Interim Romanian government sworn in any room for manoeuvring? (by Gábor Hunya; pp. 1-4) Keywords Elections, Fiscal policy Countries covered Romania Topics Macroeconomic Analysis and Policy Croatia's EU membership lessons from earlier accessions (by Hermine Vidovic; pp. 5 7) Keywords Integration,...

Slovakia after the elections (by Doris Hanzl-Weiss; pp. 1-3) Keywords Elections, Fiscal policy Countries covered Slovakia Topics Macroeconomic Analysis and Policy Labour market issues in Europe’s Eastern and Western Balkan neighbours (by Hermine Vidovic; pp. 4-9) Keywords Labour market,...

Fiscal consolidation will go too far if it pushes the economy towards a ?bad equilibrium? with high and growing fiscal deficits and debt, high risk premia on sovereign debt, slumping economic activity and plummeting confidence. In this paper we examine the possible conditions under which fiscal...

In this paper we develop a simple analytical framework to analyze “good” and “bad equilibria” in public-debt and growth dynamics. The “bad equilibrium” is characterised by the simultaneous occurrence, and adverse feedbacks between, high and growing fiscal deficits and debt, high risk...

This paper estimates the dynamic effects of changes in taxes in the United States. We distinguish between the effects of changes in personal and corporate income taxes using a new narrative account of federal tax liability changes in these two tax components. We develop an estimator in which...

Poland new government, but not-so-new policy? (by Leon Podkaminer; pp. 1-2 ) Keywords fiscal policy, fiscal consolidation Countries covered Poland Topics Macroeconomic Analysis and Policy Banks in Poland should be under domestic control (by Stefan Kawalec; pp. 3-10) Keywords banking system...

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...

Getting back to business in emerging Europe (by S. Schadler; pp. 1-6) Keywords real convergence, crisis, fiscal policy Countries covered New EU Member States Topics Macroeconomic Analysis and Policy The crisis of the euro area and the need for a structural reform (by K. Busch; pp. 7-11) Keywords...

The report analyses recent economic developments and short- and medium-term prospects of the countries of Central and Eastern Europe, Southeast Europe including Turkey, as well as Kazakhstan, Russia, Ukraine and China. Separate chapters present an overview of developments in the European Union's...

After a long period of convergence, Central, East and Southeast Europe experienced a deep recession in 2009. The relatively moderate GDP decline (-3.6%) on average for the new EU member states (NMS) reflects Poland's weight in the group, the only EU country to have recorded positive GDP growth...