Turkey could be the EU's biggest success in foreign affairs. Europeans should be proud that they are transforming, in a peaceful manner, the political system of a country as large and complex as Turkey. Regime change EU-style is cheap, voluntary and long-lasting. Turkey also has a lot to...

A series of longer papers evaluating government policies and offering proposals for reform.

The purpose of this study has been twofold: (i) To undertake an evaluation of the 32(out of 33) budget support operations which have been conducted in Mali over 2003 to 2009 by ten Development Partners (DPs) and to provide recommendations on the management of future budget support operations in...

The purpose of the evaluation is to provide a comprehensive and independent assessment of the European Union (EU)’s past and present cooperation in Ivory Coast, in order to draw key lessons and make recommendations for the future, including within the context of joint programming between the...

The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a SVAR model some fiscal policy regimes, i.e. a u0094set of rulesu0094 for the implementation of fiscal policies. Second, we identify the fiscal policy shocks related to different...

This paper examine differences between risk-neutral and objective probability densities of future interest rates. The identification and quantification of these differences are important when risk-neutral densities (RNDs), such as option-implied RNDs, are used as indicators of actual beliefs of...

Two seemingly unconnected empirical results suggest an intriguing mechanism. First, economic integration helps harmonize prices internationally, with trade being the primary channel (Rogoff 1996, Goldberg and Knetter 1997). Second, monetary union may greatly increase the amount of trade among...