The aim of this paper is to develop a comprehensive analysis of the shock therapy model of transition. As such the model requires an analysis of what I define as the primary elements: economic analysis, definition of a good society, speed, political structure, ideological structure and initial...

The aim of this paper is to develop a comprehensive analysis of the shock therapy model of transition. As such the model requires an analysis of what I define as the primary elements: economic analysis, definition of a good society, speed, political structure, ideological structure and initial...

In this paper, we employ a block structured near-vector autoregression in order to compare the reactions to euro area shocks in four new member states (Bulgaria, Hungary, Czech Republic and Romania) and in the old member states of the EU. The methodology adopted also allows us to study the...

The European Union and the MENA countries fostering North-South economic integration (by Sándor Richter; pp. 1-5) Keywords North-South, economic integration Countries covered European Union, MENA Topics Labour, Migration and Income Distribution Europe's position in trade in knowledge-intensive...

This paper presents some challenges encountered by non-neoclassical economists in explaining that money is not a commodity, that it is not backed by gold, and that it is not scarce. We discuss the role of commercial banks in creating money by simply granting loans. We then explain that, in a...

This paper develops an undergraduate macroeconomics teaching model that features endogenous money and an explicit account of commercial bank behaviour. It therefore transcends common shortcomings of existing teaching models based on either IS-LM or its successor, the New Consensus. The model is...

The financial and economic crisis that has been devastating a number of countries in the world since its outbreak in 2007-2008 originates in the currently still dominant paradigm in both finance and economics. The contributions selected for this special issue explain collectively that the only...

A few reflections on fiscal and monetary policy in the euro area (by J. Pöschl; pp. 1-3) Keywords fiscal policy, monetary policy, euro area Countries covered EU Topics Macroeconomic Analysis and Policy; International Trade, Competitiveness and FDI Unit labour costs, exchange rates and responses...

A central goal that has eluded most countries in sub-Saharan Africa is to effectively manage their natural resources, develop diversified and prosperous economies, and as a result, improve the standard of living of their citizens. This paper draws from the framework of diversification and...

Unstable Balkans (by Vladimir Gligorov; pp. 1-4) Keywords political tensions, unemployment, austerity Countries covered SEE Topics Macroeconomic Analysis and Policy Not a very Greek tragedy (by Jan Toporowski; pp. 5-7) Keywords public debt, financial market, monetary policy, currency union...