Showing papers in "PSL Quarterly Review in 1994"
TL;DR: In this paper, the authors examined the role of the German Bundesbank in the collapse of the European Monetary System (EMS) and identified two major causes: German reunification and the Maastricht Treaty.
Abstract: The recent collapse of the European Monetary System (EMS) is a setback in the move towards European economic and monetary union (EMU). Two major causes have been identified for one crisis in the EMS in September 1992 and its subsequent collapse on 2 August 1993: German reunification and the effects of the Maastricht Treaty. The active role of the German Bundesbank in the collapse of the EMS is examined. JEL Codes: F02, E50 Keywords: EMS, EMU, German reunification, Bundesbank
28 citations
Journal Article•
TL;DR: In this article, the authors reviewed the privatisation experiences of Central and Eastern European countries to date and identified the theoretical rational for privatisation in these countries, various methods are reviewed and their application to the countries in question.
Abstract: The debate on privatisation, which now concerns Central and Eastern Europe as it transitions to a market-based economy, has centred mostly on the speed of the process, leaving aside important aspects related to the implementation of proper institutional frameworks. The work discusses this issue, reviewing the privatisation experiences of Central and Eastern European countries to date. The theoretical rational for privatisation in these countries is identified, various methods are reviewed and their application to the countries in question are addressed. Targets, constraints and implications are identified and a preliminary assessment is provided. JEL Codes: P20, P30
11 citations
TL;DR: In this paper, a cross-section comparison of inflation performance inside and outside the EMS is presented, and the authors examine some of the limitations of the analysis contained in the literature and present new empirical evidence that takes into account some aspects that were previously ignored.
Abstract: The paper focuses on the cross-section comparison of inflation performance inside and outside the EMS The evidence contained in the literature is first reviews The author then examines some of the limitations of the analysis contained in the literature and presents new empirical evidence that takes into account some aspects that were previously ignored JEL Codes: E31, E52, F15 Keywords: EMS, inflation, cross-section comparison
9 citations
TL;DR: In this paper, the impact of the liberalisation of international transactions on the industrial sector in Chile during the period 1974 to 1987 was examined, focusing on the way this affected responses from companies.
Abstract: Since 1974 Chile has experienced a radical and thorough process of restructuring. An examination is undertaken of the impact of the liberalisation of international transactions on the industrial sector in Chile during the period 1974 to 1987. Particular attention is focused on the way this affected responses from companies. JEL Codes: F02, F13 Keywords: International trade and balance of payments, Chile, Liberalisation
7 citations
6 citations
TL;DR: The nominal anchor issue refers to the orientation of monetary policy towards the goal of providing a stable price level as mentioned in this paper, and has been an issue of concern and debate in economics and government policies.
Abstract: Volatility of the general price level has long been an issue of concern and debate in economics and government policies. Periods of price-level instability have stimulated proposals for monetary reform aimed either at price-level stabilisation or mitigating the adverse effects of price-level instability. The nominal anchor issue refers to the orientation of monetary policy towards the goal of providing a stable price level. JEL Codes: E52
4 citations
TL;DR: A review of the economic theory of multi-level government finance, the optimal assignment of fiscal responsibilities to various government tiers, and the general applicability of these theories to the European Union can be found in this article.
Abstract: Recent progress towards the construction of the European Union slowed down a little with the exchange rate problems of 1992 and 1993. Central elements in the construction strategy are extending the internal market and building institutions with government functions at the supranational level. A review is undertaken of the economic theory of multi-level government finance, the optimal assignment of fiscal responsibilities to various government tiers, and the general applicability of these theories to the European Union. JEL Codes: F02, F15 Keywords: European Union, institutions, governance
4 citations
TL;DR: In this article, the authors explore the changing nature of the international debt crisis from a banking crisis to a development crisis and discuss the reasons why developing countries become indebted and the causes of the post-1982 crisis.
Abstract: The work explores the changing nature of the international debt crisis, from a banking crisis to a development crisis . The author begins with an overview of the changing debt position of the developing world. The reasons why developing countries become indebted and the causes of the post-1982 crisis are then considered. Finally, events since 1982 are discussed, critically assessing the management of the crisis to date. JEL Codes: G01, F34 Keywords: debt crisis, banking, development, developing world
2 citations
TL;DR: In this paper, the authors discuss the contributions of Italian economists to the analysis of questions relating to money credit and the financial system and explore the underlying reasons for the existence of money and the motivations for financial relations.
Abstract: This survey discusses the contributions of Italian economists to the analysis of questions relating to money credit and the financial system. The underlying reasons for the existence of money and the motivations for financial relations are first explored. Amongst the many important areas surveyed are those concerned with structural aspects of the financial system in Italy that are important to stability and efficiency. JEL Codes: E51, G10
1 citations