This paper proposes a systematic study of the degree of financial integration following the degree of trade integration according to Balassa’s (1961) classification, from preferential trading area to complete economic integration. To this end, we exploit all the information contained in...

Faute d'avoir reagi a temps aux chocs externes subis au milieu des annees soixante-dix, la Turquie s'est trouvee precipitee en 1977 dans une grave crise des paiements. Apres deux annees de vaines tentatives de redressement, elle s'est engagee en 1980 dans un programme de reformes en profondeur....

The objective of this paper is to assess whether non-residents’ holdings of a country’s debt make a difference for debt stabilization, where non-residents’ holdings are considered external debt according to a Balance of Payments perspective. The analysis is empirical and considers the case...