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This paper addresses the issue of the appropriate exchange rate regimes for Jordan and Lebanon in the context of the literature on optimum currency areas and the arguments concerning the use of the exchange rate as a nominal anchor for the economy. It presents some empirical results on the nature of output shocks in Jordan and Lebanon in the recent past, on the price sensitivity of exports from Jordan, and on currency and asset substitution in both countries. It does not directly address the issue of whether the current exchange rate in either country is overvalued or not, nor does it discuss the issue of an appropriate exit strategy from the current peg.

Exports and Imports --- Foreign Exchange --- Financial Aspects of Economic Integration --- Open Economy Macroeconomics --- Trade: General --- Currency --- Foreign exchange --- International economics --- Exchange rate arrangements --- Exchange rate flexibility --- Conventional peg --- Exports --- Exchange rates --- International trade --- Jordan

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This paper presents a model that incorporates uncertainty about trade reform and analyzes the effects of trade and financial liberalization on domestic investment and savings, the current account balance and the real exchange rate, both when the capital account is open and when it is closed. Under certain assumptions financial liberalization leads to a movement of resources in the opposite direction to that implied by trade liberalization and to real exchange rate appreciation, thus defeating one of the objectives of tariff reform, when the capital account is open. When political economy linkages are taken into account, however, the indirect effects of financial liberalization may offset the direct effects, encouraging a movement of resources in the desired direction. With a closed capital account these results should still hold unless there are strong negative income effects from trade reform.

Exports and Imports --- Foreign Exchange --- Macroeconomics --- Taxation --- Macroeconomics: Consumption --- Saving --- Wealth --- Investment --- Capital --- Intangible Capital --- Capacity --- Aggregate Factor Income Distribution --- International Investment --- Long-term Capital Movements --- Trade Policy --- International Trade Organizations --- Current Account Adjustment --- Short-term Capital Movements --- International economics --- Currency --- Foreign exchange --- Public finance & taxation --- Domestic savings --- Capital account --- Trade liberalization --- Real exchange rates --- Tariffs --- National accounts --- Balance of payments --- International trade --- Taxes --- Saving and investment --- Commercial policy --- Tariff --- Mexico

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This paper explores the hypothesis that the propensity to consume out of income is not constant but varies, perhaps in a nonlinear fashion, with fiscal variables. It examines whether there is any empirical evidence to support the hypothesis that households move from non-Ricardian to Ricardian behavior as government debt reaches high levels and as uncertainty about future taxes increases. The paper also examines the possibility of a relationship (along the lines of the Bertola-Drazen model) between the propensity to consume out of income and the government consumption-to-GDP ratio.

Macroeconomics --- Public Finance --- Macroeconomics: Consumption --- Saving --- Wealth --- Fiscal Policy --- National Budget, Deficit, and Debt: Other --- Aggregate Factor Income Distribution --- Debt --- Debt Management --- Sovereign Debt --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Income --- Public debt --- Government consumption --- Private consumption --- Consumption --- National accounts --- Expenditure --- Economics --- Debts, Public --- Expenditures, Public --- United States

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International oil producers have discovered commercially recoverable petroleum reserves of around 11 billion barrels that promise to transform Guyana's agricultural and mining economy into an oil powerhouse, while hopefully helping to diversify the non-oil economy. Oil production presents a momentous opportunity to boost inclusive growth and diversify the economy providing resources to address human development needs and infrastructure gaps. At the same time, it presents important policy challenges relating to effective and prudent management of the nation’s oil wealth. This study focusses on one of these challenges: the appropriate monetary policy and exchange rate framework for Guyana as it transitions to a major oil exporter.

Macroeconomics --- Economics: General --- Foreign Exchange --- Finance: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Central Banks and Their Policies --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- International Financial Markets --- Economic & financial crises & disasters --- Economics of specific sectors --- Currency --- Foreign exchange --- Finance --- Exchange rate arrangements --- Exchange rate flexibility --- Exchange rates --- Exchange rate policy --- Currency markets --- Financial markets --- Currency crises --- Informal sector --- Economics --- Foreign exchange market --- Guyana

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The Austrian economy has benefited substantially from the expansion of economic ties with Central and Eastern Europe, which has provided a significant boost to growth, productivity, competitiveness, profits and (more controversially) aggregate employment. Indeed, among the older EU member states, Austria has benefited the most from the transition of the Central and Eastern European countries from planned economies to market economies, and the subsequent entry into the EU of the ten new member states, mostly from Central and Eastern Europe, in 2004. However, important segments of the population in Austria, and in particular low-skilled and semi-skilled workers in the manufacturing sector, appear to have been adversely affected by these developments. There is thus a need for policy measures to help those segments of the workforce that have had difficulty coping with growing competition from Central and Eastern Europe. Furthermore, more can be done to make Austria a more attractive location for highly skilled and well qualified expatriate workers and to maintain Vienna’s position as a central hub for multinationals operating in the region. These include, in particular, the need to strengthen eastern transportation links and to reduce to a minimum bureaucratic hurdles and red tape for foreign enterprises seeking to operate out of Vienna.

Economics --- Austria