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Measures of Foreign Assets and Liabilities for Industrial and Developing Countries
Capital flows are closely monitored, but surprisingly little is known about the stocks of external assets and liabilities held by countries, especiall...
This paper has two objectives. First, it reviews the recent dynamics of global imbalances (both “flow” and “stock” imbalances), with a special...
Selected East Asian and Latin American Experiences
A number of developing countries have run large and persistent current account deficits in both the late seventies/early eighties and in the early nin...
Positive and Normative Analysis
The effects of income and consumption taxation are examined in the context of models in which the growth process is driven by the accumulation of huma...
The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade ...
We examine the determinants of external crises, focusing on the role of foreign liabilities and their composition. Using a variety of statistical tool...
This paper examines the effects of taxation of human capital, physical capital and foreign assets in a multi-sector model of endogenous growth. It is ...
This paper examines the rationale for the imposition of fiscal rules as a way to reduce budgetary imbalances. It presents theoretical arguments for th...
The corporate governance problem of state enterprises in former socialist economies can give rise to excessive wage claims and/or capital decumulation...
This paper attempts to provide a perspective on real exchange rate developments following the inception of the EMS. The focus is on structural determi...