Interest rate policy in the newly reforming Central and Eastern European countries has generally been geared toward establishing positive real interest rates and defending the exchange rate. The principal instrument for this task has been administrative increases in controlled interest rates....

In the past several years, the ten new Central and Eastern European members of the European Union have enjoyed rapid growth but frequently alongside growing external imbalances. Economists have pointed to rising vulnerabilities, but markets compressed sovereign bond yields. This paper examines...

This paper reviews some of the major strands of the debate on growth-oriented adjustment programmes. Section I looks at recent domestic and external trends in developing countries in order to highlight the motivation for increased emphasis on growth with adjustment. Section II discusses general...

This paper examines the linkage between economic developments in industrial economies and the economic performance of six Asian countries. A simple model is constructed to investigate these links, with particular emphasis on developments in the Asian countries' external positions and their...

The significant increase in exchange rate variability over the last several years has made it necessary for all countries, regardless of their exchange rate policies, to consider the effect of multilateral exchange rate changes on their balance of payments. This study presents an attempt to...