An Econometric Investigation of Currency Substitution and Capital Mobility in a Two-Country Portfolio-Balance Financial Asset Model This paper examines the extent to which the demand for money in the euro area responds to external economic developments. The euro area money demand is derived from...

This paper reviews financial stability challenges in countries preparing for EU membership, i.e. Albania, Bosnia and Herzegovina, Kosovo*, Iceland, the former Yugoslav Republic of Macedonia, Montenegro, Serbia and Turkey. The paper has been prepared by an expert group of staff from the European...

The aim of this paper is to study the main macroeconomic, financial and structural factors that shaped current account developments in Greece over the period from 1960 to 2007 and discuss these developments in relation to the issue of external sustainability. Concerns over Greece’s external...

There is a well-established literature on border effects covering trade between regions separated by a land border; however that literature has not so far considered the case of regions separated by a sea border. Whilst the former is typically studied as a political border that affects adjacent...

Trade between regions separated by a sea border is affected by specific transport costs that have not been considered by the border effects literature. Among these are the existence of a time barrier, the need to combine different transport modes, or to pay fees and taxes for the use of public...

We establish a nexus between migration flows and self-assessed happiness by proposing an empirical model that brings together the determinants of happiness proposed by psychology and the typical gravity variables from the economic migration literature. Taking this estimation net of the usual...

This paper studies the role of personal characteristics, perceptual variables and country-level conditioning (financial environment, government quality and support, education quality and entrepreneurship know-how, innovation environment and support, business infrastructure, entrepreneurial...

This paper studies the role of personal characteristics, perceptual variables and country-level conditioning (financial environment, government quality and support, education quality and entrepreneurship know-how, innovation environment and support, business infrastructure, entrepreneurial...