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The Pre-Crisis Capital Flow Surge to Emerging Europe
A push-pull-brake model of capital flows is used to study the effects of fiscal policy changes on private capital flows to emerging Europe during 2000-07. In the model, countercyclical fiscal policy has two opposing effects on capital inflows: (i) a conventional absorptionreducing effect, as a tighter fiscal stance acts as a brake on capital flows; and (ii) an unconventional absorption-boosting effect, as a tighter fiscal stance increases investor confidence in the country. The empirical results suggest that push factors (low returns in flow-originating countries), rather than pull factors (high returns in flow-destination countries), drove most of the private capital flows to emerging Europe. And active countercyclical fiscal policy once the fiscal stance is adjusted for the automatic effects on the fiscal position of both internal and external imbalances acted as a brake on capital inflows. However, the empirical results also suggest that, even abstracting from political feasibility and fiscal policy lag considerations, countercyclical fiscal policy alone is unlikely to be an effective policy tool to put an effective brake on sudden capital flow surges.
Government Control and Operation of Railroads
Considers legislation to implement Federal control of railroads for period of the WWI emergency and to establish mechanisms for just compensation of carriers.
Boosting Job Growth in the Western Balkans
Labor markets in the Western Balkan countries (Albania, Bosnia and Herzegovina, Kosovo, Macedonia, Montenegro, and Serbia) are characterized by some of the highest unemployment and low employment rates in Europe. We analyze the poor labor market outcomes in these countries by comparison with the New Member States of the European Union and advanced European economies. Our findings suggest that long-lasting labor market weaknesses in the Western Balkans have structural roots: the institutional setup of the labor markets, labor cost factors, and especially the unfinished transition process. Finally, we offer policy recommendations for boosting job creation.
Young Patriots
The captivating story of Hamilton and Madison fighting the odds to forge a nation's legacy Seven years after the revolution, America was in crisis. The government didn't work, but the citizens didn't care—or were in a state of rebellion. Then two unknown men, Hamilton and Madison (unknown especially compared to the revered Founding Fathers), envisioned a plan that no one else thought could happen: a truly United States. Against all odds, these men maneuvered and strategized to get the right men to agree on the right ideas. The result: the most brilliant political document ever, and a powerful United States. From New York Times bestselling author Charles Cerami, this gripping tale of young men founding a nation will captivate both history buffs and those who just love a great story. "Cerami spins a good historical tale." —Kirkus Reviews
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