To be able to predict when a nation will go bust has been one of toughest challenges in macroeconomics. Considerable research and effort has been put into this direction but still we are not in a position to say anything with certainty. This paper analyzes panel pool data on 31 countries across...

This paper looks at the history of money and its modern form from a scientific and mathematical point of view. The approach here is to emphasize simplicity. A straightforward model and algebraic formula for a large economy analogous to the ideal gas law of thermodynamics is proposed. It may be...

This study addresses the need for an early warning system of financial distress of nations, amply demonstrated by failures in Mexico and South East Asia. We find that financial ratios of failing nations, and those of failing corporations, display similar patterns. A neural network was trained on...

We assess the nature of the European sovereign crisis in the light of a model borrowed from the second generation of currency crises. We bring the theory to the data to empirically test the presence of self-fulfilling dynamics and to identify what may have driven the market sentiment during this...

El presente trabajo analiza la influencia de los regímenes cambiarios sobre la performance fiscal, focalizándose en la diferencia entre regímenes fijos y flexibles. Para hacerlo se utiliza una muestra de 83 países para el período 1974-1998, una metodología de estimación GMM para modelos...

This paper analyzes the influence of exchange rate regimes on fiscal performance, focusing on the difference between fixed and flexible exchange rates. For these ends, a sample of 83 countries for the 1974-1998 period, the GMM methodology for dynamic proposal panel models proposed by Arellano...

We assess the nature of the European sovereign crisis in the light of a model borrowed from the second generation of currency crises. We bring the theory to the data to empirically test the presence of self-fulfilling dynamics and to identify what may have driven the market sentiment during this...

The new (2002) version of the "Pre-Accession Economic Programme" has to take into account both the experience accumulated in the implementation of its previous (2001) form, and the changes occurred during 2001-2002 in the domestic and international environment, which have affected the Romanian...

The study’s main focus is to demonstrate the importance of accounting for nonlinearities and unobserved structural breaks in testing for stationary in fiscal budgets. This is achieved by applying the KSS unit root tests augment with a flexible Fourier form to the fiscal budgets of BRICS...

The idea of the fiscal balance to have a statistically significant impact on the current account is known as the Twin deficits hypothesis, which this study seeks to investigate. We make use of annual macroeconomic data spanning from 1990 – 2017. Additionally, we utilise novel time-series...