. -- Credibility ; international reserves ; external debt …

monetary policy credibility experience greater contractions during dollar appreciations …

resources internationally based, inter alia, on the perceived policy credibility of the national authorities and their policies …. The PTI shows that when a country has low credibility and is heavily indebted, investors hold its economy to a tighter … higher inflation, with limited or no impact on output. On the other hand, high credibility creates space for effective and …

policy credibility: when a country's credibility is low, they hold its economy to a tighter intertemporal budget constraint … credibility creates space for effective and noninflationary macro policies but, if such space is abused, credibility gets …

. These results express the increased credibility of the Portuguese monetary policy, due manly to the modernisation of the … zone was crucial to create the conditions of stability, credibility and confidence necessary for the adoption of a single …

among Portugal and Germany. This result reflects the increased credibility of the Portuguese monetary policy, due mainly to …