Spain's participation in European integration has strengthened its policymaking credibility and created an enviroment conducive to sustainable economic growth. Over the last decade, Spain has seen improvements in inflation, output, employment, and its balance of payments, and it has...

This paper investigates the issue of monetary interdependence among members of the European Monetary System over the period 1979–91 and the leadership role attributed to the German central bank in the process of monetary integration, and looks for possible changes in central banks’...

[eng] Is the foreign exchange market efficient? . . The issue of foreign exchange market efficiency is raised once again. The Uncovered Interest Parity test is applied, using the SUR methodology, to two groups of currencies — those Hoating against the US dollar and those abiding by the rules...

[eng] Money, balance of payments. and the foreign exchange market :. a methodological analysis. . This paper present a methodological analysis of the relationships between the balance of payments, on one hand, the foreign exchange market and the money stock, on the other hand. The paper starts...

Whether the prospective shift of the peg of the CFA franc to the euro would constitute an exchange rate arrangement with EMU countries would depend critically on the interpretation of the free convertibility of the CFA franc guaranteed by France. Nonetheless, this shift is likely to leave the...