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This paper presents a model of current account determination, based upon the permanent-income hypothesis. A present-value relationship among the current account, changes in net output, the exchange rate and the terms of trade is derived and the implications of such a relationship are tested using data for Nigeria during 1960-97. This paper presents a model of current account determination, based upon the permanent-income hypothesis. A present-value relationship among the current account, changes in net output, the exchange rate and the terms of trade is derived and the implications of such a relationship are tested using data for Nigeria during 1960-97.

Banks and Banking --- Exports and Imports --- Macroeconomics --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- Macroeconomics: Consumption --- Saving --- Wealth --- Empirical Studies of Trade --- Interest Rates: Determination, Term Structure, and Effects --- International economics --- Finance --- Current account --- Consumption --- Terms of trade --- Current account balance --- Real interest rates --- Balance of payments --- National accounts --- International trade --- Financial services --- Economics --- Economic policy --- nternational cooperation --- Interest rates --- Nigeria --- Nternational cooperation

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This paper investigates the determinants of inflation in the Dominican Republic during 1991-2002, a period characterized by remarkable macroeconomic stability and growth. By developing a parsimonious and empirically stable error-correction model using quarterly observations, the paper finds that inflation is explained by changes in monetary aggregates, real output, foreign inflation, and the exchange rate.

Inflation (Finance) --- Finance --- Natural rate of unemployment --- Dominican Republic --- Economic conditions --- Finance: General --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Open Economy Macroeconomics --- Price Level --- Deflation --- Demand for Money --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International Financial Markets --- Macroeconomics --- Monetary economics --- Currency --- Foreign exchange --- Exchange rates --- Demand for money --- Monetary base --- Currency markets --- Prices --- Money --- Financial markets --- Money supply --- Foreign exchange market

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The stance of fiscal policy in CEMAC and WAEMU is strongly influenced by fiscal effort in the previous period. This persistence underscores the risks of a procyclical fiscal policy stance, given these countries' high degree of dependence on primary commodities and exposure to terms of trade shocks. This paper finds that the coefficient of the lagged debt stock was significant and positive, consistent with the theory that higher levels of debt warrant greater fiscal effort. Various measures of economic performance, as captured by economic growth and per capita GDP, openness, and the terms of trade were also found to be important factors in explaining fiscal performance. As fiscal performance seems to be strongly affected by both real GDP growth and terms of trade fluctuations, there appears to be a need to develop supplementary fiscal-related criteria that take into account the influence of output and the terms of trade.

Exports and Imports --- Macroeconomics --- Public Finance --- Fiscal Policy --- Empirical Studies of Trade --- Debt --- Debt Management --- Sovereign Debt --- Financial Aspects of Economic Integration --- International economics --- Public finance & taxation --- Fiscal stance --- Terms of trade --- Public debt --- Fiscal policy --- Monetary unions --- Economic policy --- nternational cooperation --- Debts, Public --- Central African Republic --- Monetary policy --- Franc, CFA --- Africa, French-speaking --- Economic policy. --- Nternational cooperation

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This paper examines real and financial linkages between Saudi Arabia and other GCC countries. Growth spillovers from Saudi Arabia to Bahrain are found to be sizeable and statistically significant, but those to other GCC countries are not found to be significant. Equity market movements in Saudi Arabia are found to have significant implications for other GCC countries, while there is no evidence of co-movements in bonds markets. These findings suggest some degree of interdependence among GCC countries.

Saudi Arabia --- Arabia saudita --- ʻArabīyah as Saʻūdīyah --- ʻArav ha-Saʻudit --- Hejaz and Nejd --- Kingdom of Saudi Arabia --- Mamlaka al-ʻArabiya as-Saʻudiya --- Mamlakah al-ʻArabīyah al-Saʻūdīyah --- Reino de Arabia Saudi --- Saudiarabien --- Saudovskai︠a︡ Aravii︠a︡ --- Sauji Arabia --- Saujiarabia --- Sha-tʻse A-la-po --- ערב הסעודית‏ --- サウディ・アラビア --- サウジアラビア --- Hejaz (Kingdom) --- Economic conditions --- Banks and Banking --- Finance: General --- Investments: Bonds --- Macroeconomics --- Financial Markets and the Macroeconomy --- Empirical Studies of Trade --- Economic Integration --- International Policy Coordination and Transmission --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- General Financial Markets: General (includes Measurement and Data) --- Interest Rates: Determination, Term Structure, and Effects --- Energy: Demand and Supply --- Prices --- Externalities --- Finance --- Investment & securities --- Stock markets --- Yield curve --- Sovereign bonds --- Oil prices --- Spillovers --- Financial markets --- Financial services --- Financial institutions --- Financial sector policy and analysis --- Stock exchanges --- Interest rates --- Bonds --- International finance

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Saudi's Growth and Financial Spillovers to Other GCC Countries: An Empirical Analysis.

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