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This paper inspects the standard policy rule that under a flexible exchange rate regime with perfectly elastic capital flows monetary policy is effective and fiscal policy is not. The logical validity of the statement requires that the domestic price level effect of devaluation be ignored. The...

The newly independent Republic of Moldova joined the World Bank and the IMF in 1992. The World Bank designated it a ?middle-income? country, a status it retained for Bretton Woods lending until 1997. The middle-income designation implied that the government of Moldova was not eligible for...

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This Country Study provides an outline of a Strategy for Growth, Employment and Poverty Reduction in Uzbekistan. It recommends that the country seek to achieve a six per cent trend rate of economic growth based on increases in domestic public and private investment, instead of relying, as it...