A simple two-country stochastic model is used to analyze monetary policy interaction in a system of exchange rate bands such as the EMS, in the context of internationally-integrated financial markets. We consider the widely-acknowledged asymmetry of the system, as it pertains to member...

This paper develops a political-economy model of the budget process focusing on the common pool problem of the public budget. We show that the externality arising from the fact that public spending tends to be targeted at individual groups in society while the tax burden is widely dispersed...

A common rationale for EMS membership is that it enhances the credibility of a central bank’s commitment to stable monetary growth. In this paper we consider this idea in the light of two features of the system, namely, the existence of exchange rate bands and the prevalence of capital...

This paper analyzes, in a public finance context, how the optimal use of the inflation and the consumption tax is affected by incorporating into the model constraints on policy decisions that are likely to develop in the context of the EMS by 1992. Two main questions are addressed: first, how...

This paper discusses the 59th issue of the By-Laws and Rules and Regulations of the IMF. The By-Laws are adopted under the authority of, and are intended to be complementary to, the Articles of Agreement of the IMF. The Rules and Regulations supplement the Articles of Agreement and the By-Laws...

OECD's Territorial Review of the Vienna/Bratislava region. The Vienna-Bratislava region on the Austrian-Slovak border rapidly increased its competitiveness after 1989, following a 40 year separation by the Iron Curtain. As a result of the removal of many national and international barriers,...

OECD's Territorial Review of Canada. It finds that Canada is composed of three macroregions: a southern ribbon with all the important metropolitan areas, a zone of rural and non-metropolitan adjacent regions and a sub-continent of remote northern territories. Disparities between these...

This first edition of the OECD Territorial Outlook examines policy developments in the areas of urban, rural and regional affairs in OECD countries. It explains why territorial policies matter and shows how diverse OECD countries can be. It examines such issues as sustainable development,...