The turbulence in East Asia, the contagious effects on financial markets of other emerging economies and even on the major world stock markets, and the renewed instability in exchange rates are, I think, warnings of trouble in a world in which capital is free to flow as never before around the...

Economic theory provides at least two explanations for differential regional effects of a common monetary policy. The traditional money view focuses on regional differences in industry mix. Alternatively, the more recent credit view emphasizes differences in financial structure. This paper aims...

Yeager responds to Aschheim and Tavlas about the reply to the papar "Unit of account or medium of exchange?"

The academic debate on the theory of the firm has been monopolized for a long period by the contraposition between the shareholders model and the stakeholders model. Jensen (2001) introduced the concepts of "enlightened value maximization" and "enlightened stakeholders theory", recognizing the...

Money evolved gradually as a cuitural product, it was not originally invented and imposed by the state (although it did Iater come under state domination). Historical evidence does not conclusively settle whether unit of account (numéraire) or medium of exchange evolved earliest. Quite...

The paper deals with the contributions by German-speaking economists in the UK during the Nazi period. It first gives an overview on the emigration of economistsfrom Germany and Austria and the subgroup who came to Britain. Adolph Lowe's reflections on contemporary Britain, liberty, and...

This paper is an analysis of trade policies in Mexico. A structural analysis of theMexican economy's performance in three successive but different periods, regardingtrade policies for the last thirty-five years is presented. Results are confronted with expectations from various trade policies....

The Secretary General's Report to the UN's 2005 World Summit called for a policy ofdebt sustainability that would support the development goals contained in the UN's 2000 Millennium Declaration. Debt sustainability analysis currently practiced by the multilateral financial institutions focuses...

Nowadays, with the diffusion of inflation targeting, the main instrument that central banks use to achieve final objectives in the implementation of monetary policy (concerning inflation and unemployment) is the interest rate. Furthermore, recent studies point out that central bank transparency...

This essay analyzes the differences between the economies of industrialized countriesand developing countries, which have important implications for macroeconomics in terms of theory and policy. It considers the differences in macroeconomic objectives and examines why the reach of macroeconomic...