Highlights•Public spending on environment offers results only in a longer time
perspective.•Taxes bring little incentives to reduce environmental pollution.•The …

The current crisis saw an unprecedented collapse in international capital flows after years of
rising financial globalization. We identify the stylized facts and main drivers of this …

Nowadays foreign exchange interventions occur in emerging market economies, whereas
empirical studies on interventions mainly refer to advanced economies. However …

This paper studies the effects of fiscal policy response in 118 episodes of systemic banking
crisis in advanced and emerging market countries during 1980-2008. It finds that timely …

Following the recent global financial crisis, questions about the mechanisms that can help
countries cope with large shocks have resurfaced. This paper examines the role of the …

Based on a sample of 38 emerging economies, we find that inflation targeting (IT) adoption
improves sovereign debt risk. Next, we show that this favorable effect is sensitive to several …

As a result of a long-running internal debate there have been notable incremental changes
to how the International Monetary Fund (IMF) treats capital controls, particularly those …

This paper appraises how countries with inflation targeting fared during the current crisis,
with the goal of establishing the stylized facts that will guide and motivate future research …

This paper examines whether elections, which are generally held on fixed dates, and
banking crises explain the timing of tax reforms and the allocation of the additional tax …

With the growing importance of the emerging economies (EEs) in the international scene, a
lively debate has begun on whether the national economic cycles are converging or the …