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Andrés, J. — Hernando, I. — López-Salido, J. D. (1999): Assessing the Benefits of Price Stability: the International Experience. Banco de Espana — Servicio de Estudios, Estudios Económicos , No. 69. Artis, M. J

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. Çéftçioâlu , S. ( 1995 ): Short-Run Stability of a Small, Open Economy under Exchange Rate Indexation Rule . International Review of Economics and Business, No. 10–11, pp. 871 – 889

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Local Government Sector from the Point of View of Financial Stability . MNB Bulletin, October, 7 – 14 . Central Statistical Office ( 2016 ): Average Statistical StaffNumber of Employees in the Budgetary institutions. http

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. Gawrich , A. – Franke , A. ( 2011 b): Autocratic Stability and Post-Soviet Rentierism: The Cases of Azerbaijan and Kazakhstan . In: Gawrich , A. – Franke , A. – Windwehr , J. (eds.): Are Resources a Curse? Rentierism and Energy Policy in

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Co-operatives seem to be less stable than capitalist firms: although many are formed, few stay alive as co-operatives. Our paper inquires into the stability of co-operatives using the kibbutz as an example. The results of the analysis may carry over to many other types of co-operatives, in spite of the idiosyncrasies of each. The kibbutz is modelled as a co-operative club to account for the public consumption provided by the community. This leads to increasing returns, but taking account of Holmström's team effect on members' incentives to exert themselves, we obtain conditions under which an internal effort optimiser may exist. The resulting model enables us to examine the stability of the co-operative club. For the kibbutz, the analysis shows that the size of the set of potential members preferring co-operative life has shrunk over time.

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This study applies Taylor's (2000) proposed fiscal rule to EU-15 countries. We show that such a simple, flexible and transparent fiscal rule, if applied to individual EMU countries, could improve the enforceability of the Stability and Growth Pact. This rule is used to compute the structural budget balance consistent with a total budget position in balance, given national specificities concerning automatic stabilisers and the output gap. It is thus designed for being consistent with both fiscal discipline and flexibility.

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Income distribution is a widely neglected subject in applied macroeconomics. This paper looks at the current state of art, which can be summarised as the “Transatlantic Consensus”explaining inequality through a partial analysis approach with changes on the labour market at its core. The potential interrelationship between inequality and growth is particularly important for transition countries, because according to common knowledge in this case the change of regime went along with rising inequality and declining income in the initial phase. The Czech case - the Czech Republic being the most egalitarian country among the former socialist economies - is even more interesting, because here income distribution remained relatively stable before and throughout the transition period. This result is illustrated by Lorenz curves. The analysis of so-far unpublished empirical data indicates that there is no need for active distribution policy in the Czech Republic. This result might not hold for other transition countries, which find themselves at the initial part of the Kuznets curve, but on a lower level of income.

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. Ben-Ner , A. ( 1984 ): On the Stability of Cooperative Type of Organization . Journal of Comparative Economics , 8 : 247 – 260 . Ben-Ner , A. ( 1988

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Federalism and European Economic Unification . The American Economic Review , 82 ( 2 ): 88 – 92 . Buti , M. – Eijffinger , S. – Franco , D. ( 2003 ): Revisiting the Stability and

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.C. : IMF . Ishii , S. and Habermeier , K. ( 2002 ): Capital Account Liberalization and Financial Sector Stability . IMF Occasional Paper 211

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