El dólar continúa desempeñando un papel central en el comercio y los mercados financieros internacionales. La dependencia de los mercados mayoristas de corto plazo (repos, papel comercial, certificados de depósito, swaps) para obtener financiación en dólares hace especialmente vulnerables...

El dólar continúa desempeñando un papel central en el comercio y los mercados financieros internacionales. La dependencia de los mercados mayoristas de corto plazo (repos, papel comercial, certificados de depósito, swaps) para obtener financiación en dólares hace especialmente vulnerables...

The paper models the policy challenges facing globalizing developing countries. Models from the pure theory of international trade, the small open economy model, growth accounting, the Solow- Swan model, the gravity model, models of portfolio diversification and currency crises models are...

The Centre for European Reform is a think-tank devoted to improving the quality of the debate on the European Union. It is a forum for people with ideas from Britain and across the continent to discuss the many political, economic and social challenges facing Europe. It seeks to work with...

This paper proposes a low cost alternative to the large bailout packages that the International Monetary Fund (IMF) has organized to address financial crises. The IMF would act as a lender of last resort. Faced with an unsustainable debt burden, a government would declare default. It would...

The purpose of this thesis is to examine the impact of International Monetary Fund (IMF) loans since the adoption of the governance mandate on overall government capability. The study will explore whether the presence of IMF loans in developing countries enhances state capacity. Administrative...

At the end of World War II, the United States emerged as a world leader, putting into place international institutions based on its own liberal economic philosophy. Since then, the world has witnessed an increasing interconnectedness among states, with economic relationships continually blurring...

In a luncheon speech at the AEA meeting on January 3, 1999, Stanley Fischer argued the case, in a reformed international financial system for ?an agency that will act as lender of last resort for countries facing a crisis.? He asserts that there is a need for such an agency and ?that the IMF is...

Having lost its Bretton Woods role as a regulator of exchange rates and source of short-term balance-of-payments assistance, the IMF has since been an organization in search of a reason for it to exist. Had it been content to serve its members by keeping records of their monetary and economic...

Testimony Prepared for Joint Economic Committee February 24, 1998