Recent success of the Spanish economy is frequently attributed to the benefits from economic integration into the European Community, which Spain joined in 1986. By contrast, this paper takes the view that, to a large extent, the origins of success may be traced back to earlier years and that...

Viet Nam has made substantial progress in the transition to a market economy and toward financial stability since economic reform began in 1986. Piecemeal measures were adopted at first, followed by the launching of a bold and comprehensive program of structural reform in March 1989....

The paper explores the pattern of transition of the Vietnamese economy, the policies that were applied, and the reasons for the country's success. In particular, it focuses on output performance; state-owned enterprises; foreign direct investment; determinants of inflation; dollarization and...

Most industrial countries have recently found inflation to be more intractable than had generally been anticipated, and conviction has been growing that the authorities will have to supplement financial policies with more direct restraint on rises in wages and prices. Hence, the current interest...

This paper focuses on the current account as an indicator of the need for adjustment, its role in the adjustment process, and the implications of possible inconsistencies in countries' desired current account for exchange rate surveillance. Fundamentally, the current account is the difference...

Dans cette étude, l'auteur s'efforce de résumer et d'analyser les conclusions des travaux empiriques effectués récemment sur les mouvements de capitaux à long terme, s'attaquant d'abord aux investissements directs à l'étranger et ensuite aux mouvements des placements à long terme en...

From the mid-1950s to the late 1960s, the record of prices and unemployment in the United States supports the notion of a trade-off between unemployment and inflation, and econometric models based on this notion have accordingly performed reasonably well in tracing the fluctuations of prices in...

On affirme souvent que de faibles modifications des taux de change ont généralement des effets négligeables sur la balance commerciale. Il est difficile de soutenir cette thèse en se fondant sur la théorie, et il est probable que la question ne pourrait être tranchée qu'en utilisant la...

This paper develops a model of inflation against the background of the recent literature. The model allows for a number of systematic determinants of the inflation process. These determinants include (i) inflationary expectations, (ii) changes in money, as regards their role in expectations,...