The global economic and financial crisis has raised further concerns about the euro-entry criteria, in addition to other factors, such as the effective tightening of the criteria due to the enlargement of the EU from 12 to 27 members, the highly unfavourable property of business cycle...

This article examines the impact of different exchange rate regimes on economic conditions during an external economic shock. It focuses on the recent global recession of 2008 and analyses its impact on two emerging market economies: Poland and Slovakia. These countries share many similarities,...

The potential accession to the euro zone is a very current issue for Poland. Its importance is increased by the consequences of the recent economic crisis that can be seen in the global economy and particularly in the economies of European Union member states. The paper finds that the analyzed...

This article comprises an examination of the basic macroeconomic capital structure from a corporate stand-point — based on capital structure theories and on an analytical framework of corporate finance. The ‘Trade-off Theory’ employed at the macro-level can be compared to the choice...

The subject of the paper is the analysis of price convergence in the European Union in general and in the Central and Eastern European member states in particular. The first part of the paper is an overview of the relevant literature on price convergence serving as the theoretical foundation of...

This essay attempts to go beyond presenting the bits and pieces of still ongoing crisis management in the EU. Instead it attempts at finding the ‘red thread’ behind a series of politically improvised decisions. Our fundamental research question asks whether basic economic lessons learned in...

The Justice and Development Party (AKP) government between 2002 and 2007 managed to accomplish unprecedented economic reforms, maintaining 8% growth and passed legislation to change Turkey into a more democratic country in line with the Copenhagen political conditions. After being rewarded with...

In the aftermath of the Lehman Brothers collapse, Germany’s insistence that each country was to defend its banking system on its own rather than by the European Union acting jointly, is what triggered the euro crisis. This made it inevitable that the weakest countries with the least healthy...

The paper reviews the commercial banking sector’s development during the booming years before the current global crisis in Southeast Europe. Based on the analysis of a comprehensive dataset, a common, simplified economic model could be outlined for this period, where GDP growth has been...

Data from 135 countries covering five decades suggest that creditless recoveries, in which the stock of real credit does not return to the pre-crisis level for three years after the GDP trough, are not rare and are characterised by remarkable real GDP growth rates: 4.7 percent per year in...