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Abstract: The view that policies directed at the real exchange rate can have an important effect on economic growth has been gaining adherents in rece...
Cross-country Evidence
Abstract: The authors study the effects of regulation on economic growth and the relative size of the informal sector in a large sample of industrial ...
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...
Serven examines empirically the link between real exchange rate uncertainty and private investment in developing countries using a large cross country...
Facts and Puzzles from Currency Boards
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The Cross-country Evidence
Monetary Independence and Currency Regime
Using a large sample of developing and industrialized economies during 1970-1999, this paper explores whether the choice of exchange rate regime affec...
Another Look at the Laursen-Metzler Effect
Conventional analyses of the effect of terms-of-trade shocks provide a misleading view of their impact on investment and the current account, because ...
The corners hypothesis holds that intermediate exchange rate regimes are vanishing, or should be. Surprisingly for a new conventional wisdom, this hyp...
January 1996 No evidence is found to support the notion that income inequality affects aggregate saving across countries-neither in developing nor in ...
May 1996 A recent but rapidly growing empirical literature focuses on the relationship between public and private capital. But for the most part, it i...
Schmukler and Serven investigate the patterns and determinants of the currency risk premium in two currency boards - Argentina and Hong Kong. Despite ...
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,...
A Rational-Expectations Approach
June 1995 To analyze the probable macroeconomic impact of fiscal and monetary retrenchment in Chile, an open-economy, dynamic rational-expectations ma...