Robust GDP growth, declining unemployment, low and stable inflation, and a string of fiscal and current account surpluses -- it's a record to be envied. These outcomes in Canada owe much to sound macroeconomic policies, as well as to a favorable external environment. This book focuses on these...

Uruguay has experienced a remarkable recovery since the 2002 crisis, supported by sound policies and favorable external conditions. With the framework put in place in 2002, Uruguay abandoned an exchange rate peg in favor of a free float, adoped a monetary regime initially based on money targets,...

The transformation of world?s main stock markets into enterprises acting in a competitive environment is in progress and its consequences are not all known. Three strategies are competing with each other: vertical integration of exchange and CSD; horizontal growth of the market share to an...

This paper investigates the market consequences of alliance formation among stock exchanges. These alliances enable brokers to match investors internationally at their local market, thereby eliminating the need for brokers to maintain memberships in foreign stock exchanges. We sort out the...

We study competitive, but strategic, brokers executing trades for an informed trader in multi-period setting. The brokers can choose to (a) execute the order, as agents, first, and trade for themselves as dealers, afterwards; or (b) trade for themselves first and execute the order later. We show...

This work is a PhD dissertation, written at the Department of Economics, McGill University. The thesis offers a new framework for inflation as a process of restructuring. Contrary to existing theories of inflation, which tend to take structure and institutions as given for the purpose of...

Suggests reforming the IMF's approach on its lending strategies to low and middle income countries, better crisis intervention and debt workout mechanisms as well as transforming the IMF into a more multilateral institution.