Policies to address climate change and the energy transition are increasingly gaining ground. However, a large body of research has mainly focused on the efficiency aspect of different instruments rather than their unintended side-effects. Only recently, both policymakers as well as researchers...

This paper shows that countries with weak banking system and fiscal institutions, should benefit from the presence of foreign banks, which can constitute a commitment and transparency device. Foreign banks can also reduce the probability of self-fulfilling speculative attacks. A strong presence...

This paper investigates capital market integration in the major Central European emerging economies by testing the covered and uncovered interest parity conditions vis-á-vis the U.S. dollar and the DM/euro. The results for the Central European economies since 1997 are contrasted against those...

This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is constructed. It is analyzed how monetary and fiscal rules...

The paper uses quarterly GDP data for some 30 years up to and including 2001, to examine the identity and development of the European business cycle. Cycles are identified by using a band-pass filter version of the Hodrick-Prescott filter and affiliations are examined using clustering techniques...