This paper discusses Russia’s "black cash" economy. Using interviews and survey data, we examine the mechanics of several distinctly Russian tax evasion schemes and attempt a rough estimate of the scale and dynamics involved in tax evasion based on black cash. Entrepreneurs’ opinions are...

Results from the WIFO business survey have shown a tentative upward trend since early this year, interrupted by occasional reversals. In the fourth quarter, confidence has improved in the manufacturing sector. All indicators currently point to a slow recovery, but not to a proper upturn.

Following the sharp downturn in the USA, signs of weakening activity are also becoming more frequent in Europe. In the euro area, industrial confidence and consumer sentiment are on a downward trend, and money supply growth is decelerating. For the time being, the ECB has not relaxed monetary...

Since the middle of the year the downturn in the Austrian business cycle has become clearly visible. Exports and industrial output are receding under the impact of the recession in Europe and the effective revaluation of the schilling. Domestic demand has a stabilizing influence benefitting...