This paper examines the relationship between foreign trade and foreign direct investment (FDI) in selected Latin American and Southeast Asian economies in the period 1970 - 94. The hypothesis of complementarity|substitution between FDI and foreign trade is tested using bivariate VECM models and...

This paper examines the relationship between fiscal decentralization - the assignment of revenue sources and expenditure functions across government levels - and government size in Moldova. The empirical results - based on data for a cross-section of Moldovan subnational governments in 1998 -...

This paper develops a simple model of foreign debt portfolio management. The model suggests that, under mild conditions, the currency composition of a country's foreign debt portfolio is responsive to exchange rate movements. Empirical evidence is provided for a panel of 14 emerging economies in...

This paper discusses trends in fiscal adjustment in Brazil since the 1990s, with particular emphasis on the strengthening of institutions for fiscal policymaking, and its effect on local government finances and their ability to invest in infrastructure building and upgrading. Although fiscal...