The origins of national accounting can be traced back to the 17th century. However, modern national accounts have largely developed since the late 1940s, although some initial forays commenced a couple of decades earlier. The three most important standards for the economic accounts are those for...

The origins of national accounting can be traced back to the 17th century. However, modern national accounts have largely developed since the late 1940s, although some initial forays commenced a couple of decades earlier. The three most important standards for the economic accounts are those for...

A recurrent and indeed persistent problem in European economic history – a veritable deus ex machina -- from medieval to modern times, is Europe’s supposed ‘balance of payments’ problem in trade with the ‘East’. This supposed problem has often been couched in Mercantilist overtones:...

The paper proposes to analyze the evolution of foreign trade during the crisis in Romania. The evolution of foreign trade is analyzed using a simulation model. The period of analysis is 2006-2014. The data source is Eurostat and National Bank of Romania. Also, based on these data, we propose an...

Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request...

This paper presents the primary institutions and economic policies that have led to Chile’s remarkable record of stability and growth over the past twenty years. The core of this policy stance is the combination of fiscal discipline and an open trade policy regime, together with carefully...

This 2004 Article IV Consultation highlights that economic growth in South Africa slowed in 2003 to 1.9 percent, from 3.6 percent in 2002, despite strong domestic demand. Fuelled by low interest rates, a more expansionary fiscal stance, and the wealth effects from strong commodity and property...

This 2005 Article IV Consultation highlights that the economic recovery in Mexico that began in mid-2003 has continued in 2005, though at a slower pace. A broad-based expansion of economic activity in 2004, driven by a rebound of private consumption and private investment, took growth up to 4.4...

This 2004 Article IV Consultation highlights that following a rather tepid recovery, the United States economy gathered strength in 2003. Supported by continued robust productivity growth, real GDP growth began to exceed the growth rate of potential output around midyear. The recovery broadened...

This 2004 Article IV Consultation highlights that Zimbabwe’s real GDP declined by 9.3 percent in 2003, and an additional broad-based decline is projected in 2004. Year-over-year inflation reached 600 percent during November 2003–February 2004. However, monthly inflation, which had...