A situation is analysed in which two countries negotiate the financing of the incremental costs which accrue if one of them switches from a non-sustainable onto a sustainable development path. The other country's incentive to pay arises as it benefits from the developing country's environmental...

Entre las consecuencias de la emergencia de nuevos poderes regionales a globales está, por una parte, la aparición, consolidación o fortalecimiento de nuevos donantes y, por otra, el cambio del mapa del desarrollo y la pobreza mundiales. Es en este nuevo contexto en el que tiene que...

(english) After debt cancellations, in particular MDRI (Multilateral Debt Relief Initiative) debt ratios in Low Income Country dropped to historic lows. They are now getting into debt again, because of Bretton Woods Institutions (BWI) new loans, of emerging countries’ (namely China) loans, and...

After debt cancellations, in particular MDRI (Multilateral Debt Relief Initiative) debt ratios in Low Income Country dropped to historic lows. They are now getting into debt again, because of Bretton Woods Institutions (BWI) new loans, of emerging countries’ (namely China) loans, and sometimes...

The international community has advanced in reforming the international aid system. Such reform comes at a time when there is a renewed skepticism about aid effectiveness and when the crisis sheds new doubts about the sustainability of donors´ commitments. At the same time, the international...

We investigate the impact of Chinese activities in sub-Saharan African countries with respect to the growth performance of economies in that region. Using a Solow-type growth model and panel data for the period 1991 to 2011, we find that African economies that export natural resources have...

As the global crisis surrounds us, Turkey, as a country with huge prospects, needs to establish new political and commercial links with the rest of the world in order to lessen the effects of the global crisis. This can be a way to take the load off Turkey’s shoulders. These links can be found...

We consider a dynamic allocation problem under alternative insurance and capital market regimes and proper risk aversion separate from intertemporal substitution. We apply the model to study the effect of one-size-fits-all transfers. We find that one-size-fits-all transfers can have different...

The private investment response to structural reforms in developing countries is of paramount importance, both for the future economic growth and the survival of the reforms themselves. By employing a sample of countries, recipients of World Bank Structural Adjustment Loans, the present paper...

During capital control episodes, large price deviations between American Depositary Receipts (ADR) and their underlying stocks signal that a currency crisis is about to occur. We interpret this price spread as the price of a call option. Using option pricing theory we derive detailed information...