In the countries of Eastern Europe the question as to the degree of currency convertibility is among the most important decisions to be taken when setting the framework for a free market economy. This article attempts to indicate the monetary and fiscal measures that will be required if the...

Many developing countries are currently considering liberalisation of external capital flows. While the ultimate objective of financial opening is to raise efficiency and growth, the reform process must be carefully designed to achieve these results. A recent conference has discussed the policy...

Given the uncertain outcome for regional trade arrangements and given the need for improved international competitiveness due to ongoing globalization it seems advisable to promote at a national level those policies which might help to enhance both integration into the regional and world...

Zu Beginn dieses Jahres befand sich Brasilien mit monatlichen Inflationsraten von über 14 vH am Rande einer Hyperinflation. Am 28. Februar 1986 hat die brasilianische Regierung mit dem sogenannten Cruzado-Plan der Inflation und Spekulation den "Kampf auf Leben und Tod" angegesagt. Mit dem...

This paper evaluates the impact of rising international interest rates on the South Korean economy during the seventies with the help of an econometric macro model. The results show that there was an induced reduction of investment and GDP, yet inflationary pressures were somewhat mitigated by a...

Comparing inflation rates internationally, one finds a number of Latin American countries in the lead. Therefore, when investigating inflation in LDCs, it has become common practice to refer to these countries as prime examples. Mainly two theories have been put forward to explain Latin American...

The liberalization of interest rates has become more and more an integrated part of the policy advice given to developing countries in order to stimulate domestic savings and to improve the allocative efficiency of investments . One of the most critical assumptions behind this policy approach...

This paper focusses on the development of the financial sector under conditions of high inflation. It begins with a description of the Argentine financial sector (Section II) and then reviews three distinct periods of financial policies since the early 1970s (Section III) . In the following...