The main objective of this paper is to analyze the effect of the exchange rate arrangements on international tourism. The ambiguity of literature about the effect of exchange rate volatility contrasts with the magnitude of the impact of a common currency on trade. On the basis of a gravity...

In this paper we assess the credibility of Bank of Spain's monetary and interest rate announcements as perceived by the agents. Firstly, we analyze the convergence between the objectives of monetary policy and the evolution of the monetary aggregate and the market interest rates. Secondly, we...

In this paper we apply three different statistical procedures to the peseta/dollar exchange rate with the objective of discovering the true foreign exchange regime followed by the monetary authorities during the 1965-1998 period. The study´s perspective emphasizes the divergence between de jure...

The main objective of this research is to revisit the estimation of the effect of a common currency on international trade by applying the new methodology proposed by Helpman, Melitz and Rubistein (2008) and incorporating tourism to the theoretical framework. Rose (2000) estimates an empirical...

We provide some new evidence on the credibility of the Exchange Rate Mechanism of the European Monetary System. To that end, we use of several credibility indicators, analysing the complete EMS history. We also compare the prediction qualities of the different indicators, and apply them to the...

In this paper we provide some new evidence on the credibility of the ERM. Our paper differs from the previous literature in three main respects. First, its main contribution is the use of several credibility indicators, some of them never been applied before to all the currencies under study....