The purpose of this paper is to analyse the reasons for de Gaulle's framatic policy choices in 1958, which, if they marked a reversal of his earlier views on Europe, were to provide the key to understanding his subsequent policy towards West Germany, Britain and the EEC. r.

Latin America began the twentieth century as a relatively poor region on the periphery of the world economy. This paper argues that policy responses in the 1930s, and subsequent decades of relative economic retardation, can be better understood as that cause and effect of the creation of...

This paper uses currency option data from the BMF, the Commodities and Futures exchange in Sao Paulo, Brazil, to investigate market expectations on the Brazilian Real-U.S. dollar exchange rate from October 1994 through March 1999. Using options data, we derive implied probability density...

This paper develops an explicitly stochastic "new open economy macroeconomics" model, which can potentially by used to explore the qualitative and quantitative welfare differences between alternative exchange rate regimes.

We show that if exchange rate pass-through is incomplete, a country's terms of trade may move in the same or contrary direction to the nominal value of its currency. Moreover, when the degree of pass-through is endogenous, the trade balance must improve if the currency devalues.