The characteristics that distinguish most developing countries, compared to large industrialized countries, include: greater exposure to supply shocks in general and trade volatility in particular, procyclicality of both domestic fiscal policy and international finance, lower credibility with...

In this paper, we examine the role of global and domestic credit supply shocks in macroeconomic fluctuations for Emerging Markets. For this purpose, we impose a set of zero and sign restrictions within a medium-scale Bayesian Vector Auto-Regressive model. Quarterly data from South Africa and G-7...

The aim of this paper is to assess the surge in financial flows to developing and emerging market economies induced by the Federal Reserve's experience of quantitative easing. Using both panel causality tests and dynamic panel regression models on a data set covering as much as 78 developing and...

Demand and growth regimes (DGR) and macroeconomic policy regimes (MPR) frameworks have assumed prominence within the post-Keynesian literature. However, most studies based on these conceptual frameworks have focused on developed economies. The main contribution of this paper is to provide a...

Using panel data from 2004 to 2012, we employ a two-step system GMM estimation technique, with robust standard errors, collapsed instruments and illus-trate marginal effects of central bank independence on financial development in Africa. We also examine the moderating roles of human capital,...

Distributional consequences typically receive limited attention in economic models that analyze the effects of monetary and financial sector policies. These consequences deserve more attention since financial markets are incomplete, imperfect, and economic agents' access to them is often...