A number of recent studies have tested the impact of exchange rate volatility on trade flows, particularly for individual commodities, for various country pairs. These have found that risk can increase as well as decrease trade, but that oftentimes industries are not affected. This study...

Recent market turmoil has again raised the threat of banking crises worldwide. Might these crises be contagious internationally, or are fundamentals more likely to be responsible? This study creates monthly indices of “money market pressure” (MMP) for 20 emerging markets from 2002 to 2010,...

With the transition from planned economic systems to membership in the European Union, capital inflows and domestic credit have expanded tremendously in Central and Eastern Europe. Four of these countries--Estonia, Latvia, Lithuania, and Bulgaria--maintain fixed exchange-rate regimes, which may...