We show that stronger fiscal rules in Euro area members reduce sovereign risk premia, in particular in times of market stress. Using a unique data set of rules-based fiscal governance in EU member states, we estimate a model of sovereign spreads that are determined by the probability of default...

In the wake of the euro area crisis, debate on instruments to deepen economic integration among its members has intensified, among others putting forward a fiscal stabilisation capacity for EMU members. Contributions made so far to further this idea have mostly concentrated on the expenditure...

The report analyses recent economic developments and short- and medium-term development prospects, covering the countries of Central and Eastern Europe and Southeast Europe including Turkey, together with Russia, Ukraine, Kazakhstan and China. Separate chapters present an overview of...

Romania will become a member of the European Union in 2007 or 2008. This paper explores the potential impacts of this step on Austria in three major fields foreign trade, FDI and labour market. Romania is a more backward country than those which joined the EU in 2004, but it has been on a path...

Employment and unemployment in the Western Balkans an assessment (by A. Iara and H. Vidovic, pp. 1-10) Keywords labour market, employment, Western Balkans Countries covered SEE Topics Labour and Migration Skills and the performance of exports (by R. Stehrer; pp. 11-14) Keywords export...

This study provides an overview of economic and labour market developments in the new EU member states of Central and Eastern Europe over the past several years. In addition, it presents the experiences that have been collected with regard to migration flows between the 'old' and the 'new'...

Using information from the Albania Panel Survey 2002-2003, we study the determinants of labour market states (market work, home production, inactivity) of married women in Albania, looking in particular on the effect of husbands’ migrant work activity and the receipt of remittances. We further...

Temporary migration is of growing significance in Europe. Upon migration to a country with higher technological development that typically coincides with positive wage differentials, temporary migrants may upgrade their skills by learning on the job and subsequently import the newly acquired...