This paper assesses macroeconomic developments and progress in institution building during 1994-1998. The five year interim period envisaged in the peace accords has ended, and the paper takes stock of what happened in this period. The paper was prepared in the Spring of 1999 and draws on work...

This Selected Issues paper examines how surges in global financial market volatility spill over to emerging market economies (EMs) including India. The results suggest that a surge in global financial market volatility is transmitted very strongly to key macroeconomic and financial variables of...