This paper investigates the time-varying correlation between the EU12-wide business cycle and the initial EU12 member-countries based on Scalar-BEKK and multivariate Riskmetrics model frameworks for the period 1980-2012. The paper provides evidence that changes in the business cycle...

The purpose of this paper is twofold. First, it presents a very concise way of measuring fiscal stance. This procedure is based on the assumption that the ‘neutral change’ in the government budget can best be simulated with a long-term approximation of the underlying trend of total output....

Economic growth data does not show how such growth was achieved. Was it based on income growth and consumption spending levels or was it based on borrowings to extend the income levels? The question is vital for deciding which economic tools work best for correcting imbalances. The main...

This paper takes into account the dynamic feedback between government expenditures and output in a model that separates the effects of expected and unexpected government expenditures on output. We allow for standard determinants based on Solow’s growth model, as well as financial globalization...

Created by the Hungarian Minister of Instruction and Religion in an attempt to depopulate the Universities of Hungary from the big number of auditors, the Romanian Era of the Law Academy of Oradea began with two academic years , 1919 – 1920 and 1920 – 1921, of transition from the Hungarian...

Oradea, an important cultural, economic and administrative town at the Western border of Romania, is known as an academic center since 1780 through its area of operation for over two centuries of the Academy of Law. The Romanian age of higher education institutions has proven to be a step in...

This paper explores the macro-economic history of Cyprus in the inter-war period. It constructs the first detailed estimates of output at aggregate and sector levels, enabling the analysis of economic growth and the sectoral structure of the island’s economy. It evaluates its performance...

Despite the fact that in 2011 Italy will celebrate the 150th anniversary of its political unification, geographical disparities stand out as a prominent characteristic of the country. The paper estimates the trend of the cost-of-living differentials across regions in the half-century after the...

The paper is part of an ongoing process of estimating the GDP of Cyprus and Malta for the interwar period. The islands of Cyprus and Malta have always been considered as similar economically to other South-Eastern European states, despite the lack of historical evidence to prove it. The paper...