Many monetary and fiscal policy decision makers and economists hold the view that exchange rates are volatile even though nominal exchange rates vary less than many other financial market prices and yields. This paper seeks an explanation for this puzzle by contrasting exchange rate dynamics in...

This paper addresses the interactions between globalization, the quality of democracy, and economic convergence using simultaneous estimation techniques. To reflect process, we use multi-dimensional, de facto, and continuous measures of democracy and globalization. To reflect context, as defined...

In order to assess the growth implications of policy complementarities, this paper applies second-best results to reform indicators. During the transition from central planning to EU integration, which corresponds to a policy cycle, a complementarity index based on structural indicators compiled...

Portuguese Abstract: Ao longo de 100 anos, o recurso da República a mercados financeiros externos, maisou menos articulado com a Organização Económica e Financeira ou o Fundo MonetárioInternacional, permite retirar lições que continuam relevantes. Tendo-me sido facultadoselementos...

This paper derives optimal weights for current-account and reserve indicators for adjusting the exchange rate (a "crawling peg"). Keven (1975)showed that use of a current account indicator alone would not stabi1iereserves, while a reserve indicator results in unstable fluctuations in the...

In a previous analysis of the West African Monetary Union, Macedo(1985a), size is taken to be a major structural characteristic of a country in the sense that large countries are not affected by disturbances originating in small countries but small countries are affected by large countries'...

Using a large panel for 95 countries and the 1972–2014 period, this paper analyses the interactions among globalization, political & civil rights and economic convergence, through a simultaneous estimation technique. We use a multi-dimensional, de facto, and continuous measures of Freedoms and...

Portuguese abstract: Este texto junta duas comunicações de meu pai (Constantes na Academia das Ciências de Lisboa, Destino na Academia Portuguesa de História) com uma Encíclica querida e anuncia a publicação pela Fundação Calouste Gulbenkian das suas ObrasEscolhidas. Esta iniciativa de...