We compare the convergence with German monetary policy of the Balkan and Mediterranean country candidates for European Union (EU) membership with that of countries that have recently joined the EU. Significant linkages exist between German base money stock and that of recent members of the EU;...

This paper investigates which theory--crisis- or noncrisis-contingent theory-- may better explain the comovements observed between Turkish and Greek financial market returns. Using cointegration and vector error-correction models, we first establish interdependence and a long-run causal...

In an effort to fight relatively high inflation, many developing countries try to manage their nominal exchange rates through official intervention. In addition, developing countries tend to have high transportation costs, tariffs, and nontariff barriers. These factors are among the sources of...