We analyze the costs and benefits of full dollarization compared to its closest alternative, a currency board, quantifying for Argentina where possible. Potential advantages include lower borrowing costs and deeper integration into world markets. One cost is the transfer of seigniorage to the...

Aus der Einleitung: Aus den Diskussionen, die anläßlich der Dollar-Krise 1970/71 geführt werden, läßt sich entnehmen, daß sowohl bürgerliche Ökonomen wie auch Marxisten unklare Vorstellungen über die Ursachen von Währungskrisen haben. In den uns bekannten Arbeiten wird nicht der...

The analysis of Russia's external economic relations reveals a paradox: while Europe is its main trade and direct investment partner, its currency's role in the Russian financial sphere is lower then that of the US $. This paper analyses this phenomenon by separating the currencies' use for...

Currency crises are a recurring phenomenon. To increase the understanding of their changing nature, this paper analyses the evolution of currency crises and assesses them in the generation framework of theoretical models. The self-organising map (SOM), a neural network-based clustering and...

The chance of financial crises has grown in emerging economies in recent decades. Increasingly, the interest has shifted away from market-based reforms, such as more transparency, towards potentially stabilizing institutions. Among these institutions are better political freedoms, as they could...

This research paper aims to analyse some Early Warning Systems (EWS) for predicting financial crises. The importance of such a study is undeniable in the context of the current and future mix of policies applied by the monetary authority, in which financial stability and price stability play an...