Exchange rate variability is a central theme in the debate on the performance of exchange rate regimes. The consequences of this variability for economic activities have always been a major concern of policy makers. The present study focuses on international trade. The aim is to construct a...

This paper empirically assesses the impact of exchange rate policy on the performance of manufactured exports for four North African countries over the 1970-92 period. The impact of exchange rate policy is examined through the effect of three indicators: real effective exchange rate (RER)...

We set up a dynamic adverse selection model to explain how career concerns may induce managers in state-owned enterprises (SOEs) to restructure their firms. It is shown how government monopsony power over managers led to the ratchet effect under the socialist economy, even under reforms coming...