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This paper examines the causes of turbulence in foreign exchange markets by looking closely at the experience of four transition economies (Bulgaria, Romania, Russia, Ukraine). It considers the influence of macroeconomic variables in currency crises occurrence through the use of logit models. In an environment of deteriorating fundamentals the examined issue is whether or not some fundamentals are able to maximise the likelihood of currency crisis incidence.
payments, and exhibit greater responsiveness to output fluctuations. Previous studies confirmed that the incidence of temporary jobs affects employment or unemployment sensitivity to output changes. These studies can be divided into two groups. The first
final section concludes. 2 Social capital – a multi-dimensional construct Social capital has been put forward as crucial building block of society which can influence institutional efficiency, economic development, well-being, crime rates and incidences
serious because they meant a drastic reversal of earlier conditions of full employment, greater equality and low poverty incidence ( Nuti 2007 ). He also emphasized the disastrous consequences of hyper-liberal policies, particularly excessively restrictive