With earthshaking and heartbreaking trends in African capital flight provided by a new database, this paper complements existing literature by answering some key policy questions on the feasibility of and timeframe for policy harmonization in the battle against the economic scourge. The goal of...

This article analyzes determinants of exports and imports by French overseas departments and reveals insights into the market access of these ultra-peripheral regions. Special attention focuses on Mayotte Island, which will take on the status of the "Outermost Region of Europe" in 2014. The...

This paper presents an ex-post assessment of the current situation of the EMU in light of the conditions prescribed by the theory of Optimum Currency Areas (OCA). The analysis shows that some of those conditions were satisfied at the inception of the EMU, others were missing at the beginning,...

This paper reviews labor market developments in the countries of Eastern Europe and the former Soviet Union since the beginning of transition. The paper examines the relationship between aggregate employment and macroeconomic developments in these countries, emphasizing the changing interaction...

This paper investigates the relation between economic growth and democracy for Côte d’Ivoire for the period 1960 to 2012. It analyzes both the long-run relation and the direction of causality. To this end, an autoregressive distributed lag (ARDL) model of cointegration and a Granger causality...

The present paper examines the effects of FDI inflows on external imbalances in the developing and transition countries in Asia during the period 1991-2011. To this end, we extend the conventional trade balance model by reformulating the determinants of exports and imports. Our empirical...

Institutions matter: they affect individual action, influence cooperation, and are crucial in making the difference between wealth and poverty, growth and stagnation. Yet, the explanatory power of modern institutional theorizing has not been exceedingly satisfactory. In contrast with the...

This article explains the peculiarities of institutional effects on growth rates in post-communist countries. By proposing a certain dependence of the institution-growth nexus on the nature of institutional emergence, the distinction between revolutionary and evolutionary processes of...

The decades preceding the Great Depression and the U.S. subprime mortgage crisis have close similarities. Both decades were characterized by rapid growth without major contractions, by an increase in liquidity, a lack of inflation, and a generalized decrease in risk premiums. Additional...

This paper examines the reform of fiscal rules inthe European Economic and Monetary Union (EMU), in particular the Stability and Convergence Plans (SCP) of public debts. The focus is on factors of heterogeneity and interdependence in the key variables of growth and interest rates. By means of...