This paper synthesizes recent advances in the theoretical and empirical literature on capital controls. We start by observing that international capital flows have both benefits and costs, but some of these are not internalized by individual actors and thus constitute externalities. The...

Latin America has been central to the main debates on development economics, ranging from the relationships between income inequality and economic growth, and the importance of geography versus institutions in development, to debates on the effects of trade, trade openness and protection on...

This paper analyses the links between the integration into the international economy and development in Latin America over the past quarter century. It argues that external liberalization led to faster export growth but not to faster GDP or productivity g

The financial crisis, which originated in developed country financial markets, quickly spread to developing countries. Governments and central banksthough taking many and costly measures were powerless to stop the global economic meltdown, as economies across the globe went into recession. The...

Latin America has been central to the main debates on development economics, ranging from the relationships between income inequality and economic growth, and the importance of geography versus institutions in development, to debates on the effects of trade, trade openness and protection on...

Developing country debt crises have been a recurrent phenomenon over the past two centuries. In recent times sovereign debt insolvency crises in developing and emerging economies peaked in the 1980s and, again, from the middle 1990s to the start of the new millennium. Despite the fact that...

There is growing dissatisfaction with the economic policies advocated by the IMF and other international financial institutions - policies that have often resulted in stagnating growth, crises, and recessions for client countries. This book presents an alternative to "Washington Consensus"...

Capital market liberalization has been a key battle in the debate on globalization for much of the previous two decades. Many developing countries, often at the behest of international financial institutions such as the IMF, opened their capital accounts and liberalized their domestic financial...

This paper analyses three major problems of the current international monetary system: the asymmetric-adjustment problem, dependence on the monetary policy of the main reserve-issuing country, and the large demand for self-insurance by developing countrie