This paper assesses how various types of financial risk such as credit risk, market risk, and liquidity risk affect banking stability in emerging Europe. It also examines how the quality of supervisory standards may have mitigated the vulnerabilities arising from these risk factors. Using panel...

Increasing financial integration makes the assessment of cross-country linkages crucial for effective financial surveillance. This paper estimates contagion risk between large Irish banks and European and U.S. banks during 1994–2005, using distance-to-default measures and the methodology of...

There is considerable evidence from industrial countries that the output gap is an important determinant of inflation. This paper examines whether the gap model also works in developing, newly industrializing, and industrial Asian economies. The output gaps are based on a nonparametric...

An aggregate production function is estimated using recent cointegrating techniques particularly appropriate for estimating long-run relationships. The empirical results suggest that the growth of output in France has been spurred by increased trade integration within the European Community and...

The methodology used in this paper has three distinguishing features: the natural rate of unemployment and potential output are jointly estimated; the procedure integrates wage and price data with "real" and structural data; and the approach encompasses many of the methods found in the literature....

Empirical estimates are presented of the policy and structural determinants of the natural rate of unemployment in Canada. The structural features of the economy that impinge on the adjustment of real wages to their equilibrium level are discussed, and estimates are presented showing how the...

This paper argues that an important group of labor market policies are complementary in the sense that the effect of each policy is greater when implemented in conjunction with the other policies than in isolation. This may explain why the diverse, piecemeal labor market reforms in many European...