Although currency adjustment is often proposed as a policy tool to reduce current account imbalances, there is no consensus regarding the macroeconomic effects. In this paper we study the macroeconomic aftermath of large exchange rate appreciations. Using a sample of 128 countries over the...

This study has investigated to which extent rating events influence sovereign bond yield spreads and overall financial market volatility. While rating agencies are part and parcel of today?s financial markets, the study succeeds in tracing some independent effect that ratings exert on financial...

Debt, Deficits and Exchange Rates presents recent work by Helmut Reisen on current international monetary problems in East Asia and Latin America. Written over the last four years, these papers are readily accessible and of immediate policy relevance.

This book explores the international aspects of pension reform, private savings and volatile capital markets and clarifies how they relate to each other. Building the case for the pension-improving benefits of global asset diversification, analysing the implications of financial reform for...