A striking and unexpected feature of the financial crisis has been the sharp appreciation of the US dollar against virtually all currencies globally. The paper finds that negative US-specific macroeconomic shocks during the crisis have triggered a significant strengthening of the US dollar,...

This paper examines the fiscal policy challenges for oil-centred economies over the past few years in general, focusing on developments in four major oil-exporting countries in EU neighbouring regions: Algeria, Nigeria, Russia and Saudi Arabia