Assessing the impact of different nominal anchors on the credibility of stabilisation programmes

The paper compares the impact of announcing exchange-rate-based versus money-based stabilisation programmes in a cross-section of countries. The analysis finds that the effect of announcing exchange-rate-based programmes is more credible, in terms of reducing inflation inertia, than the outcome associated with implementing money-based programmes. But the gap between the magnitudes of the impacts from implementing the different strategies has been falling since the 1970s.Inflation stabilisation; credibility; nominal anchors; IMF programmes

Configurations defined on finite rings

Some configurations defined as structures of orbits under families of linear maps of cyclic rings are introduced and studied. All the admissible families which yield a connected configuration with small lines (of size 3 or 4) over the ring Zpn with prime p are found and characterized. The automorphisms of rank 3 configurations of this type are determined

PPP, RANDOM WALKS, AND UIP AFTER INTEREST RATE LIBERALISATION IN A SMALL DEVELOPING ECONOMY

This paper investigates the impact of interest rate liberalisation on exchange rate expectations in the Dominican Republic (DR). The research employs a nested purchasing power parity, random walk, and uncovered interest parity specification that facilitates the recovery of the fundamentals behind the exchange rate expectations formation mechanism. The findings reveal that the most significant driver of exchange rate expectations is the interest rate differential between the DR and its main trading partner -the United States. These results are of relevance for the design and implementation of financial reforms and exchange rate policy alike, and in anticipating abrupt exchange rate movements.

Some generalization of Desargues and Veronese configurations

2000 Mathematics Subject Classification: 51E14, 51E30.We propose a method of constructing partial Steiner triple system, which generalizes the representation of the Desargues configuration as a suitable completion of three Veblen configurations. Some classification of the resulting configurations is given and the automorphism groups of configurations of several types are determined

Historia de la investigación en la simbiosis leguminosa-bacteria: una perspectiva didáctica

After cereals, legumes constitute the second most important family of crops for human and animal consumption. However, in contrast to the former, legumes are capable of growing in arid soils of low fertility, due to their ability to establish symbiotic associations with soil bacteria called rhizobia. These microorganisms form special organs in the roots of legumes called nodules, where atmospheric dinitrogen (N₂) is transformed into ammonium that is exported to the plant for growth. Since their discovery in legume nodules until today, knowledge of the bacteria capable of establishing symbiosis with these plants has advanced in many aspects. Especially, advances in molecular techniques for bacterial identification and access to unexplored places have confirmed that the interaction of legumes with rhizobia is older, and that N₂-fixing bacteria are more abundant and diverse, than considered previously. Here, we attempt to relate the history of an association whose development is key in the history of mankind as we know it now.<br><br>Después de los cereales, las leguminosas constituyen la segunda familia en importancia para la alimentación humana y animal. Sin embargo, en contraste con ellos, las leguminosas son capaces de crecer en suelos áridos, de escasa fertilidad, lo que se debe a su capacidad para establecer asociaciones simbióticas con bacterias del suelo llamadas rhizobia. Estos microorganismos forman unos órganos especiales en las raíces de las leguminosas, los nódulos, donde el dinitrógeno (N₂) atmosférico se transforma en amonio que se exporta a la planta para su crecimiento. Desde su descubrimiento en los nódulos de las leguminosas hasta nuestros días, el conocimiento de las bacterias capaces de establecer simbiosis con estas plantas ha avanzado en múltiples aspectos. Sobre todo, los avances en las técnicas moleculares de identificación bacteriana y el acceso a lugares inexplorados ha permitido confirmar que la interacción de las leguminosas con los rhizobia es más antigua de lo que se creía y que las bacterias fijadoras de dinitrógeno (N₂) son más abundantes y diversas de lo que se había pensado. Trataremos de describir la historia de una asociación cuyo desarrollo ha sido, y es, clave en la historia de la humanidad tal como la conocemos ahora

Stabilization, credibility and regime dependent real exchange rates

This paper studies a dynamic error correction model (ECM) highlighting the consequences of regime changes and of credibility on the performance of real exchange rates during stabilization. The analysis shows that the structural parameters of the ECM, from which an equilibrium real exchange rate is calculated, will be subject to structural breaks reflecting regime and credibility changes. Empirical evidence is presented on the Mexican 1988 and 1995 stabilization episodes

Balancing the economic burden

French version available in IDRC Digital Library: Choisir le cap de l'économie TanzanienneSpanish version available in IDRC Digital Library: Proyectando una economia de emergenci

After the harvest

French version available in IDRC Digital Library: Pêche au lac Victoria : à qui les profits?Spanish version available in IDRC Digital Library: Mas fresco, mejor pesqueria en el Lago Victori