This paper discusses the implications of the collapse of Argentina's currency board arrangement on the debate about appropriate exchange rate regimes for emerging market countries (EMCs). It highlights the link between the inherent vulnerability of the EMCs (the so-called original sin...

This paper investigates fiscal developments in 112 countries during the 1990s. It finds that while the overall fiscal balance improved in most of them, the composition of this improvement differed. In countries without IMF-supported programmes, revenues increased modestly and expenditure...

This paper investigates stock market reaction to debt arrangements in Russia. The analysis of the valuation of debt arrangements by stock markets provides information about the use of debt by Russian companies. We apply the event study methodology to check whether debt announcements lead to...