Understanding what drives the changes in current accounts is one of the most important macroeconomic issues for developing countries. Excessive surpluses in current accounts can trigger trade wars, and excessive deficits in current accounts can, on the other hand, induce currency crises. The...

We revisit the diagram developed by Krugman and Macedo (The economic consequences of the April 25th revolution, Krugman and Braga de Macedo, Economia III:435-483, 1979) to study the adjustment path of output and real wage gaps in a small open economy. Using time series data, we estimate...

Over the last three decades, the Romanian agri-food trade has shown a permanent deficit, starting with 1990 (since the resumption of imports) and until now, except for two years only. The paper analyses the evolution of the agri-food trade deficit in the main periods (transition, pre-accession,...