Ausgelöst durch das Zusammentreffen niedriger Zinsen in reichen Ländern und einem hohen Finanzierungsbedarf für Infrastruktur in vielen ärmeren Ländern befindet sich die Verschuldung der Länder des Globalen Südens seit Jahren auf einem dramatisch hohen Niveau. Hohe Schuldendienstzahlungen...

Objective - This study examines the relation between stock market capitalization and international financial integration for 23 developing countries during 1996 - 2018.Methodology/Technique - By using recently developed econometric panel techniques. The present paper takes into consideration...

The World Bank Group, which commits tens of billions of dollars to funding projects in the developing world every year, is revising its procurement guidelines. The Bank's procurement guidelines are intended to ensure that procurements on Bank-financed projects are carried out efficiently and...

Since Friedman (1953), an advantage often attributed to flexible exchange rate regimes over fixed regimes is their ability to insulate more effectively the economy against real shocks. I use a post-Bretton Woods sample (1973-96) of seventy-five developing countries to assess whether the...

This paper empirically analyzes how exchange rate policy affects the issuance and pricing of international bonds for developing countries. We find that countries with less flexible exchange rate regimes pay higher sovereign bond spreads and are less likely to issue bonds. Quantitatively,...

While virtually all modern currency crisis models recognise that the decision to abandon an exchange rate peg depends on how tenaciously policy makers are willing to defend it, they seldom model how this is done. We incorporate both the mechanics of speculation and of a defence policy against...

This paper produces the first cross-country evidence on the relationship between the size of foreign exchange reserves and local currency internationalization using a sample of Switzerland, Japan and the UK. It finds that a high ratio of foreign exchange reserves to international reserves has a...

The choice of an exchange-rate regime is considered by integrating the determinants of multinational firms locations. We consider the case of a risk-adverse multinational firm which contemplates relocating two alternative foreign locations in order to re-export. We explicit the trade-off between...

Since Friedman (1953), an advantage often attributed to flexible exchange rate regimes over fixed regimes is their ability to insulate more effectively the economy against real shocks. I use a post-Bretton Woods sample (1973-96) of seventy-five developing countries to assess whether the...

Is the degree of dollarization important to determine the pass-through between nominal exchange rate depreciation and inflation? The common view in the literature is that countries with higher dollarization exhibit higher pass-through coefficients. In our study we qualify this common view. Using...