The failure of the Maastricht criteria delayed Estonia’s accession to the European Monetary Union (EMU) until January 2011. During this time, trading shares with Eurozone countries declined, raising questions about the optimal accession time. In this study, the macroeconomic effects of...

Member countries of the European Monetary Union (EMU) initiated wideranging labor market reforms in the last decade. This process is ongoing as countries that are faced with serious labor market imbalances perceive reforms as the fastest way to restore competitiveness within a currency union....

For more than two decades now, current-account imbalances are a crucial issue in the international policy debate as they threaten the stability of the world economy. More recently, the government debt crisis of the European Union shows that internal current account imbalances inside a currency...

The paper examines incidence and earnings of non-standard workers in Russia. We focus on two main types of non-standard arrangements: non-permanent and part-time employment. First we identify determinants of incidence of these types of non-standard employment and find out that such personal...

In this paper, on the basis of data of RLMS and of Monitoring of economics of education, it is shown that factors of the family capital (first of all, incomes and the educational level of parents) represent an essential obstacle for educational options for Russian high schools graduates. The...

This paper surveys three studies on the internal labor market of one Russian firm spanning the years 1997 to 2002 and focusing on three different issues. The studies use unique personnel data that were collected by us and that include the work history of each employee as well as annual averages...

Terrorist actions can have a multitude of economic consequences that may adversely affect a number of economic indices, sectors and activities including growth and investment. From the markets' perspective, terrorist attacks are unforeseen events that, depending among other things on their...

'The money trail' of terrorist activity has become a focus of counterterrorist policy. There has been major success in implementing international standards to prevent and detect terrorist financing. Available evidence suggests that these efforts have contributed to a decrease in transnational...

In this Policy Briefing, we discuss two important questions: (i) whether and how terrorism shocks are transmitted across international stock markets, (ii) what is the role of behavioral factors in explaining these stock market reactions. According to our findings terrorism shocks are indeed...

The problem of piracy and other forms of maritime security is actually less severe than many people perceive. Nevertheless, it is a problem that needs to be addressed. To solve the problems around Somalia, the naval involvement should continue, and effective punishment for piracy must be...