Central banks fine-tune a currency price frequently based on a set of criteria, most of which revolves around currency stability. However, some of the criteria may be to boost exports by engineering an artificial low price for a currency, that is below market expectations. Such criteria may be...

This paper contributes to the literature by looking at the possible relevance of the structure of the financial system-whether financial intermediation is performed through banks or markets-for macroeconomic volatility, against the backdrop of increased policy attention on strengthening growth...

This paper estimates the causal effect of fiscal rules on fiscal balances in a panel of 142 countries over the period 1985-2015. Our instrumental variable strategy exploits the geographical diffusion of fiscal rules across countries. The intuition is that reforms in neighboring countries may...