We focus on the management of highly persistent shocks to aid flows, including HIPC or MDG-related increases in net flows, in the presence of currency substitution by the domestic private sector. Such shocks have beneficent long-run effects, but when currency substitution is high they can...

The high degree of economic integration has led to an increased degree of currency substitution in the EU countries, which could bring instability in national money demand functions while an EU-wide money demand function could be more stable. Currency substitution usually takes the form of cross...

This article considers a transition toward European monetary union that combines increased substitution of currencies and greater monetary, financial, and fiscal policy coordination. It explores how such a transition would affect national inflation and interest rates and required reserve ratios...

Bakalauro baigiamajame darbe nagrinėjamas euro ir JAV dolerio kursas 1999-2011 metais ir jo perspektyvos. Pirmoje dalyje išanalizuotos pagrindinės valiutų kursų pokyčius nusakančios teorijos: mokėjimų balanso modelis, palūkanų normų paritetas, perkamosios galios paritetas, turto...

This thesis seeks to develop an alternative conceptual framework through which to understand international finance. It then applies this framework to the case of China’s recent official foreign exchange accumulation. One view of international financial relations suggests an agendaof...

The extraordinary height of the U.S. current account deficits in the 90s gave rise to concern, a variety of papers and political recommendationsrevealing the very contrary opinions of economists on the subject.From this alarming evolution, the question of sustainability of such a...

Over the years, the East-West Center (EWC) has developed considerable expertise in refinery modeling, especially in the area of forecasting product balances for countries, given planned capacity changes, changes in product demand, changes in crude slates, and changes in product specifications....