This paper investigates the impact of long-run terms-of-trade shocks. Analytically, we show that, if capital goods are largely importable or the labor supply is sufficiently elastic, then natural-resource booms increase aggregate investment and worsen the current account, but Dutch ‘Disease’...

In this paper, the World Bank and the International Monetary Fund have drawn together available research findings on the benefits of trade liberalization as well as on the obstacles to trade-oriented development

Open market operations are the major instruments of monetary control in industrial countries and are becoming important in developing countriesand countries in transition. This paper shows how open market operationsare related to other monetary instruments, discusses the role of the market and...

This paper reviews past trends in public pension spending and provides projections for 27 advanced and 25 emerging economies over 2011-2050. In constructing these projections, the paper incorporates the impact of recent pension reforms and highlights the key assumptions underlying these...

The focus of the paper is on five key financial stability issues in Emerging market and developing economies (EMDEs), which have been selected on the basis of their degree of materiality for a reasonably broad range of EMDEs; their implications for regulatory, supervisory or other financial...