The increasing incidence and intensity of crises in the international financial markets during the 1990s have given new impetus to the debate on reform of the international financial system. Much of the discussion focuses on the idea of an international lender of last resort which could provide...

Zehn Jahre nach Beginn des Reformprozesses in Mittel- und Osteuropa stehen der Aufbau eines leistungsfähigen Sektors privater kleiner und mittlerer Unternehmen (KMU) sowie die Gestaltung eines effizienten Finanzsystems im Mittelpunkt der Bemühungen der wirtschaftspolitisch Verantwortlichen vor...

Zehn Jahre nach Beginn des Reformprozesses in Mittel- und Osteuropa stehen der Aufbau eines leistungsfähigen Sektors privater kleiner und mittlerer Unternehmen (KMU) sowie die Gestaltung eines effizienten Finanzsystems im Mittelpunkt der Bemühungen der wirtschaftspolitisch Verantwortlichen vor...

The increasing incidence and intensity of crises in the international financial markets during the 1990s have given new impetus to the debate on reform of the international financial system. Much of the discussion focuses on the idea of an international lender of last resort which could provide...

Over the last decade a new consensus model has emerged in monetary macroeconomics, labelled New Keynesian macroeconomics (Clarida et al., 1999). It consists of three simple building blocs: a forward-looking IS-equation that is derived from the optimization problem of a representative household,...

We develop an institutional framework for central banks that try to pursue a stability-oriented monetary policy with the strategy of exchange rate targeting. Recent experience shows that a crucial element of this approach is to avoid destabilising capital inflows. Policy makers can exert...

Although there seems to be a broad consensus among economists that purely floating or completely fixed exchange rates (the so-called corner solutions) are the only viable alternatives of exchange rate management, many countries do not behave according to this paradigm and adopt a strategy within...

We develop an institutional framework for central banks that try to pursue a stability-oriented monetary policy in open-economies by directly targeting the exchange rate. Our main intention is to design a framework which avoids excessive capital inflows that can be regarded as a main cause of...