This paper estimates how changes in China's exchange rates would affect exports from competitor countries in third-country markets -- in other words, the"spillover effect."The authors use recent theory to develop an identification strategy, with a key role for the competition between China and...

An economy's financial integration with the outside world (the extent of capital mobility across its borders) is a key determinant of some of its most important macroeconomic properties. Yet little is known about this characteristic of many developing economies. An important stumbling block in...

The view that policies directed at the real exchange rate can have an important effect on economic growth has been gaining adherents in recent years. Unlike the traditional"misalignment"view that temporary departures of the real exchange rate from its equilibrium level harm growth by distorting...

The causes and implications of the developing country debt crisis - as well as its solution - all have an important fiscal dimension. The crisis was triggered by the widespread perception that the public sectors in many heavily indebted countries were effectively insolvent in the international...

After being excluded from world capital markets during the debt crisis, many developing countries have experienced large capital inflows in the past five years. The challenges these inflows pose for domestice policy have generated a substantial literature. The authors review and extend that...