Rapidly growing developing economies have exported heavily and run current account surpluses. Empirical studies suggest that "learning-by-exporting" may be quantitatively large in developing countries and behind some of this dramatic growth. This paper explores if learning-by-exporting helps...

Rapidly growing developing economies are characterized by heavy exportation and current account surpluses. Empirical studies suggest that "learning-by-exporting" may be quantitatively important in developing countries and behind some of this dramatic growth. This paper explores if...

This paper shall give an overview of the implications to the sectoral balances stemming from the implementation of the Fiscal Compact in the Euro area in 2013. Since there is now a more or less strict limit to deficit spending-absent from cyclical factors-some other sector has to make up for the...

The euro crisis was typically presented as excessive fiscal deficits leading to the accumulation of unsustainable public debts. This diagnosis applied most notably in Greece and Italy, but also Portugal and Spain. Implicit in much of the analysis, and occasionally explicit, was the suggestion...

This article analyzes the costs and benefits of the dollarization of the Chilean economy. The conclusion is that at the present time the costs are more than the benefits. one of the basic arguments is that the adjustment process of a dollarized economy to

Vertical fragmentation of product value chain across borders is the driving force of growing economic interdependency in East Asia. A common currency, not flexible exchange rates between national currencies, would reduce flexibility in relative prices within East Asia. Its impact would be far...

This paper explores the changes in the auto parts sector from the industrial policy perspective of Romania, in the context of globalization. We propose to find the place of the means of transport industry in the processing industry sector and we studied the document of Industrial Policy for...

Przedmiotem artykułu jest kwestia wpływu poszczególnych klas wielkości przedsiębiorstw na aktywność polskiego systemu przemysłowego. Autor stara się odpowiedzieć na trzy zasadnicze pytania- po pierwsze, czy podmioty różnej wielkości odmiennie realizują działalność innowacyjną,...

We develop a simple macroeconomic model where the time inconsistency of optimal monetary policy is due to tax distortions. If fiscal policy is exogenously fixed at its optimal level, a Walsh contract (Walsh, 1995) offered to an independent central bank implements the optimal monetary policy....

This paper presents a retrospective review of several key areas of work of the Capital Markets and Financial Institutions Division (CMF) of the Inter-American Development Bank. Presented with each chapter as an independent piece, the paper analyzes the operations portfolio of CMF from 2006 to...