Pre-Accession Transition Countries (PATCs) aim at early admittance to the monetary club. Their fiscal indicators deficit and debt - do not show any serious symptoms. Closer scrutiny reveals, however, that the interest burden of their public debt might be underestimated, and that restructuring...

Die europäische Konjunktur weist eine Aufwärtstendenz auf, die Konjunkturerholung ist aber verhalten. Darüber hinaus bestehen erhebliche Risiken für die Weltwirtschaft. Mit Hilfe der beiden monetären Indikatoren Taylor-Zins und Monetary Conditions Index (MCI) soll untersucht werden, wie die...

In this paper we develop a time series model which allows long-term disequilibriums to have epochs of non-stationarity, giving the impression that long term relationships between economic variables have temporarily broken down, before they endogenously collapse back towards their long term...