This paper examines the current level of central bank independence (CBI) and transparency in a broad sample of countries using newly constructed measures, and looks at the evolution in both measures from an earlier time period. Increases in CBI have tended to occur in more democratic countries...

This paper argues that the IMF's traditional monetary conditionality-a ceiling on net domestic assets of the central bank and a floor on its net international reserves-should be adapted in IMF-supported adjustment programs with countries which have a framework of explicit inflation targets for...

This paper focuses on monetary and exchange rate policies in Colombia, with particular emphasis on the period 1999-2002, when flotation of the peso and inflation targeting were adopted. We argue, first, in favor of adopting "operational inflation target ranges" and, second, in favor of...

A widely agreed proposition in modern economics is that policy rules have greater advantage over discretion in improving economic performance. Simple monetary policy instrument rules are feasible options for developing countries lacking the pre-requisites for more sophisticated targeting rules....

In this paper we try to check if and how the macroeconomic performances induced by a Taylor’s rule based kind of monetary policy are (or not) more efficient than those effectively induced by the most important central bank’s monetary policies. In this kind of respect, we use a simple three...

This report analyses the impact of product market reforms, in the form of the EU Single Market Programme, on the extent of product market competition and the subsequent effects of competition on innovation activity and productivity growth.The report first summarises the main messages from the...

The aim of this study is defining and finding fiscal politics in the function of the development of our economy in this transition phase as well as identifying the fiscal measures to overpass the existing difficulties within future development framework of the country. The paper contains very...

Following the US financial crisis of 2006-2007, the global economy suffered from negative spillover effects of it since fall 2008. In this study, the effects of global financial crsis on Turkish economy (2008-2010) and the macroeconomic performance of the Turkish government (before and) during...

This paper examines the macroeconomic implications of symmetric and asymmetric oil price and oil revenue shocks in Nigeria, using the Vector Autoregressive (VAR) estimation technique. The paper finds that both positive and negative oil price shocks influence real government expenditure only in...

This paper examines the macroeconomic implications of symmetric and asymmetric oil price and oil revenue shocks in Nigeria, using the vector autoregressive (VAR) estimation technique. The paper finds that both positive and negative oil price shocks influence real government expenditure only in...