This paper explores the conflict of real and monetary convergence during the EMU run-up of the Central and Eastern European new EU member states. Based on a Balassa-Samuelson model of productivity driven inflation, it finds a high probability of higher inflation in the new member states. It...

We analyze the effects of the increasingly expansionary monetary policies on the economic order and on the European integration process. We argue that the market orders shaped in postwar Germany and in Margret Thatcher's United Kingdom have long served as cornerstones for growth, prosperity and...

Am 1. Januar wird Slowenien als 13. Mitglied der Europäischen Währungsunion beitreten. Bulgarien und Rumänien werden zum gleichen Zeitpunkt neue Mitglieder der EU, so dass die Anzahl der potentiellen Eurokandidatenländer auf 14 anwachsen wird. Welche Auswirkungen sind von der Erweiterung der...

We scrutinize the role of capital flows in competitiveness in a set of seven euroarea member countries (Estonia, Greece, Latvia, Lithuania, Portugal, Slovenia, and the Slovak Republic) in the context of real convergence and crisis. A specific focus is on Greece. The paper extends the seminal...

We scrutinize the role of capital flows for competitiveness in seven euro-area countries in the context of real convergence and crisis with a specific focus on Greece. The paper extends the seminal Balassa-Samuelson model to include international capital markets. Capital flows are assumed to be...

The Free Movement of Workers in an Enlarged European Union: Institutional Underpinnings of Economic Adjustment -- The Redistributive Impacts of Migration after the EU's Eastern Enlargement -- Migration in Italy is Backing the Old Age Welfare -- Migration 10 Years After: EU Enlargement, Closed...