Croatia’s EU membership and the dilemma of state aid (by Roman Stöllinger; pp. 1-7) Keywords: state aid, industrial policy, shipyards Countries covered: Croatia Topics: Macroeconomic Analysis and Policy Panel data analysis of the CEECs: tracing growth determinants over time (by Doris Hanzl-Weiss; pp. 8-14) Keywords: panel regressions, growth determinatns Countries covered: CEECs Topics: Macroeconomic Analysis and Policy Japan, the United States and the euro area (by Mario Holzner; pp. 15-18) Keywords: growth, demography Countries covered: Japan, United States, euro ar...more

Political turmoil and early elections in Bulgaria (by Rumen Dobrinsky; pp. 1-4) Keywords: Bulgaria, elections Countries covered: Bulgaria Topics: Other A revival of industrial policy as a growth model for Russia? (by Peter Havlik; pp. 5-6) Keywords: industrial policy, growth model Countries covered: Russia Topics: Macroeconomic Analysis and Policy; International Trade, Competitiveness and FDI The determinants of income polarization at the household and country level across the EU (by Mario Holzner; pp. 7-10) Keywords: income polarization, fiscal policy Countries cove...more

Summary The protracted recession in the euro area will continue to be a drag on the economic growth of most CESEE countries in 2013. By and large, those countries are small open economies held hostage to the excessive fiscal austerity pursued in the euro area and the sluggish progress on the part of its policy-makers in adequately addressing the structural roots of the crisis. At the same time, the private sector demand in the CESEE countries is unlikely to recover substantially in the near term either. Wherever there will be an increase in investments, it will be primarily funded via public...more

The new Multiannual Financial Framework of the European Union for 2014-2020: a comment (by Sándor Richter; pp. 1-3) Keywords: financial framework Countries covered: EU Topics: Macroeconomic Analysis and Policy Labour costs, external competitiveness and economic growth in new EU member states (by Vasily Astrov; pp. 4-11) Keywords: labour costs, competitiveness, inflation Countries covered: NMS Topics: Macroeconomic Analysis and Policy, International Trade, Competitiveness and FDI Global values – new reflections and new data on an old debate (by Arno Tausch; pp. 12-18...more

The European Commission grossly underestimates the effects of German domestic demand expansion (by Leon Podkaminer; pp. 1-2) Keywords: income elasticity of imports, external imbalances Countries covered: Germany, EU Topics: Macroeconomic Analysis and Policy, International Trade, Competitiveness and FDI The new North-South divide in Europe – can the European convergence model be resuscitated? (by Michael Landesmann; pp. 3-13) Keywords: convergence model Countries covered: EU Topics: Macroeconomic Analysis and Policy; International Trade, Competitiveness and FDI Change...more