In light of the persistence of moderate inflation in many transition economies, this paper analyzes whether inflation resulted from insufficiently tight financial policies and wage pressures or from the protracted adjustment of relative prices. Using a new database for 21 countries, the effect...

This paper examines the factors which influence the behavior of real interest rates in the United States over the long run. Data on real and nominal returns to bonds and equities are tested for unit root non-stationarity. The results indicate that real and nominal interest rates and inflation...

According to the author, with the major liberalization reforms of 1977, the achievement of external balance, structural adjustment and economic growth have become issues of vital concern to Sri Lanka. Its experience with liberalization is examined and some of the factors underlying its...