The role of the state is finally the decision of the citizens. The government, being a result of elections, can provide more or less protection and increase or decrease expenditures. Anyway for achieving goals and for being performant the state definitly has to promote a good governance. Good...

Recent academic and popular discussions of budget deficits rely upon a simplistic and, in large part, false conception of their effects. The recent literature ignores the fact that deficit effects depend on their source and on private sector responses to them. It also matters whether budget...

Russia’s short-term economic growth has accelerated above its long term trend, defying weak global conditions. In 2007, the economy grew by 8.1 percent on the heels of very high (and perhaps unsustainable) oil prices, robust domestic demand and strong macroeconomic fundamentals. Preliminary...

This paper represents shortly the contribution of the Professor Lucas in modern macroeconomics, notably famous criticism of the Keynesian models. Contribution which was worth him the Nobel prize of economy 1995.

Economic simulation - as economic pattern simulation use - which is already a useful tool of searchers and managers, would be a tool of economic teacher. When teacher want explain economic theories, he can't do experiment, hence simulation would take place experiment. Simulation is an analytical...

“Being rich in energy resources – a blessing or a curse” finds that an energy resource curse plagues many EU supplier states. This in turn directly affects Europe’s energy supply security and threatens to engulf Europe in unwanted hostilities at home and abroad. The study addresses seven...

Why are investors rushing to purchase US government securities when the US is the epicentre of the financial crisis? This column attributes the paradox to key emerging market economies’ exchange practices, which require reserves most often invested in US government securities. America’s...

This article analyses the competition between cash and payment cards against the backdrop of the dual role of central banks - as issuers of cash and as institutions with a mandate to foster the efficiency of payment systems in general. It is argued that this dual role results in a number of...

Half a decade has passed since the resurgence of international capital flows to many developing countries. The recent surge in capital inflows was initially attributed to domestic developments, such as the sound policies and stronger economic performance of a handful of countries. Eventually, it...

This book is a selection of VoxEU.org columns that deal with the ongoing global financial crisis. VoxEU.org is a portal for research-based policy analysis and commentary written by leading economists. It was launched in June 2007 with the aim of enriching the economic policy debate by making it...