Distributional consequences typically receive limited attention in economic models that analyze the effects of monetary and financial sector policies. These consequences deserve more attention since financial markets are incomplete, imperfect, and economic agents' access to them is often...

This paper puts forward an intertemporal model of a small open economy to analyze the effects of money, government debt and real shocks on growth, inflation and external balance. The model is an endogenous growth, overlapping generations model, with money in the utility function, convex...

In the wake of the global financial crisis, policymakers, investors, and lenders analyzed the lead-up to the meltdown to see what changes could prevent another near-collapse. The result: a new focus on how macroprudential policy can reduce systemic risk. In this report we explore the emerging...

The question of what is a sustainable public debt is paramount in the macroeconomic analysis of fiscal policy. This question is usually formulated as asking whether the outstanding public debt and its projected path are consistent with those of the government's revenues and expenditures (i.e....

Analyses why we have a globalised economy that is so volatile and vulnerable, at the same time as it increases the gap between rich and poor, as well as producing such huge negative impacts on the environment. Also proposes a comprehensive plan for creating the right sort of globalised economy

Writings on the macroeconomic impact of capital account liberalization find few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. The...

In a series of articles and books, Harold Vatter and John Walker attempted to make the case that the U.S. economy suffers from chronically insufficient demand that leads to growth below capacity. Of particular interest are a 1989 Journal of Post Keynesian Economics article that extends Domar's...

Systemic failure in Asian markets has bee analysed and attempts made to correct future occurrences by changes to the regulatory models governing those markets. However many of those markets still have not initiated necessary public sector reforms to ensure good governance, financial stability...

When Less Developed Countries (LDCs) announce debt relief agreements under the Brady Plan, their stock markets appreciate by an average of 60 percent in real dollar terms - a $42 billion increase in shareholder value. In contrast, there is no significant stock market increase for a control group...

Healthcare financing the world over has been of great concern to both developed and developing countries. Thus, policies on how to finance and provide healthcare to an entire nation to include both the formal and informal sectors, rural and urban areas in low-and-middle-income countries is a...