The dollarization of bank deposits in developing economies may result in a currency mismatch in domestic banking activities, as recent literature has suggested. This may, in return, increase financial fragility, create balance sheet problems, and affect bank profitability in such economies. This...

We extend the literature on the effectiveness of International Monetary Fund (IMF) programs in two directions. First, we undertake a sensitivity analysis by applying several assessment methods commonly used in the literature to a common data set to check the robustness of inferences regarding...

We compare the convergence with German monetary policy of the Balkan and Mediterranean country candidates for European Union (EU) membership with that of countries that have recently joined the EU. Significant linkages exist between German base money stock and that of recent members of the EU;...

This paper investigates which theory--crisis- or noncrisis-contingent theory-- may better explain the comovements observed between Turkish and Greek financial market returns. Using cointegration and vector error-correction models, we first establish interdependence and a long-run causal...