This paper explores the impact of actual exchange rate regimes on fiscal discipline, which we purportedly link to the effect of announcing the peg and to the availability of external funds. To stress this point, the focus of the analysis is emerging markets spanning from the beginning of the...

New EU members share two very marked features which have conflicting implications for the evolution of their real exchange rates in the long run: accelerated growth and systematic current account imbalances, which would anticipate, respectively an appreciation and a depreciation of their...

This paper reviews the theoretical and empirical literature explaining financial FDI from the perspective of the investing country (home). We conclude that the existing theoretical paradigms need to be adapted to explain the recent surge in international banks' local operations in the financial...

Spanish Abstract: La mayor importancia relativa que han adquirido los mercados emergentes (ME) tiene profundas y complejas implicaciones sobre el orden mundial. En este momento, la dimensión económica es posiblemente la más fácil de apreciar. De hecho, al analizar los próximos diez años...

Spanish Abstract: Una de las características más notables de los sectores financieros en los países en proceso de adhesión a la Unión Europea es el elevado peso de la financiación bancaria internacional, tanto a través de créditos transfronterizos como de la actividad de filiales y...