At the beginning of 1999 the euro was launched as a common currency in 11 European countries. This paper addresses empirically the medium to long-term forces driving the real euro-dollar exchange rate. Constructing a synthetic euro-dollar exchange rate over a period from 1975 to 1998 and...

South Africa looks back to half a decade of fundamental changes: apartheid laws have been abolished, sanctions have been lifted and finally at the end of April 1994 the black South African majority was allowed to vote for the first time. How has the political and economic environment to be...