The reflexes of politicians to problems, in particular those created by their past policies, are well conditioned. This pattern holds in particular for international financial problems. Major swings in the dollar in foreign exchange markets seem reliably associated with rising demands for...

The Shadow Open Market Committee was initiated in the summer of 1973. It was designed to offer an organized forum for a systematic appraisal of U.S. stabilization policies. A deep concern over policies pursued in the past ten years motivated the initiative. The financial policies dominantly...

The Shadow Open Market Committee warned in its first meeting in September 1973 against our drift into permanent inflation. The Committee's concern was motivated by the repeated failures of our policymaking in 1967,1970 and again in 1972. The monetary authorities abandoned in each case an...

On October 24 and November 1, 1978, President Carter announced a program allegedly designed to protect the domestic and international value of the dollar. My position paper prepared for the meeting of the Shadow Open Market Committee in March 1979 examined the proposals advanced. It was noted at...

This paper focuses on the development of reference interest rates in the Czech Republic after the currency crisis of May 1997 and covers the period to the years 2002/2003 (that is to the time just before the country’s entry into the European Union) when the currency exchange of the Czech...

This paper outlines the changing financial scene in The Czech Republic, which is following the global pattern of institutional investors taking over the role of commercial banks as relationship banking is gradually giving way to transaction-driven banking. Investment-grade companies have become...

This paper focuses on the development of reference interest rates in the Czech Republic after the currency crisis of May 1997 and covers the period to the years 2002/2003 (that is to the time just before the country’s entry into the European Union) when the currency exchange of the Czech...

This paper outlines the changing financial scene in The Czech Republic, which is following the global pattern of institutional investors taking over the role of commercial banks as relationship banking is gradually giving way to transaction-driven banking. Investment-grade companies have become...