Using equilibrium exchange rate models (PPP, BEER and FEER), many authors have concluded that the renminbi is undervalued by 15 to 30% against the dollar, but they implicitly assume that the economy is at full-employment, a debatable hypothesis for developing economies such as China, whose...

The alleged undervaluation of the renminbi has been the subject of intensive academic research over the past few years. Using equilibrium exchange rate models many authors have concluded that the renminbi is undervalued by 15 to 30% against the US dollar. Yet China has been experiencing strong...

In previous papers the authors have argued that aid is likely to mitigate the negative effects of external shocks on economic growth (i.e. that aid is more effective in countries which are more vulnerable to external shocks). Recently an important debate has emerged about the possible negative...

The United States spearheaded the movement for the globalization of patent protection. Over the past years, it has been pushing for the protection of strong intellectual property rights in multilateral and bilateral agreements, treaties and negotiations. The pharmaceutical industry insists that...

This article provides evidence that patent protection can have a positive effect on trade, by analysing the impact of the implementation of intellectual property rights (IPR) in developing countries on the US exports of pharmaceutical products, following intense lobbying efforts from the US...

The purpose of this paper is to analyze the impact of the Bank of Japan's official interventions on the JPY/USD parity during the period 1992–2004. The novelty of our approach is to combine two recent advances of the empirical literature on foreign exchange interventions: (i) drawing on...

The future emergence of a European monetary zone is set to transform the configuration of the international monetary system and the roles of the dollar, the Euro and the yen within this system. This book addresses this issue with discussion of: * exchange rate policies pursued in the principal...

This paper examines jointly the empirical relevance of the mean-reversion and the PPP hypotheses in the exchange rate dynamics under the EMS. Given the non-stationarity and the non-linearities characterizing the foreign exchange rate dynamics, this question is studied using a MS-ECM model: it...

In the late 1990s, controversies among academics and policymakers were focused to a large extent on the "pros and cons" of adopting a monetary regime of complete and official dollarization in many emerging countries. Conversely, towards the mid-2000s de-dollarization is one of the main themes of...