GERMAN: Die im August 2007 ausgebrochene Finanzkrise erfüllt alle Kriterien einer systemischen Bankenkrise. Zahlungsschwierigkeiten häufen sich, die Kapitalisierung von Banken sinkt und Aktienkurse fallen, während die realen Zinssätze steigen. Ausschlaggebend für diese Entwicklungen ist der...

Graph of the month Corporatism and changes in the adjusted wage share in GDP and in the unemployment rate (p. 1) Opinion corner Two views on Piketty (by Vladimir Gligorov and Mario Holzner; pp. 2 3) Corporatism and the wage share in Western economies and in CESEE (by Mario Holzner; pp. 4-8 )...

Summary The Ukraine conflict is having serious consequences not only for Russia and Ukraine, but it also potentially threatens to damage the still frail economic recovery in Europe. In Ukraine, which is the main victim of the conflict, the economy may decline by up to 8% this year. In Russia,...

Terms of trade effects and Russian economic growth (by P. Havlik, pp. 1-4) Keywords Russia, economic growth, terms of trade Countries covered Russia Topics Macroeconomic Analysis, Forecasts and Policy; International Trade and Competitiveness; Energy Poland the national stock exchange game...

Following the conclusion of the TRIPS Agreement, much has been written on the potential costs and benefits of stronger Intellectual Property Rights (IPRs) protection in terms of its impact on innovation and technology transfer, as well as economic growth and welfare. This paper documents the...

Summary This paper analyses the speed and patterns of economic convergence in the new EU Member States of Central and Eastern Europe during transition and the first years of EU membership. After a brief discussion of measurement and data issues, the paper provides stylised facts on growth and...

A new database for the calculation of quarterly income inequality measures was established for 11 economies from Central, East and Southeast Europe for the period of 1st quarter 2000 to 4th quarter 2011. Based on the large panel of the acquired quarterly Gini coefficients an ‘Acemoglu-style’...

The article analyses the joint determinants of inequality and growth with a special emphasis on public spending structures in transition. The mutual benefit of low real interest rates, to both equity and economic development is a major result of this paper. In terms of public spending items we...

Graph of the month Foreign trade of the automotive industry in the NMS-7 Sources of economic growth in CEE countries before and after the crisis domestic effects and the importance of spillovers from Germany (by Roman Römisch) German firms drive innovation in Europe and around the globe (by...

GERMAN: Die mittel- und osteuropäischen Länder (MOEL) sind spätestens seit September 2008 von der Krise der Weltwirtschaft ebenfalls betroffen. Vor allem die Industrieproduktion und der Außenhandel leiden unter den Folgen des Nachfrageeinbruchs. Das reale BIP-Wachstum verlangsamte sich...