Analyses of pension funding effects on economic growth need to differentiate between ‘carve-out' pension privatization in Latin America and Eastern Europe and typical ‘add-on' pension funding in Western Europe and North America. We find no evidence that pension privatization in Latin America...

This paper studies the relative effectiveness of foreign exchange intervention in spot and derivatives markets. We make use of Brazilian data where spot and non-deliverable futures based intervention have been used in tandem for more than a decade. The analysis finds evidence in favor of a...

This paper studies the determinants of shifts in debt composition among emerging market non-financial corporates. We show that the determinants of bond market access in EMs vary with global cyclical conditions and across local and foreign currency markets. We find that the role for institutions...