This paper reviews the experience of a heterogeneous group of developing countries in maintaining macroeconomic stability in the face of heavy capital flows.

The abundance of private capital flows confronts many emerging-market authorities with a transfer problem. They must decide whether to accept or resist the net capital inflow, or how much to accept and how much to resist. This paper aims at assisting that decision by focusing on the rationale,...

The partial effect of nominal exchange rate volatility on exports from each EMU member to the rest of the EMU is estimated on annual data for 1967-97, using modern time-series methods.

The emergence of a select group of developing countries as destinations for private portfolio investments in the 1990s (and the subsequent peso crisis in Mexico in 1994) has rekindled the old issues about the responsabilities and capacities public authorities have with regard to managing the...

This paper surveys issues related to globalization, and the obstacles to the successful integration of vulnerable economies.