We present an extensive analysis of the consequences for global equilibrium determinacy in flexible-price open economies of implementing active interest rate rules, i.e., monetary rules where the nominal interest rate responds more than proportionally to inflation. We show that conditions under...

This study examines the relationship between the foreign exchange regime and macroeconomic performance in Eastern Africa. The study focuses on seven countries, five of which decisively liberalized their foreign exchange regimes. The study assesses the relationship between (i) growth and various...

This paper aims to assess the economic impact of the IMF’s support through its facilities for low-income countries. It relies on two complementary econometric analyses: the first investigates the longer-term impact of IMF engagement—primarily through successive medium-term programs under the...

The present research is concerned with estimating the macroeconomic effects on the Italian economy of an increase in the productivity of government activities triggered by the full implementation of the recent structural reform of public administration. There are several levers through which an...

This article presents the results of a careful analytical review of the Mozambican economy based on the scattered evidence of a recently published set of national accounts data, covering the period up to 1993, will be drawn upon. However, the objective is not to reach a final position on whether...

This paper is a study of the joint impact of macroeconomic conditions and of party endorsements on the result of parties? candidates in local elections in France. Our sample covers the 1983-2001 period, and around 600 towns. We first test for economic variables, and find that the electorate...

This paper examines El Salvador’s transition to official dollarization by comparing aspects of this regime to the fixed exchange rate regime prevailing in the 1990s. Commercial bank interest rates are analyzed under an uncovered interest parity framework, and it is found that...

Pakistan showed a healthy growth rate of 5.6 percent during the entire history and faced many ups and down in the economic growth due to dramatic changes in the political regimes. The literature shows mixed results regarding the impact of autocracy or democracy on economic growth. The aggregate...

Central America's economic performance in recent years has benefited from improved macroeconomic management, a favorable external environment, as well as rising investor confidence since the region has pursued greater access to global markets, particularly with the signing of DR-CAFTA in 2004....

A near-consensus position in modern macroeconomics is that policy rules have greater advantage over discretion in improving economic performance. For developing countries in particular, simple instrument rules appear to be feasible options as prerequisites since more sophisticated targeting...