After the eastern expansion of the European Union (EU), a large number of emigrants left their home countries to work in economically better developed western member states. Hungary followed this EU emigration trend with a certain time lag. However, the rising number of emigrants caused...

This article addresses an anomaly in the European Union (EU)’s recent evolution. Two years ago, Great Britain’s exit from the EU seemed improbable, while Greece’s departure appeared to be imminent. The outcome was precisely the reverse. We explain the paradox and examine its ramifications....

Austria's EU accession 25 years ago, alongside Finland and Sweden, was preceded by an extended period of convergence toward the EU: via the free trade agreement concluded with the EC in 1973, and the participation in the European Economic Area (EEA) in 1994. Although the COVID-19 crisis in 2020...

This paper studies the impact of political risk on exchange rates. We focus on the Brexit Referendum as it provides a natural experiment where both exchange rate expectations and a time-varying political risk factor can be measured directly. We build a simple portfolio model which predicts that...

The majority of studies into the economic effects of high-skilled migration focus on aggregate impact on the economic output in the countries of destination. The economic impact of migration of the highly qualified on the economies of the countries of their origin has been examined less. This...