The relationship between the distribution of political rights and that of economic resources has been studied both theoretically and empirically. This paper reviews the exsisting literature and, in particular, the available empirical evidence. Our reading of the literature suggests that formal...

Recent theoretical developments in exchange rate economics have led to important new insights into the functioning of the foreign exchange market. The simple models of the 1970s, which could not withstand empirical evaluation, have been succeeded by more complex models that draw on theoretical...

In this paper we present a critical overview of differnt methods of constructing an equilibrium exchange rate. The recent literature on purchasing power parity (PPP) indicates that on its own PPP is not a good vehicle for defining an equilibrium exchange rate. Rather, we argue that the latter...