When the principal decisions for the European Monetary Union (EMU) were made it was acknowledged that it would not be an optimal currency area (OCA). Potential trouble was assumed away as asymmetric shocks were expected to fade, while rising productivity enhanced the resilience of EMU member...

Estonia gave up the exchange rate and monetary policy tools of macroeconomic management when it introduced its currency board in 1992. While the currency board arrangement served the country well during transition in the 1990s, it offers limited flexibility to implement policies that would ease...

This policy paper underscores the importance of credible currency regimes and their macroeconomic underpinnings for stability in financial systems and long-term economic convergence of developing and emerging market economies. It suggests that for developing regions such as Sub-Saharan Africa,...

Subject and purpose of the book is the investigation of economic policy issues with the help of non-cooperative game theory. The most important feature of our work is to look at the possible strategic interactions between various economic agents and/or institutions. We are also investigating the...