Although there was considerable debate on the merits of fixed versus floating exchange rates before the advent of the current floating regime, many aspects of recent exchange rate behavior have still been puzzling. In particular, exchange rate movements have not been as smooth and mild as many...

Managing Capital Flows provides analyses designed to help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic and financial sector stability.

Ce document evalue les progres realises dans le cadre des programmes appuyes par la FASR pour atteindre la viabilite exterieure, retablir la croissance economique et mettre en oeuvre les reformes structurelles. Les resultats sont evalues pour 19 pays qui avaient conclu des programmes au titre de...

This paper evaluates progress made under ESAF-supported programs in attaining external viability, restoring economic growth, and implementing structural reforms. Performance is evaluated for 19 countries that entered ESAF arrangements by mid-1992, against the background of their initial...

The central challenges facing the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Slovenia as they work to catch up to advanced European Union (EU) income levels are discussed in this new book. Focusing on the region’s growth performance, and outlining two growth...

Understanding macroeconomic developments and policies in the twenty-first century is daunting: policy-makers face the combined challenges of supporting economic activity and employment, keeping inflation low and risks of financial crises at bay, and navigating the ever-tighter linkages of...