Conventional PPP-adjusted real output measures, invaluable for making international comparisons of living standards, may greatly exaggerate the productive capacity of poor countries. The equilibrium prices of an hypothetical world of full economic integration provide an instructive basis for...

In recent papers (1993a and b) we have focused on the role of expectations in influencing Irish interest rates during the EMS period. Here we examine the role of monetary policy actions more directly, and explore the relation between interest rates, on the one hand, and actions of the monetary...

The impact of the single financial market process was expected in the peripheral countries. This report, which concentrates on Greece, Ireland and Portugal, examines the process of financial integration, It focuses on the degree to witch financial portfolios have becomes internationalized, and...