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Based on a colloquium held by SUERF jointly with the Austrian National Bank, this book addresses the issue of adapting to the demands of financial globalisation, a pressing preoccupation of bankers financial institutions and financial authorities.
This paper presents a methodology for calculating bilateral equilibrium exchange rates for a panel of currencies in a way that guarantees global consistency. The methodology has three parts: a theoretical model that encompasses the balance of payments and the Balassa-Samuelson approaches to real exchange rate determination; an unobserved components decomposition in a cointegration framework that identifies a time-varying equilibrium real exchange rate; and an algebraic transformation that extracts bilateral equilibrium nominal rates. The results uncover that, by the start of Stage III of the European Economic and Monetary Union (EMU), the euro was significantly undervalued against the dollar and the pound, but overvalued against the yen. The paper also shows that the four major EMU currencies locked their parities with the euro at a rate close to equilibrium.
A landmark history of the world economic order, exploring how developing countries have fought to escape impoverishment Over the past two decades, experiments in neoliberal economics have opened up a chasm of inequality between the Global South and the West. Development advice from richer nations has led to social upheaval, political unrest, environmental degradation--and even the creation of a new underclass. Brutal extremes of wealth and poverty are now commonplace. Ali A. Allawi traces the evolution of the world economic order from the late imperial era to the present day. Shedding light on continuing controversies, Allawi shows how the process of development has been hindered at every turn, from poor leadership and lost opportunities to widespread corruption. In doing so, he argues that the current neoliberal consensus is only the most recent of a series of failed policy imperatives. Covering issues in the Global South as well as failures in the West, this definitive account offers an impassioned and authoritative call for change.
This report evaluates the role of the IMF in Argentina during 1991-2001, focusing particularly on the period of crisis management from 2000 until early 2002. The primary purpose of the evaluation is to draw lessons for the IMF in its future operational work. The evaluation suggests ten lessons, in the areas of surveillance and program design, crisis management, and the decision-making process, and, on the basis of these lessons, offers six sets of recommendations to improve the effectiveness of IMF policies and procedures.
The IBSS is the essential tool for librarians, university departments, research institutions and any public or private institutions whose work requires access to up-to-date and comprehensive knowledge of the social sciences.
Delving into the phenomenology of corruption and its impacts on the governance of societies, this cutting edge Encyclopedia considers what makes corruption such a resilient, complex, and global priority for study. This title contains one or more Open Access entries.
Se revisan los diferentes episodios de emigración en España desde los comienzos del siglo XX, haciendo énfasis en los factores que la provocan. Los periodos considerados son 1900-1950 y 1950-1973. La emigración extranjera es tambien considerada.