This paper argues that current account statistics may provide a poor indication for the real evolution of a country's net foreign assets. This may be due to a series of factors including the mismeasurement of FDI, unreported trade of insurance or liquidity services and debt relief. Because of...

This paper considers ongoing and proposed reforms of the international financial system in light of Latin America's recent experience of volatility and a regional recession largely resulting from financial contagion. The authors begin by surveying three diagnoses of Latin America's financial...

This paper discusses a variety of proposals intended to reform global financial architecture and reduce vulnerability. The authors examine Theories of Too Much, which associate volatility with moral hazard and excessive lending, and Theories of Too Little, which alternatively assert that capital...

This book discusses the issues associated with the capriciousness of capital flows into Latin America, examining macroeconomic and financial sector impact, as well as offering policy recommendations for achieving stability despite volatile capital flows. The authors review recent experience with...

This book discusses the issues associated with the capriciousness of capital flows into Latin America, examining macroeconomic and financial sector impact, as well as offering policy recommendations for achieving stability despite volatile capital flows. The authors review recent experience with...

Latin America is volatile, about two or three times as volatile as the industrial economies , and more volatile than any region other than Africa and the Middle East. Latin America's access to international financial markets is sporadic, and often disappears just when it would be most valuable....

Latin America is volatile. On this there is not much controversy. But what are the reasons for this volatility? And what are its costs? On these more fundamental questions, there is as yet no consensus. And partly because of this, there is no consensus on the appropriate policy response to...

Economies grow by upgrading the type of products they produce and export. The technology, capital, institutions and skills needed to make such new products are more easily adapted from some products than others. We study the network of relatedness between products, or product space, finding that...

Several reports on reforming the international financial architecture have been, are being, and will be produced by multilateral organizations, think tanks, freethinkers and Gn task forces, with n taking values between 7 and 33. The Question is whether any of the initiatives will solve the...