This paper discusses issues related to the sequencing of the reforms that are necessary to transform the economies in Eastern Europe into market economies. It is first argued that the transition path of these economies will be smoother and less costly if a clear statement of the ultimate goals of the reforms is made at the outset. Interdependence between different aspects of the reforms implies that an appropriate strategy is to move on a broad front from the very beginning of the transformation process dealing simultaneously with macroeconomic stabilization, price reforms and convertibility, and privatization of state enterprises. It is also argued that a rapid reform process is preferable to a gradual one.
An increasing number of central banks have adopted the inflation targeting strategy, and the trend does not seem to be ending. If inflation targeting offers a precise framework, its policy implications are surprisingly imprecise. For the strategy to be understood and generally supported, inflation targeting central banks need to communicate clearly and precisely. This is undoubtedly why they have also adopted the practice of producing a new publication, often referred to as inflation reports. This study, the second Special Report in the ICMB/CEPR series of Geneva Reports on the World Economy, offers the first in-depth analysis and evaluation of 20 inflation reports.
A Guide to International Monetary Economics is a systematic overview of exchange rate theories, an analysis of exchange rate systems and a discussion of exchange rate policies including discussion of the obstacles that may confront policymakers while running any particular system. This third edition emphasises recent developments such as the creation and expansion of the euro and the radical solution of dollarisation. The book is a concise treatment of this complex field and does not encumber the reader with a surfeit of potentially distracting Institutional details.
Erstmals wird hier die Fulle der englischsprachigen Athiopienliteratur geordnet dargeboten. In 100 Sections fuhrt der Autor alle fur die wissenschaftliche Beschaftigung mit Athiopien wichtigen Buch- und Zeitschriftenbeitrage zum Beispiel zur "Historyof Research", "Archaeology", "Religion", aber auch Fragen der "Sociology", "Agriculture", "Zoology" und "Medical Sciences" auf. Wie im Falle der deutschsprachigen Literatur ("Bibliographia Aethiopica: Die athiopienkundliche Literatur des deutschsprachigenRaumes" = Aethiopistische Forschungen 9 [1982]) berucksichtigt der Autor auch alle ihm zuganglichen Besprechungen, womit bei einer Aufnahme von mehr als 24.000 Titeln eine Art "Bibliographic Enzyclopedia" entstanden ist.
This comprehensive reference is clearly destined to become the definitive anatomical basis for all molecular neuroscience research. The three volumes provide a complete overview and comparison of the structural organisation of all vertebrate groups, ranging from amphioxus and lamprey through fishes, amphibians and birds to mammals. This thus allows a systematic treatment of the concepts and methodology found in modern comparative neuroscience. Neuroscientists, comparative morphologists and anatomists will all benefit from: * 1,200 detailed and standardised neuroanatomical drawings * the illustrations were painstakingly hand-drawn by a team of graphic designers, specially commissioned by the authors, over a period of 25 years * functional correlations of vertebrate brains * concepts and methodology of modern comparative neuroscience * five full-colour posters giving an overview of the central nervous system of the vertebrates, ideal for mounting and display This monumental work is, and will remain, unique; the only source of such brilliant illustrations at both the macroscopic and microscopic levels.
This paper discusses issues related to the sequencing of the reforms that are necessary to transform the economies in Eastern Europe into market economies. It is first argued that the transition path of these economies will be smoother and less costly if a clear statement of the ultimate goals of the reforms is made at the outset. Interdependence between different aspects of the reforms implies that an appropriate strategy is to move on a broad front from the very beginning of the transformation process dealing simultaneously with macroeconomic stabilization, price reforms and convertibility, and privatization of state enterprises. It is also argued that a rapid reform process is preferable to a gradual one.
An increasing number of central banks have adopted the inflation targeting strategy, and the trend does not seem to be ending. If inflation targeting offers a precise framework, its policy implications are surprisingly imprecise. For the strategy to be understood and generally supported, inflation targeting central banks need to communicate clearly and precisely. This is undoubtedly why they have also adopted the practice of producing a new publication, often referred to as inflation reports. This study, the second Special Report in the ICMB/CEPR series of Geneva Reports on the World Economy, offers the first in-depth analysis and evaluation of 20 inflation reports.
This paper investigates linkages between stock markets in seven industrialized countries since 1974. Empirical evidence shows that both nominal and real stock prices (and returns) are strongly positively correlated across countries, and that nominal exchange rate changes do not have systematic effects on nominal stock prices. A two-country theoretical model is developed and an attempt is made to reconcile the empirical findings with the properties of this model. Independent evidence on the main sources of shocks is used to argue that the time-varying correlation in the data can be reconciled with the predictions of the theory.
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