We construct, on the basis of an original methodology and database, composite indices to measure domestic financial development in 26 emerging economies, using mature economies as a benchmark. Twenty-two variables are used and grouped according to three broad dimensions: (i) institutions and...

The southern European periphery suffered a severe setback in its catching-up process versus Western Europe after the financial crisis with GDP dropping by 10% between 2008 and 2012 and unemployment increasing to 20% for Greece, Portugal and Spain. We analyze first the reason for this setback,...

The paper examines economic and political challenges of joining the euro area in the case of Poland. After reviewing the economic developments since the pre-accession period and assessing economic convergence with the euro area the paper focuses on the political and institutional challenges of...

Russia was in the direst straits even before the Ukraine crisis erupted on a grand scale in 2014. The sanctions imposed after the annexation of Crimea have deterred investments still further and instigated capital flight. The oil price slump of late 2014 and the related collapse of the rouble...

Vladimir Putin's presidency will last until 2024 – longer than most other Russian or Soviet leaders ruled. This Policy Note provides a brief review of past economic developments and reform attempts. We argue that past reforms have in effect failed yet the main economic challenges currently...

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...

Verschiedene Branchen beklagen sich nach Ende der ersten Lockdowns über empfindliche Lieferengpässe und Preissteigerungen bei Vorleistungsgütern. Teils mag dies den steigenden Energiekosten geschuldet sein, teils sind in den unterschiedlichen Industrien preistreibende Sondereffekte...

Die Maßnahmen zur Kontaktreduktion während der Corona-Pandemie hatten starke Auswirkungen auf den Alltag in der dualen Ausbildung. Für den betrieblichen Teil der Ausbildung stellt sich die Frage, inwieweit das Lernen und Arbeiten auf Distanz kurzfristig organisiert werden konnte. Daran...

Over the past decade, geopolitical developments - and the policy responses to these by major economies around the world - have challenged economic openness and the process of globalisation, with implications for the economic environment in which central banks operate. The return of war to Europe...