I use the STAN database of the OECD and different econometric methods to investigate the effects of exports towards the EU-15 on wages in the Visegrad countries (CEEC-4; Czech Republic, Hungary, Poland, and Slovakia). The results do not allow to draw any definite statements about this effect....

This paper makes two contributions to the literature on the impact of trade on income. First, we use heterogeneous panel cointegration techniques that are robust to omitted variables and endogenous regressors to estimate the effect of trade on income for 81 developed and developing countries,...

This paper develops a two-country multi-frictional model where the freeze on liquidity access to commercial banks in one country raises unemployment rates via credit rationing in both countries. The expenditure-switching channel, whereby asymmetric monetary shocks traditionally lead to negative...

A number of theoretical studies have tended to trace the nature of globalization process’ impacts (mostly characterised by trade opening) on informality, while relevant empirical literature has been not well developed. The paper aims to fill this knowledge gap by shedding further light on the...

This paper examines the transmission of GDP growth and GDP growth volatility among the G7 countries over the period 1960 q1 - 2009 q3, using a multivariate generalized autoregressive conditional heteroskedasticity (MGARCH) model to identify the source and magnitude of spillovers. Results...

The aim of this paper is to empirically examine the effect of a regime switch, from exchange-rate targeting (fixed exchange rate) to inflation targeting, on monetary policy in developing economies, hence adding to evidence on whether inflation targeting along with a managed float provides a...

The real interest parity (RIP) condition combines two cornerstones in international finance, uncovered interest parity (UIP) and ex ante purchasing power parity (PPP). The extent of deviation from RIP is therefore an indicator of the lack of product and financial market integration. This paper...

The monetary and fiscal policy interactions have gained a new research interest after the 2008 crisis due to the global increase of fiscal debt. This paper constructs a macroeconomic model of joint fiscal and monetary policy for an emerging open economy taking into account its structural...

Europas Wirtschaft löst sich allmählich aus Rezession und Stagnation und kann für 2014-15 eine Rückkehr zu mäßigen Wachstumsraten erwarten. Die bessere Konjunktur wird jedoch weder die Folgen der vergangenen Krisen – hohe Arbeitslosigkeit und Staatsschuldenlast – beseitigen, noch ihre...

Das Kernelement der Europäischen Integration, der „Binnenmarkt“, feiert heuer das 20-jährige Bestehen. Österreich hat seit dem Beitritt zur EU im Jahr 1995 an allen vertiefenden Schritten der EU-Integration teilgenommen. Nicht nur politisch ist Österreich durch die EU-Mitgliedschaft...