This paper is concerned with the design of institutional arrangements for low inflation in small open economies. In the real world of information asymmetries, uncertain expectations and changeable preferences, it is not enough to create an autonomous and publicly accountable central bank. In...

<P>1 Introduction; </P><I><P>Section A. Country, Regional and Comparative Studies: The Varieties of Economic Performance in SOEs</P></I><P>2 Human Development and Economic Stabilization: Comparative SOE Experiences; 3 Selected Country Experiences; 4 The Sources of Foreign Exchange in Caribbean and Central American...</p></p></i></p>

Statistical measures of the volatility of exchange rates, interest rates, and stock prices are estimated for a number of countries. Periods of high volatility are identified and compared with periods of financial difficulty. The results indicate that GARCH models of volatility could be...