China’s monetary policy applies to two sets of monetary policy instruments: (i) instruments of the Central Bank (CB), the People’s Bank of China (PBC); and (ii) non-Central Bank (NCB) policy instruments. Additionally, the PBC’s instruments include: (i) price-based indirect; and (ii)...

Analysis of public debt in developing countries has traditionally focused on external debt. However, in recent years, several developing countries adopted aggressive policies aimed at retiring public external debt and substituting it with domestically issued debt. This paper discusses...

There are a number of important reasons why lending by regional or sub-regional development banks can and should play an important and valuable complementary role in the international development architecture. We look at the specific strengths of multilateral, regional and sub-regional...

This paper has three objectives. It discusses the main developments and new issues that have arisen after the Monterrey Conference. It critically reviews the Monterrey Consensus on external debt. It provides a set of recommendations for reviewing the implementation of the Monterrey Consensus, to...

This paper attempts to examine: (i) the factors responsible for this revival and surge in capital flows into developing countries; (ii) the qualitative changes in financial integration that are accompanying this surge; and (iii) the impact that this surge is having on financial volatility and...

The climate policy debate has advanced from science to economics, with a growing focus on creating carbon markets and getting the prices right. This is necessary but far from sufficient for an effective and equitable response to the climate challenge. While market-oriented forces such as the IMF...