Large current account deficits are often assumed to play an important role in the propagation of financial crises in emerging markets in receipt of heavy private capital inflows. This paper reaches some major conclusions. First, the Lawson Doctrine — according to which current account deficits...

• The unprecedented withdrawal of foreign private capital from Asia, more than 10 per cent of GDP in the crisis countries, confronts them with a transfer problem. Creditor governments should induce their home banks into financial rescue operations to reduce moral hazard in private-sector...

L’économie du développement peut expliquer à la fois les sources de l’épargne et les motivations ayant conduit à l’essor récent des Fonds d’État, permettant ainsi d’éviter les restrictions d’investissement pour les pays de l’OCDE. De même que les fonds économiques...

This books explores the international aspects of pension reform, private savings and volatile capital markets and clarifies how they relate to each other. Building the case for the pension-improving benefits of global asset diversification, analysing the implications of financial reform for...