Migrant remittances increased strongly since the 1980s, becoming an important and reliable source of funds for many developing countries. Therefore, there is a strong incentive for receiving countries to attract more remittances, especially through formal channels that turn to be either less...

The paper discusses the relations between fiscal policy, savings, capital formation and growth in transition economies. In the 1990s they have suffered significant recession and persistent imbalances. Fiscal policies were aiming mainly at the structural adjustment, liberalization and...

This study assesses the macroeconomic impacts of increasing competition in the non-tradable goods and labour markets in Portugal. We lean on evidence that the maintenance of low competition in these markets may have contributed to the recent poor performance of the Portuguese economy. The...

This research evaluates the investments of rich oil and natural gas source owner and the most blooming country of the world - Azerbaijan’s investments in Turkey energy sector and its impacts on both these economies. After giving brief information about economy of Azerbaijan, the research...

In order to add realism to the war of attrition model and explain high inflation experiences of countries such as Turkey, Argentina and Brazil, one needs to consider the crucial role played by political elites. In countries with weak institutions and social interest groups, it is rather...

There are two main schools of thought which seek to explain currency crises; fundamentalist theories (Krugman, 1979) and speculative theories (Obstfeld, 1986). However, neither of these approaches considers the duration of a currency crisis. I explain the duration of a crisis in terms of a war...

Several studies have analyzed the trade and output effects of the Transatlantic Trade and Investment Partnership (TTIP) between the United States and the European Union, but our paper is the first attempt to study its welfare effects. We measure the welfare effect of TTIP as the percentage of...

The stock-flow consistent (SFC) modeling approach, grounded in the pioneering work of Wynne Godley and James Tobin in the 1970s, has been adopted by a growing number of researchers in macroeconomics, especially after the publication of Godley and Lavoie (2007), which provided a general framework...

The weak global GDP growth since the financial crisis in 2007-2009 has coincided with unusually weak growth in global trade. Organisations that monitor international macro-economic development have identified growing protectionism – not least the increase in non-tariff barriers to trade, such...

The favourable course of the pandemic from early March onwards prompted the Chinese government to gradually ease the most stringent measures taken to fight COVID-19 that had been in force since January, relaxing confinements at home and the restrictions on both mobility and the pursuit of...