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The paper aims at assessing the capital needs of Eastern Europe in catching up to EC standards of living using the framework of a CES (constant elasticity of substitution) production function model. This function, parameterized on the EC, is assumed to apply with certain inefficiency factors in Eastern Europe in 1992. Quantitative results, given the heroic set of assumptions required, are bounded by large ranges. The approach provides a framework for assessing the factors which will determine the future capital needs in Eastern Europe and underscores the crucial role of efficiency gains in this process.

Foreign Exchange --- Investments: Stocks --- Macroeconomics --- Macroeconomic Analyses of Economic Development --- Economywide Country Studies: Europe --- Investment --- Capital --- Intangible Capital --- Capacity --- Labor Economics: General --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Aggregate Factor Income Distribution --- Currency --- Foreign exchange --- Labour --- income economics --- Investment & securities --- Labor --- Purchasing power parity --- Stocks --- Income --- Exchange rates --- Financial institutions --- National accounts --- Labor economics --- Slovak Republic --- Income economics

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In light of the strong correlation between exchange rate movements and domestic prices in Turkey, it is important to assess the impact of the exchange rate on domestic prices, in particular as Turkey moves to an inflation targeting regime. This paper uses a recursive vector autoregression model to investigate the impact of exchange rate movements on prices in Turkey. We find that (i) the impact of the exchange rate on prices is over after about a year, but is mostly felt in the first four months, (ii) the pass-through to wholesale prices is more pronounced compared to the pass-through to consumer prices, and (iii) the estimated pass-through is complete in a shorter time and is larger than that estimated for other key emerging market countries.

Foreign Exchange --- Inflation --- Macroeconomics --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Price Level --- Deflation --- Prices, Business Fluctuations, and Cycles: Forecasting and Simulation --- Economywide Country Studies: Europe --- Currency --- Foreign exchange --- Exchange rates --- Consumer prices --- Wholesale price indexes --- Consumer price indexes --- Prices --- Price indexes --- Turkey

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Swiss growth performance in the past quarter century has been mediocre. The paper finds that conditional income convergence contributes significantly to slow growth and the poor performance of the domestically oriented sectors has been a drag on growth. However, slow growth is not inescapable. Faster growth would require raising total factor productivity growth, which remains low by international standards, and the investment rate. Further progress in structural reform could sustain the underlying growth rate at about 2 percent in the next few years.

Labor --- Industries: Manufacturing --- Production and Operations Management --- Economywide Country Studies: Europe --- Macroeconomics: Production --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Industry Studies: Manufacturing: General --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Macroeconomics --- Manufacturing industries --- Labour --- income economics --- Productivity --- Total factor productivity --- Labor productivity --- Manufacturing --- Economic sectors --- Industrial productivity --- Economic theory --- Switzerland --- Income economics

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In the run up to the global crisis, countries in Central Eastern and Southeastern Europe attracted large capital inflows and some of them built up large external imbalances. This paper investigates whether these imbalances are linked to the sectoral composition of FDI. It shows that FDI in the tradable sectors leads to an improvement of the external balance. We also find that the countries with large market size, good infrastructure, greater trade integration, and educated labor force are more likely to receive more FDI in the tradable sectors.

Investments, Foreign --- Capital movements --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- International finance --- Exports and Imports --- International Investment --- Long-term Capital Movements --- Empirical Studies of Trade --- Economywide Country Studies: Europe --- Trade: General --- Finance --- International economics --- Foreign direct investment --- Trade balance --- Capital inflows --- Exports --- Capital controls --- International trade --- Balance of trade --- Slovak Republic

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The GPM project is designed to improve the toolkit for studying both own-country and cross-country linkages. This paper creates a special version of GPM that includes the four largest Euro Area (EA) countries. The EA countries are more vulnerable to domestic and external demand shocks because adjustments in the real exchange rate between EA countries occur more gradually through inflation differentials. Spillovers from tight credit conditions in each EA country are limited by direct trade channels and small confidence spillovers, but we also consider scenarios where banks in all EU countries tighten credit conditions simultaneously.

Economic forecasting --- Economics --- Forecasting --- Economic indicators --- Econometric models. --- Banks and Banking --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Forecasting and Other Model Applications --- Open Economy Macroeconomics --- Economywide Country Studies: Europe --- Price Level --- Deflation --- Interest Rates: Determination, Term Structure, and Effects --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Currency --- Foreign exchange --- Macroeconomics --- Finance --- Monetary economics --- Real exchange rates --- Real interest rates --- Bank credit --- Exchange rate adjustments --- Prices --- Financial services --- Money --- Interest rates --- Credit --- Germany