This paper reassesses the dynamic links between trade and growth in India during the post-independence period. The main result is a short-run bi-directional relationship between exports and output growth. This finding is supported both by standard Granger causality tests, and by an alternative...

The paper tests purchasing-power-parity as a long-run equilibrium condition, focusing on bilateral exchange rates between the dollar, the mark, and the yen. The sample consists of quarterly data ranging from 1955 to 1990. Differently from most previous work’s, a preliminary data investigation...

The theoretical framework developed in Baxter (1985) is adapted to test the credibility of French economic policy since the last EMS realignment. In line with findings from the target zone literature, a significant increase in credibility is documented for the 1988-1991 period; however, unlike...

This paper addresses an interesting theoretical intuition, originally put forward in De Grauwe (1989), according to which market efficiency should find stronger support in a pegged exchange rate regime rather than in a purely floating context. A cointegration-based empirical investigation on the...

This paper reassesses the empirical evidence on the finance-growth nexus for India through a large annual data set (1950-2006) and contributes to the current literature in many respects. Differently from most previous research, the empirical evidence supports the ‘demand-following’...

I show that accounting for a structural monetary policy shock associated with the 2007-2008 global financial crisis is crucial in order to obtain moderate empirical support for the Fisher effect in India since the liberalization of the early 90’s. Additional empirical evidence about the...

L’articolo contiene un’analisi empirica sulla volatilità del tasso di cambio lira/dollaro nel periodo 1973/86 o sull’ipotesi di parità di interesse scoperta. Sulla base dei tests effettuati la volatilità di questo tasso di cambio non appare generalmente « eccessiva » mentre...

The available evidence shows that less developed countries (LDCs) have been quite systematically excluded from the catch-up process. The absence of Laces’ convergence stands in striking contrast with the implications stemming from the traditional growth model. The recent revival of interest in...

examines the volatility of the U$/Euro exchange rate during the period 1999-2005. According to our estimates, the degree of volatility persistence, although statistically significant, is rather low; moreover, there is no evidence of an asymmetric response of predictable volatility to past...

This paper assesses the validity of the ECB ‘benign neglect’ approach towards foreign exchange markets. I extend the analysis performed in Tronzano (2008) on the U$/Euro rate, applying a wide range of conditional volatility models to Yen/Euro data from 1999 to 2007. An overall evaluation of...