The paper investigates the potential effects of the exchange rate regime on the conditional volatilities and international correlations on bond and stock markets. The analysis is essentially empirical. It focuses on the recent experience of the EMS, and examines the behavior of domestic daily...

The paper examines to what extent a high public debt implies high vulnerability of a fixed exchange regime to currency crises. We combine a model of optimal debt repudiation, through inflation-devaluation, with a stochastic balance of payments crisis model.

This paper presents estimates of rural and urban poverty and inequality for the 61 constituent "regions" of India's 16 major states in 1987-88, based on National Sample Survey data. The estimates are also used for preliminary investigation of selected issues, including the regional patters of...