This paper uses a VAR model to quantify the relative importance of external debt, exchange rates, monetary policy and other selected variables when explaining output fluctuations in Brazil. Using the money market rate as a policy instrument, impulse response functions indicate that shocks to the...

Since May 2004, Slovenia has been a member state of the European Union. Although trade barriers had been removed to a large extent with the progressing accession negotiations, participation in the EU is further fostering the European economic integration of the new member states. One important...

On 1 January 2007, Slovenia was the first new EU member state to enter the euro area. Since June 2004 the Slovenian tolar participated in the exchange rate mechanism ERM-II with a central parity of 239.64 against the euro. This parity was also the conversion rate upon euro area accession....