• 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 book demonstrates how the growing economic power of China and India is already influencing the growth patterns of African countries, particularly oil- and commodities-exporting ones. As world prices for commodities rise, producer countries in Africa and throughout the world will gain, but...

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...

China’s and India’s strong appetite for energy and metal has boosted international prices and the volume and value of African exports. China in particular has become the main trade partner for a number of African countries providing cheap manufactured goods and reducing Africa's dependence...

Debt, Deficits and Exchange Rates presents recent work by Helmut Reisen on current international monetary problems in East Asia and Latin America. Written over the last four years, these papers are readily accessible and of immediate policy relevance. The first part is concerned with the debt...