Equity markets in developing and emerging economies have grown in number and importance as a result of financial market globalisation. However, their role in economic growth and development is enhanced if nascent markets are integrated with well-established ones. Market integration, measured by...

The dissertation consists of three distinct chapters that contribute to important, yet unresolved topics in Macroeconomics and International Economics.Macroeconomists have been keenly interested in understanding how financial crisis turn into real recessions in emerging markets. By using a...

This paper examines the surprising performance of the Argentine stock market in the midst of the country’s most recent financial crisis and the role played by ADRs in Argentine capital flight. Although Argentine investors were subject to capital controls, they were able to purchase stocks with...

In this paper we present evidence that capital account reversals have become more severe foremerging markets. Because policy options are limited in the midst of a capital market crisisand because so many countries have already had crises recently, we focus on some of thepolicies that could...

This dissertation addresses the issues of capital controls and informal economy. Both subjects have evoked considerable interest in both academic environments and policy circles, especially given their importance for developing countries. The dissertation is structured as follows. Chapter 1...

This dissertation measures the impact of multiple exchange rate systems on economic performance and on net capital flows in developing countries. The literature on the effectiveness of capital controls has some problems. Two of them are that it often ignores the endogeneity of capital controls,...

This paper examines the relationship between capital controls and financial development, with an emphasis on the empirical aspects of the linkage. Financial development is interpreted broadly as increasing the efficiency of allocating financial resources and monitoring capital projects. In...

There is a general recognition that there are deficiencies in the Mundell-Fleming model. Nonetheless, Rose [2000] has stated that Mundell was the first to exposit the Policy Trilemma, which identifies an intrinsic incompatibility among: high capital mobility, fixed exchange rates, and monetary...