This paper analyzes credibility in the Colombian exchange rate target zone. A model of imperfect credibility, in the spirit of Bertola and Svensson (1993) is derived, and is used to explain why the exchange rate in Colombia has remained for prolonged periods near the borders of the zone. The...

This paper analyzes credibility in the Colombian exchange rate target zone. A model of imperfect credibility, in the spirit of Bertola and Svensson (1993) is derived, and is used to explain why the exchange rate in Colombia has remained for prolonged periods neathe borders of the zone. The main...

Abstract: Rund ein Drittel der deutschen staatlichen Mittel für Entwicklungszusammenarbeit (EZ) werden multilateral vergeben. Im Gegensatz zur bilateralen EZ besteht bei dieser Vergabeform keine direkte Beziehung zu den Empfängerländern. Vielmehr werden internationale Organisationen für...