Conversion factors : a discussion of alternate rates and corresponding weights
The significant operational implications underlying the Bank's estimates of per capita GNP, represent important considerations in systematizing the use of official rates in determining the exchange rate to be used in the Atlas methodology. This paper discusses issues and procedures to develop a time series of alternative conversion factors with corresponding weights for use in converting and presenting macro-level country statistics in a common unit of account, e.g. the U.S. dollar. The focus of the paper is on conversion factors that are representative of transaction or"effective"conversion factors. It also emphasizes the implications for Bank estimates of per capita, the kinds of evidence relevant in assessing the underlying conversion factors, and identifies countries where review of the official exchange rate merits serious consideration. The paper reviews the main concerns about the adequacy of the official exchange rate as a conversion factor.
Purchasing Power Parity and Black-Market Exchange Rates
This paper develops a theory of black-market exchange rate determination as a function of the market-clearing rate, the official rate and changes in official reserve levels. The model is tested for three countries over the period 1952–1971 by using purchasing-power-parity calculations as approximations of the equilibrium rate. The results indicate that relative rates of inflation are the dominant forces influencing equilibrium exchange rates.
Introduction to Dutch Law for Foreign Lawyers
Part 1 Dutch legal system: history sources judicial organization legal education and the legal profession classification. Part 2 Private law: family law property law law of obligations representation and procuration legal persons law of succession commercial law air law civil procedure private international law. Part 3 Public law: constitutional law administrative law criminal justice system tax law economic law. Part 4 Labour law. Part 5 Legal philosophy.