One of the major puzzles of the economic profession is the pricing of exchange rates. Despite the development of numerous theories, the actual behaviour of exchange rates, especially in the short run, is not well understood. This article evaluates several popular exchange rate theories and...

In the nineties, the number of currency crises has been high, both in the industrial world and among emerging countries. An important characteristic of many of these crises is that they started in one country but very soon affected others as well. Currency crises seemed to be contagious. In this...

This article discusses and advocates extension of the traditional price index to include asset prices. A price index which reflects current asset prices would be of great help to those preparing monetary policy for EMU, and is particularly relevant in the current situation of low inflation as...

This essay discusses the return on art and the various views on this subject that can be found in the literature. It describes the market for painting in its many guises, highlighting price determination. The essay focuses on the construction of an appropriate price index and reviews the...

This report described the production of bio-ethanol, its environmental properties and commercial perspectives. Finally, the justifications of and possibilities for government intervention are discussed which intend to stimulate the substitution of fossiel with renewable fuels. The importance of...

This research memorandum presents a chronology of (press) information about important measures, events, adresses, quotations an comments by politicians, banking economists and other financial experts closely involved in the European integration process. Central points in the report are the weak...

In Continentaal Europa zijn onderhandse kapitaalmarkten een belangrijke bron voor de financiering van de collectieve sector. In de Verenigde Staten daarentegen hebben onderhandse leningen een belangrijke rol in de ondernemingsfinanciering. Deze studie laat zien dat er mogelijk een Europese...

In this paper we discuss whether the introduction of the euro may cause price changes. Besides a critical survey of the theoretical arguments supporting price effects, we discuss the empirical evidence on price effects obtained from comparable events. Neither the theoretical arguments nor the...

This report investigates monetary transmission in a monetary union of developing countries (West-African monetary union or Communauté Financière Africaine, CFA). This requires existing monetary transmission models to be adapted. Three econometric methods are applied to assess the impact of...

From the 28th of January 2002 on the guilder will no longer be legal tender. This date marks a long and rich history of our national currency. Together with the German mark the Dutch guilder will be remembered as one of the most stable currencies in Europe. This report reviews the life of our...