Applying an open-economy macroeconomic model, incorporating the monetary policy reaction function and uncovering interest parity, this paper finds that the expected real exchange rate and real output exhibit an inverted J-shape relationship, suggesting that expected real depreciation increases...

This paper tests the Purchasing Power Parity Theory of Exchange Rates dealing with Argentinean data for the period 1900-2006. This is equivalent to testing if the Real Exchange Rate is a stationary variable or if its components (the nominal exchange rate and the relative prices) are...

This paper examines the long-run and short-run impacts of exchange rate and price changes on trade flows in Nigeria using exports and imports functions. The bounds testing (ARDL) approach to cointegration is applied on a quarterly data from 1980 Q1 to 2007 Q4. The results indicate that in both...

The paper examines the determinants of inflation in some West African countries. Using the Johansen technique and time series between 1970q1 and 2010q4 the study determines whether inflation in these African countries is mainly imported (via import prices and exchange rate movements) or...

This study investigated the impact of external debt on economic growth of Tanzania for the period of 1990-2010. The study used time series data on external debt and economic performance. It is assumed that external debt helps developing countries to meet developing needs. While debt servicing...

In this study, the effects of GDP per capita growth rates, real exchange rates, Standard and Poor’s (S&P) sovereign ratings, the difference between Transition Economies’ (TE) interest rates and USA’s interest rates on TEs’ net portfolio inflows were analyzed. The results showed that GDP...

Ein konjunkturbezogenes Transfersystem für die Mitgliedsländer des Euroraums könnte einen Beitrag dazu leisten, zyklische Ungleichgewichte zwischen den Ländern auszugleichen. Ein solches System wird hier in der konkreten Form einer europäischen Arbeitslosenversicherung vorgeschlagen. Durch...

This paper sets out a comprehensive framework to identify regional business cycles within Spain and analyses their stylised features and the degree of synchronisation both within them and between them and the Spanish economy. We show that the regional cycles are quite heterogeneous although they...

We study optimal hedging design for returns on an Italian equity mutual fund index since 2008. Alternative hedging instruments include one-month futures contracts for FTSE-MIB, FTSE100 and Xetra DAX. We use bivariate models of our Italian equity mutual fund index and each hedging instrument to...