Türkei, Argentinien, Indonesien, Brasilien: Die Währungen vieler Schwellenländer befinden sich zunehmend unter Druck. Die Ursachen sind ähnlich: hohe Schulden, steigende Inflation und schwaches Wachstum. Es fällt den Ländern zunehmen schwer, internationales Kapital zu attrahieren. Stehen...

The paper analyzes how the next financial crisis can be prevented and which role the IMF should play. The paper distinguishes between the improvement of existing instruments and solving the moral hazard problem. Both issues are interrelated. The size of operation of the IMF creates a moral...

In an open economy, a country may borrow in order to accumulate capital. The paper compares the case of foreign borrowing with a scenario in which a country accumulates capital internally by postponing consumption. The impact of borrowing on the time profile of consumption and of debt is...