Thanks to the Maastricht Treaty and similar arrangements, central banks nowadays enjoy considerable independence. This is generally believed to be the result of relatively recent debates, which led to the conclusion that sheltering monetary authorities from the pressures of fiscal policymakers...

This paper identifies leadership regimes in monetary-fiscal policy interactions in three countries, the UK, the US and Sweden. We specify a small-scale, structural general equilibrium model of an open economy and estimate it using Bayesian methods. We assume that the authorities can act...

We study the role of commitment in a version of the Diamond-Dybvig model with no aggregate uncertainty. As is well known, the banking authority can eliminate the possibility of a bank run by committing to suspend payments to depositors if a run were to start. We show, however, that in an...

In many developing and emerging countries, the alarm signals sent by specialists regarding the effects of the global crisis were not taken seriously because these economies were not financially integrated with the world system and consequently, they would not be contaminated. The same confidence...

Recent financial crises, such as in East Asia in the late 1990s, in Latin America during the 1980s, in Mexico in 1994, and in Russia in 1998, have led to recognition, by both policy makers and academics, of the importance of a sound domestic debt market in supporting financial and economic...

In the late 1970s, numerous domestic and external factors began to destabilize the Central American economies. In some cases, a misperception of the seriousness of these problems and a desire to prolong the economic bonanza led to the implementation of countercyclical policies and the...

WHAT IS the most immediate tool of empowerment you can provide a person? Ask an economist. Or ask a laborer who has been moved to the outskirts of the city as a part of the quot;big-progressive resettlement schemequot;. Or ask a student. The most likely answer you will get is:...

This paper investigates the links between asset price movements and fiscal policy developments. Our findings suggest that fiscal policy makers have been responding to asset price movements as indicated by fiscal policy reaction functions. Nevertheless, while asset price movements contribute to...

We explicitly formulate (optimization) problems of finding a key sector and a key group of sectors within the framework of a hypothetical extraction method (HEM), and derive their solutions in terms of simple measures termed industries' factor worths. It is shown that the top k gt;= 2 sectors...

The paper examines the Lisbon Strategy of European Union and Cohesion Policy of European Union with the aim of understanding collaborative dimensions in line with being knowledge societies and coping with international competitiveness. While the year of 2005 reflects a re-launch of the Lisbon...