The present text aims to analyze the New Development Bank (NDB) established by BRICS as part of the group’s financial architecture, focusing on the main motivations for its creation, ways of acting and governance structure. Although focused on providing credit for infrastructure and...

We analyse the relationship between global liquidity and exchange market pressure in 32 emerging market economies. Exchange market pressure is a measure of excess currency demand that is applicable across different exchange rate regimes as it accounts for changes in exchange rates, foreign...

We empirically analyse the appropriateness of indexing emerging market sovereign debt to US real interest rates. We find that policy-induced exogenous increases in US rates raise default risk in emerging market economies, as hypothesised in the theoretical literature. However, we also find...