This paper analyses stability in real multilateral exchange rates in six leading Latin-American economies during the XXth century using a new data set.  A univariate approach is complemented by an error-correction model including key fundamentals.  Unit-root testing shows a very slow process...

This paper makes a contribution to the study of economic growth in developing countries by analysing the six largest Latin American Economies over 105 years within a two-equation framework. Confirming previous findings, physical and human capital prove to be key determinants of GDP per capita...

This paper examines the structural determinants of output volatility in developing countries, and especially the roles of geography and institutions. We investigate the volatility effects of market access, climate variability, the geographic predisposition to trade, and various measures of...

During the past decade or so empirical literature on comparative development of nations has turned to investigation of "deep" or determinants of productivity and capital intensity, such as institutions, trade, geography and human capital.  In this paper I revisit this debate and make three...

Recent attempts to incorporate optimal fiscal policy into New Keynesian models subject to nominal inertia, have tended to assume that policy makers are benevolent and have access to a commitment technology.  A separate literature, on the New Political Economy, has focused on real economies...

The apparent success of independent central banks in conducting monetary policy has led many to argue that some form of policy delegation should also be applied to the macroeconomic aspects of fiscal policy.  A number of countries have recently established Fiscal Councils, although their role...