Access to private capital markets is the most salient difference between emerging market economies and other developing countries. However, in contrast to developed economies, emerging markets have had a troubled relationship with capital fows. In particular, balance of payments and debt crises...

In recent years the term “fear of floating” has been used to describe exchange rate regimes that, while officially flexible, in practice intervene heavily to avoid sudden or large depreciations. However, the data reveals that in most cases (and increasingly so in the 2000s) intervention has...

Export orientation of multinational corporations (MNCs) has seldom been incorporated in the analysis of spillovers from foreign direct investment (FDI). Also, until recently empirical research dealt mainly with intra-industry spillovers from FDI with restrictive treatment of inter-industry...

Export orientation of multinational corporations (MNCs) has seldom beenincorporated in the analysis of spillovers from foreign direct investment (FDI).Also, until recently empirical research dealt mainly with intra-industry spilloversfrom FDI with restrictive treatment of inter-industry effects....

Government exchange rate regime choice is constrained by both political and economic factors. One political factor is the role of special interests: the larger the tradable sectors exposed to international competition, the less likely is the maintenance of a fixed exchange rate regime. Another...