Lax monetary policy in the United States has been pointed out as one of the responsible factors behind the recent global crisis. Similar loose monetary conditions also prevailed in many European countries before the crisis and were argued to be among the accommodating factors behind the run-up...

The root cause behind the Chinese economy's slowing down in 2012 lies in a "one-size-fits-all" approach to macroeconomic management. This approach must be abandoned if domestic demand is to be effectively boosted. A superior approach would involve the introduction of policies tailored to the...

This paper analyzes the unprecedented resilience of Latin American countries to the global financial crisis. It argues that sound macroeconomic conditions, which allowed an unusual monetary and fiscal expansion, exchange rate flexibility, a strong and well--regulated financial system, high level...