1979 saw a pronounced cyclical downturn with mounting, inflation and balance of payments problems bear upon the western industrialized countries with the long-expected recession materializing in the USA early in 1980. In Western Europe demand and production began to slide a little later....

The world-wide economic recession, which began as a result of the second explosive rise in oil prices in the spring of 1980, lasted throughout the whole of last year. Unemployment in industrialised countries has shot up at an alarming pace, whereas only limited progress was registered in the...

Recently, the calls for closer monetary co-operation between the Asian NICs and Japan have been becoming louder. The following article discusses the pros and cons of pegging to the yen and compares them with those of a basket peg.

Leaving foreign exchange markets to themselves may not lead to realistic and stable exchange rates. Thus appropriate criteria for interference must be defined. The OPTICA (Optimal Currency Area) Group which was appointed by the European Commission tried to work out appropriate rules for the EC....