The objective of this paper is to assess whether the levels of unionization and the rigidity of exchange rates represent a constraint for the monetary policy in South-Eastern Europe and the Commonwealth of Independent States, with a particular focus on the recent economic crisis. Toward that...

This paper investigated the link between inflation and the top decile income share after the global financial crisis. The analysis was done on a sample of 42 countries. We found that higher inflation has reduced the income going to the top decile. The main explanation is that inflation has...

This paper investigates which factors determine how countries recover after crises, on a sample of 47 financial, currency and sovereign debt crises in 22 countries from the last thirty years, including the recent Great Recession. Several findings emerge. First, the most important factors which...

The recent financial and economic crisis has triggered bold and diverse policy responses to prevent further, sharper and prolonged adverse effects to the financial and the real sector. The measures for alleviating the cycle were a feature both of the advanced and the emerging and developing...

What explains the post-crisis slowdown in bank credit to private sector in the South-East European economies? We try to answer this question, by comparing the actual credit growth to the fundamental and equilibrium growths. The fundamental growth is defined as the growth justified by the...

The aim of this paper is to offer some less-explored theoretical insights into the exchange rate economics. The debate of whether to fix or to float is still lively, even in the context of output volatility under alternative exchange rate regimes; specifically, the effect of the exchange rate...