“Most people would say that Europe is still sort of coming out of the financial crisis that we had 5 years ago, which was probably the worst since the Great Depression of 1930s. Now just to keep things in context, at the time people were saying that it was going to be worse than the Great...

Foreign direct investment (FDI) brings host countries capital, productive facilities, and technology transfers, as well as new jobs and management expertise. Thus it is important to understand why in many countries FDI inflow is lower than it would be expected. The goal of this study is to...

The paper explores the theory of the aggregate price and profit in Keynes's Treatise for its implications for modern macroeconomic analysis. Here profits are defined in terms of aggregate investment and saving. Deriving aggregate total revenue and aggregate total cost from this price theory, the...

We model a two-stage duopolistic competition in a vertically differentiated eastern market between the eastern and western firms. In the first stage firms compete in R&D, and in the second stage in prices. Consumers in eastern market are distributed uniformly according to their income, and...

In Hungary and the Central-European region, state regulation has been at the forefront of interest since the beginning of the economic transition. Among the many interesting questions raised, we would like to analyze the problem of building an appropriate regulatory system allowing the industry...

This project analyzing the development of Polish financial markets sponsored by the USAID grant was aimed at examining selected problems of the banking system and financial markets in Poland. The main criterion for selection of these problems was their potential usefulness for policy-makers at...

In this paper I investigated the driving factors of integration of emerging capital markets into the global market. First, I analyzed the level of integration/segmentation of selected Central and Eastern European (CEE) countries using the methods of correlation analysis, cointegration, and CAPM....

The paper presents a formal study of how risk aversion can be applied to analysis of international trade. It seeks to illustrate, amongst other things, that risk-averse firms operating in perfectly competitive markets with uncertainty of demand tend to diversify markets and that this provides...

The analysis presented in the paper focuses on seigniorage revenues in the period of transition to market economy and fiscal consequences of European monetary integration. A comprehensive framework for a measurement of seigniorage revenues in transition period is presented and estimates of its...

The paper focuses on the dynamics of relative prices of goods and services in Georgia in the period of relative macroeconomic stabilization i.e., in years 1996–2001. Structure of Georgian consumer price index (CPI) is described in details and an analysis of the dynamics of relative prices is...