This book provides rigorous analysis of the wide range of questions surrounding the role of international institutions in governing global business, especially multinational enterprises (MNEs). The analysis, both theoretical and empirical, focuses on the corporate governance of MNEs and to what...

This paper looks at policy dilemmas the National Bank of Romania has faced over the years, with the analysis framed in a European and historical context. Some of these dilemmas are of an older vintage, such as how to deal with massive capital flows, how to combat high inflation when resource...

Romania’s overall economic performance during the first ten years of transition can be termed so far as disappointing the country has not been able to deliver steady growth, low unemployment and low inflation. This paper focuses on the effectiveness of monetary mechanisms and policies during...

The paper interprets the dynamics of the underground economy in a transforming environment by highlighting the role of institutions in enforcing the rules of the game and the phenomenon of strain. A basic idea is that the underground economy emerges as a means for the system to diffuse its...

This study considers strain to be the main source of arrears; strain can be linked with the structure of the economy and the size of resource misallocation. The focus here is on the real side of the economy in explaining the growth of arrears and on exploring avenues for their reduction. Arrears...