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2503.More information
ABSTRACTThis paper surveys the recent literature on optimal currency areas (OCAs). Topics that are covered include theoretical developments in the context of general-equilibrium models and empirical work on shocks asymmetry and adjustment mechanisms. Issues relating to the endogeneity of OCA criteria, the role of exchange rate flexibility in promoting greater macroeconomic stability, and the link between productivity and the exchange rate are also surveyed. We conclude with suggestions for future research.
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2504.More information
The exchange rate misalignments, i.e. the over/under evaluation of currencies, remain at the heart of discussions of international finance. To define and to measure these misalignments, it's necessary to refer to an equilibrium exchange rate. We consider that the relevant model must meet certain requirements, which relate to both the theoretical and operational content. On the theoretical level, the model must: firstly explain the dynamics of real exchange rates, distinguishing in particular the medium and long run equilibrium, and secondly take into account the interaction between the exchange rate and the external debt. We show that standard models of literature, the PPP, FEER and BEER, only partially meet these requirements, whereas the NATREX today represents the most sophisticated approach. We conduct an empirical application to the case of the Canadian dollar from the three reference models, the FEER, the BEER and the NATREX over the period 1970Q1-2008Q3. We deduce the corresponding value for the nominal exchange rate equilibrium in the Canadian dollar against the U.S. dollar. We conclude that NATREX is a useful guide for the monetary authorities and the private operators.
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2505.More information
Before presenting the contributions of this issue, the introduction underlines the characteristics of feminist research that make it an essential instrument for increasing knowledge pertaining to women and development. In spite of existing contradictions among women's situations around the world, the author reiterates a call for an international feminist cooperation based on common interests and suggests some research topics for the future.
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2508.More information
Among the world top experts on population policies, John F. May, a Belgian citizen, has been a Lead Demographer at the World Bank from 1997 to 2012. Before joining the Washington-based institution, John has worked for various organizations such as UNFPA, UNICEF, USAID and the International Union for the Scientific Study of Population. He now collaborates with the Center for Global Development (CGD), a think-tank in Washington, while also teaching demography at Georgetown University. He has recently published a major volume, "World Population Policies: Their Origin, Evolution, and Impact" (Springer, 2012), the result of more than a decade of research, travels and experience. The book is already considered a reference in the field. John May has agreed to answer the questions of Sens Public.
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2509.More information
What are the sources of legitimacy for the use of military force in Canada? Identifying the conditions that the Canadian political elite views as necessary to justify the use of military force abroad is essential for a better understanding of the evolution of Canada's military practices following the Cold War. This article posits that France exercises a central influence on Canada's strategic culture, to such a point that the analogy of a North Atlantic Triangle should be changed to that of a North Atlantic "Quadrilateral". Viewed in this light, the potential strategic dilemmas facing Canada may be easier to understand.
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