In light of the profound changes that both the European economy and European politics have experienced since the global financial crisis of 2008, this policy paper intends to retrace the experience of Central, Eastern and Southeastern European (CESEE) countries with transition and catching-up...

This paper puts forward a global macro model comprising 43 countries and covering the period from Q1 1995 to Q4 2011. Our regional focus is on countries in Central, Eastern and Southeastern Europe (CESEE) and the Commonwealth of Independent States (CIS). Applying a global VAR (GVAR) model, we...

The paper discusses the seriousness of current account imbalances in the last few decades in Europe, with a particular focus on the European Monetary Union. A closer look at the development of current accounts in European economies suggests the existence of some serious structural problems that...

This paper examines the role of international openness on the change of firm productivity in Southeastern Europe (SEE). This is a crucial question for middel income countries. Using firm-level date for six transition economies over the period 1994-2002, we identify whether foreign ownership and...

Foreign investments are in the focus of most governments around the world. In order to be able to set a policy agenda which is successful in promoting FDI, it is necessary to understand their detfirminants. This paper examines whether and to what extent sound institutions and the degree of...

Transition countries provide a natural experiment to study the development of land markets. This paper provides survey-evidence of the variation in the development of land markets, identifies a series of patterns, and provides a set of hypotheses to explain these variations in land market...