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Economic Policy 24


Economic Policy is the premier European review of analysis of economic affairs. It is written by leading economists for all those with an informed interest in policy problems in a readable and non-technical format. All articles published have been submitted to rigorous scrutiny by a panel of distinguished economists from around the world. The result is a volume of authoritative and accessible articles, each followed by the comments of panel members. Non-partisan, Economic Policy acts as a forum for debate between analysts with a wide range of views. It emphasizes the possibilities for cross-country comparisons; the balance between conflict and cooperation in national policy formation; and the constraints imposed on individual economies by their integration in the world economy. Issue 24 includes: an arbitrage-based test of target zone credibility based on evidence from ERM cross-rate options; a detailed analysis of the costs and benefits of the EU's enlargement to the East; an evaluation of an alternative, narrow band based on a moving average of the exchange rate following the EMS crisis of 1992-3; an explanation of why French unemployment is so different from that in the United States; and an assessment of corporate governance in Europe: its performance and links with financial market regulation.

1. Soft versus Hard Targets for Exchange Rate Intervention: Leonardo Bartolini (Federal Reserve Bank of New York) and Alessandro Prati (IMF).

2. ERM Bandwidths for EMU and After: Evidence from Foreign Exchange Options: Jose M. Campa, P.H. Kevin Chang, and Robert L. Reider.

3. Reforming Corporate Governance: Corporate Agenda: Erik Berglof (ECARE, Université Libre de Bruxelles).

4. Costs and Benefits of Eastern Enlargement: The Impact on the EU and Central Europe: Richard E. Baldwin (Graduate Institute of International Studies, Geneva), Joseph François (World Trade Organization, Geneva) and Richard Portes (Centre for Economic Policy Research, London).

5. Foreign Direct Investment, Political Resentment and the Privatization Process in Eastern Europe: Hans-Werner Sinn and Alfons J Weichenrieder.