In this paper, we use a structural vector autoregression model to identify and compare demand and supply shocks between euro area countries and central and eastern European countries (CEECs). The shocks and the shock adjustment dynamics of these countries are also compared to EU countries that...

The model of a Social Market Economy (SME) defines a policy concept of economic order which is based on free markets but, at the same time, includes elements of social balancing. The term “Social Market Economy” can neither be found in the Treaty on European Union nor in the Treaty...

Recently the American Treasury Secretary, Nicholas Brady, launched a new initiative in which he proposed reducing the developing countries’ bank debt. What are the elements of the plan, and which countries would benefit? What problems does it entail? Can it bring about a decisive improvement...

The decline in the use of cash and the emergence of innovative digital payment systems have prompted the ECB, like many other central banks, to consider introducing its currency in digital form. The technological problems of introducing a digital euro do not appear unsurmountable. However, one...

This article reviews several hypotheses that aim at explaining the development of German merchandise exports. Based on cointegration estimation techniques, we examine different determinants for their ability to explain German exports during the period 1992-2016. The estimation results indicate...

In this paper, we study the bias in interest rate projections of five central banks, namely the central banks of the Czech Republic, New Zealand, Norway, Sweden, and the USA. We examine whether central bank projections are based on an asymmetric loss function and report evidence that central...