This paper analyses the reform progress made in the energy-rich states of the Commonwealth of Independent States (CIS), Azerbaijan, Kazakhstan, Turkmenistan and Uzbekistan (AKTU for short) and contrasts their development to that in the resource-poor countries at the CIS periphery. The main...

This paper investigates the appropriate exchange rate regimes, both prior to and following European Union accession, for those former centrally planned Central and Eastern European countries that are currently candidates for full membership in the European Union (1). The exchange rate regime is...

The Fiscal Theory of the Price Level (FTPL) rejects the fundamental 'Ricardian' proposition, that the government budget constraint must hold identically, that is for all admissible values of the variables entering the budget constraint. Accordingly, if the government is to meet its contractual...

Finanzstruktur und geldpolitische Regeln Die Struktur des amerikanischen Bankwesens und Finanzsystems ist wegen neuer Technologien, institutioneller Innovationen und Deregulierungen einem schnellen und grundlegenden Wandel unterworfen. Insbesondere werden gesetzlich verordnete Zinsobergrenzen...