This paper documents trends in capital flows into India in a comparative perspective,examines the impact of these flows on key macroeconomic variables and discusses the implications for economic policy........

This paper looks at public support for the creation of a market economy in Eastern Europe. As a data base, the Central and Eastern Eurobarometers surveys are employed, covering up to 21 countries over a time period of 1990-96 and totalling more than 100000 observations on individuals. The...

This paper examines the relevance of the monetary approach for exchange rate behaviour in India, unde rthe managed float regime. It finds supprot for purchaisng power parity in traded goods and that the monetary approach provdies a reasonable description of exchange rate behaviour in the period...

The paper explores the impacts of heterogeneity in degree of relative risk aversion on the balance on current account in a two-country endogenous growth model. It concludes that, like the heterogeneity of demographic changes, the heterogeneity in degree of relative risk aversion generates...

The three Baltic countries have been able to combine, Estonia since 1992 and Latvia and Lithuania since 1994, (1) a fixed exchange rate, (2) liberalisation of the capital account before having a well-functioning and fully supervised financial system, and (3) very large current account deficits....

In the literature, little role is attributed to the country risk conditional volatility in the determination of the macroeconomic equilibrium in a developing small open economy (DSOE). This paper posits the prime hypothesis that, in the presence of multiple equilibria and self-fulfilling...

An important factor that helps distinquish between alternative balance of payments theories is the assumed causal relationship between the domestic credit and reserve components of a country's monetary base. This paper reports test results of this causal relationship in Austrailia, Belgium,...

This paper develops a new model of international private debt financing. It shows the possibility of discontinuity in the amount of financial intermediation when the intermediary is inefficient. The model suggests a mechanism that can generate the following sequence of events: A period of...

In line with the financial theory, any change in an exchange rate should affect the value of a firm or an industry. However, earlier research did not fully support this theory, which is surprising in view of the considerable exchange rate fluctuations over the last three decades. This study...