Product market reforms are structural reforms of microeconomic type that aim at improving the functioning of product markets by increasing competition amongst producers of goods and services. Theoretical models suggest that regulation and reforms which liberalise or improve the functioning of...

This paper introduces a statistical model for short-term GDP forecasting based on approximate dynamic factors (Stock and Watson methodology), extracted from a very large number of leading indicators sorted according to their correlations at various lags to euro-area GDP (Sorted Leading...

The expansion of euro area GDP progresses at moderate speed as the support from low commodity prices and the euro's past depreciation are already fading and the UK vote to leave the EU has raised uncertainty. Global growth is set to pick up modestly but little support is to be expected from...

Denmark has been running a current account surplus since 1990. Initially, it was overwhelmingly due to a positive trade balance in both goods and services. Since the early 2000s, income from investment abroad has gained in importance and today contributes as much as the trade in goods. This has...

The economic recovery in the Western Balkans continued in the second quarter of 2016 with annual GDP growth accelerating in most countries of the region. While stronger investment continues to support growth performance, private consumption has become a major growth driver, reflecting positive...

Structural gravity models for trade stem from agnostic models of bilateral trade flows. Although more theoretically sound, they are much more complex to estimate. This difficulty is due to the multilateral resistance terms which account for the general equilibrium constraints of global trade and...

The high level of private debt in many EU countries has put a spotlight on the role that insolvency frameworks can play in helping to address debt overhangs and clean bank balance sheets of non-performing loans.This paper reviews the macroeconomic relevance of insolvency frameworks from an EU...