The paper explores whether and how current lending-of-last-resort practices can be extended beyond national borders. It argues that what makes lending of last resort effective at the national level is a blend of resource availability, technical discretion, ex-ante supervision, and powers of...

In this article, we analyse how much of the reduction in emerging markets spreads can be ascribed to specific factors - linked to the improvement in the 'fundamentals' of a given country - rather than to common factors - linked to global liquidity conditions and agents� degree of risk...

The understanding of foreign investment flows is important for emerging market policy makers, since such flows make up a considerable part of the balance of payments, and since such flows tend to be very volatile. Sudden stops or reversals of investment flows have, indeed, played an important...

In this paper we try to elucidate the relationship between foreign and domestic banks external indebtedness and the business cycle in Colombia. After a brief review of related literature, we characterize the historical behavior of banking external indebtedness in Colombia, and perform...

Poland edged towards hyperinflation towards the latter half of 1989,but inflation fell dramatically after drastic reformswere enacted in January of 1990. We analyse the consistency betweenfiscal deficits and inflation targets and assessPoland's domestic and foreign debt management policies and...

In the case of Romania, a sharp deterioration of the fiscal framework strength has been observed during post-crisis period, the public debt-to-GDP ratio currently reaching around 40%, thus doubling as compared to 2008. The structural analysis of government debt portfolio highlighted the main...

This paper statistically investigates the economic growth – international capital nexus in Turkey. Firstly, the descriptive similarities between the empirical distributions of the economic growth and international capital inflows time series in Turkey are reported and the equality of the...

This paper approaches the evolution of Romania’s foreign debt in three periods of time: during Nicolae Ceausescu regime, in the transition period and the one which followed the adhesion to European Union. For all three periods the external debt management had to deal with different...

The Euro Zone (EZ)’s economies are under great stress since last decade’s financial crisis. Diverging interest rates, high debt burdens and sluggish growth in several member countries led to various rescue activities. Nevertheless, financial markets have still not calmed and the break-up of...

In Italy the rate of growth of GDP has declined over the period 2000-2006, after joining the single currency. The decrease is not incidental, but it has a structural and long-term nature, so this decrease relates to the potential growth. This weakening of growth takes place in an international...