This paper provides new evidence on the relative effectiveness of formal monetary institutions in achieving price stability. The institutions considered are, specifically, central bank independence (CBI), inflation targeting (IT), currency boards (CB) and monetary unions (MU). An empirical...

Monetary policy is about the determination of money stock and interest rates to affect economic activity in the short-, medium- and the long-term. Besides helping to eliminate recessionary or inflationary business cycles, controlling interest rates and value of money have important impact on...

This paper investigates the inflation dynamics in Turkey between 1988 and 2000. Using model-free techniques, we first observe that there is strong inertia in Turkish inflation. Next, we look at the correlations between Consumer Price Index (CPI) inflation and the leads and lags of the various...

This paper presents an empirical analysis of the relationship between domestic absorption, openness and growth performance. While the relationship between growth and openness has been the focus of almost the entirety of the related studies, the role of domestic absorption has been ignored. The...

This paper investigates the inflation dynamics in Turkey between 1988 and 2000. Using model-free techniques, the authors first observe that there is strong inertia in Turkish inflation. Next, they look at the correlations between Consumer Price Index (CPI) inflation and the leads and lags of the...

This study provides a method to evaluate the quality of legal frameworks for bank regulation and supervision (RS) by developing a comprehensive set of criteria. Using this method, it also generates an original data set for transition economies that allows for an empirical analysis of the...

This paper investigates the role of small and medium size enterprises (SMEs) in financial market development (FMD). We argue that enabling the access of SMEs to the financial sector may lead to large improvements in the indicators of FMD. Whether such improvements are also growth inducing or...

Starting with Schumpeter (1911), the literature provides ample evidence that financial market development is positively related with economic performance. In addition, recent evidence from many developed or developing countries alike reveal that prudent banking sector regulation and supervision...

This is a book about conflict. In that, it is certainly not alone, but it approaches the problem in three East African countries from the standpoint of economic analysis. The authors have not ignored social, ethnic and historical factors which led to conflict, but have identified economic...