Informative content of macroeconomic fundamentals with respect to currency crisis prediction is reassessed for the period of 1990s on the panel of 46 developed and emerging economies. In the first part the paper develops a model for currency crisis prediction. The distinction is made between...

The purpose of this paper is to demonstrate the diversified picture of the tax systems and tax reforms in the former communist countries after the first decade of their transition from a centrally planned to a market economy system. While CEB countries are seriously advanced in synchronization...

The arguments for fiscal as well as monetary rules in a monetary union aiming at low inflation, the main weaknesses in the Stability and Growth Pact, and proposals for its reform are reviewed. Our own proposal for reforming the SGP is put forward: a requirement for eurozone Member States to...

In the past ten years all transition economies have adopted modern bankruptcy legislation as part of their institution building efforts. But their approach to insolvency and their determination to use the insolvency process as a selection mechanism have varied widely. The aim of the paper is two...

The paper first considers why central European countries wish to join EMU soon. The main reasons are the risk of macroeconomic instability they face outside the euro zone if they wish to grow quickly. At the same time, Central Europe is highly integrated as regards trade with EMU, so it is...

The paper re-assesses the impact of exchange rate regimes on macroeconomic performance. We test for the relationship between de jure and de facto exchange rate classifications on the one hand, and inflation, output growth and output volatility on the other. We find that, once high-inflation...

This paper analyses the impact of exchange rate regimes on the real sector. While most studies in this field have so far concentrated on aggregate variables, we pursue a sectoral approach distinguishing between the tradable and nontradable sectors. Firstly, we present a survey of the relevant...

The paper analyses the relationship between labour costs and employment development in manufacturing industry in Poland, Czech Republic and Hungary. It indicates the need for thorough labour cost analysis in Europe in the context low employment rates among New Member States. The steps taken...

Although competitiveness is a world very often used in literature it is seldom to be found in economic textbook which prefer the term comparative advantage much narrowly defining formula describing international specialization. As Porter underlines comparative advantage and competitiveness...

We investigate possible factors of change in employment between 1998 and 2003 in 220 companies from four industries of Polish manufacturing (food, electronics, automotive and pharmaceuticals), that were subject to an enterprise survey. We also seek to explain the differences in performance among...