Algeria has enjoyed several years of strong economic performance, but continues to face important challenges. This 2008 Article IV Consultation highlights that economic performance of Algeria has remained relatively favorable in 2008. The outlook remains encouraging despite the challenging...

Despite the effects of the international crisis, real nonhydrocarbon GDP (NHGDP) growth in 2009 exceeded the average of 6 percent. Algeria’s good economic performance supported by the authorities’ prudent fiscal and monetary policies and the favorable external environment are...

This paper discusses Romania’s Request for a Stand-By Arrangement (SBA). Since the 2008 global financial crisis, Romania has made significant progress in reducing macroeconomic imbalances and rebuilding fiscal and financial buffers. However, Romania remains vulnerable to external shocks,...

The Aim of the Paper Is to Develop a New Approach to Inflation Based on Marx's Circuit of Capital and the Structural Price Equation. the Feedback Effect of Any Disequilibrium in the Circuit Has Some Important Consequences on the Price Equation. the Reduced Form of the Model Shows in Particular...

We develop here a framework of cross currency arbitrage in the presence of a currency peg. In particular the relationship between interest rate and FX derivatives is analysed in such a framework.