A synthesis of the literature on the relations among monetary aggregates, financial development and economic growth is presented. While recent literature has been dominated by neoclassical thinking, the monetary framework that does not limit the channel of effect of policy factors on economic...

Quarterly studies on LDCs asset demand are rare because of the scantiness of quarterly data especially on their national income. Made possible by the author’s own quarterly estimates of Egypt’s national income and its disaggregates, this paper examines the quarterly structure of its...

This article argues that any empirical study on the inflation-unemployment trade-off requires the inclusion of the real interest rate in the model as any changes in the interest rate affects the capital used by the firms and thus leads to an effect on the level of employment in the economy. To...

This article argues that any empirical study on the inflation-unemployment trade-off requires the inclusion of the real interest rate in the model as any changes in the interest rate affects the capital used by the firms and thus leads to an effect on the level of employment in the economy. To...

The implications of exchange rate regimes on economic growth have received renewed attention in the aftermath of the recent global financial crisis. Creating both bivariate and tripartite regime classifications the present study examines their impact on growth for 156 nations spanning the period...

The lack of cooperation between central banks is the most widely accepted interpretation of the collapse of the gold-exchange standard. This explanation does not take account of the evolution of systems of payment: national commodity moneys were progressively replaced by fiduciary money. These...

The paper critically considers the endogenous Optimum Currency Areas (or e-OCAs) theory, focussing initially on early studies having identified a relevant link between the creation of a monetary union and an upgrading of trade intensity between member countries, on the one hand, and the increase...

The Bretton Woods Agreement once again enabled states to use an international money. The traditional interpretations of this Agreement emphasize the extreme discontinuity between the period after the Second World War and the interwar period. Some interpretations insist on the fact that after the...

In this paper we investigate the skirmishes that the US dollar and the euro had from 2007 to 2011 and, in particular, the two distinct sharp falls that the single currency had in 2008 and 2010. We basically consider how impulses coming from domestic money markets impact on the USD/EUR exchange...

This paper provides a selective survey of some recent literature assessing exchange rate credibility through bayesian or nonhinear econometrjc frameworks. The empirical evidence from this literature suggests two main conclusions: one in retrospect, concerning the past experience of France in the...