When I wrote my book on EMU four years ago (Kenen 1995), very little had been written on the international dimensions of EMU. There was a chapter in the Commission's path-breaking study (European Commission, 1990). There were papers by Alogoskoufis and Portes (1991, 1992), Cooper (1992),...

This paper looks at whether the aggregate ERM money supply has been a useful predictor of short-term changes in inflation and growth, and long-term trends in price levels among the core ERM countries. The evidence suggests that over the period since 1987, when there have been no realignments,...

Confounding forecasts of disruption and market turbulence, the transition to monetary union in Europe took place very smoothly. Some recent developments, however, are cause for concern, and important problems must still be resolved. The governments of most euro-zone countries do not subscribe to...

The emerging-market crises of the 1990s were characterized by crashes in exchange rates, credit flows, and output, and the currency crashes caused the other two. Because local banks and firms had large foreign-currency debts, the sharp depreciations of their countries' currencies had huge...

When I wrote my book on EMU four years ago (Kenen 1995), very little had been written on the international dimensions of EMU There was a chapter in the Commission's path-breaking study (European Commission, 1990). There were papers by Alogoskoufis and Portes (1991, 1992), Cooper (1992), Goodhart...

Emerging-market countries are being urged to choose between freely floating exchange rates and firmly fixed rates supported by strong institutional arrangementsûcurrency boards, monetary unions, or formal dollarization. This paper assesses the benefits and costs of institutionalizing fixed...

Since its launch in September 2006, the Asian Research Programme has focused on policy-oriented studies for central banks and supervisory authorities in the Asia-Pacific region. Under the programme, the BIS Representative Office for Asia and the Pacific has co-organised a series of conferences,...