Using a simple model of international lending, we show that as long as the IMF lends at an actuarially fair interest rate and debtor governments maximize the welfare of their taxpayers, any changes in policy effort, capital flows, or borrowing costs in response to IMF crisis lending are...

After the breakup of the Soviet Union, Uzbekistan's output fell less than in any other former Soviet republic, and growth turned positive in 1996/97. Given the country's hesitant and idiosyncratic approach to reforms, this record has surprised many observers. This paper first shows that a...

This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger's (2001) proposed 'Sovereign Debt Restructuring Mechanism," with brief reference to the economics...

The transition economies in Europe and the former Soviet Union between 1991 and 1999 differed widely in terms of total capital flows and the share and composition of private flows. With some exceptions (notably Russia), the main source of private inflows was foreign direct investment. Portfolio...

This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger's (2001) proposed 'Sovereign Debt Restructuring Mechanism," with brief reference to the economics...

We estimate equilibrium dollar wages for 15 transition economies of Central and Eastern Europe (CEE) and the former Soviet Union. Equilibrium dollar wages are interpreted as full employment wages consistent with a country's physical and human capital endowment, and estimated by regressing actual...

The transition economies in Europe and the former Soviet Union between 1991 and 1999 differed widely in terms of total capital flows and the share and composition of private flows. With some exceptions (notably Russia), the main source of private inflows was foreign direct investment. Portfolio...

This paper investigates the sensitivity of Latin American GDP growth to external developments using a Bayesian vector-autoregressive model with informative steady-state priors. The model is estimated using quarterly data from 1994 to 2007 on key external and Latin American variables. It finds...

After the breakup of the Soviet Union, Uzbekistan's output fell less than in any other former Soviet republic, and growth turned positive in 1996/97. Given the country's hesitant and idiosyncratic approach to reforms, this record has surprised many observers. This paper first shows that a...