Global financial integration has been associated with divergent patterns of real convergence and the current account in emerging markets. While countries in emerging Asia have been running sizeable current account surpluses, countries in emerging Europe have been facing large current account...

The purpose of this paper is to analyze the various challenges facing European integration and the EU institutional architecture as result of the global financial crisis. The European integration process is not yet complete, both in terms of its content and geographical coverage. It can be...

This paper discusses the global financial crisis of 2008/9 in thirteen countries, the ten new EU members that previously were communist and the three countries of Western former Soviet Union. Their problems were excessive current account deficits and private foreign debt, currency mismatches,...

Gegenstand der vorliegenden Studie im Auftrag des Bundesministeriums für Arbeit und Sozialordnung sind die Auswirkungen der geplanten EU-Osterweiterung auf die Arbeitsmärkte und die öffentlichen Finanzen in der Bundesrepublik Deutschland. Zur Abschätzung des Migrationspotentials nach der...

In light of the profound changes that both the European economy and European politics have experienced since the global financial crisis of 2008, this policy paper intends to retrace the experience of Central, Eastern and Southeastern European (CESEE) countries with transition and catching-up...

This paper draws on the experience of emerging Europe and argues that foreign capital is an enviable development opportunity with tail risks. Financial integration and foreign savings supported growth in the EU12 and EU candidate countries. We argue that this was possible because of EU...

This paper reviews the economic, monetary and financial relations between the EU and the euro area and a set of countries in a broad set of neighbouring regions. The 80 or so countries are mostly classified as transition, emerging or developing economies and belong to four main regions: the...

The stability of the international financial system is in doubt. Analysis of the system has focused mainly on the sustainability of financing the American trade deficit and has failed to understand the microeconomics of transactions within the system. According to this brief by Thomas I. Palley,...