The international financial linkage block of the OECD Secretariat's multi-country model, INTERLINK, is based on a portfolio balance model of exchange rate determination. International consistency is ensured by cross country restrictions on parameters imposed during estimation (1). However, in an...

In recent years the behaviour of the income velocity of money in major OECD economies has displayed considerable volatility for both narrow and broad monetary aggregates (Table 1). Velocity in a number of large OECD economies, for example, fell sharply in 1982. Most notably, declines in the...

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Sovereign Wealth Funds (SWFs) are pools of assets owned and managed directly or indirectly by governments to achieve national objectives. These funds have raised concerns about: (i) financial stability, (ii) corporate governance and (iii) political interference and protectionism. At the same...

One justification for the use by central banks of exchange market intervention is that goods prices adjust more slowly than asset prices. As a result, monetary shocks can produce exchange rate appreciations or depreciations that lead real currency values to diverge from their long-run...

This Working Paper looks at structural policies which would improve Greece’s long-term economic performance and help speed economic and social convergence with average European Union member countries. It focuses on a number of key areas which are particularly important for rapid growth as they...

The OECD Growth Study and other empirical work have shown that the strength of competition in product markets plays an important role in the economic growth process as well as contributing to a more efficient allocation of resources in a static sense. More intense competition is likely to...

IN this paper firstly, we obtain convergence results for a sequence of minimal elements of sets under assumptions of minimal character. Then, we present similar results for suitable notions of approximate minimal elements of sets.