The Brady Initiative has led to the conclusion of several debt-relief agreements. Opinion on the effects of these agreements on the debtor countries involved vary widely. The following article aims at clarifying the debate.

Many developing countries are currently considering liberalisation of external capital flows. While the ultimate objective of financial opening is to raise efficiency and growth, the reform process must be carefully designed to achieve these results. A recent conference has discussed the policy...

What will be the future impact of the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB), two multilateral banks created in 2014 outside the established Bretton Woods system, on multilateral lending shares?

In this paper we study the macroeconomic aftermath of large exchange rate appreciations. Using a sample of 128 countries over the period 1960-2008, we identify 25 episodes of large nominal and real appreciations shocks. We use narrative identification of exogenous appreciation episodes and study...

Global governance refers to several pillars; one important pillar is the multilateral aid architecture. Its reform can be discussed under the perspectives of representativeness, inclusiveness, and efficiency (of aid delivery).A prerequisite for efficient aid delivery is to map the rising...

Global governance refers to several pillars; one important pillar is the multilateral aid architecture. Its reform can be discussed under the perspectives of representativeness, inclusiveness, and efficiency (of aid delivery). A prerequisite for efficient aid delivery is to map the rising...