Over the last decade, a significant share of the labour force in the countries of Central and Eastern Europe (CEE) has been exposed to work spells abroad followed by return migration. Although there is a growing literature on CEE return migration, most previous studies are country-specific and no enquiry for the region as a whole has been undertaken so far. In this paper, we attempt to fill this gap. We collate data from the European Union (EU) Labour Force Survey (EU-LFS) for a cross-country analysis of return migration in CEE countries. The aim of the paper is threefold. We first review the available evidence and literature on the characteristics and labour market behaviour of return migrants in CEE countries. Second, we provide a descriptive analysis of recent returnees using EU-LFS data. Third, we specifically analyse the income premia for work experience abroad, the occupational choices and the selectivity patterns of recent returnees in CEE countries from a cross-country perspective. Consistent with previous results, we find that the average income premia for work abroad range between 10 per cent and 45 per cent. Migrants are less likely to actively participate in the labour market upon return. They are, however, more likely to choose self-employment rather than dependent employment upon return. Recent migrants are also more likely to experience spells of unemployment in the first year after their return. The latter two findings are reversed, however, when adjusting for the unobserved heterogeneity of return migrants and for regional effects.

No abstract

This paper analyzes the relation between nominal exchange rate volatility and several macroeconomic variables, namely real per output growth, excess credit, foreign direct investment (FDI) and the current account balance, in the Central and Eastern European EU Member States. Using panel estimations for the period between 1995 and 2008, we find that lower exchange rate volatility is associated with higher growth, higher stocks of FDI, higher current account deficits, and higher excess credit. The results are economically and statistically significant, and robust.

While the global financial crisis revealed a need for macroprudential policy tools to mitigate the build-up of risk in the financial system, the impact of such policies on the banking sector and the macroeconomy remains largely uncertain. We contribute to the empirical literature that estimates the impact of shocks to bank capital buffers on bank lending and the macroeconomy by estimating a Bayesian VAR model identified with sign restrictions. We use bank-level data for large euro area listed banks to construct an aggregate bank capital buffer for the euro area, which is included as another variable in the model. We estimate three shocks affecting the euro area economy, namely a demand shock, a monetary policy shock and a shock to bank capital buffers. We find that banks curtail lending and reduce their relative exposure to riskier assets in response to a shock to the bank capital buffer. Historical shock decomposition analysis shows that shocks to bank capital buffers have contributed to impair bank lending growth and to widen bank lending spreads, hence depressing economic activity.

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte.

Abstract.Let N denote the Nevanlinna class, i.e. the algebra of holomorphic functions of bounded characteristic in the open unit disc. We study analytic conditions for a finitely generated ideal to be equal to the whole algebra N. Then we characterize the finitely generated prime ideals containing a nontangential interpolating Blaschke product. Further, we give an example of an ideal of N whose closure in the natural metric on A' is not an ideal.

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte.

No abstract