The paper analyzes the evolution of Mexico’s approach to commercial bank debt restructuring since the outbreak of the 1982 debt servicing problems. It discusses the key elements of the approach, their implementation, and their interaction with developments in the “international debt...

Sovereign risk was a big macro theme in 2011, and understandably so. This theme will not abate in 2012. Indeed, this year will likely feature many additional sovereign risk developments that will impact in a consequential manner the functioning of the global economy and financial markets. In the...

The paper examines the challenges that developing countries face in accelerating and sustaining growth. The cases of China and India are examined to illustrate a more general phenomenon which might be called model uncertainty. As a developing economy grows, its market and regulatory institutions...

The paper analyzes the evolution of Mexico`s approach to commercial bank debt restructuring since the outbreak of the 1982 debt servicing problems. It discusses the key elements of the approach, their implementation, and their interaction with developments in the quot;international debt...

After a prolonged and almost total reliance on debt restructurings and concerted new money facilities, several Latin American countries have, over the last two years, mobilized voluntary financing from international capital markets. Although the phenomenon is still relatively limited in terms of...

The paper provides an empirical analysis of the determinants of currency substitution in Egypt and the Yemen Arab Republic over the period 1980-86. During this period, residents have exhibited a marked preference to substitute foreign money balances for domestic balances, as indicated by their...

The paper reviews the main structural reform issues facing Arab countries in the remainder of the 1990s. While the nature, extent, and implications of the policy challenges differ among individual countries in the Arab region, several aspects are common to a large number of them. Accordingly,...