Filling the evidence gap on the size and variations of fiscal multipliers in developing countries, and contributing to the debate on the fiscal transmission mechanism, we found that the government spending multipliers in emerging Europe are (i) higher than in developing countries and at lower...

A modified monetary model of exchange rate determination is advanced and tested for the Yugoslav hyperinflation of 1992-94, stating that the exchange rate is determined directly in the money market thus implying that private agents, due to "dollarization", denominate their real money holdings in...

Using daily data the Cagan money demand is estimated and accepted for the most severe portion of Serbia's 1992-1993 hyperinflation, i.e. its last 6 months. An implication is that the public adjusted daily throughout this extreme period. Moreover, the obtained semi-elasticity estimates are by far...