In 1871-73, newly unified Germany adopted the gold standard, replacing the silver-based currencies that had been prevalent in most German states until then. The reform sparked a series of steps in other countries that ultimately ended global bimetallism, id est, a near-universal fixed exchange...

Financial 'euroization'-or 'dollarization' outside of Central and Eastern Europe-is typically analyzed as a singular phenomenon that can be traced to a common set of factors. This paper argues that two types of euroization need to be distinguished, which have different causes, economic...

When the euro was introduced in 1998, one objective was to create an alternative global reserve currency that would grant benefits to euro area countries similar to the U.S. dollar's 'exorbitant privliege': id est, a boost to the perceived quality of euro denominated assets that would increase...

This paper discusses fiscal surveillance criteria for the countries of the Central African Monetary and Economic Union (CEMAC), most of which depend heavily on oil exports. At present, the CEMAC's macroeconomic surveillance exercise sets as fiscal target a floor on the basic budgetary balance....

When the euro was introduced in 1998, one objective was to create an alternative global reserve currency that would grant benefits to euro area countries similar to the U.S. dollar's 'exorbitant privliege': i.e., a boost to the perceived quality of euro denominated assets that would increase...

Climate financing and compensation have emerged as key themes in the international climate mitigtion debate. According to one argument in support of compensation, advanced economies (AEs) have used up much of the atmosphere’s absorptive capacity, thus causing global warming and blocking a...

In the early 1870s, the global monetary system transitioned from bimetallism—a regime in which gold and silver currencies were tied at quasi-fixed exhange ratios—to the gold standard that was characterized by the use of (only) gold as the main currency metal by the largest and most advanced...

Contents -- I. INTRODUCTION: FISCAL POLICY SURVEILLANCE IN THE CEMAC ZONE -- II. THE ANALYTICAL FRAMEWORK -- III. CONTROLLING FOR THE VOLATILITY IN PETROLEUM PRICES -- IV. SAVING OIL WEALTH FOR FUTURE GENERATIONS -- V. EVALUATING FISCAL SURVEILLANCE IN THE CEMAC ZONE -- VI. SUMMARY AND...

Intro -- Contents -- I. INTRODUCTION AND OVERVIEW -- II. A BRIEF REVIEW OF MACROECONOMIC DEVELOPMENTS SINCE THE EARLY 1990S -- III. THE DATA -- IV. SECTORAL BALANCE SHEETS AND THEIR INTERACTIONS -- V. CONCLUSIONS -- References -- Appendix I: Balance Sheet Matrices for 1996, 1998, 1999, 2000,...