Workers' remittance flows to Turkey have dramatically increased since the 1960s, constituting a significant proportion of imports. The empirical evidence in this paper indicates that black market premium, interest rate differential, inflation rate, growth, home and host country income levels,...

Increasing economic integration around the world bestows workers' remittances a growing potential importance as a source of financing foreign transactions. This paper investigates trends in workers' remittances in developed and less developed countries since the 1980s. Both the magnitude of...

This Paper develops extensive new indices of legal independence (Central Bank Independence, or CBI) for new central banks in 26 former socialist economies (FSEs). The indices reveal that central bank reform in the FSE during the 1990s has been quite ambitious. In spite of large price shocks,...

Bank regulation and supervision (RS) is a formal institutional mechanism that aims to reduce the adverse selection and moral hazard risks in the banking sector. This paper offers an empirical exploration of the relationship between banking-sector performance and RS using data on the legal...

This paper presents an empirical investigation of the effectiveness of the institutional frameworks of monetary policy in achieving and maintaining price stability. The institutional frameworks considered are central bank independence (CBI), inflation targeting (IT), currency boards (CB) and...