Many economists believe that the nature of exchange rate management was an important reason for rapid economic growth in East Asia. In this view, Asian countries avoided extreme exchange rate appreciations and kept their nominal exchange rates close to market clearing levels. In contrast, the...

We develop a model to analyze the macroeconomic effects of a scaling-up of aid and assess the implications of different policy responses. The model features key structural characteristics of low-income countries, including varying degrees of public investment efficiency and a learning-by-doing...

This paper presents a dynamic heterogeneous panel data model in which the reaction the real exchange rate to external finance includes interactions with the measure of trade openness, fiscal, monetary and nominal exchange rate policies of twenty-four primary-exporting Sub-Saharan African...