Drawing on new data and advances in exchange rate regimes' classification, we find that countries appear to benefit by having increasingly flexible exchange rate systems as they become richer and more financially developed. For developing countries with little exposure to international capital...

The issue of the appropriate exchange rate regime for individual countries has been perennially lively, and the role played by international capital flows and domestic financial systems in determining the performance of these regimes has gained prominence in the policy debate. Using recent...

This paper uses provincial time series data from the People's Republic of China to empirically investigate two propositions relating to economic development: (i) that economic takeoff--or an acceleration in economic growth--is associated with inflows of foreign direct investment (FDI), possibly...

This paper uses provincial time series data from China to empirically investigate two propositions relating to economic development: (i) that economic takeoff is associated with technological transfer through foreign direct investment (FDI); and (ii) that takeoff is accompanied, at least in the...

Compared to the rapidly-growing economies of Southeast Asia, the growth performance of the Pakistan economy was significantly weaker during the 1970s and 1980s. While the Southeast Asian countries made substantial progress in improving living standards, the average standard of living, as...

Despite a gradual increase over the past twenty years, the rate of private saving in Pakistan remains low as compared with many of the developing economies in Asia. Empirical analysis of the long-run behaviour of saving in Pakistan suggests that financial deepening, though still at a relatively...

Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis...