The recent quest for price stability with the relative success of the Bundesbank in maintaining low inflation induced a good number of countries in Europe and elswhere to reconsider the legal foundations of the institutions that formulate and implement monetary policy.

This brief report of ongoing research on determinants of current account reversals and their economic consequences provides evidence which is consistent with the literature on current account sustainability. A natural extension of this work, that we are currently pursuing, is an examination of...

The last two decades have witnessed a growing trends toward economic openness. The removal of borders among independent economic system - local, state, national or otherwise - has immense implications for the economic policies of eatch of these systems. Now capital, firms, and labor are able to...