We analyse the effects of fiscal and monetary policies in two South Eastern European (SEE) economies with currency pegs (Croatia and Macedonia) estimated by the Bayesian Vector Autoregression. The main results of the study are as follows: Fiscal tightening leads to economic expansion in...

The paper provides empirical evidence on the association between decentralization and fiscal performance of the general government on a panel of 11 former transition countries during 1996-2012, controlling for the effects of various demographic, institutional, and macroeconomic variables. Also,...

Although income redistribution is primarily a central government responsibility, decentralization can improve or deteriorate the equity in resource and income redistribution depending on how the process of decentralization is designed and implemented. This paper provides empirical evidence on...

The paper provides for an empirical study of the association between fiscal decentralization and government size on a panel of 28 European developed and former transition countries during 1991-2011, controlling for the effects of various demographic, institutional, and macroeconomic variables as...

This paper examines the macroeconomic, financial, and institutional factors which affect the adoption of inflation targeting as a monetary policy strategy. We estimate a panel binary response model for 44 emerging market economies (EMEs) during 1990-2017. The main findings from our empirical...

In this paper, we study whether adopting Inflation Targeting (IT) in Emerging Market Economies (EMEs) affects the output costs of disinflation, controlling for a number of additional factors. Based on a sample of 170 disinflation episodes in 44 EMEs over the 1970-2017 period, we provide strong...

This paper deals with the process of convergence of the Central and Eastern European (CEE) countries towards the EU and attempts to identify the main driving factors behind this process. In these regards, we first provide an overview of the real convergence through an analysis of several...

Theoretical conceptions offer ambiguous suggestions about the precise sign of the association between decentralization and inflation (positive or negative). Given the different channels in which decentralization affects macroeconomic stability, this relationship becomes a matter of empirical...

This paper investigates the existence of any systematic relationship between preliminary estimates and subsequent revisions of GDP growth rates in Macedonia. Accordingly, we use various statistical tools for testing the 'news' and 'noise' hypotheses and empirically assess if GDP data revisions...