The dispersion in current account balances among countries in the euro area has widened markedly over the past decade-and-a-half, and especially since 1999. We decompose current account positions for euro area countries into intra-euro-area balances and extra-euroarea balances and examine the...

This paper provides an empirical investigation on the discrepancies between official exchange rate regimes and de facto exchange rate policies in transition economies. Since official and de facto regime choices are not independent of each other, we adopt a bivariate probit model to describe the...