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We use a cross-country panel framework to analyze the effect of net official flows (chiefly foreign exchange intervention) on current accounts. We fin...
Stability and Growth in Emerging Markets
The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines fi...
This paper explores the effects of unconventional monetary and exchange rate policies. We find that official foreign asset purchases have large effect...
This paper studies the determinants of shifts in debt composition among EM non-financial corporates. We show that institutions and macro fundamentals ...
Countries in Central, Eastern, and Southeastern Europe (CESEE) experienced a credit boom-bust cycle in the last decade. This paper analyzes the roles ...
This paper examines the effectiveness of capital outflow restrictions in a sample of 37 emerging market economies during the period 1995-2010, using a...
The Corporate Bond Market Boom in Emerging Economies
Can Financial Development Cure the Dutch Disease?
This paper argues that, in improving the efficient allocation of resources, financial sector development could dampen the appreciation effect of capit...
We employ a structural panel VAR model with interaction terms to identify determinants of effective transmission from central bank policy rates to ret...
"Financial development increases a country's resilience and boosts economic growth. It mobilizes savings, promotes information sharing, improves resou...
The Case of Brazil
This paper studies the relative effectiveness of foreign exchange intervention in spot and derivatives markets. We make use of Brazilian data where sp...
Changing Patterns of Global Trade outlines the factors underlying important shifts in global trade that have occurred in recent decades. The emergence...
This paper explores the role for specific structural distortions in explaining Mexicoโs weak productivity growth through the resource misallocation ...
Views on the effectiveness of sterilized reserve intervention vary. Sterilized intervention is generally seen as ineffective in advanced countries whi...
This paper examines the variation in life cycle growth across the universe of Mexican firms. We establish two stylized facts to motivate our analysis:...
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This paper examines the drivers of liquidity shortages in the Mexican government bond market. We use unique transaction- and quote level data with inf...