Housing markets in Central, Eastern and Southeastern Europe (CESEE) visibly cooled down in the first half of 2023. The nominal annual growth of house prices (GDP-weighted average) moderated to around 6% in the first and 4% in the second quarter of 2023, compared to full-year growth of more than...

In the CESEE EU countries2, macroeconomic fundamentals3 were generally supportive for housing markets in 2023 and early 2024, which is partly reflected in dynamic house price growth across the region. Several key factors contributed to this positive trend. Consumer confidence, labor markets and...

Several theoretical explanations for the presence of soft budget constraints have recently been put forward in the literature. The purpose of this paper is to empirically test these theories on the causes of soft budget constraints. We therefore use a panel data set, consisting of company...

Diese Arbeit hat zum Ziel, marktunterstützende institutionelle Reformen im Transformationsprozess zu analysieren. Als Einstieg in die Thematik wird die Aufnahme mittel- und osteuropäischer Länder in die Europäische Union mit der zurückliegenden Süderweiterung der Europäischen Gemeinschaft...

We describe concentration tendencies in individual manufacturing industries in Central and Eastern European countries and identify relevant factors causing these patterns. Using output and employment data for 14 manufacturing industries over the years 1993-2002, we observe an increase in...

The large movements in residential property prices in emerging markets observed over the past decade have raised interest in housing market developments. Within a cointegration framework applied to an unbalanced panel, we assess the relationship between residential property price developments,...

The authors investigate the determinants of the location of industries in Central and Eastern European ; countries. Using output and employment data for thirteen manufacturing industries over the years 1993; to 2000, the authors find the concentration of industrial activity to have increased in...