This paper examines the relationship between fiscal policy and the current account, drawing on a large sample of advanced, emerging, and low-income economies and using a variety of statistical methods: panel regressions, an analysis of large fiscal policy and current account changes, and panel...

This paper examines the relationship between fiscal policy and the current account, drawing on a larger country sample than in previous studies and using panel regressions, vector auto-regressions, and an analysis of large fiscal and external adjustments. On average, a strengthening in the...

The paper traces the evolution of Japan's financial system, first focusing on institutional changes in domestic markets and then on liberalization of international capital flows. It describes forces affecting the pace and direction of changes and discusses the influence of these changes on the...

This article uses data from Jordan to show the importance of accounting for the level of Effective Excess Reserves (EER) when analysing the overnight interbank rate in emerging markets. Our econometric model quantifies the classic liquidity effect, uncovers a liquidity distribution effect on...

We examine the contribution of human capital to economy-wide technological improvements through the two channels of innovation and imitation. We develop a theoretical model showing that skilled labour has a higher growth-enhancing effect closer to the technological frontier under the reasonable...