This paper focuses on some of the practical issues involved in developing voluntary domestic markets for government debt.

This paper examines the effects of foreigndirect investment (FDI) inflows to a group of six Pacific Basin economies and a control group of 11 other developing countries.

In this paper, I test a fiscal dominance hypothesis of central bank independence in developing countries.

Many developing country governmentfind it virtually impossible to satisfy their inter-temporal budget constraint with conventional tax revenu. Hence they rely on revenue from the inflation tax and they reduce their interest costs through financial repression. Both the theory and evidence...

This paper concludes that, for any given government deficits, greater recourse ti inflationary finance, financial repression and excessive government borrowing from abroad are associated with higher inflation, lower saving ratios and lower growth rate.

Recent events in some European countries might suggest that increased capital inflows inevitably appreciate the real exchange rate and increase financial fragility. Hence, opening domestic financial markets to international investors seems a perilous undertaking. If autarky is rejected, however,...

I use an indirect approach to examine the effects of capital inflows on real exchange rates in a sample of 46 developing countries. Distinguishing between autonomous and accomodating capital inflows and disaggregating capital inflows into foreign direct investment, portfolio investment and other...