This paper examines the drivers, and reestimates the size of shadow economies in Europe,
with a focus on the emerging economies, and recommends policies to increase formality. …

In 2020, the COVID-19 pandemic caused by far the largest shock to European economies
since World War II. Yet, astonishingly, the EU unemployment rate had already declined to its …

We study the properties of the IMF-WEO estimates of real-time output gaps for countries in
the euro area as well as the determinants of their revisions over 1994-2017. The analysis …

We survey several mechanisms that explain the composition of international capital flows:
foreign direct investment, foreign portfolio investment and debt flows (bank loans and bonds). …

The recent financial crisis has highlighted the importance of adverse selection as a contributing
factor to financial market instability. In this article, the author examines the phenomenon …

In an integrated world capital market with perfect information, all forms of capital flows are
indistinguishable. Information frictions and incomplete risk sharing are important elements that …

This paper develops a two% country general equilibrium model which analyzes the composition
of equity flows (direct vs portfolio) across two countries in the presence of heterogeneity …

In 2020, the COVID-19 pandemic caused by far the largest shock to European economies
since World War II. Yet astonishingly, the EU unemployment rate had already declined to a …

Informality has declined across Europe but remains significant, especially in emerging
market economies. As a share of formal GDP, shadow economies have been broadly stable, …

A hypothetical European Minimum Wage (MW) set at 60 percent of each country’s median
wage would reduce in-work poverty but have limited effects on overall poverty, as many poor …