engleski

Behaviour model 'NUDGEU' in the light of Croatian entry to eurozone

Incentive-based behavioural models are today important topic in developed countries and applied in many economic policies. Recent economic theory is fully aware that classical economics is no longer sufficient in explaining and coordinating of recent economic phenomena. In the focus of this paper is the behavioural concept of 'Nudge' that is presented through the conceptual innovative model named 'NudgEU' in the light of Croatian entry into the Eurozone (hopefully in 2023). Prescribed regulation for Croatia's entry into the Eurozone has been met. Croatia together with Bulgaria entered the ERM II system. Formal conditions are fulfilled but authors point the question whether public is aware of the momentum. There is a lack of a quality information campaign or public polemic with clear message regarding economic benefits of the entry to Eurozone. The advantages of a country's entry into the Eurozone are mainly reflected in the reduction of risk premiums, reduction of transaction costs, development of capital markets, increased trade in the European market, attracting foreign investment etc. Therefore, authors propose the new model for policy makers to provide an incentive for the introduction of the Euro that could be applied especially for businesses, institutions and small and medium- sized enterprises. The model involves the establishment of a Centre on Behavioural Insights that could produce targeted different behavioural insights and nudges. Such centres are already established in the EU and some individual countries outside or within the EU. The main aim of this paper is to contribute to existing behavioural models used in public policy and in financial and monetary integration particular that could be applied in Croatia and in some other EU countries on their way to Eurozone through the model ‘NudgEU’ as author’s original scientific contribution.

Eurozone, behavioral economy Nudge, NudgEU

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