Two kinds of disparities pervade China and threaten its well-being. The first, regional disparities focus on levels of economic development, which vary considerably across China. The second is largely a corollary of the first, referring to mismatch in energy supply and demand, with some places...

Chinese regional disparities are readily apparent, with well-being seen the highest at the coast and declining steadily inland. Their mitigation will clearly be hostage to improvement in economic development, since the unevenness of that development created them in the first place. Integral to...

The main motivation of this paper is to study the impact of the composition of creditors on the probability of default and the risk premium on sovereign bonds, when there is debtor moral hazard. In the absence of any legal enforcement, relational contracts work only when there are creditors who...

This paper analyses the relation between political uncertainty and the Peso Problem in emerging markets. Initially, it is assumed that the country has a hard peg system (the present government will never devalue). As for the political opposition, however, it is open to the possibility of leaving...

Why, at the end of the 20th century, should capital markets have served to transfer resources from emerging markets to those which are more developed? Mr. Bernankes interpretationthat the global imbalances reflected a Savings Glut in the East fueled by fear of financial crisishas been challenged...