The author offers recommendations for improving developing country debt.

The exchange rate consistent with high employment and a balanced current account are rarely the same as the rates consistent with asset market equilibrium at interest rates policy makers wish to prevail. Whenever rates are freely determined the assets markets prevail and the results may be hard...

This paper discusses real exchange rate issues of industrial and developing countries. For real exchange rates among the key industrial countries, the author asks what is the best conceptual framework. To shed light on this questions, he looks at alternative theoretical approaches and at...