Many sub-Saharan African (SSA) countries liberalized their economies in the 1980s and early 1990s. This paper reviews the foreign exchange regime reforms in selected SSA, and their associated macroeconomic policies and economic performance during and after these reforms were undertaken. Before...

How should monetary policy respond to large fluctuations in world food prices? We study this question in an open economy model in which imported food has a larger weight in domestic consumption than abroad and international risk sharing can be imperfect. A key novelty is that the real exchange...

This paper was commissioned by DG ECFIN from the EU Commission as part of the "EMU@10" project and is published in Hungarian language by the permission of the EU Commission. The original English language version of the paper is available at:...

The paper discusses the risks and challenges faced by the new members on the road to the euro and the strategies for and timing of euro adoption. We investigate the real-nominal convergence nexus from the perspective of euro area entry. We argue that the initial level of economic development as...

The impacts of fluctuations of exchange rates of foreign hard currencies are well documented in economics literature. There are measures taken over by countries to absorb their impacts on income, employment and national economies ability to function and produce. However, distortions are observed...

Empirical studies of the global liquidity spillover on Indonesia's economy are still relatively limited. Most of the global contagion literature on Indonesia's economy focuses only on the effects of real shock (on output) due to financial shock. We assert that the effect of global output on...

This paper uses quarterly data to examine the effect of global and domestic factors on the real effective exchange rates (REER) for 20 emerging market economies for 2000-2015. We find that GDP growth and the domestic policy interest rate are robustly associated with REER appreciation in emerging...

The public sector, in carrying out its operations, often incurs foreign currency denominated liabilities and, as such, is exposed to exchange rate fluctuations that could affect the value of public debt to GDP ratios over time. This paper shows that converting foreign currency denominated flows...

Purpose - the purpose of our article is to study structural changes in the national economy using a portfolio model of sectors with different returns and, on this basis, processing the methodology for identifying the current state and instrumental factors of economic policy. Research methodology...