The typical social security program is designed as follows: (1) It is organized as a pay-as-you-go system. (2) It is financed with a payroll tax. (3) Employers and employees share the tax. (4) Benefits are largely independent of asset income. (5) Benefits are increasing with the taxes paid. (6)...

Empirical findings on determinants of long-term economic growth are numerous, sometimes inconsistent, highly exciting and still incomplete. The empirical analysis was almost exclusively carried out by standard econometrics. This study compares results gained by cross-country regressions as...

Do landlocked countries face special economic development problems? Whereas traditional neoclassical theory is ambiguous, more recent directions in trade theory and the theory of economic growth suggest reasons why landlocked countries might be at a disadvantage. Our empirical evidence confirms...

In this paper we estimate a continuous time macro-econometric model of the Czech economy. The model is built as a system of twelve non-linear differential equations. We illustrate how the model can be used to determine the nominal equilibrium exchange rate of the Czech koruna in a macro-economic...

Despite the fact that the macro-economic modelling of the econometric type has almost a 30-years tradition in the Slovak Republic, the econometric modelling of the more detailed money structure has no history at all. The significance of the problem with time series is held by the fact that no...

This paper shows the political investment risk in the Russian regions. The political risk has been determined by an index system. The value of each of the 19 indices is fixed individually for all 89 Russian regions. As a result all indices are classified and rated (Euclidean score).The result...

In this paper we estimate a continuous-time macroeconometric model of the Hungarian economy and compare it with the Czech model described in Stavrev (1998). On the basis of the estimated models we provide simulations and compare the results between the two countries for i) anti-inflationary...