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Debt and Deficit Ceilings, and Sustainability of Fiscal Policies: An Intertemporal Analysis

Uctum, Merih; Wickens, Michael R. - C.E.P.R. Discussion Papers - 1997

This paper examines the consequences for the sustainability of fiscal policy of imposing restrictive ceilings on …

Persistent link: https://www.econbiz.de/10005791703

Currency Substitution in a Two-Asset Two-Country Model: A Simulation Approach

Artis, Michael J; Gazioglu, Saziye - C.E.P.R. Discussion Papers - 1986

The paper reports results obtained from the simulation of a two-country model in which the real and financial sectors are integrated under an assumption of rational expectations and steady-state inflationary equilibria. The government of each country issues a single financial asset ("currency")...

Persistent link: https://www.econbiz.de/10005661801

Competition and Firm Performance in Transition Economies: Evidence from Firm Level Surveys in Slovenia, Hungary and Romania

Konings, Jozef - C.E.P.R. Discussion Papers - 1997

countries, Hungary, Romania and Slovenia. The data are based on interviews taken in more than 300 state-owned, privatized and … pressure has a positive impact on firm performance in Hungary and Slovenia, but not in Romania, while in Romenia short … Romania, the results are somewhat mixed; state-owned enterprises do worse than employee-owned (privatized) and newly …

Persistent link: https://www.econbiz.de/10005498145

The Enterprise Isolation Programme in Romania

Djankov, Simeon - C.E.P.R. Discussion Papers - 1999

We provide comprehensive analysis of the isolation program for financially distressed firms in Romania. The results …

Persistent link: https://www.econbiz.de/10005666566

Do the Biggest Aisles Serve a Brighter Future? Global Retail Chains and Their Implications for Romania

Javorcik, Beata; Li, Yue - C.E.P.R. Discussion Papers - 2008

-level data from Romania, this study examines how the presence of global retail chains affects firms in the supplying industries …

Persistent link: https://www.econbiz.de/10005791348

Hardened Budgets and Enterprise Restructuring: Theory and an Application to Romania

Coricelli, Fabrizio; Djankov, Simeon - C.E.P.R. Discussion Papers - 2001

We identify the presence of soft budgets and analyse their impact on enterprise restructuring in Romania over the …

Persistent link: https://www.econbiz.de/10005123818

Regional Unemployment and Human Capital in Transition Economies

Jurajda, Stepan; Terrell, Katherine - C.E.P.R. Discussion Papers - 2007

Differences in regional unemployment in post-communist economies are large and persistent. We show that inherited variation in human-capital endowment across the regions of four such economies explains the bulk of regional unemployment variation there and we explore potential explanations for...

Persistent link: https://www.econbiz.de/10005136518

Bargaining and Sustainability: The Argentine Debt Swap of 2005

Dhillon, Amrita; García-Fronti, Javier; Ghosal, Sayantan; … - C.E.P.R. Discussion Papers - 2005

When Argentine sovereign default in December 2001 led to a collapse of the peso, the burden of dollar debt became demonstrably unsustainable. But it was not clear what restructuring was feasible, nor when. Eventually, in 2005 after a delay of more than three years, a supermajority of creditors...

Persistent link: https://www.econbiz.de/10005504331

The Sustainable Debts of Philip II: A Reconstruction of Spain's Fiscal Position, 1560-1598

Drelichman, Mauricio; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2007

The defaults of Philip II have attained mythical status as the origin of sovereign debt crises. The king failed to honour his debts four times during his reign. In this paper, we reassess the fiscal position of Habsburg Spain. New archival evidence allows us to derive comprehensive estimates of...

Persistent link: https://www.econbiz.de/10005656157

Trigger Points and Budget Cuts: Explaining the Effects of Fiscal Austerity

Bertola, Giuseppe; Drazen, Allan - C.E.P.R. Discussion Papers - 1991

We present and analyse an optimizing model which explains the counter-intuitive effects of fiscal policy in terms of expectations. If government spending follows an upward-trending stochastic process, which the public believes may fall sharply when it reaches specific `target points', then...

Persistent link: https://www.econbiz.de/10005662143