We take a first pass at quantifying the magnitudes of debt relief achieved through default and restructuring in two distinct samples: 1979-2010, focusing on credit events in emerging markets, and 1920-1939, documenting the official debt hangover in advanced economies that was created by World...

This paper provides a unified theory to explain the onset of the financial crisis in 1998 and the striking economic recovery in Russia and the former Soviet Union afterwards. Before the crisis, the banking sector in these economies was stuck in a development trap in which the banking sector is...

This paper looks at Austria's pattern of development and its lessons for Eastern Europe. Austria's development path is characterized by two features. In the post-war era Austria was among the countries with the fastest convergence rate. At the same time Austria's movement up the technological...

The literature on unemployment has mostly focused on labor market issues while the impact of capital formation is largely neglected. Job-creation is often thought to be a matter of encouraging more employment on a given capital stock. In contrast, this paper explicitly deals with the long-run...

The approach put forward in this article is based on Schumpeter's idea of creative destruction, the competitive process by which entrepreneurs are always looking for new ideas that will render their rivals' ideas obsolete. I present a model in which the rate of economic growth is sensitive to...

From a macroeconomic perspective the term "new economy" describes a phenomenon of persistent strong and low-inflation growth due to the large diffusion of information and communication technologies (ICT). This paper looks into Europe's position with respect to the new-economy phenomenon. Section...

Noch heute wirken in Deutschland die verschiedenen erbrechtlichen Bräuche und Regelungen nach, die im 19. Jahrhundert die Weitergabe von landwirtschaftlichem Grundbesitz an die folgende Generation bestimmten. Eine ökonometrische Analyse zeigt, dass die gleichmäßigere Verteilung von...

The speed of income convergence in Europe remains one of the hot topics in regional economics. Recently Bayesian Model Averaging (BMA) applied to spatial autoregressive models seems to have gained more popularity. BMA averages over some predetermined number of so called top models, ranked by the...

Inconsistencies in targeting and forecasting during the process of strategic planning in regions?subjects of Russian federation is atopic of the paper presented. It presents the results of analysis of regional strategies of long-term socio-economic development performed for federal subjects of...