The flexible-price monetary model is examined for the Greek drachma-US dollar exchange rate. The Johansen multivariate technique of co-integration is applied to an unrestricted form of the monetary model. Using quarterly data covering the period 1974–1994, strong evidence is found in...

Alternative models of transition are associated with alternative institutional development processes. Alternative models of transition are based on different methods of economic analysis, political structures, views of 'what is a good society?' and the speed of implementing the transition...

Alternative models of transition are associated with alternative institutional development processes. Alternative models of transition are based on different methods of economic analysis, political structures, views of 'what is a good society?' and the speed of implementing the transition...

Alternative economic paradigms give rise to alternative models of transition, which give rise to alternative privatization processes for transition economies. This is because each transition model is associated with a unique privatization process compatible with the predetermined assumptions and...

The historical experience of the successful postwar reconstruction of Western Europe, which was based upon Keynesian principles, totally contradicts the policies implemented in transition economies. Those countries that opted for price level adjustments during postwar reconstruction faced major...

The privatization policies implemented in transition economies were based on the neoclassical principles of economic thought. The neoclassical privatization policies contributed to the well-known results of a large reduction in output, high unemployment and inflation and a breakdown of...

The transition process in Russia and Eastern Europe was dominated in the literature and in policy making by the shock therapy process. However, shock therapy was short-lived. Governments that implemented shock therapy were not able to sustain the reform program since they lost power after the...

This special issue contains five articles on the subject of living standards and well-being, important topics in social economics. The authors assess the so-called squirrel cage of work-and-spend, and the culture of overconsumption in the USA and other industrialized countries. They evaluate...

A radical economic change, such as moving from a centrally administered economy to an economy based on market relations, also requires reform of the institutional structure. The shock-therapy process of transition utilises market incentives to internalise the developmental process of...

The aim of this article is to provide clear insight into the key FDI motives in the manufacturing sector in FYR Macedonia and suggest recommendations that might be applied in attracting FDI. Based on questionnaire data on 79 manufacturing companies, the manufacturing sector was found to perceive...