This article uses co-integration and related techniques to test for a long-run causal relationship between the fiscal and external deficits of three post-transition countries in Central and Eastern Europe. In addition, an import propensity model is tested by applying OLS and GMM. All the results...

We argue that monetary policies in euro-candidate countries should also aim at mitigating excessive instability of the key target and instrument variables of monetary policy during turbulent market periods. Our empirical tests show a significant degree of leptokurtosis, thus prevalence of...

The reaction of the Polish leadership to the strikes in August 1980 was to promise reforms, and a scheme of reforms has been presented in the meantime. What would be the most comprehensive attempt yet at transforming the present system, which is geared to the Soviet model, and at launching the...