This paper examines co-movements and volatility spillovers in the returns of the euro, the British pound, the Swiss franc and the Japanese yen vis-à-vis the US dollar before and after the introduction of the euro. Based on dynamic correlations, variance decompositions, generalized VAR analysis,...

According to conventional models, flexible exchange rates play an equilibrating role in open economies, depreciating in response to adverse shocks, boosting net exports, and stimulating aggregate demand. However, critics argue that, at least in developing countries, devaluations are more...

The main aim of this paper is to compare and analyse the performance of total factor productivity (TFP) in the European Union (EU) countries and Turkey over the period 1975-1997. This study also investigates the possible impact of membership on productivity in Turkey by evaluating the...