The “Arab spring” aftermath calls for a closer look at the developments in the south Mediterranean countries. This paper develops and assesses alternative scenarios for the region up to the year 2030 with the employment of GEM-E3, a computable general equilibrium model. The scenarios...

Seit fünf Jahren werden Griechenland, Irland, Portugal, Spanien und Zypern durch Hilfsprogramme des Euro-Rettungsschirms unterstützt. Nun ist es an der Zeit, um Bilanz zu ziehen und aufzuzeigen, ob der Rettungsschirm (vor allem in seiner permanenten Form) sinnvoll konzipiert ist und ob die...

While there is a fairly broad consensus regarding the potential adverse effects of generous unemployment benefit insurance on steady-state employment, the short-term effects of benefit reforms are not well-established. This paper contributes to fill this gap by estimating impulse responses to...

Despite a deep recession in 2009 and weak growth in subsequent years, Hungary’s fiscal position compares favourably with many other OECD countries. Nonetheless, the underlying fiscal balance started deteriorating in 2010 and 2011. Recognising this, Hungary’s government launched an ambitious...

Drawing on new empirical analysis of 30 years of structural reforms across the OECD, this paper sheds light on the impact of reforms over time, identifies the horizon over which their full effects materialise, and investigates whether such effects vary with prevailing economic conditions and...

Prinzipien der Wirtschaftsordnung können mit jeweils unterschiedlichen Gestaltungen von juristischen, sozialen, ökologischen und kulturellen Systemen kombiniert werden. Diese Wirtschaftsstile stehen in Konkurrenz zueinander. Allerdings gibt es innerhalb der Europäischen Union die Tendenz,...

The complexity of credit-money is conceived as the central issue in the banking-macro nexus, which the authors consider as a structural as well as process component of the evolving economy. This nexus is significant for the stability as well as the fragility of the economic system, because it...

Credit risk measurement remains a critical field of top priority in banking finance, directly implicated in the recent global financial crisis. This paper examines the dynamic linkages between credit risk migration due to rating shifts and prevailing macroeconomic conditions, reflected in...

The common currency was created as a result of theoretical considerations regarding the functioning of optimum currency areas. This theory refers to a number of benefits as well as costs. It imposes a number of requirements that are necessary for the newly created structure to be considered...

House prices have increased significantly in Canada over the past decade, driving household debt and residential construction activity to historical highs. Although macro-prudential tightening has slowed the pace of household borrowing in the last few years, house prices have continued to trend...