We analyze the costs of trade restrictions for a small developing economy. Capital goods are only introduced on the market if it is profitable to do so. The economy evolves to a balanced growth path in which income, welfare, and the share of introduced capital goods increase if trade...

This five-chapter introduction into international money and foreign exchange markets covers all the basics, theoretical, institutional, as well as empirical. After a brief review of the money market, we discuss the size and structure of the foreign exchange markets. This information is then used...

This four-chapter overview of basic exchange rate theories discusses (i) the elasticity and absorption approach, (ii) the (long-run) implications of the monetary approach, (iii) the short-run effects of monetary and fiscal policy under various economic conditions, and (iv) the transition from...

The goal of the construction of a Monetary Conditions Index (MCI) is to analyze boththe interest rate channel and the exchange rate channel. The construction is based on standardopen economy macroeconomic models. MCI is the weighted sum of the change in short-terminterest rate and the exchange...

Tourism, by its nature, generates important economic, social, political, and culturaleffects on the society as a whole, thus playing an indisputable role in the development of a nation.As a socio-economic activity, tourism represents, by its content and role, a distinct domain ofactivity, a...

This milestone provides a broad overview of model development under Work Package 205 of the WWWforEurope project. It describes briefly the challenge of modelling combined economic, ecological and financial systems and sets out a series of objectives for modelling the socio-economic transition...

This volume focuses on the crucial relationships between domestic and international economic developments and on their implications for monetary, fiscal, and exchange rate policies.

This book examines the phases of the Economic Stabilization Program from 1971 to 1974, analyzing the controls as an "income policy" tool that was part of the U.S. response to inflation.

This work aims to present the exact thinking and action of the Romanian Communist leaders that had as declared purpose the Romanian societyâ€(tm)s propseprity company. This falls into the line drawn by the Communists, but in the case of Romania the ambitions were far above the country\'s...