This paper reviews the causes, consequences, and policy responses to large capital flows in several emerging markets. It opens by studying recent patterns of capital flows, and then discusses the causes of capital flows. Emphasis is given to the reasons behind the capital inflow episode in the...

We estimate a gravity model to address the question of whether Africa’s bilateral trade with industrial countries is “unusual” compared with other developing country regions. Our main finding is that the unusually low level of African trade is explained by economic size, geographical...

This paper focuses on the withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis. It describes existing evidence and consequences of the withdrawal of CBRs and explores drivers of this phenomenon drawing on recent surveys and select country...

We examine the extent to which developing countries that do little, if any, research and development themselves benefit from Ramp;D that is performed in the industrial countries. By trading with an industrial country that has a large quot;stock of knowledgequot; from its cumulative Ramp;D...

We estimate a gravity model to address the question of whether Africa`s bilateral trade with industrial countries is quot;unusualquot; compared with other developing country regions. Our main finding is that the unusually low level of African trade is explained by economic size, geographical...