Three panel data estimation methods are used to estimate the cointegrating equations for the demand for money (M1) in 14 developing Asian countries. Tests for the effects of financial reforms are made with estimates for two sub-samples of 1970-1985 and 1986-2005. Our results show that money...

Almost a decade after their initiation, financial reforms appear to have had little effect on the economies of Sub-Sahara Africa. Whether the blame is to fall on their initial design itself, or on the partial nature of their implementation, liberalization policies have not mobilized savings,...

Usando los datos anuales para Colombia durante los 30 años pasados, probamos las teorías de oposición que explican fluctuaciones macroeconómicas: la síntesis neoclásica, que postula eso en presencia de rigidez temporal del precio una extensión monetaria inesperada produce los aumentos de...

For the first time since the onset of the debt crisis in the slimmer or 1982, capital began to return to Latin America during 1990 and 1991.In general, Latin America's re-entry into the international capital markets was perceived as a positive development. However, policy-makers in the region...

In the wake of the Mexican and Asian currency turmoil, the subject of financial crises has come to the forefront of academic and policy discussions. This paper analyzes the links between banking and currency crises. We find that: problems in the banking sector typically precede a currency...

Several studies have examined the relationship between environmental degradation and economic growth. However, most of them did not take into account financial developments and institutional quality. Moreover, Stern (2004) noted that there are important econometric weaknesses in the earlier...

As pointed out by Hall (1988), intertemporal substitution by consumers is a central element of many modern macroeconomic and international models. For example, many of the policy implications of an endogenous growth model studied by Barro (1990) depends on the assumption that the intertemporal...

This paper describes the current episode of capital inflows to several Asian economies, summarizing the principal facts, the impact of the inflows, and policy options.25 The discussion also covers, when relevant, the similar experiences of Latin American countries, with an emphasis on the policy...

There is a view today that “this time it’s different” for emerging markets. Governments are reducing their dependence on external debt and relying more on domestic debt financing for the first time! Furthermore, emerging market governments are increasingly issuing long-term domestic debt....

Comments on: Barry Eichengreen, Kenneth Kletzer, and Ashoka Mody who describe the debate over collective action clauses, which have been considered by the G-7,G-10, G-20, G-22, G-30, Institute of International Finance (IIF),International Monetary Fund, International Monetary and Financial...