This paper presents a non-technical survey of the modern literature on international government debt. In doing so, it aims to match predictions made by theoretical models with the existing empirical evidence and to identify the models that best explain the real world experience of sovereign debt...

There are three reasons for attempting to reach a common understanding of the responsibilities of sovereign borrowers and their lenders. First, the flow of capital to sovereign debtors is exceptionally important to the world economy. Industrialized countries rely on it to finance their budget...

This paper examines the possible price impact of speculative bubbles and index-based investment activity on commodity futures prices over 2006–2008. I look specifically at crude oil, three non-ferrous metals (aluminium, copper and nickel) and three agricultural commodities (wheat, corn and...

Medium-terms shifts in the structure of world demand affect the sectoral composition of domestic output, trade and employment. A sustained reduction of global current-account imbalances implies a decline in the share of household consumption in aggregate demand in the United States and the...

This paper addresses the availability of statistical data for international trade in banking services. Such data are required for WTO negotiations and the General Agreement on Trade in Services (GATS). Following a discussion of areas of work for which data on international trade in banking...

This paper examines how developing countries can embark on a sustained path of strong investment, capital accumulation and economic growth without capital imports. It is argued that the key lies in the Keynesian-Schumpeterian credit-investment nexus: Given certain preconditions, the central bank...

Financial investment has become increasingly important on commodity exchanges. This paper distinguishes two types of financial investors and emphasizes differences in their position taking motivation and price impacts. Index traders follow a passive strategy holding virtually only long...

The paper provides a new perspective on rising food prices by out mapping the many complex ways in which higher food prices are affecting developing countries, in particular the poorest. The analysis presented herein develops important and differentiated policy implications by distinguishing not...

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...