Summary. This is an extended working paper version of the paper that appeared in Economic Theory. It paper compares the merits of alternative exchange rate regimes in small open economies where financial intermediaries perform a real allocative function, there are multiple reserve requirements,...

This paper examines the intentions and outturns of central bank policies in Europefrom the collapse of the Bretton Woods system of fixed exchange rates until the start ofEMU in 1999. It focuses on the lessons that can be drawn from the three dominant policy strategies of money targeting,...

The growth of the financial sector of an economy such as, the stock market is usually found to be highly correlated with the growth of the real sector of an economy. In this study, we make an attempt to investigate whether there is any significant relationship between the stock prices,...

Among the Central-Eastern Europe countries which joined the European Union in 2004 only three – the smallest (Slovenia, Slovakia and Estonia) – joined the Eurozone. Within these economies the process of currency integration was diversified in respect to their previously used systems of...

Among the Central-Eastern Europe countries which joined the European Union in 2004 only three – the smallest (Slovenia, Slovakia and Estonia) – joined the Eurozone. Within these economies the process of currency integration was diversified in respect to their previously used systems of...

This paper finds support for the trilemma for Greece, suggesting that there is a tradeoff among exchange rate stability, monetary independence and financial integration. The policy combination of monetary independence and financial integration has been prevalent. More exchange rate stability...

This paper examines the intentions and outturns of central bank policies in Europefrom the collapse of the Bretton Woods system of fixed exchange rates until the start ofEMU in 1999. It focuses on the lessons that can be drawn from the three dominant policy strategies of money targeting,...

This paper aims to examine the impact of changes in the Chinese renminbi (RMB) exchange rate against the United States (US) dollar on the ASEAN5 countries’ exports to the US. The Johansen cointegration test and Ordinary Least Square (OLS) regression are applied. The cointegration tests show...

This paper provides an empirical study of the asymmetrical spillovers of the euro-US dollar exchange rate on inflation in the euro zone. We divide the euro zone members in two groups of countries: "core" (closely related to Germany) and "periphery", testing if the euro-US dollar exchange rate is...

As the economies of Asian have moved towards closer economic ties in recent years, the establishment of regional exchange rate arrangement has become an important regional policy concern. A study by the Asian Development Bank forecast that Asian will be the world's largest economy by 2050....