets: an Overview” (with Mario I. Blejer) in “Financial Policies in Emerging Markets.” (editor with Mario I. Blejer) MIT University Press, 2002.
“Central Banking in Transition: An Overview of Main Issues Ten Years After” (with Warren Coats) in Revue d’Economie. Special Issue, 2001, pp. 265-287.
“Ten Years of Transition: Central Banking in the CEE and the Baltics” (with Warren Coats), Croatian National Bank Surveys S-7, April 2002.
“A Decade of Transition in a Variety of Settings: A Comparison of Country Experiences” (with Mario I. Blejer) in “Transition: The First Decade” (editor with Mario I. Blejer), MIT University Press, 2002, pp. 3-13.
“Financial Sector Restructuring: The Croatian Experience” (with Velimir Sonje) in Bokros Lajos, Alexander Fleming and Cari Votava (editors): “Financial Transition in Europe and Central Asia: Challenges of a New Decade.” The World Bank, Washington DC, 2001, pp. 59-72.
“Transition and the Open Economy: An Overview” (with Mario I. Blejer) in "Balance of Payments, Exchange Rates, and Competitiveness in Transition Economies" (editor with Mario I. Blejer) Kluwer Academic Publishers, 1999, pp. 1-16 .
“Financial Reforms and Economic Transition: An Overview of the Major Issues” (with Mario I. Blejer) in “Financial Sector Transformation” (editor with Mario I. Blejer) Cambridge University Press, 1999, pp 1-16.
“Central Banking, Monetary Polices, and the Implications for Transition Economies” (editor with Mario I. Blejer) Kluwer Academic Publishers, 1999.
“Croatia: An Insider’s View of Transition”: SAIS Review, Volume XVIII, Number Two, Summer-Fall, 1998.
“Exchange Rate and Prices in a Stabilization Program: The Case of Croatia.” (with Velimir Sonje) in “Macroeconomic Stabilization in Transition Economies” (editor with Mario I . Blejer) Cambridge University Press, 1997, pp. 212-233.
“Monetary Independence as a Precondition for Macroeconomic Stability”: Development and International Cooperation. Vol. XI, No. 20-21. June-December, 1995, pp. 159-181.
“The Yugoslav Economy from Amalgamation to Disintegration: Failed Efforts at Moulding a New Economic Space 1919-1993.” (with Ivo Bicanic) in D.Good, (editor): "Economic Transformation in Central and Eastern Europe: Lessons and Legacies from the Past". Routledge, London, 1994.
“Banking in Croatia” The Vienna Institute for Comparative Economic Studies, The Vienna Institute Monthly Report, No.2, 1994, pp. 19-30.
“Business Representation and Macroeconomic Developments in Transforming Economies” Asian Journal of Economics and Social Studies. Vol. XII, 1993, No. 4. pp. 269-287.
“A Paradox of Transition to a Market Economy. How will the Role of the State Change” (with Ivo Bicanic) in: F. Targetti (editor): Privatization in Europe. West and East European Experiences, Dartmouth, Aldershot, 1992.
“Service Policy and Development” in S. Sharma (editor): Development Policy. MacMillan, London, 1992. pp. 157-168.
“The Service Sector in East European Economies. What Role can it Play in Future Development?” (with Ivo Bicanic) Communist Economies and Economic Transformation, Vol. 3. 1991, No. 2. pp, 221-233.