This paper proposes a new perspective on international capital flows and countries' long-run external asset position. Cross-sectional evidence for 84 developing countries shows that over the last three decades countries that have had on average higher volatility of output growth (1) accumulated...

The scholarly debate on currency internationalization focuses on country characteristics and policies as the main determinants in currency competition. However, this literature has neglected the fact that, given the intertwined nature of the international monetary system, other countries'...

Strengthening commitments for export assistance and establishing comprehensive programs to expand export activities of firms are part of the public policies in almost all developed and developing countries. Not only have governments increased the amounts devoted to these actions in recent...