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...

In August 2009, the Freetown Declaration by the African finance ministers committed their governments to 'implement fiscal stimulus measures' to counter the effects of the international financial crisis. This paper analyses the institutional and economic feasibility of realising this commitment....

In this paper we advocate a way of approaching macroeconomic policy, which stands in contrast to the now discredited 'new consensus in macroeconomics' policy framework. The five pillars of our approach are: the need for budget deficits to support the level of aggregate demand; full consideration...

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...

Traditionally, economists have been concerned over factors that improve economic growth, initially introducing physical capital and later human capital. We will consider a new factor, social capital. Also, we will introduce in this paper the effect of the fiscal policy on economic growth. In...

This article discusses the relationship between fiscal and monetary policies, considering different cases: government budget constraint and the wealth effect, determining the corresponding multipliers. The value of these multipliers will denote the effectiveness of fiscal policy. The article...

The Third Phase of the European Economic and Monetary Union and the consequent implementation of the Unique Monetary Policy, advised EU countries to coordinate their fiscal policies, because of the relations between monetary and fiscal policies. The application of the Stability Pact has reduced...