The effect of exchange rate risk on individual countries' macroeconomic variables can follow an ambiguous pattern, thus making it better to text each case empirically. The effect of exchange rate volatility on stock market development is still an enigma. This article investigates the effect of...

Over the last two centuries in Latin America a Washington Consensus development strategy based on integration in the global trading system has dominated domestic demand management and industrialization "from within." This paper assesses the performance of each from the point of view of the...

The response to increasingly frequent financial crises has concentrated on the governance of financial institutions and markets through the introduction of best practice norms to make them more robust. However, this approach may simply repeat the financial history of persistent crisis if Hyman...