Showing papers in "PSL Quarterly Review in 1993"
TL;DR: In this article, the authors set in context the issue of central bank independence and compare different indices of Central Bank independence, including monetary policy autonomy, monetary independence, and monetary policy independence.
Abstract: There has recently been worldwide interest in the question of greater monetary policy autonomy for central banks. According to the December 1991 Treaty on European Economic and Monetary Union (EMU), for example, the European Central Bank is supposed to assume practically unlimited responsibility for monetary policy. The authors set in context the issue of central bank independence and compare different indices of central bank independence.
180 citations
Journal Article•
TL;DR: In this paper, the authors examined the US and Italian experiences with technological change and identified three basic elements of technological innovation, including the sources, forms, and procedures of technological change.
Abstract: During recent years the economics of technological change have developed new insights about the sources, forms and procedures of technological innovation. Three basic elements of technological innovation have been identified. Against this background, US and Italian experiences with technological change are examined. JEL: O31
5 citations
TL;DR: In terms of techniques of financial analysis and portfolio management, the methodological approach to CCTs appears to be generally confused as mentioned in this paper, which may be due to the fact that the CCT was first introduced in 1977 in order to meet the need for more effective management of the public debt.
Abstract: CCTs (Italian Treasury credit certificates) were first introduced in 1977 in order to meet the need for more effective management of the public debt. The CCT was accepted in the market as a `centaur': a short-term security in its yield and risk features, but with a long maturity. However, in terms of techniques of financial analysis and portfolio management, the methodological approach to CCTs appears to be generally confused. JEL: G20
4 citations
TL;DR: In the transition of Eastern Europe to democracy and capitalism, a debate ensued between those who believed in establishing a market economy and those who preferred that post-communist countries move along some "third road" as discussed by the authors.
Abstract: In the transition of Eastern Europe to democracy and capitalism a debate ensued between those who believed in establishing a market economy and those who preferred that post-communist countries move along some “third road”. However, within the camp of those who preferred capitalism, made up of both free marketeers and new Keynesians, there were substantial differences. The work highlights the impact of these differences on respective assessments of the political economy of transition.
2 citations
TL;DR: In this article, the authors studied the risk-return profiles of the different types of derivative financial products, and showed that the volumes of derivative transactions have often exceeded those of the underlying instruments that are traded in cash markets.
Abstract: Derivative financial products have experienced a huge expansion during recent years. New products are constantly appearing which seek to expand the scope of risk diversification. Because of their comparatively low transaction costs, the volumes of derivative transactions have often exceeded those of the underlying instruments that are traded in cash markets. Given the size of derivative markets, it is even more important now to understand the risk-return profiles of the different products.
1 citations