This paper compares the importance of precautionary and mercantilist motives in the
hoarding of international reserves by developing countries. Overall, empirical results support …

This paper contributes to the literature that analyzes the mechanisms linking financial
shocks and real activity. In particular, we investigate the growth impact of banking crises on …

We develop a small open economy macroeconomic model where financial conditions
influence aggregate behavior. Our goal is to explore the connection between the exchange …

We assess some of the explanations that have been put forward for the global pattern of
current account imbalances that has emerged in recent years, particularly the large US …

This study examines dynamic linkages between exchange rates and stock prices for seven
East Asian countries, including Hong Kong, Japan, Korea, Malaysia, Singapore, Taiwan …

Detailed case studies of debt defaults by Russia, Ukraine, Pakistan, Ecuador, Moldova, and
Uruguay, framed by a comprehensive discussion of the history, economic theory, legal …

Neoliberalism is fast becoming the dominant ideology of our age, yet politicians,
businessmen and academics rarely identify themselves with it and even political forces …

This lecture examines whether financial globalization is beneficial to developing countries
by first examining the evidence on financial development and economic growth and …

Controversy regarding the costs and benefits of globalization has taken center stage in
policy and academic circles. While concerns over the benefits of capital mobility once voiced …

We examine the role of China's financial system in supporting economic growth, and explore
directions of future development. First, the current financial system is dominated by a large …