Widespread economic recessions and protracted financial crises have been documented as setting back gender equality and other development goals in the past. In the midst of the current global crisis - often referred to as “the Great Recession” - there is grave concern that progress made in...

Since the 2008 global financial crisis, those East European countries that had partly privatized their pension systems in the 1990s or early 2000s increasingly scaled back their mandatory private retirement accounts and restored the role of public provision. What explains this wave of reversals...

We define the notion of 'de facto fiscal space' of a country as the inverse of the outstanding public debt relative to the de facto tax base, where the latter measures the realized tax collection, averaged across several years to smooth for business cycle fluctuations. We apply this concept to...

This paper studies the cross-country variation of the fiscal stimulus and the exchange rate adjustment propagated by the global crisis of 2008-9, identifying the role of economic structure in accounting for the heterogeneity of response. We find that greater de facto fiscal space prior to the...

Financial crises in developing and transition countries have often proven disruptive to policies and programs due to procyclical trends government spending growth. Given the importance and significant component of public budgets devoted to education and health cuts in government expenditures...

Homo transformaticus, therefore, is the carrier of a necroeconomy's routine who transforms economy. Unlike a necroeconomy, whose routine is carried by a human being which is 'still-to-be-formed,' a zombie-economy's routine is carried by the 'gone and departed' man, the so-called zombie...

After the collapse of the Communist regimes, the countries of the former Soviet Union found themselves with only a very small amount of goods to supply to the global market. An economy of this type is nothing more than a 'necroeconomy.' Dead firms ('zombie-firms') do exist and 'successfully'...

Currently, the Black Sea Region1 is not as integrated economically as to allow one to outline some common development trends of all regional economies. The most of the region's nations (Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Moldova, Romania, Russia, Serbia, and Ukraine), except Greece...

This paper assesses why the 2008–2009 global economic recession impacted East Asia less than it did the United States (US) and the European Union (EU). The paper utilizes a “growth-with-resilience” (GWR) index aimed at measuring the extent to which a country can absorb or counteract...

The issue of central bank independence (CBI) and its relation to growth and inflation has been a subject of lively debate over the past two decades. Prior empirical work has suggested a relationship between CBI and inflation, with only a tenuous link to growth. In the wake of the global...