This paper analyses the influence of the exchange rate regime of a country on the level of tolerated corruption with a special focus on the interdependency of monetary and fiscal policies. Using a simple theoretical framework based on Barro-Gordon-Model I compare independent monetary policy with...

Im vorliegenden Papier wird der Frage nachgegangen, welche Anpassungsprozesse sich in einem Zielzonensystem – wie etwa dem WKM II – ergeben, wenn der reale Wechselkurs der Inlandswährung unter Aufwertungsdruck gerät. Die modelltheoretische Grundlage bildet das Krugman’sche Grundmodell...

The choice of an exchange rate peg often points to a trade-off between gaining credibility and losing flexibility. We show that the flexibility loss may be reduced if domestic and foreign shocks are correlated and more volatile. Allowing for a plausible structural change after a peg, a...