Most of the countries of the OECD are still suffering from the Global Financial Crisis (GFC) (or as the Americans call it the Great Recession), but the Australian economy appears to be powering ahead. It is a miracle economy! Unlike most of the OECD countries, Australia did not even have a...

In mid-2014, the Government of Ukraine (GoU) requested technical assistance and financial support from the inter¬national community to assess and plan priority recovery and peacebuilding efforts in the conflict-affected regions of eastern Ukraine. Following these requests, and within the...

In mid-2014, the Government of Ukraine (GoU) requested technical assistance and financial support from the inter¬national community to assess and plan priority recovery and peacebuilding efforts in the conflict-affected regions of eastern Ukraine. Following these requests, and within the...

When Roosevelt abandoned the gold standard in April 1933, he converted what had been effectively real government debt into nominal government debt to open the door to unbacked fiscal expansion. We argue that he followed a state-contingent fiscal rule that ran nominal-debt-financed primary...

The Korean economy grew at an annual average rate of 3% in 2011-2018, which appears to be a downward trend and not a temporary setback. A prolonged growth accounting reveals that the Korean economy will likely grow to a low-to-mid 2% (annual average) in the 2020s when productivity is expected to...

When Roosevelt abandoned the gold standard in April 1933, he converted what had been effectively real government debt into nominal government debt to open the door to unbacked fiscal expansion. We argue that he followed a state-contingent fiscal rule that ran nominal-debt-financed primary...

In our approach, the conditional expectation of asset return quantities, under the real-world probability measure, can be expressed as a linear combination of the prices of the risk-free bond, the asset, and options on the asset. The method is free of distributional assumptions, and we use it to...

When Roosevelt abandoned the gold standard in April 1933, he converted government debt from a tax-backed claim to gold to a claim to dollars, opening the door to unbacked fiscal expansion. Roosevelt followed a state-contingent fiscal rule that ran nominal-debt-financed primary deficits until the...

The authors review the challenges that the Romanian economy and society had to face in the European and global geoeconomic context. Starting from the perspectives advanced by the international economic fora, the risks the European economy will have to answer through counteracting and general...