This paper begins with a short review and discussion of the literature on policy complementarities and their implications in terms of (sustainable) growth strategies and the possible emergence of a new policy making paradigm. Then, it provides a descriptive analysis of the effect on economic...

This paper presents further empirical evidence on the relationship between black market and official exchange rates in six emerging economies (Iran, India, Indonesia, Korea, Pakistan, and Thailand). First, it applies both time series techniques and heterogeneous panel methods to test for the...

The strong recovery of the five crisis-affected countries of East Asia between 1999 and 2000 has revived the debate on the causes of the 1997 financial crisis. Initially there had been an emerging consensus that the crisis had originated from the capital account. However, some analysts see the...