This paper reviews the experience of a heterogeneous group of developing countries in maintaining macroeconomic stability in the face of heavy capital flows.

Increased attention is being paid to assessments of the actual values of countries' real exchange rates relative to their 'equilibrium' values as suggested by 'fundamental' determining factors. This paper assesses the robustness of alternative approaches and models commonly used to derive...

The number of studies attempting to estimate the 'equilibrium' real value of China's currency has proliferated in recent years as the country's presence in world markets has grown. These studies have sought to establish whether or not a significant part of China's competitive prowess can be...

The rapid aging of China's population over the next few decades makes it important for a new pension system with broad and adequate coverage to be put in place quickly. Pension reforms, first initiated in 1997, have become bogged down in difficulties over dealing with the quot;legacy costsquot;...

Most explanations of the current economic and financial crisis focus on its financial causes. Often missing in these explanations is a discussion of how the seeds of the crisis were sown by economic policies in major countries that fostered the growth of global imbalances during the 2000s....

Assessments of a country's real exchange rate relative to its 'equilibrium' value as suggested by 'fundamental' determinants have received increasing attention. Using China as an example, the present paper illustrates models commonly used to derive equilibrium real exchange rate estimates. The...

This paper assesses the extent to which restraints on exports of Japanese automobiles to the United States affected car sales and prices in the period 1981-84. The estimates are obtained using a model of the U.S. automobile sector that explicitly allows for the effects of the quotas on the...

Most explanations of the current economic and financial crisis focus on its financial causes. Often missing in these explanations is a discussion of how the seeds of the crisis were sown by economic policies in major countries that fostered the growth of global imbalances during the 2000s....

This paper presents a simple framework that illustrates the link between skill-based wage differentiation and human capital acquisition given skill-biased technical progress. The analysis points to the economic costs resulting from labor market and income redistribution policies that prevent the...