Analysis of public debt in developing countries has traditionally focused on external debt. However, in recent years, several developing countries adopted aggressive policies aimed at retiring public external debt and substituting it with domestically issued debt. This paper discusses...

This paper presents a non-technical survey of the modern literature on international government debt. In doing so, it aims to match predictions made by theoretical models with the existing empirical evidence and to identify the models that best explain the real world experience of sovereign debt...

The paper discusses the issue of globalization from the perspective of employment and labour. It argues that it is the ideological basis of policy prescriptions advanced in support of globalization, rather than the increasing global interdependence, that is the real source of controversy and...

This paper analyses the quest for technological progress in China, a large, semi-industrialized, socialist developing country. In the introduction, it is argued that international income convergence is not an automatic product of market forces. Therefore, the path of technological progress in a...

The Exchange Rate: Economic Policy Tool or Market Price? The paper reconsiders the failure of mainstream economics to come up with a consistent and valid exchange rate theory. There has been broad consensus among economists for decades that changes in the

Technology Diffusion, Human Capital and Economic Growth in Developing Countries This paper (i) uses a newly constructed dataset on machinery imports from both developed and developing countries with significant domestic R&D expenditure to assess technology transfer to developing countries, and...

China’s monetary policy applies to two sets of monetary policy instruments: (i) instruments of the Central Bank (CB), the People’s Bank of China (PBC); and (ii) non-Central Bank (NCB) policy instruments. Additionally, the PBC’s instruments include: (i) price-based indirect; and (ii)...

Despite the hold of the neoliberal orthodoxy on policy making in developing countries, industrial policy remains important for the promotion of industrial development. However, the context for the design of industrial policy has profoundly changed as a result of new rules governing international...

The paper draws broad predictions from the developmental elements of new economic geography models and subjects them to empirical scrutiny. Industrial activity has spread from developed to geographically close developing countries in sectors that are intensive in immobile primary factors and not...

The paper reviews existing studies on linkages between agricultural policies, trade liberalization and the environment. Since the price and production changes induced by the Uruguay Round Agreement on Agriculture seem likely to be quite modest for most countries, this partial trade...