The paper shows that foreign holdings of local currency government bonds in emerging market countries (EMs) have reduced bond yields but have somewhat increased yield volatility in the post-Lehman period. Econometric analyses conducted from a sample of 12 EMs demonstrate that these results are...

This paper analyzes the impact of capital inflows and exchange rate flexibility on the real exchange rate in developing countries based on panel cointegration techniques. The results show that public and private flows are associated with a real exchange rate appreciation. Among private flows,...

Recent work draws attention to the fragility of domestic tax revenues-a vital resource for the developing world-to illicit financial flows. To cope with two major challenges in the illicit financial flows-tax revenues relationship-related to the mere illicit financial flows measurement and...