This paper reviews the merits of the various techniques used by authorities when resolving individual or widespread bank failures in developed and emerging market economies. In particular, the various banking crisis resolution techniques available to the authorities are classified and then...

A decade ago, Central and Eastern European countries were isolated economically from Western economies and integrated among themselves through the Council for Mutual Economic Assistance (CMEA). Now that the CMEA along with Czechoslovakia, the Soviet Union and Yugoslavia have disintegrated, one...

This paper documents a marked increase in international consumption risk sharing throughout the recent globalization period. Unlike earlier studies that have found it difficult to document a consistent effect of financial globalization on international consumption comovements, we make use of the...

This paper applies nonparametric test procedures to test for a shift in the volatility of nominal and real exchange rates for ERM members and nonmembers. The results imply a reduction in volatility for the ERM members, especially during the second half of the period of operation of the ERM. We...

This paper analyzes the short-term forecasts for industrial and developing countries produced by the International Monetary Fund, and published twice a year in the World Economic Outlook (WEO). For the industrial country group, the WEO forecasts for output growth and inflation are satisfactory...

This paper examines the extent of international financial integration, and its consequences for the current account. The evidence indicates that financial liberalization in the 1970s and 1980s has resulted in a substantial movement towards closer integration of world capital markets. By reducing...