This paper analyses regional growth in Eastern Europe in the second half of the 1990s, when regional disparities sharply increased. We aim to identify the factors behind growth and investigate in particular the role of (foreign) investment, education and innovation as well as geographical...

We use rolling cointegration to measure the convergence of base money, M2, the consumer price index and industrial output between two reference countries, Germany and France, and recent EU members and some transition economy candidates. Counties that recently joined the EU exhibit time-varying...

A consumer-choice model developed by Enders, Sandler and Parise (1992) is utilized to study the regional effects of terrorism on competitors’ market shares in tourism sector where involved countries enjoy significant tourism activities but are subject to high frequency of terrorist attacks....

Open market operations play a key role in allocating central bank funds to the banking system and thereby to steer short-term interest rates in line with the stance of monetary policy. Many central banks apply so-called “fixed rate tender” auctions in their open market operations. This note...

Does migration serve as an effective channel of regional adjustment to idiosyncratic shocks in transition economies? If so, one should find a strong relationship between regional unemployment and average wages on the one hand, and migration flows on the other. Yet, the evidence from transition...

Since 1990, Central and East European economies have experienced increasing integration with the European Union via trade and direct foreign investments. The spatial implications of this process have not been investigated in-depth so far. Have patterns of regional specialization changed over the...

This paper analyses the choices of exchange rate regimes in developing countries since 1980. Static and dynamic random-effects multinominal panel models are estimated using simulation-based techniques. Explanatory variables include OCA fundamentals, stabilization considerations, currency crises...

We use data on the subjective well-being of more than a quarter of a million people living in the OECD over the period 1975-92 to study the behavior of partisan social happiness functions. Controlling for personal characteristics of the respondents, year and country fixed effects and country...

We introduce a new data set on hiring and firing restrictions for 21 OECD countries for the period 1984-90. The data are based on surveys of business people in the countries covered, so the indices we use are subjective in nature. Controlling for country and time fixed effects, and using dynamic...

The number of multinational banks have increased in transition economies in Central and Eastern Europe, while the amount of real credit has simultaneously decreased. Based on the cases of Poland and Hungary during the first six years of economic transition this paper investigates if there is a...