Countries' concerns about the value of their currency have been studied and documented extensively in the literature. Capital controls can be — and often are — used as a tool to manage exchange rate fluctuations. This paper investigates whether countries can benefit from using such a tool....

Countries' concerns about the value of their currency have been studied and documented extensively in the literature. Capital controls can be - and often are - used as a tool to manage exchange rate fluctuations. This paper investigates whether countries can benefit from using such a tool. We...

Avoiding the broader output losses to their economy is likely to be the key reason why governments avoid debt crises. Despite this, there has been little work that seeks to quantify output losses associated with such crises. This paper seeks to fill this gap. We find that debt crisis episodes...

Avoiding the broader output losses to their economy is likely to be the key reason why governments avoid debt crises. Despite this, there has been little work that seeks to quantify output losses associated with such crises. This paper seeks to fill this gap. We find that debt crisis episodes...

Since EMU represents a currency area with a GDP level and a world market share comparable to the United States, it is widely expected that the euro will become an important international currency. This paper suggests simple methods of how to quantify the effects that EMU may exert on the roles...

Since EMU represents a currency area with a GDP level and a world market share comparable to the United States, it is widely expected that the euro will become an important international currency. This paper suggests simple methods how to quantify the effects that EMU may exert on the roles of...