This paper studies the role of fiscal and monetary institutions in macroeconomic stability and budgetary control in central, eastern and south-eastern European countries (CESEE) in comparison with other OECD countries. CESEE countries tend to grow faster and have more volatile output than...

The economic recovery in CESEE has strengthened further in recent months, resulting in a number of additional upgrades to our growth forecasts for 2021, to 5.4% on the regional average. This good performance has been built on two important foundation stones: the adaptation of the CESEE economies...

We examine the effect of monetary and fiscal policies on yields on short and long-term indexed bonds, in view of the crucial importance of these yields for economic activity. We extend the current literature dealing with the same question by providing evidence about a period in which the...

Ber, Brender and Ribon study the effects of fiscal and monetary policy on real bond yields with reference to the Israeli experience during the 1990s. They find that both monetary and fiscal policy affect real yields. On the one hand, fiscal policy has a direct impact on the money market via the...

We examine the effect of monetary and fiscal policies on yields on short- and long-term indexed bonds. We extend the current literature by providing evidence about a period in which the government adopted declining inflation and deficit targets. In such cases the policy shift could be perceived...

In Spring 2020, Western Balkan countries - like most others in the world—have been forced to impose tight restrictions on economic life to contain the COVID-19 (Coronavirus) pandemic. In the first half of 2020, the world has seen explosive growth of infections with the deadly novel virus. As...