Pavla Subica 8,
10000 Zagreb, Croatia
Cell: + 385 99 3121514
- Oct 2017 – present. Central banking lead in USAID financed FINRA project in Bosnia and Herzegovina.
- Sept 2015 – Sept 2017: Resident Project Manager and Advisor for the Canada-IMF Capacity Building Project at the National Bank of Ukraine
- June 2015-Sept 2015: Central banking consultant
- May 2014 – June 2015, Regional Advisor for Monetary Operations and Payment System at the IMF/AFRITAC West 2, responsible for: Cabo Verde, Ghana, Liberia, Nigeria, Sierra Leone and The Gambia.
- February 2012 – May 2014, Part-time Lecturer on Money and Banking at the Zagreb School of Economics and Management (lectured in English).
- September 2007 – May 2014, Chief Economist and Strategist, Privredna banka Zagreb (an Intesa Sanpaolo bank), Member of Intesa Sanpaolo International Network Research Steering Committee.
- September 2007 – present, Short-term Evaluation/Project Consultant for the IMF’s IEO (evaluations: “The Role of the IMF as a Trusted Advisor”, “Research at the IMF: Relevance and Utilization”, “IMF Performance in the Run-Up to the Financial and Economic Crisis: IMF Surveillance in 2004-2007”).
- September 2005 – September 2007, Central Banking Consultant, mostly for the IMF and the WB. Worked in a number of countries on numerous projects mainly relating to central banking issues ( Albania, Bosnia and Herzegovina, Kosovo, Madagascar, Montenegro, Romania, Ukraine, etc.).
- July 2004 – September 2005, Consultant the Independent Evaluation Office, IMF, Washington DC. Worked on the evaluation of the Financial Sector Assessment Project (FSAP). During this time participated in a short-term monetary policy and liquidity mission to Ukraine for the WB .
- January 2001 – July 2004, Long-term Expert, IMF . 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). Advised in the areas of research function at central banks, monetary policy, monetary policy instruments and the systemic stability of the financial system. During the assignment participated in short-term missions to Georgia and Russia for the IMF and the WB.
- July 2000 – December 2000, Chief Advisor to the Governor, Croatian National Bank.
- March 1996 – July 2000,Governor of the Croatian National Bank. During my mandate the average annual inflation rate in Croatia was about 4% and international reserves increased by more than a half.. Monetary policy was modernized and the banking sector significantly restructured (25 banks and savings banks had to be dissolved), while avoiding a major run on banks. I worked on institution building and improving governance in the Croatian National Bank as well as on new regulations 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 I regularly participated in BIS Governors’ Meetings. I was also Member of the Board of the State Agency for Deposit Insurance and Bank Resolution.
- July 1997 – December 2000, Associate Professor at the Department for Macroeconomics and Economic Policy, Faculty of Economics, University of Zagreb. , teaching macroeconomics at the undergraduate level and central banking and the Croatian financial system development at the postgraduate level.
- December 1995 – March 1996, Economic Advisor to the President of the Republic of Croatia, advised on international economic developments, macroeconomic policy, monetary policy and banking system stability.
- November 1992 – December 1995, Director of the Research and Analysis Department in the central bank, responsible for a staff of about 50 and reporting directly to the Governor.
- December 1981 – November 1992, lecturing and research at the University of Zagreb, Croatia. Fulbright Fellow in the 1987/1988 academic year at the Department of Economics, University of Pittsburgh.
|March 1990||PhD in Economics, University of Zagreb;|
|Sept. 1987 – July 1988||Doctoral Student, Department of Economics, University of Pittsburgh, Pittsburgh, PA, USA (Fulbright Fellow);|
|July 1987 – August 1987||Certificate from the Economics Institute, Boulder, CO, USA (Fulbright Fellow);|
|March 1984||Master of Arts in Economics, University of Zagreb;|
|July 1984 – August 1984||Certificate from the Salzburg Seminar in American Studies, Salzburg, Austria;|
|April 1980||BA in Economics, University of Zagreb.|
English (fluent), French (fluent), German (passive), Croatian (native).
Born: May 8, 1957, in Zagreb, Croatia. Two children (24 and 30 years of age).
- Editor-in-Chief of “PBZ Weekly Analysis” (September 2007 – April 2014).
- Cooperates regularly with the SEESOX (South East European Studies at Oxford), the EBRD and central banks in the region (South East Europe).
- Participated in numerous international conferences with papers/presentations or as a discussant (3-5 on average every year).
- Initiated and organized six international conferences in Dubrovnik, Croatia (Dubrovnik Economic Conference), together with Mario I. Blejer.
- Member of the Unicredit Group International Advisory Board (September 2004 – April 2007).
- Member of the ECB Shadow Council, founded on an initiative of Handelsblatt (November 2003– February 2006).
Awards and Honors:
|2000||Jacques de Larosière Lecture: “The Transition process: It’s All About People, Isn’t It?”, the 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/PAPERS (selected publications in English only):
“Monetary and Exchange Rate Policy Frameworks and Strategies”, comments for the IMF Workshop and Governors’ Forum, Caucasus and Central Asia (CCA), November 5-7, 2014, Zurich, Switzerland (mimeo).
“Fiscal Dominance and Independence of Central Banks”, a speech prepared for the AACB Symposium, August, 2014 (mimeo).
“Rethinking Central Banking in the 21st Century: Some Advice from an Ex-Central Banker”, Cayman Financial Review, January, 2012, at: http://www.compasscayman.com/cfr/2012/01/11/Rethinking-central-banking-in-the-21st-century-/
“Futuristic View of Banks in Albania“, a keynote speech at the Albanian Association of Banks, Tirana, December 19, 2012(mimeo).
“An Examination of the Quality of a Sample of 60 Selected Issues Papers”, (with Marcelo Selowsky), IEO Background Paper No. BP/11/04, IMF, 2011.
“Do All Central Banks Need a Well-developed Brain?”, in Central Bank Modernization, ( Neil Courtis and Peter Nicholl, editors), 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 Financial Transition in Europe and Central Asia: Challenges of a New Decade, (Bokros Lajos, Alexander Fleming and Cari Votava, editors), The World Bank, Washington DC, 2001, pp. 59 – 72.
“The Transition Process – It’s All About People, Isn’t It?”, Jacques the Larosière Lecture, held at the EBRD Ninth Annual Meeting, in Riga, Latvia, on 21 May 2000, at: http://www.bis.org/list/cbspeeches/from_01042000/index.htm.
“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 –
“Central Banking, Monetary Policies, 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 2, 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 Economic Transformation in Central and Eastern Europe: Lessons and Legacies from the Past, (D. Good, editor) , Routledge, London, 1994.
“Banking in Croatia”, The Vienna Institute Monthly Report , No.2, 1994, pp. 19 – 30,The Vienna Institute for Comparative Economic Studies,
“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 Privatization in Europe:. West and East European Experiences, (F.Targetti, editor), Dartmouth, Aldershot, 1992.
“Service Policy and Development”, in Development Policy,(S. Sharma, editor), 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.