The turbulence in emerging market economies (EMEs) in mid-2013 has reminded policymakers and investors of the importance of actions by large asset managers for relatively small and illiquid EME asset markets. The presence of asset managers in EMEs has grown considerably, and the concentrated use...

This paper evaluates Namibia''s competitiveness using several traditional indicators; it concludes that, while the real effective exchange rate (REER) is in equilibrium at present?suggesting no imminent need for concern?the country may wish to improve its competitiveness by increasing...

Following a brief review of the recent history of GDP-linked instruments, this paper proposes a set of tools to examine the quantitative properties of GDP-linked warrants. It argues that trigger conditions should be clearly identifiable and payment amounts easily calculable. Based on a design...

This paper emphasizes the importance of total factor productivity (TFP) developments in the nontradables sector to quantitatively demonstrate that the time-honored Balassa-Samuelson hypothesis does not generally apply to episodes of economic growth. Though the Balassa- Samuelson hypothesis...