Recent incidents of exchange rate collapse have provoked interest in the extent to which such events are determined by economic fundamentals. This paper considers whether interest rate differentials are appropriate measures of the risk of devaluation and whether this measure of devaluation risk...

This paper develops a model merging the monetary approach to the balance of payments and a neoclassical growth model into a unified framework in which inflation, growth, and the balance of payments are simultaneously determined. The empirical part of the paper presents estimates of the key...

This study investigates the long-term effect of the density of the elite - the highest educated - during the period 1075-1919 on today's educational attainment and economic performance in Vietnam. Using nearly 20,000 elites, including 17,061 junior bachelors and bachelors, and 2,895 doctors who...