R P

RP R

R RW RRPRP P AP P

VAP

PR P P S R

P R P

R V

A RR

RA P

RA

P R

RPR

P(MICC)S P P ( S)

P ( PR

R - UR

VPR R)

UR P (

R P ) S P ( S) P P R VPR T

AP R ( ) PP PR P R P AP R P P T RR P PP UR P PP RP R R R PAP PP R RP A A P A UR R P PP RP P R P R R RAP RP R R R A PR R VPR PR P P A R RP P A P R PP A P PR P P R R R R P R R R R RP R R A R VPR R R R R P R R R VPRP R RP P R R PVP V PP R R R P P P P P P P A R PR P RP PA P A RR R Q A R PRS RS PVP R PR P VPR PVP PA R P P RR R P RP P R P R R R P R VPRA P R R R RP P P RR P P RP RA R AP P RP R RP R R R AP R R PVP P PR RA RA R A RP R R PP R P P P PP PRS R PVP R R R P P P P P UR Q RP RA RRA P A P RP R VPR P PP RA P PP R R RP A RR P RP R P R R A P RAP R PR P PR P

R PRA RW

PR P R

P PR

R R VRP R

P P RP P P P PRP R P R VP P PR U

AP R( ) R S PP P A R R A S R R RR PP A PP R R W A R R P PR PP S RP R P RP P P P P P PR R A R P A P S P R R R P R P RR P R RPP R PP PRP A PP U PR P P R R RR A P R R RP R PP R R R VPRP PP R RAP R W R R P P P VPR P A RA P R PRP RA P R R PA P P P R R RP RP R R P RA P R PP '' PRP R R R R P RS PRP R RPRP R RR PR PR RRR P R P P PP T P R R R A P RP R R R P R P R R R P R R RR P P PRP A PP PP V R A R R R P A V RA P R P P V R RA P RR R R R P PA P R P R R R P P R VPR R P PRS P R P A P P P V R RP P P T R PRS '' P RP V P P P R R R R P R P RPP R A P PP R RP RA A R P R P P PR P R P P P R P RP R P RP P R R P R RR P R R R P R R A VPR R R PP R RR WP P V RP P R P RP V RP A R P R P R P R PP VPR P R PRP R P PR P PP V P PRP P P RRR R R AP R P VPR P VPRP R A PP P R RRP T R R R R P P PR A V R R P P R R R RR P PP RA P R R P R PP Q P P PR PS PR PR R PR '' P R R P PP RP R R P P RP R VPR R P R R A R R ( SS ) P R R A P RR P PP RP P P R P P P P R PP R P R P R VPR RR PRP RP V R RP R RA R PP RPP P RP PW R R R RR V R

(Dutch disease) R PRP P R R R P PP RP R P (guilder) R R R R

V( ) RR P P A P R R P A P R P P

VA P A

P PR'' (Booming sector) R P P A R P

A P P AURS

P PR P P R

RAP R A P R

R'' (non-

traded goods) P P

R'' (non-traded services)

P RP R R '' P R P P R P

R P

PA R A P V R R P P P P P R

P R R

RR VPR

R P R

PR AP RA RS A VRR P R sectors) R R P P P

R P PR P P

R P R P V P R

A P R

RP P P P PA P R P R R P R P R R

R R PRP

PP P VPRP R P RR R RP S RA A A P PR PR P P R R R R RA RP RA R R P AP PP AP R R P R

P R R R'' R R R R R A (Lagging R R U PR R PP

VPRPR V R

R R P P RPR V ( SSS) P PR

R RP

PA

London Economist

(Dutch disease)

PPA P P

A P RP P PR R R

R P

P R PP P RP W R

P P

R P PR R R APP A RA P R R RA P R

R R

P W P R R R P R A R

P R P P PA

R P

PRP R

R R RVP R V R R R VRP R P R PR

P R W

PP RA

RA R VRP R P R P

RA R RVP R P PR R PA R

A R P R P RS P P PR R RP R RR P R R RP R R ( R R R R A Q PP R R R R RP R P P P P RR R R P P VS R R PA P PP P R R P PR R P R V P RP P RA R RP RP R P R A R R RR PR

AP

R R VRP R

R P PP

RP R P RP P

PA RAPPP RAP R V

R R

A A A

P RA R PA

R R

RA P R P RA P RR R R P P RP

R P RP RP S R

APR

R RRPRP R RP

A P R

R R

A R RR R R R PW R

R R P R R P R R

R RP R R

R PR R

PRS R

R R R

RA P PP

VPR PRP

PAP PP ) R

APPU R R P P R PVP

R P RR R R RA RR A RW R R

A R V P PW R

RA RR RR P P P

R R VRP R VAP A

P R

P R P R RR R

RAP A

AP R( ) P R P R P R P RR R R R RPP R of all wars) A '' R VPRP P R R S A P P RA PP A R R S PP R A PR PS W R R R V P R R R R R R PR R A R P R R R P R R P A RR PR R VPR R VPR A RP - P AP A demand) R R P P RPR R R RP R RP R R (privatization) P P RPP V P A RP A A R P R R RR R R P R R VPR R P R P P PRS R R R RPP P R R R P R R V R PVP A R PVP R R P RP R R P PR P R P RA R P PP A P P R P A RA RS PAP RP R RS P A PR P WA RP P R P P R P P P R R R VRP R V R P P QA A R V R PR P R UA RS R R R R P R P A P R R R R R R P A R RP R P P R R RA P R R S R VPR R R R VPRP A R P R RP P P P R VPR A P R PRP A R) ( ) RR RPP R P PP A R RR P RS R RA A RA P R A RA P RP P P R R A APP A PPR R PVP R R R RA R R V R R P R PP T P R VW P R R APR RP P R A R P RP R R PPP PA P RAP R R R PPAP RA A U R R R R A PRA P PP A RR RR R PAP A RR RS R S RP R P P R R P P R A R R VPR P W PR P RP R RP R R VPR R R PR '' PRP P AP R R VA P R P R VPRP P P RR R VPR P R RP PR PR R'' (mother R R R R R PVP R R R PVP RAP A RR R R R V RS RS R R R P P R UA R PVP R PA APP A PPR RA R A R PR A RP R R

A P RA RS RP R PAP

( SSS-SS)

R'' (mother of all prices)

A R (UP P PAP A RR

RR R P

A R (transaction demand)

(precautionary P R RS

(speculative demand)

R R VRP R V

RP APR VPR

( SSS-SS)

S P PVP P P A U PP P P A AP R P A P R R R R S R A RP R P A PP R P A S P P S R R P P P P P R RP A R A P R P R R P P A R P RP R RA R P R R R RA R R RA A P P PR R A R P P P P R P RS PR P R RP R R RP RP P RPP PP RP R R R P PR P R R P

R P

( A P A P R R

SA R PAP

S) V RP R P PR

P R R R R A R RP P P P R R R RS A R R

R R

RA R RA A PP RS R A

PAP A PAP P P R P R

R A R R R P

P R RP R P P PP RS P PR R V RP R R R RR R UR P V A RP ( )% R P R R A P R R R R R R

RP R

P PR P RP R RP R P R R P A P RP R

A PA PR A A P U RA R A P P P P R RR P PA V RP

QA PP RS PPR P P A RW R P P RP RP R R P R PP U

PA V P R R

P RA ( S)% APPRA RP

R PP PP

RA

PAP R

R P

P R

RA A R P R R R A PAP P R P A

R U Q A P

RA P RR P P R V R P S R P P R U

A R PW P T P R A

PRS ( R R A R R P

P P) P P P P P R R

RR P P U R PR P R A R P R RA R R RA VPP )% R R R R R R RR R R R P P R RP P RP P R P V R P R R P R RR P PP R P P RA RA P PR P R R P P

R P RP R

P RR PR

R PVP R

R PVP

RR P R P P PR RA P

P PS A U

A P( R P RR RS R P P RP P

A P )AP R R R P P P PR P A P P R

A P R P P RP R R RP V P PR R P P

RR PW P U PA P PA P R P PR R P PA P P A P R R P RR RS RPA P A P P

VPR( ) P

PA P(

P PR P (S)% P P P

P ( )% P P A P

A PP R RP R R V P PR P P

R PR

R PP A A P R R A R A R P A R R R R PP R P R P P A P R PA P P PR P P R RR P A R R R P R P RA R V P R PR R PP P A R R P P PR RP AP R R P PRS P P PR P R P PR A R P P PPP R R R RR RP R R R R P P P PP P PR P P RP R R R R P PR R PVP R P PR A R R R R P P P P R VPR ( P P R P P R R PR RA RA R A P R RAP AP P R R P R A R R P PR VPR VPR PVP P PAP P P R ( R P R P P R P) P R R R P RA P PR P R R A )% PA P( ( S)% APP )% U A P P RA P R P R R R A R A V R P R R R R R P VPR PA P R A PPP

RP R PPRP A P ( A A P A P R R P )%

R R

P PR P R R

RPA P

RPP P

PAP

PR PA P A R R A P A P

PP P P R PP R AP Q A R AP RP R P PPRP R P R P PR R P ( ) P R P(SS ) VPR P A P

RA R

P PAP

A P R R A P R VPR

R P R

P R P P R ( ) P P P

R R P

P R RPR

A R R PRP R PPR P PR P(S R

P P P R R R

R A P R R AP R

P A R A P P R P VPR P P P R R P R ( ) P

RA R

P R P PA P R VPR

RP

R P

A R

) VPRAP P( ) A RR

P( S ) ( ) P

PA P A R A P P(S R P ) R R

Q VPRP

PPA PR PA P PA AP AP R AP R R R RA P R P P PAP

A P AP R R P

R A APR VPR A P PR P R P R RP R V

RP R P APR VPR P R P APR VPR PRS AP

APR VPR R R Q PP R PP R

R P

R P

R R P P R

R R

A P

APR VPR P R P R R R R A P R P P P

P PR R V

PP

PUT A T P AP (IMF) PA P R A R P S VPRPRP A S PP A P R R AP R AP P A P P R PR P RP A S A P P A PRP R RP V VPRS ( A R R VP R V R RPRP R R RA RA A A P A R P PP PP R A P P P P P R RP A R Q R R

A P RR P R PPR A PP T R R A

R R P

VPR PVP P P R A R P R A PRA R P R RP R PR R R A Q A R

R TP P

VP PR A PWA R R R P PR P R R R P P RP RR P

R RR

P R

RP

A RW(IMF)PR (IMF) RAP RP

PP P V R

P P

P R

VPR PVP R P P P

PRP R

A P PVP A A P P P R PVP P P R V R R P R V VPR)S V R R R

R P P R P P

R R

R RP RP

R RPR

R RP

R RA

A P VPR R R R

R P P Q P S T P

P R T

V P P PR RP

R RP R P P R RR A

A R

P R P RA PS R R R P P PPR A S P RA R R U AP R R P R P R

R PP

PR A R PP PP

A P P PPP

RA R R

PAP P RP RR PR R

R P RR R

R RP AP RA RS R RA A RP RS R R R

RS R

P R R R PP RP S

R RP R

PR PPP A RR R RA RP RR P

P R

AP R( ) P S P RP P R PR P AP RP PP A P PP P S APR PVP R AP R R P (macro) P PR P RA P PR R RP R APP RP R AP R P A R PR P P R R V R R R R R VPR R T RR P P P PR U R R P P P R R PP PR A P R P VR P A R PR P RP R PR VPR P A P R A P A A P R R R P PR PP R RP P R R R R PP R VPRA RR RR R P (exchange rate unification) AP RA P R RA R PR R P R A RP ( ) P P R A R R PAP RP P P P P P PR U Q PAP P PR U P A P P PP PPRR PP R R R R PR R VPR P PR P R R PR P VPR RP R R RR P V P V R P P R R R R R R P R A R PR R PAP R P R PR T P P VPR P PA RA VPR P R PR P

PPR PRPPP

PVP

RP R (balance of payments)

R (current account) P

P (macroeconomic policy)