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If emerging markets are to achieve their objective of joining the ranks of industrialized, developed countries, they must use their economic and political influence to support radical change in the international financial system. This working paper recommends John Maynard Keynes's "clearing...
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Developing countries are constrained in financing current account deficits as real capital mobility is still far from perfect. At the same time, capital flows to these countries proved to be extremely volatile. The paper argues that the long-term problem of "too little" should not be confused...
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exchange transactions, issuance of debt and payment clearance, the dollar's share has not suffered a decline. To reform the …
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This study analyzes the effect of individual finances (specifically creditworthiness and severely delinquent debt) on … is utilized in an instrumental variables design. The possibility of the reverse causality of bad health causing debt and … 2005 residence. Worsening creditworthiness and increases in severely delinquent debt are found to lead to increases in …
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