We estimate the effects of foreign direct investment (FDI) inflows on exports in 12 Central and Eastern European (CEE) economies for the period between 1996 and 2004. We separate the effects of FDI into supply capacity-increasing effects and FDI-specific effects. The supply capacity-increasing...

We review IMF programmes implemented in Bulgaria and Poland during the 1990s and compare their outcomes. Although Poland did not sign new programmes with the Fund after 1994, IMF programmes have been in effect in Bulgaria since 1991. We also examine empirically the effectiveness of IMF...

Several leading candidate countries will eventually enter the European Monetary Union (EMU). A key question is what exchange rate management policy should be pursued after joining the European Union (EU). This paper focuses on the impact of Euro-area monetary policy on Hungary. We find that...

We empirically model the causes of corruption and test the economic development-corruption link in energy-rich economies, using data from 48 countries with energy resources. The results indicate that energy abundance may not necessarily hurt economic development in energy-rich countries,...