International Editorial Board and Reviewers:

Marjan Nikolov, PhD, President of CEA (Editor-in-Chief)

Bryan Roberts, Ph.D. Senior economist at Econometrica Inc USA

King Banaian, Ph.D. Professor in the Department of Economics at St. Cloud State University USA

Giorgio Brosio Ph.D. Professor of Public Economics, University of Turin, Italy.

Nevenka Hrovatin Ph.D. Professor of Public Economics, University of Ljubljana, Slovenia

Dubravka Jurlina Alibegovic, Ph.D. Senior research fellow and Head of Department for Regional Development, Institute of Economics, Zagreb, Croatia

William Bartlet, Ph.D. Visiting Senior Fellow, European Institute, London School of Economics and Political Science

Borko Handziski, Senior Economist at the World Bank, USA

BorceTrenovski, Ph.D. Professor at the Faculty of Economics- Skopje, UKIM, Macedonia

Tihana Ċ krinjaric, Ph.D. Advisor at the Croatian National Bank


CEA Journal of Economics

ISSN 1857-5269 UDK 33

Published twice a year since 2006


We regret to inform you that our dear colleague and friend Anto Bajo passed away. He was a Ph.D. Professor at Institute of Public finance and Faculty of Economics and Business Zagreb. We remain grateful for his friendship and contribution so far in developing our Journal.