We analyse the effectiveness of exchange rate interventions for a panel of 18 emerging market economies during the period 2003-11. Using an error-correction model approach, we find that on average intervention is effective in moving the real exchange rate in the desired direction, controlling...

Rapid and sustained economic growth in the emerging world has brought new members, notably China, into the group of middle-income countries. Reaching this level of income, however, has historically presented countries with a new set of challenges to development, resulting in slowing growth and...

Recent contributions to the growth literature have argued that the structure of an economy, as measured by its productive capabilities, is a key determinant for inter-country differences in development. Productive capabilities have been shown to be highly predictive of future economic growth,...

During the 1990s, China has experienced a surge in imports of services, particularly those of communication, insurance and other business services, despite the fact that the authorities have maintained a plethora of restrictive measures limiting access to the service sector. Not only does this...

This paper discusses major policy issues related to commodity dependence and export diversification in low-income countries. Contrary to some widely-held view, it argues that natural resources are not necessarily a “curse” — that they do not condemn low-income countries to underdevelopment...

China is emerging as a leading Pacific economy in the 1990s. This paper examines the implications of China's entry into the world market for the OECD countries as well as for the regional economies of Asia and the Pacific. It argues that the shares of Asian countries in the OECD countries'...

The present paper examines the trade development of Pacific-Asian economies during the past decade from the perspective of regional integration. Its main focus is on the development of intra-regional and intra-industry trade. It provides some statistical evidence for the often-heard argument...

Trade-policy reform is an essential feature of China’s economic transition to a market economy. On the one hand, the liberalisation and decentralisation of export activities has boosted exports. On the other hand, the reform of China’s import regime has been progressing much more slowly....

The experience of the five examined industries (agro-food in Chile, cut flowers in Kenya, garment in Lesotho and in Mauritius and seafood in Thailand) demonstrates that non-traditional industries can emerge and achieved strong growth rates in very diverse settings in terms of geography and...