English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Tools annual

Global: Zendy Free Plan

Global: Zendy Tools monthly

Global: Zendy Plus monthly

Fiscal austerity in Germany used to be blamed for a stagnant 12 growth in the European countries. However, it seems not to be the case for 13 the Central and Eastern European (CEE) countries. As it is established on the 14 basis of vector error-correction model (VECM) estimates for quarterly series 15 over the 20022015 period, a positive non-Keynesian spillover from the 16 fiscal austerity in Germany to output in the CEE countries is realized mainly 17 through an increase in investments, with the export channel being rather 18 ambiguous across countries. Following an improvement in the German 19 budget balance, there is a decrease in exports measured as percent of GDP in 20 6 out of 10 CEE countries. Depreciation of the real exchange rate (RER) is 21 found for countries with exchange rate flexibility, while the opposite effect of 22 RER appreciation is observed in countries with a fixed exchange rate 23 arrangement. It is possible to argue that spillover effects of German austerity 24 on the CEE countries are dominated by capital flows or confidence measures 25 while foreign demand or relative price channels are rather weak. 26

GERMAN FISCAL AUSTERITY EFFECTS ON INVESTMENTS AND EXPORTS IN THE CENTRAL AND EASTERN EUROPEAN COUNTRIES