The Dollar and Kraay (2000) paper has proved to be remarkably influential with many of its conclusions widely quoted, particularly in support of the open market policies of the ‘Washington consensus’. However, although there have been a number of critical commentaries there have been very...

The 1994--95 'peso' crisis did not display characteristics which allow it to be easily captured by traditional crisis models. Models based on Minsky's financial fragility hypothesis offer more persuasive accounts but have been supported by relatively little direct empirical evidence. This paper...

The 1994-95 'peso' crisis did not display characteristics which allow it to be easily captured by traditional crisis models. Models based on Minsky's financial fragility hypothesis offer more persuasive accounts but have been supported by relatively little direct empirical evidence. This paper...