The increased importance of finance is the main characteristic of the current capitalist system. At the international level, the increase in cross-border financial transactions signals what has been called ?financial globalisation? or ?international financialisation?. The rise of this system is...

The concept of inclusive growth was quickly integrated into the development literature and policymaking, virtually becoming sine qua non of any discussion about improving living conditions in the developing world. This has happened despite the lack of a consensus on what inclusive growth is?with...

The concept of inclusive growth plays an increasingly prominent role in steering the development debate in international policy circles. Yet the initial intrinsic obviousness of the concept proves fallacious when one embarks on operationally ddefining ?inclusiveness? and its consequences in...

Two trends had been clear in recent years: ?the anti-inflationary target moved the employment objective to a secondary position? and, with regards to the instruments, ?monetary policy was established as the macroeconomic policy par excellence? (Frenkel, 2006). This focus was questioned in the...

With the global financial crisis, emerging developing countries have been experiencing marked cycles of capital flows: significant inflows until the collapse of Lehman Brothers; a sudden outflow in the sequence; a rebound of inflows some months after; and, more recently, more short-lived periods...

O aumento da importância das finanças é a principal característica do sistema capitalista atual, um fenômeno que, em âmbito internacional, é evidenciado pelo aumento das transações financeiras (conhecido por ?globalização financeira?). A ascensão desse sistema está associada ao...

Os países em desenvolvimento vêm recebendo quantidades crescentes de fluxos financeiros, que também estão se tornando mais voláteis ? duas características que aumentam a importância desses fluxos na determinação das taxas de câmbio. Este processo é parte de mudanças mais amplas na...

When the International Monetary Fund (IMF) was created, its purpose was to support the new system of fixed exchange rate regimes. With the breakdown of the par-value system, its article on exchange-rate arrangements?Article IV?had to be revised. Per the revised version, the IMF would annually...

The paper on which this One Pager is based (Roy, Abu-Ismail and Ramos, 2011) suggests concrete policy options which would create the fiscal space needed for structural transformation. After analysing the fiscal constraints faced by different countries and country groupings in the region, the...