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Financial crises are dramatic events. When they emerge, they tend to dominate the attention of the press and become the focus of policymakers. In one ...
"Addressing an audience of policy-oriented economists and theorists, graduate students, and advanced undergraduates, Pierre-Richard Agenor and Peter M...
International Macroeconomics provides students with an analytically rigorous introduction to the impact of globalization on macroeconomics. * Presents...
Theory and Evidence
This paper investigates the impact of workersโ remittances on equilibrium real exchange rates (ERER) in recipient economies. Using a small open econ...
Over the past decades, workers' remittances have grown to become one of the largest sources of financial flows to developing countries, often dwarfing...
Evidence from India
We examine the strength of monetary transmission in India, using a conventional structural VAR methodology. We find that a tightening of monetary poli...
Table of contents...
Can Money Provide a Nominal Anchor?
This paper examines the issue of whether the money supply can serve as a nominal anchor for the domestic price level under real exchange rate targetin...
How Much is Enough?
"In the 1990s macroeconomic policies improved in a majority of developing countries, but the growth dividend from such improvement fell short of expec...
This paper addresses analytical aspects of exchange rate policy and emphasizes the relationship among exchange rate flexibility, financial discipline,...
This paper reviews monetary transmission mechanisms in low-income countries (LICs) to identify aspects of the channels that may operate differently in...
An Automatic Output Stabilizer?
Remittance flows appear to be falling worldwide for the first time in decades as a result of the ongoing financial turmoil. It is suspected that the d...
We explore a model intended to capture the interaction between exchange rate policy, fiscal policy, and outright default on foreign-currency denominat...
Even modest investment rates may achieve satisfactory rates of growth in the reforming economies of Eastern Europe because their relative capital scar...
M386Some Empirical Tests
The degree of capital mobility in developing economies is seldom estimated, even though it is widely recognized to be an important element in determin...
This paper addresses the complex and overlooked relationship between the receipt of workers' remittances and institutional quality in the recipient co...
It is often argued that the parallel market premium is a useful indicator of real exchange rate misalignment in developing countries. The empirical ev...
Uncovering the Monetary Transmission Mechanism in Low-Income Countries
VAR methods suggest that the monetary transmission mechanism may be weak and unreliable in low-income countries (LICs). But are structural VARs identi...
The dynamic responses of a developing economy to a variety of policy and external shocks are studied using an empirical macroeconomic model which embo...
Given the large size of aggregate remittance flows (billions of dollars annually), they should be expected to have significant macroeconomic effects o...
This paper shows that the response of inflation to external shocks is very different when the authorities target the real exchange rate than when they...
This paper surveys the evidence on the effectiveness of monetary transmission in low-income countries. It is hard to come away from this review with m...
Concepts and Measurement for Developing Countries
The study cautiously identifies exchange rate misalignment as an important element in most of the exchange rate crises that plagued the developing wor...
In many developing countries the financial system is characterized by the absence of organized markets for securities and equities, by capital control...
This paper uses a simple model to analyze the forces that determine the size of the public sector and the quality of workers employed in that sector. ...
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This paper develops our analytical model to explore the relationship between the dynamics of macroeconomic adjustment and the timing of the implementa...
A relatively non-technical textbook in macroeconomics designed specifically for emerging economies, this book provides a model that upper-level underg...
Filling in the "Hollow Middle"?
Following the 1997-98 financial turmoil, crisis countries in Asia moved toward either floating or fixed exchange rate systems, reinforcing the bipolar...
June 1995 After being excluded from world capital markets during the debt crisis, many developing countries have experienced large capital inflows in ...
This paper analyzes the macroeconomic effects of a variety of exogenous and policy-induced real disturbances when the authorities target the level of ...
How Much Is Enough?
Over the 1990s macroeconomic policies improved in most developing countries, but the growth dividend from this improvement fell short of expectations,...