GERMAN: Die im August 2007 ausgebrochene Finanzkrise erfüllt alle Kriterien einer systemischen Bankenkrise. Zahlungsschwierigkeiten häufen sich, die Kapitalisierung von Banken sinkt und Aktienkurse fallen, während die realen Zinssätze steigen. Ausschlaggebend für diese Entwicklungen ist der...

This report counter-poses the patterns of trade specialization and trade diversification of two groups of economies the new member states of the European Union, NMS, and the follower countries of the Soviet Union, the NIS (Newly Independent States). It is shown that the NIS export structures are...

Table Overview 2013 and outlook 2014-2016 (p. 1) Figure 2013 estimate and 2014 forecast for CESEE growth drivers (p. 2) Bulgaria upcoming early elections take centre stage (by Rumen Dobrinsky; p. 3) Croatia recession continues (by Hermine Vidovic; p. 4) Czech Republic fiscal relaxation to...

Graph of the month Europe Brent Spot Price, fob per barrel, in current USD and euro and real year 2005 euro (p. 1) Opinion corner Russia-Ukraine conflict do Western sanctions have any effect? (by Vasily Astrov, Vladimir Gligorov, Peter Havlik, Michael Landesmann and Olga Pindyuk; pp. 2-6)...

Euro or not? Early lessons from the crisis (by Ch. Wyplosz, pp. 1-4) Keywords euro, EU, crisis Countries covered European Union Topics Macroeconomic Analysis, Forecasts and Policy Migration from the New to the Old EU Member States country experiences (by H. Vidovic; pp. 5-14) Keywords migration,...

Graph of the month Regional gross value added in Turkey (p. 1) Opinion corner Turkey and the EU (by Serkan Çiçek, Vladimir Gligorov and Michael Landesmann; pp. 2-4) The Turkish economic conundrum (by Serkan Çiçek; pp. 5-8) Regional disparities in Turkey (by Roman Römisch; pp. 9-12) Turkey a...

The study provides new empirical evidence about migration patterns of immigrants from Serbia and Bosnia and Herzegovina in Austria before and after the free visa regime implemented from January 2010 and January 2011 respectively for the two groups of migrants. In this framework a new survey was...

Abstract This paper analyses developments in production structures in pre-crisis and during the crisis years in the range of EU ‘peripheral economies’ (i.e. the lower- and medium-income economies in the South and the Centre/East). The emphasis is on the development of the tradable sector...

The European Commission grossly underestimates the effects of German domestic demand expansion (by Leon Podkaminer; pp. 1-2) Keywords income elasticity of imports, external imbalances Countries covered Germany, EU Topics Macroeconomic Analysis and Policy, International Trade, Competitiveness and...

Summary Impact of opening full labour market access to Bulgarians and Romanians as of 1 January 2014 the case of Austria The study analyses the migration potential and the impact on Austria’s economy that is to be expected after the lifting of access restrictions for Bulgarian and Romanian...