As emerging economies experience a boom in capital inflows after the global financial crisis, governments were increasingly concerned about the downsides of these inflows. Even the IMF (International Monetary Fund), long a stalwart proponent of financial liberalization, has engaged in a new...

As emerging economies experience a boom in capital inflows after the global financial crisis, governments were increasingly concerned about the downsides of these inflows. Even the IMF (International Monetary Fund), long a stalwart proponent of financial liberalization, has engaged in a new...

Emerging market economies were major beneficiaries of the economic boom before 2007. More recently, they have become victims of the global financial crisis. Their future development depends, to a large extent, on global economic prospects. Today the global economy and the European economy are...

Emerging market economies were major beneficiaries of the economic boom before 2007. More recently, they have become victims of the global financial crisis. Their future development depends, to a large extent, on global economic prospects. Today the global economy and the European economy are...

We take a first pass at quantifying the magnitudes of debt relief achieved through default and restructuring in two distinct samples: 1979-2010, focusing on credit events in emerging markets, and 1920-1939, documenting the official debt hangover in advanced economies that was created by World...

Current data provide macroeconomic information for a large number of countries and for a long period of time (macro panels). This causes that in these panels slope heterogeneity and crosssection dependence (CSD) are a rule rather than the exception, leading to fixed effects slope estimators to...