Monetary models of exchange rates tend to focus on inflation differentials to explain exchange rate movements. This paper assesses the ability of currency flows to predict exchange rate changes. The focus is on Japan. Currency flows are assumed to depend on the level of the current account and...

When the current account balance and net capital outflows do not exactly offset each other, net payment flows arise. Payment inflows into a country push the real exchange rate up, outflows push it down. This paper uses a model of optimal consumption and portfolio choice to determine the factors...

Several countries in eastern Europe may accede to the European Union in about two years time, making them candidates to join Europe's single currency from 2006. Some well-known economists have advocated that countries in eastern Europe adopt the euro now either unilaterally or by prior...

Several countries in eastern Europe may accede to the European Union in about two years time, making them candidates to join Europe¿s single currency from 2006. Some well-known economists have advocated that countries in eastern Europe adopt the euro now either unilaterally or by prior...

This paper will attempt to reflect on the processes of international technology transfer at the beginning of European industrialization. During this period, when the achievement and the spread of technical innovations were vital to the acceleration of economic growth, the more underdeveloped...

Commercial regulations of the Hispanic monarchy gave great importance to the relations between the metropolis and its colonies. In times of war, Spain was not able to supply her colonies by its own means. Her incapacity of maintaining the imperial communications forced Spanish government to open...

This paper explores the nature and implications of nineteenth century patent law in two late-industrializing countries: Spain and Mexico. Both inherited earlier ancien regime monopoly practices, both adopted aspects of modern, codified patent systems in the early nineteenth century, and both...

En este trabajo se pretende analizar los diversos paradigmas y trayectorias tecnológicas relacionados con las máquinas térmicas a lo largo del siglo XIX y primeras décadas del XX para reflexionar sobre la dinámica evolutiva y lógica interna del propio proceso de innovación en el sector,...

Las Entidades Locales desarrollan su gestión presupuestaria en un entorno complejo establecido por la normativa estatal, autonómica y local, y condicionada por la presión de los ciudadanos por mejores servicios públicos y los requerimientos de mayor eficiencia en el gasto provenientes de...

Did multinationals already existed in the 19th century? and if so, what was their role in international technology transfer to colonial markets? In this paper we examine a French machinery manufacturer -Derosne & Cail- one of the most innovative engineering firms in the mid-nineteenth century as...