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Interest rate differentials have been widely used to assess the degree of policy credibility. A problem with this measure, however, is that the relationship between the differential and credibility varies not only across maturities but also with the actual level of the exchange rate. The alternative approach used in this paper, based on the construction of rate-of-return bands, overcomes this difficulty. It is applied to Belgium, which in May 1990 hardened its exchange rate policy stance. Comparisons with other small, open European economies are carried out. Econometric evidence is provided supporting the claim that the announcement and active implementation of a tighter exchange rate link does make a difference.

Banks and Banking --- Foreign Exchange --- Money and Monetary Policy --- Public Finance --- Statistics --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Interest Rates: Determination, Term Structure, and Effects --- Financial Markets and the Macroeconomy --- Monetary Policy --- Debt --- Debt Management --- Sovereign Debt --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Currency --- Foreign exchange --- Monetary economics --- Public finance & taxation --- Econometrics & economic statistics --- Finance --- Exchange rates --- Currencies --- Public debt --- Financial statistics --- Long term interest rates --- Money --- Economic and financial statistics --- Financial services --- Debts, Public --- Interest rates --- Belgium

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The vertiginous increases in the overall price level and dramatic swings in relative prices experienced by Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan since the onset of the transition rendered their traditional Paasche retail price indices obsolete and called for the introduction of Laspeyres consumer price indices. While the latter represent a major improvement, several measurement or interpretation issues remain, reflecting various potential index number biases, dispersion of prices and inflation across geographical areas and social groups, discontinuities in the inflation process, residual shortages, and seasonality.

Inflation --- Macroeconomics --- Price Level --- Deflation --- Socialist Systems and Transitional Economies: Prices --- Other Production and Pricing Analysis --- Macroeconomics: Consumption --- Saving --- Wealth --- Aggregate Factor Income Distribution --- Consumer price indexes --- Price indexes --- Consumption --- Income --- Prices --- National accounts --- Economics --- Kazakhstan, Republic of

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Health services are largely tax-financed in the United Kingdom and account for 14 per cent of general government spending. This paper analyses how the National Health Service (NHS) has been dealing with the associated expenditure pressures in the pre-1990 set-up and during the “quasi-market” years and how it is to cope with them under the “co-operative” arrangements put in place since 1997. While the budget constraint was traditionally tight in the NHS, leading to pervasive rationing and queuing as well as diversion towards the private sector, it has been relaxed somewhat with the budgetary boost announced by the Government in March 2000. The challenge is now to make the best use of the new-found financial room for improvement ...

Economics --- United Kingdom

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Les marchés de capitaux occupent aujourd'hui une place primordiale au sein du système financier français. C'est à eux que les agents économiques recourent en priorité pour lever des fonds, gérer des portefeuilles, couvrir ou prendre des risques.Cet ouvrage décrit leur cadre institutionnel, complètement renouvelé depuis une vingtaine d'années et parachevé par la loi de modernisation des activités financières ; il analyse en détail chacun des marchés de capitaux (acteurs, opérations, taux) et y examine les conséquences du basculement a l'euro ; il présente les techniques récentes de gestion de portefeuille et de couverture des risques de taux (FRA, swaps, options, contrats à terme, ... ).Dans le même temps, cet ouvrage développe les concepts économiques indispensables pour juger du rôle et de l'efficacité des marchés de capitaux et pour appréhender la logique des opérations qui s'y mènent. Il intègre plus d'une centaine de questions à choix multiples, permettant de s'exercer au maniement de ces concepts.Il s'adresse aux étudiants des deuxièmes et troisièmes cycles d'économie et de gestion et à tous les professionnels de la banque, des marchés et de la finance.

Money market. Capital market --- France --- marche des capitaux --- marches financiers --- AA / International- internationaal --- FR / France - Frankrijk --- 333.602 --- 333.600 --- 333.480 --- 333.741.2 --- 333.605 --- 333.741.4 --- 333.830 --- 333.741.0 --- kapitaalmarkt --- financiele markten --- Activiteiten en evolutie van de financiële markten. --- Financiële markten. Kapitaalmarkten (algemeenheden). --- Geldstelsel. --- Interbankenmarkt. --- Nieuwe financiële instrumenten. --- Schatkistcertificaten (markt). --- Theorieën en algemeenheden over geldrente. --- krediet op korte termijn. geldmarkt: Algemeenheden. --- Activiteiten en evolutie van de financiële markten --- Financiële markten. Kapitaalmarkten (algemeenheden) --- Geldstelsel --- Interbankenmarkt --- Nieuwe financiële instrumenten --- Schatkistcertificaten (markt) --- Theorieën en algemeenheden over geldrente --- krediet op korte termijn. geldmarkt: Algemeenheden

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The divergence between production and consumption indicators in Russia suggests that the magnitude of the output collapse in the course of the transition is overstated by the official statistics. Alternative estimates for real GDP are derived, which reconcile the official production and consumption data. Based on cautious assumptions, real GDP appears to have declined cumulatively by no more than one third rather than by one half. The drop in household welfare is much smaller still, as the output mix shifts and deadweight losses are sharply reduced.

Aggregate Factor Income Distribution --- Consumption --- Economics --- General Aggregative Models: General --- Household consumption --- Income --- Inflation --- Macroeconomics --- Macroeconomics: Consumption --- Macroeconomics: Production --- Money --- National accounts --- National income --- Saving --- Socialist Systems and Transitional Economies: General --- Socialist Systems and Transitional Economies: National Income, Product, and Expenditure --- Socialist Systems and Transitional Economies: Performance and Prospects --- Socialist Systems and Transitional Economies: Prices --- Studies of Particular Policy Episodes --- Urban, Rural, and Regional Economics: Household Analysis: General --- Wealth --- Russian Federation