MODELLING NATIONAL ECONOMIC SYSTEM: A CASE OF THE CROATIAN ECONOMY

Main Article Content

Siniša Sovilj Marina Tkalec Dominik Pripužić Zvonko Kostanjčar

Abstract

In this study we evaluate a national economic model using a system dynamics approach. We use a set of macroeconomic data for a transition economy to validate the model behaviour in the past, and then simulate the alternative paths of key macroeconomic variables. Instead of studying only a fraction of the economy, or using simple and abstract models, we build a large-scale national economic model. As the study is based on system dynamics information feedback, it provides additional insights about the macroeconomic effects of the economic policy, making it a valuable tool for economic policy analysis. Such insights are instrumental for understanding the total effects of economic policies and their full economic consequences. To demonstrate this, we have simulated one actual economic policy intervention and its alternative scenario.

Article Details

How to Cite
Sovilj, S., Tkalec, M., Pripužić, D., & Kostanjčar, Z. (2023). MODELLING NATIONAL ECONOMIC SYSTEM: A CASE OF THE CROATIAN ECONOMY. The South East European Journal of Economics and Business, 18(1), 115-144. Retrieved from https://journal.efsa.unsa.ba/index.php/see/article/view/2018
Section
Scientific and Professional papers: Economics and Business
Author Biographies

Siniša Sovilj, University of Pula, Faculty of Informatics

(corresponding author)
Associate Professor
Faculty of Informatics
Juraj Dobrila University of Pula
(Address: Rovinjska 14, 52100 Pula), Croatia
E-mail: sinisa.sovilj@unipu.hr
ORCID: 0000-0001-7416-0152

Marina Tkalec, Institute of Economics, Zagreb, Croatia

Senior Research Associate
Institute of Economics Croatia
E-mail: mtkalec@eizg.hr
ORCID: 0000-0001-7974-9345

Dominik Pripužić, Croatian National Bank, Zagreb, Croatia

Economic Analyst
Croatian National Bank Croatia
E-mail: dpripuzic@hnb.hr
ORCID: 000-0003-3377-9260

Zvonko Kostanjčar, University of Zagreb, Faculty of Electrical Engineering and Computing

Full Professor
Faculty of Electrical Engineering and Computing University of Zagreb
Croatia
E-mail: zvonko.kostanjcar@fer.hr
ORCID: 0000-0002-2519-3115