Purpose – The paper analyses the challenges of globalization for exchange rate and monetary policy. Design/methodology/approach – It first deals with the implications of globalization for the choice of an appropriate exchange rate regime. Then it discusses different strategic aspects of...

Notes that most of the reforms in Eastern European countries have been piecemeal and have not constituted a comprehensive programme. Describes what a comprehensive programme consists of, why a J‐curve in output and employment arises and what consequences it has. Discusses the possibilities and...

In light of the growing global economic importance of East Asia, this book analyzes and compares the extraordinary development paths and strategies of Japan, South Korea, and China. It examines both the factors that enabled these countries' prolonged periods of high-speed economic growth, and...

Intro -- Contents -- I. INTRODUCTION -- II. THE MODEL -- III. WELFARE, OUTPUT AND CONSUMPTION -- IV. OPTIMAL MONETARY POLICY AND POLICY COORDINATION -- V. SIMPLE RULES AND WELFARE -- VI. CONCLUSIONS -- REFERENCES.