The weakness of credit growth in the United States and Europe has given rise to concerns that the financial crisis has led to a credit crunch which has deepened the recession in the real economy and poses a serious threat to the recovery that seems to have started in the most recent months. In...

Die Griechenland-Krise gibt Anlass, den grundsätzlichen Zusammenhang zwischen Staatsschulden, Zinsen und Wachstum zu untersuchen. Anhand dieser Schuldenmechanik wird deutlich, dass ein hohes nominales Wachstum bei niedrigen Zinsen die sogenannten PIGS-Länder zu Beginn der Währungsunion in...

This paper examines the movements in EU unemployment from two perspectives: (a) the NRU/NAIRU perspective, in which unemployment movements are attributed largely to changes in the long-run equilibrium unemployment rate and (b) the chain-reaction perspective, in which unemployment movements are...

The rise in foreign direct investment flowing to developing countries has created high expectations that, by drawing on this source of external financing, developing countries could initiate or accelerate processes of economic catching-up to advanced industrialized countries. By contrast, the...