Long-term real interest rates across the world have fallen by about 450 basis points over the past 30 years. The co-movement in rates across both advanced and emerging economies suggests a common driver: the global neutral real rate may have fallen. In this paper we attempt to identify which...

The topic of contagion has gained importance in the last few decades, earning its place amongst the most debated topics in international economics. Contagion is a phenomenon where market disturbances in crisis times are observed to spread from one country to the other in the form of comovements...

This paper studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level. The government is characterized by a long-run fiscal policy rule whereby a given fraction of the outstanding debt, say , is backed by the present discounted...

The Federal Reserve's quantitative easing is presented as injecting $600 billion into "the economy." But instead of getting banks lending to Americans again - households and firms - the money is going abroad, through arbitrage interest-rate speculation, currency speculation, and capital flight....

This note considers the international transmission of monetary policy conditions to emerging market economies (EMEs) with a focus on Brazil's experience. The main points are as follows: (i) growing foreign participation in Brazil's domestic Treasury markets has increased the sensitivity of the...

In this paper we explore the cross-country implications of climate-related mitigation policies. Specifically, we set up a two-country, two-sector (brown vs green) DSGE model with negative production externalities stemming from carbon-dioxide emissions. We estimate the model using US and euro...

Six countries; Qatar, Indonesia, Saudi Arabia, Malaysia, the United Arab Emirates and Turkey (denoted by the acronym QISMUT) are considered the potential primary force of the future international development of Islamic finance. These countries, with both expertise and potential for growth in...

The global financial crisis dominated the international financial landscape during the first 20 years of the 21st century. This paper assesses the contribution of the international coordination of economic policies to contain the crisis. The paper evaluates international efforts to diagnose the...

In this paper we explore the cross-country implications of climate-related mitigation policies. Specifically, we set up a two-country, two-sector (brown vs green) DSGE model with negative production externalities stemming from carbon-dioxide emissions. We estimate the model using US and euro...

International monetary arrangements - the practices and rules governing the creation, distribution, and management of money and credit in the world economy - have received little attention from philosophers concerned with international distributive justice. A convincing account of the...