The article aims to analyze the leading factors’ in terms of monetary convergence within the European Union level evolution. Thus, it explores a number of specific indicators of which we could mention inflation, long-term interest rates, public debt and budget deficit, but the analysis also...

Every economy comprises of different sectors with divergent characteristics. These different sectors respond heterogeneously to identical unanticipated macroeconomic stimuli. Using a Vector Autoregression model this study finds that the impact of a monetary policy shock at the sectoral level is...

The objective of the study is to examine the relationship between macroeconomic factors (i.e., population growth; urbanization, industrialization, exchange rate, price level, food production index and live stock production index) and renewable energy in Pakistan over a period of 1975-2012. In...

This paper discusses the causes and consequences of the current trend in which a principal driver of growth is inward remittances by workers deployed overseas. The main benefit of the phenomenon is an easing of the fiscal burden arising from the effectively large transfer from workers to the...

We analyse bilateral Swiss franc exchange rate returns in an asset pricing framework to evaluate the Swiss franc's safe haven characteristics. A "safe haven" currency is a currency that offers hedging value against global risk, both on average and in particular in crisis episodes. To explore...

We take the perspective of a US investor to assess cross-sectional differences in 19 bilateral, conditional currency excess returns in an empirical model that distinguishes between US-specific and global risks, conditional on US bull (upside) or bear (downside) markets. At first glance, our...

We consider an economic scenario where the government seeks to achieve a favourable balance-of-payments over a fixed planning horizon through exchange rate policy and control of the domestic interest rate. We view the dynamics of such an economy as a bounded optimal control problem where the...

This paper aims to assess the harmful impacts of exchange rate depreciations on Pakistan’s economy, including impacts on international capital movements, wages, the domestic price level, and development. Devaluation of a currency in terms of foreign currencies or metallic standards was for...

One of the most pressing issues concerning policymakers today is the choice of an exchange rate regime. Despite the intricacies of this problem, monetary authorities could narrow down their list of options if they were to focus on the following principles: full implementation to ensure...

La transformación de la estructura productiva del país, en los últimos años, se ha realizado a costa de la depredación de los recursos naturales, acarreando una mayor contaminación del aire. Las diferentes actividades productivas contribuyen de una u otra forma a ésta contaminación y...