As the Federal Reserve continues to normalize its monetary policy, this paper studies the impact of U.S. interest rates on rates in other countries. We find a modest but nontrivial pass-through from U.S. to domestic short-term interest rates on average. We show that, to a large extent, this...

Is the Mundell-Fleming trilemma alive and well? International co-movement of asset prices takes place along side synchronized business cycles, complicating the identification of financial spillovers and assessments of monetary policy autonomy. A benchmark for interest rate co-movement is to...

We examine how firm and country heterogeneity shape the response of corporate investment in emerging markets to changes in global interest rates and volatility. We test for the presence of (i) a financing channel originating from changes in the costs of external borrowing and (ii) a real options...

A long-standing conjecture in macroeconomics is that recent declines in exchange rate pass-through are in part due to improved monetary policy performance. In a large sample of emerging and advanced economies, we find evidence of a strong link between exchange rate pass-through to consumer...

We analyze the causes of the apparent bias towards optimism in growth forecasts underpinning the design of IMF-supported programs, which has been documented in the literature. We find that financial variables observable to forecasters are strong predictors of growth forecast errors. The greater...

Cover -- Table of Contents -- Foreword -- Acknowledgments -- Contributors -- 1 Introduction: Latin America's Central Banking Challenges-Past, Present, and Future -- PART I: PROGRESS AND CHALLENGES -- 2 A Historical Perspective on Central Banking in Latin America -- 3 Central Banking in Latin...

The transition to a sustainable future in the Asia-Pacific region has global economic significance. Despite driving global growth in recent years, the region's heavy coal reliance led to significant greenhouse gas emissions. Meeting climate mitigation and adaptation needs in emerging and...

The ongoing economic and financial digitalization is making individual data a key input and source of value for companies across sectors, from bigtechs and pharmaceuticals to manufacturers and financial services providers. Data on human behavior and choices-our "likes," purchase patterns,...

We update the widely used banking crises database by Laeven and Valencia (2008, 2010) with new information on recent and ongoing crises, including updated information on policy responses and outcomes (i.e. fiscal costs, output losses, and increases in public debt). We also update our dating of...