Transnational environmental policy:reconstructing ozone

Transnational Environmental Policy analyses a surprising success story in the field of international environmental policy making: the threat to the ozone layer posed by industrial chemicals, and how it has been averted. The book also raises the more general question about the problem-solving capacities of industrialised countries and the world society as a whole. Reiner Grundmann investigates the regulations which have been put in place at an international level, and how the process evolved over twenty years in the US and Germany.

Post-Bretton Woods evidence on PPP under different exchange rate regimes

This article investigates the behaviour of exchange rates across different regimes for a post-Bretton Woods period. The exchange rate regime classification is based on the classification of Frankel et al. (2004) who condensed the 10 categories of exchange rate regimes reported by the International Monetary Fund (IMF) into three categories. Panel unitroot tests and panel cointegration are used to examine the Purchasing Power Parity (PPP) hypothesis. The latter test is used to check for both the weak and strong forms of PPP. The panel unit-root tests show no evidence of PPP and suggest there is no difference in the behaviour of exchange rates across different regimes. However, failure to detect PPP across any of the regimes could be due to structural breaks. This assumption is reinforced by the results of cointegration tests, which suggest that there exists at least a weak form of PPP for the different regimes. The evidence for strong PPP decreases as the exchange rate regime moves away from a flexible exchange rate regime.