The financial turmoil of the late 1990s prompted a broad search for tools and techniques for detecting and preventing financial crises, and more recent episodes of instability have high lighted the importance of continuous monitoring of financial systems as a tool for preventing crises. This...

How to entrench hard-won gains, increase resilience to shocks, and improve growth performance to reduce poverty? As Central America moves forward in regaining macroeconomic stability, these are the challenges. This study analyzes Central America’s real, fiscal, monetary, and financial...

We analyze the stability of domestic financial linkages between periods of calm and turbulent market conditions. Our model develops a simultaneous test of shift contagion and bi-directional pure contagion, which is applied to the equity and currency markets of a group of East Asian emerging...

We test for contagion between pairs of East Asian equity markets over the period 1990-2007.We develop an econometric methodology that allows us to test for both 'shift'and 'pure' contagion within a unified framework. Using both Hong Kong and Thailand as potential shock sources, we find strong...

We analyze the stability of domestic financial linkages between periods of calm and turbulent market conditions. Our model develops a simultaneous test of shift contagion and bi-directional pure contagion, which is applied to the equity and currency markets of a group of East Asian emerging...

One of the greatest dangers to the growth of developing countries is the middle income trap, where crony capitalism creates oligarchies that slow down growth. If the debate during the elections is any pointer, this is a very real concern of the public in India today. To avoid this trap, and to...

The system of personalized Arab presidential power based on a strong security state had its origins in the assertion of national sovereignty in the dangerous post-independence world of the 1950s and 1960s. and then becoming more monarchical in character over time, including the attempt to...

Usually, current Financial Crisis of 2008 is compared to the Great Depression of 1929. But there are some evidences that our current financial crisis has much more similarities and analogies to the crisis initiated by the panic in 1907. A brief analysis of both crises is presented. This analysis...

The Tunisian revolution has economic and social causes. It was carried out against exclusion and crony capitalism. We thus show that it can be apprehended by a political economy approach, which is apt to explain the collapse of authoritarianism. The latter was able to remain in place thanks to...