The new member countries of the European Union professed on the day of their entry to adopt the single European currency Euro without undue delays. There arise two quite fundamental questions within this context, which are: “When will they make this step?” and “Will they be able, in this...

Основна цел на овој труд е да покаже што претставува нафтата за светското стопанство, нејзиното производство и употреба, влијанието на нафтата и нафтените...

Following the high variability of floating exchange rates after the collapse of the Bretton-Wood System, policymakers have increasingly relied on weighted exchange rate indexes (nominal effective exchange rate index) or indexes of competitiveness (real effective exchange rate or...

This paper analyzes the Eurodollar market, investigating the reasons for its expansion after 1973, and the consequences for monetary policy. In the first part of the paper, the issue of credit and money creation by offshore banks is considered. The nature of the liquidity creation process is...

This paper investigates the interactions among the Romanian industrial production, exports and imports after the adhesion to European Union. We employ monthly values testing for the Granger Causality between the variables in a Vector Autoregression framework. Our results indicate significant...

This paper reviews the central features of France’s capital controls in the 70's and 80's and strives to assess their ability, in the context of various exchange rate mechanisms, to regulate capital flows and to stabilize the exchange rate while allowing France to preserve a measure of...

Following extensive economic and market reforms and more than a decade of negotiations, Vietnam became the latest country to accede to the World Trade Organization in November 2006. While it is expected that greater liberalisation will boost Vietnam’s economic growth and contribute to the...

We argue that the specifications used to estimate the permanent growth effects of reforms in the financial sector are unsatisfactory. Using a modified specification and data for the period 1970 to 2004, we show developments in the financial sector in Malaysia have a small but significant...

The new member countries of the European Union professed on the day of their entry to adopt the single European currency Euro without undue delays. There arise two quite fundamental questions within this context, which are: “When will they make this step?” and “Will they be able, in this...

Modelling of the physical characteristics of goods and geography can explain both the puzzling persistence and volatility in the deviations of the international relative prices and the real exchange rate (the PPP persistence puzzle). In a two-country, three-good general equilibrium model,...