Levine & Zervos (1998) presented cross-country econometric evidence showing that, in a sample of 47 countries, stock market liquidity contributed a significant positive influence on GDP growth between 1976-93. We show that the Levine-Zervos results are not robust to alternative specifications...

This book, written by an international team of economists, develops concrete, country specific alternatives to inflation targeting, the dominant policy framework of central bank policy that focuses on keeping inflation in the low single digits to the virtual exclusion of other key goals such as...

This paper analyzes the growing role played by exports and investment in China's rapid economic growth since 1978. It examines the reasons for the shift over time in China's growth model, which occurred in stages, and it questions the sustainability of the recent dependence on exports and...