Turkey recently initiated a political change by replacing its parliamentary model with the presidential governmental system (PGS) to achieve, inter alia, a structural transformation from an efficiency-driven to an innovation-driven model of growth. To investigate the PGS's potential for...

An integrated stochastic macroeconomic model of transition economy at the early stage of reforms with optimising representative risk averse agents is constructed. The equilibrium growth rate of the economy, real asset returns, domestic money demand, and expected inflation rate are determined as...

The collapse of the Cuban economy following the cessation of Soviet assistance gave way to a strong recovery in 1994-96. There are three possible explanations for this recovery: (i) that it never took place; (ii) that it reflected a surge in productivity resulting from stabilization and...

Reindustrialization is gaining focus in developed countries and manufacturing is again becoming a priority in the economic policy documents of the European Union (EU). We investigate whether there is reindustrialization happening in the EU, and if so, whether the evolution of manufacturing is...

This study explores scenarios for economic development in Russia in the coming decade. A novel method - combining scenario technique and empirical growth theory - permits the inclusion of key political and institutional factors in a quantitative economic framework. The political, economic,...

The contemporary division of production in the global economy poses challenges typical for dependent market economies of the Visegrád countries (V4: Czechia, Hungary, Poland, and Slovakia). This comparative study explores whether the foreign trade of V4 with Germany contributes to their...

Since the late 1990s financial strategies for opening Eastern European markets and entry strategies of foreign banks in most CESEE countries included triggers for strong credit growth, especially in the private sector. What are the transition results on the macro level? Does this credit growth...

We compare the economic growth performance of Belarus and Lithuania since the collapse of the Soviet Union in 1991. Our interest in this country pair is driven by the two countries' interwoven histories as well as by the fact that Belarus remains autocratic and strongly tied to Russia, while...

This paper examines the impact of financial sector foreign direct investment (FSFDI) on economic growth by estimating a panel data model for 11 Central and Eastern European countries (CEECs) between 1996 and 2003 in a cross-country growth accounting framework. The analysis concentrates on the...

The Polish economic reform has entered a new stage. The challenging task now is to maintain the current growth momentum in the long run. This article investigates the sustainability of the growth by analyzing the economic conditions of Poland. While most economists still concentrate on...