The stability of the EMS depends crucially on the realignment expectations of market participants. In this paper we discuss how to measure such expectations and how to relate them to economic fundamentals, central bank reputation, and the institutional arrangements of the EMS. We find the...

The paper discusses the policy problems involved in replacing several national currencies with a single currency in a monetary union. While these problems are of general interest, the analysis is motivated by the plan for Economic and Monetary Union among the members of the European Community....

This study empirically investigates the impact of foreign capital and governance on the economic growth by employing country level data from 1984 to 2010 for Asian developing countries. Governance; foreign aid and FDI positively affect the growth (per capita income) however, higher levels of debt...