(‘export-driven growth’). The financial crisis that began in the market for derivatives on the US subprime mortgage market has … translated into the worst recession since the 1930s. In Europe the crisis has been amplified by an economic policy architecture … (the Stability and Growth Pact) that aimed at restricting the role of fiscal policy and insulating monetary policy and …

ill-designed fiscal policy is not convincing since the massive increase of the euro area debt-GDP ratio occurred only in … stands for a doubtful policy record. The trigger for the crisis was political fraud in Greece where the government in 2009 … the Stability and Growth Pact. The European Commission has not admonished Greece publicly for this breach of the Pact. It …

be to avoid a renewed rise in financial and external vulnerabilities. This calls for a prudent economic policy mix and …In the course of the boom years from 2004 to 2008, Serbia accumulated sizeable macrofinancial imbalances, which made … the country’s macrofinancial conditions. Some macrofinancial risks prevail, however, mainly with regard to fiscal and …

Fiscal Spillovers and Trade Relations in Europe 1 Ray Barrell, Dawn Holland, Iana Liadze and Olga Pomerantz … formation of expectations. Fiscal policy has limited effects on the economies of Europe, and that the case for fiscal policy … ) tt 4 See Barrell and Dury (2000) for a discussion of monetary and fiscal policy rules in NiGEM. )1 …

the poster child for economic recovery and regeneration out of deep economic and fiscal contraction. While the genesis of … Ireland's financial, economic and fiscal crisis has been covered in the literature, no systematic analysis has yet been … economic policies implemented, the role of international, and, in particular, of EU institutions, and the effects on businesses …

former transition countries in central Europe--the Czech Republic, Hungary, Poland, the Slovak Republic, and Slovenia … currency with the euro, but can choose when to request permission to do so). For most of these countries, adopting the euro … will entail major economic change. This paper examines likely economic developments and policy challenges for the five …

check for the validity of the argument, we construct an open economy model in which institutions in one part of the world … macroeconomic stability at its borders. As for the monetary union per se, it has 6 permitted a reduction in transaction costs and …); moreover, these institutions are blamed for their involvement in exchange rate volatility and procyclicality via inadequate …

"This book explores the intellectual answers to the problems in functioning of the present-day financial markets and … institutions, states and governments. It explores the subjects of financial risk, financialization, moral hazard, macro, micro …-prudential policy and public, economic and institutional policies as well toward financial stability"-- …

a certain degree of political stability is a prerequisite for stable fiscal conditions. …The literature on fiscal institutions has established a connection between the design of fiscal institutions and a … results therefore indicate that no "one-size-fits-all" solutions exist in fiscal management. Consequently, the design of such …

Introduction -- Emerging Distributional Tensions in Europe and Central Asia -- The Potential Implications for the Social Contract … -- The Market-Generated Distribution of Incomes -- Public Policy Responses -- Preferences for Equity -- Fissures in the … Brewing in Europe and Central Asia? -- Inequality across Individuals in Europe and Central Asia -- Labor Market Polarization …