The CEEC are approaching the accession to the EU with a variety of exchange rate regimes. The authors find that these differences depend on economical factors as well as on the history of the countries. For that purpose, they discuss the role of the exchange rate in the stabilization of the...

This paper aims at the provision of applicable recommendations for institutions and actors involved regarding the EMU accession process both in CEE and in the euro-zone. In order to provide topical advice, the first part, on markets, will concentrate on theory and empirics of labour markets,...

This paper argues that the implications of globalization for monetary policy come mainly through two channels: On the one hand, the many structural changes, which are associated with the globalization process, cause an increase in uncertainty surrounding monetary policy. This leads to an...

Das Target-System, das zur Erleichterung von Geldüberweisungen zwischen Ländern der Eurozone etabliert wurde, stößt seit etwa zehn Jahren seitens einiger, insbesondere deutscher Ökonomen, auf vehemente Kritik, die durch Hans Werner Sinn ausgelöst wurde. Anlass für diese Kritik waren die...

In this paper, we consider the effect of a monetary union in a model with a significant role for financial market imperfections. We do so by introducing a financial accelerator into a stochastic general equilibrium model of a two country economy. We show that financial market imperfections...

On February 28th, 2022, Ukraine submitted an application concerning accession to the European Union. As Ukraine is already linked to the European Union through an Association Agreement and the Deep and Comprehensive Free Trade Agreement—signed in 2014—there might be a chance for the Ukraine...

From the beginning of the 1980s, the first theoretical analysis of intra-industry trade showed that the determinants and consequences of this type of trade are different, depending on whether the traded products differ in quality. When the products are subject to intra-industry trade between two...

This paper describes the theoretical structure and estimation results for a DSGE model for the Macedonian economy. Having as benchmark the model of Copaciu et al. (2015), modified to allow for a fixed exchange rate, we are able to match relatively well the volatility observed in the data. Given...

Die Projektgruppe Gemeinschaftsdiagnose hat ihre Prognose für den Anstieg der Wirtschaftsleistung im laufenden Jahr auf 0,3 % angehoben. Im Herbst 2022 hatte sie noch mit einem Rückgang um 0,4 % gerechnet. Der konjunkturelle Rückschlag im Winterhalbjahr 2022/2023 ist glimpflicher ausgefallen...

Die Volkswirtschaften der Schwellenländer: Beziehung zwischen Liberalisierung und Leistung Die Kernaussage dieses Beitrags besteht darin, dass der Fortentwicklung und Liberalisierung der Finanzsysteme von Schwellenländern signifikante Wachstumsimpulse beizumessen sind. Deregulierung schafft...