• Advanced developing countries are increasingly encouraged to remove existing capital controls, but mixed experiences with capital account opening caution that reform must be carefully designed to increase efficiency and growth without compromising stability • A gradual dismantling of...

The increased importance of rating agencies for emerging-market finance has brought their work to the attention of a wider group of observers — and under criticism. This paper evaluates whether the importance of ratings for developing-country finance has changed since the Asian Crisis and...

• The unprecedented withdrawal of foreign private capital from Asia, more than 10 per cent of GDP in the crisis countries, confronts them with a transfer problem. Creditor governments should induce their home banks into financial rescue operations to reduce moral hazard in private-sector...

This books explores the international aspects of pension reform, private savings and volatile capital markets and clarifies how they relate to each other. Building the case for the pension-improving benefits of global asset diversification, analysing the implications of financial reform for...

This books explores the international aspects of pension reform, private savings and volatile capital markets and clarifies how they relate to each other. Building the case for the pension-improving benefits of global asset diversification, analysing the implications of financial reform for...

Countries receiving large-scale capital inflows are at risk if these flows do not find their way into productive and long-term investment, as the Asian crisis of the late 1990s has proven. This book, the result of a joint project between the OECD Development Centre and the UN Economic Commission...

Suppose a DAC donor earmarks $1 billion of taxpayers’ money for official development assistance (ODA). The donor may use two instruments as an outright grant or in combination with a market loan to produce a concessional loan of $2 billion with a percentage grant element of 50 per cent. Many...

This paper provides statistically significant international evidence on the interaction between funded pensions and aggregate savings, after controlling for country-specific effects and for other saving determinants that have typically been identified in earlier cross-country studies. Using...

The present level of ODA falls short of the amount needed to finance the Millennium Development Goals (MDGs). The figure of additional $50 billion per year, roughly the present total of ODA spent by DAC donors, is often quoted (e.g. by the Zedillo Report); it results from the sum of the fight...