The provision of public services is an important way for weak states to build legitimacy, as long as the public regards the allocation of resources as impartial and fair. However, in societies where resources have long been distributed according to particularist and informal ties, it may be...

How to deal with significant external imbalances due to persistent cross-border financial flows which eventually dry out while accumulated foreign debts need to be financed from increased exports? Keynes and Ohlin, primarily, debated an apparently more specific issue of unilateral transfers in...

Since the start of transition, the currencies of most East European countries have experienced an abrupt real depreciation, followed by a trend real appreciation over the subsequent years. Within the framework of a panel-data study for eight Central European transition countries - Hungary, the...