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The Fund has recognized in recent years that one cannot separate issues of economic growth and stability on one hand and equality on the other. Indeed...
Words vs. Deeds
This paper examines the impact of exchange rate regimes on bilateral trade while differentiating the effects of "words" and "deeds". Our findings-base...
External Adjustment and Exchange Rate Flexibility
Milton Friedman argued that flexible exchange rates would facilitate external adjustment. Recent studies find surprisingly little robust evidence that...
This paper revisits the cross-country growth empirics debate using a novel Limited Information Bayesian Model Averaging framework to address model unc...
This paper examines the output effects of changes in public expenditure and revenue in sub-Saharan African countries during 1990–2016. Fiscal multip...
This paper examines the growth performance of sub-Saharan African countries since 1960 through the lens of growth turning points (accelerations and de...
The member countries of the International Monetary Fund collaborate to try to assure orderly exchange arrangements and promote a stable system of exch...
This paper extends the Bayesian Model Averaging framework to panel data models where the lagged dependent variable as well as endogenous variables app...
Explaining the Buildup in official Reserves in Emerging Markets Since the 1980's
Why have emerging market economies (EMEs) been stockpiling international reserves? We find that motives have varied over time?vulnerability to current...
What Really Matters?
This paper revisits the link between the nominal exchange rate regime and inflation, based on a sample of 145 emerging market and developing countries...