This paper offers three guiding principles for a better relationship between the economy and democracy: democracy as the extension of citizenship; democracy as diversity; and democracy as complementary to clear, strong macroeconomic rules. This view, it is argued, implies that economic and...

The major task of a development-friendly international financial architecture is to mitigate pro-cyclical effects of financial markets and open “policy space” for counter-cyclical macroeconomic policies in the developing world. This paper explores a series of policy instruments for this...

This paper recommends a broad concept of macroeconomic stability, whereby “sound macroeconomic frameworks” include not only price stability and sound fiscal policies, but also a well-functioning real economy, sustainable debt ratios and healthy public and private sector balance sheets. These...

[eng] Sovereign Wealth Funds : a Developing Country Perspective . This paper details the evolution of foreign exchange assets in different parts of the developing world, the relative importance of the current vs. the capital accounts as the source of those assets, and discusses some...

[eng] This paper details the evolution of foreign exchange assets in different parts of the developing world, the relative importance of the current vs. the capital accounts as the source of those assets, and discusses some categorizations of sovereign wealth funds (SWFs). Then, it briefly...

In this book, the United Nations Economic Commission for Latin America and the Caribbean draws upon the Latin American and Caribbean region's experience in order to formulate a historical and multidimensional assessment of the globalization process from the perspectives of developing countries....

This volume discusses frameworks for policies that can help offset the polarizing effects that may be generated by the asymmetrical distribution of the costs and benefits of integration into the global economy.

Decomposition of real commodity prices suggests four super cycles during 1865–2010 ranging between 30 and 40years with amplitudes 20–40% higher or lower than the long-run trend. Non-oil price super-cycles follow world GDP, indicating they are essentially demand-determined; causality runs in...