The objective of this paper is to determine whether ERM-participating countries have experienced a change in the effectiveness of monetary and fiscal policies since the establishment of the ERM. Countries which have come to rely more heavily on fiscal policy instruments as the means of output,...

Social trust positively contributes to secondary education enrollment rates in a cross-section of countries. Country-specific characteristics that are significant in explaining secondary school enrollment include the degree of income inequality and the percent of the population identified as Muslim.