This paper studies the relationship between the probability of devaluation of the Brazilian real and the fundamentals of the economy for the period 1995-1998. We use a model of a fixed exchange rate system that allows for multiple equilibria and, therefore, makes possible the identification of...

This paper analyses the effects of enlarging the initial Euroland of eleven members to one including all the fifteen member states of the European Union. The analysis is done in terms of consequences in the decision-making process and in welfare. In the framework of the model developed by...

It is the purpose of this paper to focus on the consequences of the Ricardian offset to the conduct of stabilising fiscal policies. If equivalence prevails there is no scope for effective stabilising fiscal policies. A review of the theoretical requirements of Ricardian equivalence reveals that...

The aim of this paper is to analyse the impact of payment cards use on the amount of money in circulation in Belgium. In all developed countries the amout of notes and coins has decreased over the past years. Such tendency can be attributed to a slow, but continuous process of substitution of...

Multinational companies and national governments pay considerable attention to labor costs and labor productivity differentials across countries. This paper analyzes total and unit labor differentials for a group of European and non-European countries in the 1960-1998 period. It deals with (i)...