Emerging economies are characterized by an extremely high prevalence of informality, small-firm employment and jobs not fit for working from home. These features factor into how the COVID-19 crisis has affected the economy. We develop a framework that, based on accounting identities and actual...

We investigate the output effects of severe banking and currency crises in emerging markets, focusing on whether twin crises (simultaneous occurrence of currency and banking crises) exist as a unique phenomenon and whether they entail especially large losses. Recent literature, mostly relating...

Sudden Stops are the simultaneous occurence of a currency/balance of payments crisis with a reversal in capital flows (Calvo, 1998). We investigate the output effects of financial crises in emerging markets, focusing on whether sudden-stop crises are a unique phenomenon and whether they entail...

We investigate inflation targeting (IT) in emerging markets, focusing on the role of the real exchange rate and the distinction between commodity and non-commodity exporters. IT emerging markets appear to follow a quot;mixed strategyquot; whereby both inflation and real exchange rates are...