Capital mobility is for emerging economies a double-edged sword, with the potential benefits of investment, whether or not direct, at times competing with the potential costs of currency crises, devaluations, and economic—plus potentially political—instability. The actors involved...

The recent Great Recession has once again brought fiscal policy to the forefront of discussions between economists and policy makers. While monetary policy is left to the experts, the highly-political nature of determining tax rates and spending programs in fiscal policy has made it difficult...