Peru has successfully pursued a market-driven financial de-dollarization during the last decade. Dollarization of credit and deposit of commercial banks - across all sectors and maturities - has declined, with larger declines for commercial credit and time and saving deposits. The analysis...

The paper reviews the sluggish growth and inclusive developments of the Brazilian economy in the last decade. The first section analyzes the macroeconomic performance pointing export growth as the engine of growth. The second evaluates social policies and their relationship with the improvements...

The chapter first introduces Tarantelli’s thought on the role of labour economics and social pacts. The implementation of his proposals for a social pact in Italy is then discussed and compared to similar experiences in Europe. Attention is finally devoted to developing a theory of social...

The chapter adheres to a school of interpretation which is sceptic with respect to the virtues of neo-corporatism while asserting the several other institutional aspects, referred both to the labour market and the overall economic system that affect the macroeconomic performance. The chapter is...

The chapter claims that monetary authorities’ conservatism is needed to improve the macroeconomic performance, the more so the higher the degree of product market competition. Contrary to a widespread belief, central bank conservatism and market competition are complements, rather than...

Social pacts have long been a centrepiece of European politics. They are characterized by negotiations among government, employers, workers, and other interest groups over wages and other economic issues. With the growth of globalization and pervasiveness of knowledge, some economists have...

The Peruvian economy has had an extraordinary performance in the last 10 years. The 2012 per capita GDP is 66 percent over 2002 and more than double its 1992 level. In a long term perspective, the cumulative growth of GDP per capita recorded in the last 10 years has been the strongest since...

Economies rich in mineral resources, need to evaluate the merits of investing rents earned from resource extraction in other income generating activities to sustain the flow of income. It is hence important to estimate and assess the potential uses of the resource rent tax (RRT). This paper...

This paper investigates how monetary policy can help ward off a protracted deflationary slump when policy rates are near the zero bound by studying the experience of Japan during the "Lost Decade" which followed the asset-price bubble collapse in the early 1990s. Estimation results based on a...

This paper discusses the overall process of recovery and reform in the context of Indonesia's changing political landscape, related to the implementation of the programs as well as relations with the IMF. It examines the evolving programs and policies and the difficulties of implementing them....