Despite the general improvement in controlling price levels over the last two decades, substantial amount of the population in developing world still save and borrow in foreign denominated currencies. There are reasons to believe that high degree of financial dollarization might impose...

This paper considers the link between macroeconomic policy and housing demand in an upper middle-income transition economy, Kazakhstan. The paper further explores price cointegration and contagion across cities. We find evidence that some parts of the housing market lead others but that,...

Over the last two decades, there has been a significant increase in the number of countries that began to pursue an Inflation Targeting monetary policy framework. Since the collapse of the Soviet Union, each of the fifteen newly created independent countries started to develop and run their own...