A number of recent papers have raised serious questions about the validity of the German dominance hypothesis, using Granger (temporal) causality tests. If Germany dominates within the European Monetary System, then German monetary policy, measured by either money stocks or interest rates should...

The international linkages between money stocks (and inflation rates) has received much attention. Focuses on the advantages and disadvantages of fixed and flexible exchange rate regimes. Fixed rate systems require credible commitments to the rules of the game by the central banks involved....

This paper analyses the macroeconomic developments which have taken place in the Bulgarian economy in the period 1993-1997. The paper also looks at the institutional arrangements and the process of economic policy-making in the country. In this context the problems the Bulgarian economy has...