In this paper we find evidence that institutional improvements such as economic liberalization, i... more In this paper we find evidence that institutional improvements such as economic liberalization, improved corporate governance, banking sector reform, improvements of rule of law and pushing back corruption have significantly reduced tensions on the exchange market in the formerly planned Central and Eastern European transition economies. We also show that countries with extreme exchange rate arrangements (such as a currency
A large number of European countries still cope with historically high unemployment rates. One li... more A large number of European countries still cope with historically high unemployment rates. One line of research that has been followed to explain European unemployment and the differences among European countries is the impact labour market institutions. One important channel through which labour market institutions may affect unemployment is the responsiveness of wages to unemployment, commonly referred to as (real)
this paper is situated. We define wage flexibility as the coefficient of unemploymentin a `bargai... more this paper is situated. We define wage flexibility as the coefficient of unemploymentin a `bargaining augmented" wage equation, explaining wage growth. A timevaryingparameter framework is then introduced to allow this coefficient to varywith labour market institutions. A significant relationship implies that (changes in)institutions also account for part of the rise in unemployment through changes inwage pressure.
A large number of European countries still cope with historically high unemployment rates. One li... more A large number of European countries still cope with historically high unemployment rates. One line of research that has been followed to explain European unemployment and the differences among European countries is the impact labour market institutions. One ...
... Eric J. Pentecost Corresponding Author Contact Information , E-mail The Corresponding Author ... more ... Eric J. Pentecost Corresponding Author Contact Information , E-mail The Corresponding Author , a , Charlotte Van Hooydonk b and André Van Poeck ... on countries as diverse as Canada ( Girton and Burdekin), Brazil ( Connolly and Da Silveira, 1979), Korea ( Kim; Mah and Mah ...
This article investigates the role of national labour market institutions for the chances of succ... more This article investigates the role of national labour market institutions for the chances of successful transition to Economic and Monetary Union (EMU) in Europe, as well as for its viability. The conclusions are rather pessimistic. Although overlooked by the Maastricht Treaty, the need for real convergence (convergence of unemployment rates) is emphasized as a major condition for success. However, current
Correspondence to: Professor KG. Koedijk, Rijksuniversiteit Limburg, PO Box 616, 6200 ... 0014-29... more Correspondence to: Professor KG. Koedijk, Rijksuniversiteit Limburg, PO Box 616, 6200 ... 0014-2921/94/SO7.00 0 1994 Elsevier Science BV All rights reserved SSDl 0014-2921(94)WOO9 -0 ... 1666 KG Koedijk and CJM Kool, Interest and injlarion dij'erentials with EMS
In this paper we find evidence that institutional improvements such as economic liberalization, i... more In this paper we find evidence that institutional improvements such as economic liberalization, improved corporate governance, banking sector reform, improvements of rule of law and pushing back corruption have significantly reduced tensions on the exchange market in the formerly planned Central and Eastern European transition economies. We also show that countries with extreme exchange rate arrangements (such as a currency
A large number of European countries still cope with historically high unemployment rates. One li... more A large number of European countries still cope with historically high unemployment rates. One line of research that has been followed to explain European unemployment and the differences among European countries is the impact labour market institutions. One important channel through which labour market institutions may affect unemployment is the responsiveness of wages to unemployment, commonly referred to as (real)
this paper is situated. We define wage flexibility as the coefficient of unemploymentin a `bargai... more this paper is situated. We define wage flexibility as the coefficient of unemploymentin a `bargaining augmented" wage equation, explaining wage growth. A timevaryingparameter framework is then introduced to allow this coefficient to varywith labour market institutions. A significant relationship implies that (changes in)institutions also account for part of the rise in unemployment through changes inwage pressure.
A large number of European countries still cope with historically high unemployment rates. One li... more A large number of European countries still cope with historically high unemployment rates. One line of research that has been followed to explain European unemployment and the differences among European countries is the impact labour market institutions. One ...
... Eric J. Pentecost Corresponding Author Contact Information , E-mail The Corresponding Author ... more ... Eric J. Pentecost Corresponding Author Contact Information , E-mail The Corresponding Author , a , Charlotte Van Hooydonk b and André Van Poeck ... on countries as diverse as Canada ( Girton and Burdekin), Brazil ( Connolly and Da Silveira, 1979), Korea ( Kim; Mah and Mah ...
This article investigates the role of national labour market institutions for the chances of succ... more This article investigates the role of national labour market institutions for the chances of successful transition to Economic and Monetary Union (EMU) in Europe, as well as for its viability. The conclusions are rather pessimistic. Although overlooked by the Maastricht Treaty, the need for real convergence (convergence of unemployment rates) is emphasized as a major condition for success. However, current
Correspondence to: Professor KG. Koedijk, Rijksuniversiteit Limburg, PO Box 616, 6200 ... 0014-29... more Correspondence to: Professor KG. Koedijk, Rijksuniversiteit Limburg, PO Box 616, 6200 ... 0014-2921/94/SO7.00 0 1994 Elsevier Science BV All rights reserved SSDl 0014-2921(94)WOO9 -0 ... 1666 KG Koedijk and CJM Kool, Interest and injlarion dij'erentials with EMS
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