Cambodia became dollarized suddenly in the early 1990s, as a result of massive dollar inflows stemming from a postconflict situation. Considering that the amount of dollars in circulation is unusually high, we attempt to estimate the true degree of dollarization empirically. Our results show...

In this paper, the IMF's new Global Economy Model (GEM) is used to estimate the contribution of unbalanced growth to the decline in the share of goods production in Australia and New Zealand. The simulation results suggest that faster productivity growth in the tradable goods sector in...

This report on the Russian Federation’s Article IV Consultation highlights Data Module and response by the authorities. Russia’s statistical system has made good progress in adopting international statistical methodologies in response to the need to capture in the statistics the...

The aim of the present paper is to assess the degree of central bank legal independence enjoyed by the central banks of the south shore of the Mediterranean Sea, which belong to the Euro-Mediterranean Partnership and to shed some light on the macroeconomic outcomes of different degrees of...

Using a sample of 25 economies in transition from 1990 to 2001, this paper deals with the evolution of output and its relation to the different large-scale privatization policies applied by the countries. Ceteris paribus, we econometrically show that the choice of a privatization policy can lock...

The European Union and its Member States have been engaged in product market reforms over a long period with notable reforms including the Single Market Program and the Lisbon Agenda launched in March 2000. Product market reforms are seen as exerting both a direct and an indirect impact on...

Since the beginning of the 1990s, both industrialised and developing countries have adopted inflation targeting as a monetary policy strategy. Their central banks have designed their legal mandates to instutionalise monetary policy to aim only at price stability. In this sense, price stability...

In this paper, a macroeconomic performance index (MEP10) which consists of selected ten indicators is proposed to evaluate the relative performance of Turkish governments by using monthly data for the period of December 1987 – April 2007. According to the multi-staged evaluation process...

With China's share in global trade increasing rapidly, some argued in 2002-03 that China was exporting deflation to other countries as it was dumping cheap goods in mature markets. Later, others argued that China was sucking in commodities and thus causing sharp increases in global prices. The...

This paper argues that limited asset market participation is crucial in explaining U.S. macroeconomic performance and monetary policy before the 1980s, and their changes thereafter. We develop an otherwise standard sticky-price dynamic stochastic general equilibrium model, which implies that at...