The easing of controls on interest rates has led to higher interest rate volatility in India. Hence, there is a need to … assess the interest rate risk carried by a sample of Indian banks in March 2002. We find evidence of substantial exposure to …

This paper explains why sovereign issuers of reserve currencies do not use unexpected inflation to repudiate their … excessive money creation. It is shown that even without policy precommitment or aversion to inflation, the availability of … alternative currencies can support an equilibrium with a finite, time consistent inflation rate …

Chinese inflation, particularly non-food inflation, has been surprisingly modest in recent years. We find that supply …-food inflation, as has foreign demand for Chinese goods. Domestic demand and monetary conditions seem less important, possibly … reflecting a large domestic output gap generated by many years of high investment. Inflation varies systemically within China …

This paper explores inflation determinants within the EU and implications for new members'' euro adoption plans. Factor … analysis partitions observed inflation in EU25 countries into common-origin and country-specific (idiosyncratic) components …. Cross-country differences in common-origin inflation within the EU are found to depend on gaps in the initial price level …

initially so that the baseline forecast replicates staff baseline projections over the medium term. We analyze two main risk …