Recent economic developments highlight Latin America's vulnerability to economic and financial turmoil that is triggered by events in distant corners of the globe. In this paper we lay out the fiscal and financial policies that can help protect economies from the kind of global financial...

This paper examines the appropriate taxation of financial services under a broad-based consumption tax. It is assumed that the underlying objective of the consumption tax is to maintain undistorted prices between current and future consumption (i.e. to impose no distortion on savings decisions)...

This paper analyzes the transmission of shocks and policies among and across the Nordic economies and the rest of the world. This spillover analysis is based on a pair of estimated structural macroeconometric models of the world economy, disaggregated into thirty five national economies. We find...