Economic complexity measures the productive knowledge embedded in an economy by analysing the export structure of countries. Although the recent literature suggests that economic complexity might arise as a useful tool to lower output volatility by both diversifying export bundles and increasing the sophistication of exports, the empirical evidence on this issue is rather scarce. We contribute to the existing literature by investigating the effect of economic complexity on output volatility for a large set of developing countries. To this end, we apply a panel vector auto regression (PVAR) methodology, which allows us to capture the dynamic interrelationships between variables. The findings of the paper robust to the alternative specifications reveal that economic complexity affects output volatility negatively. Hence, economic policies aimed at diversifying productive capabilities and export bundles should be one of the major priorities in developing countries.

This study investigates the effects of trade liberalization and export diversification on unemployment rate for a group of OECD countries for the period between 1991 and 2014. Using several liberalization and export diversification indices as well as various control variables, the results of the empirical analysis show that as countries engage more in international trade and diversify their export baskets, unemployment rate decreases. Thus, it can be argued that OECD countries should follow policies that are in favor of trade liberalization rather than protectionism. Moreover, diversification of export baskets instead of specialization is of great importance in decreasing the unemployment rate.

The purpose of this study is to analyze the causes of the Greece debt crisis and discuss about possible solutions for the Greek economy in Post-Keynesian perspective. In this framework, first, the establishment and evolution of the European Monetary Union will be briefly examined. Second, the effects of the monetary union on the Greek economy will be discussed. Then, the remedies for the crisis along with the measures taken within the scope of the rescue package adopted will be examined from a Post Keynesian perspective. At this point, Hyman Minsky's Financial Instability Hypothesis and Michal Kalecki's profit function will be used to analyze the reasons behind the crisis. Last but not least, Employer of the Last Resort Programme, which can be summarized as a program where the government takes into employment of anyone who is willing and able to work, will be discussed as a cure for the recovery.

This paper evaluates the relationship between economic activity and non-pharmaceutical interventions implemented during the COVID-19 pandemic for 29 countries for the period between March 2020 and November 2020. Using industrial production as a proxy for economic activity and employing a dynamic panel data methodology to deal with the possible endogeneity problem, the empirical results suggest that non-pharmaceutical interventions negatively affect economic activity. Furthermore, this paper also contributes to the literature by analyzing the link between economic support provided by governments and economic activity during the pandemic. The findings indicate that governments can stabilize the decline in economic activity stemmed from nonpharmaceutical interventions by increasing the amount of economic support to households.