This paper provides a description of the economic growth process and its major characteristics in the Netherlands from the 1930s up to the present. The first part presents some main characteristics of the long-run growth performance of the Dutch economy. It is shown that the Netherlands has...

In this note, the authors present the outcomes of two unit root tests, which allow for the existence of a break in real GDP for twelve industrial countries, using data for the period 1870-1989. The authors conclude that in the majority of the countries real per capita GDP has no unit root and...

Using a panel data approach and three different credibility measures, the authors argue that unemployment, inflation, and budget deficits in participating countries have affected the credibility of the exchange rate mechanism of the European Monetary System. In contrast to most previous...

Using various indicators for central bank independence the authors examine the relationship between central bank independence and government budget deficits. Using a two-stage procedure they also analyze whether central bank independence affects the monetization of deficits. First, the...

We construct a money market pressure index based on central bank reserves and the short-term nominal interest rate to identify banking crises, thereby extending the index proposed by Von Hagen and Ho (2007), also in terms of the number of countries covered. We compare the crises identified by...