The rapid aging of China's population over the next few decades makes it important for a new pension system with broad and adequate coverage to be put in place quickly. Pension reforms, first initiated in 1997, have become bogged down in difficulties over dealing with the "legacy costs"...

This paper reviews the experience of a heterogeneous group of developing countries in maintaining macroeconomic stability in the face of heavy capital flows.

Most explanations of the current economic and financial crisis focus on its financial causes. Often missing in these explanations is a discussion of how the seeds of the crisis were sown by economic policies in major countries that fostered the growth of global imbalances during the 2000s....

Assessments of a country's real exchange rate relative to its 'equilibrium' value as suggested by 'fundamental' determinants have received increasing attention. Using China as an example, the present paper illustrates models commonly used to derive equilibrium real exchange rate estimates. The...

Most explanations of the current economic and financial crisis focus on its financial causes. Often missing in these explanations is a discussion of how the seeds of the crisis were sown by economic policies in major countries that fostered the growth of global imbalances during the 2000s....

This paper assesses the extent to which restraints on exports of Japanese automobiles to the United States affected car sales and prices in the period 1981-84. The estimates are obtained using a model of the U.S. automobile sector that explicitly allows for the effects of the quotas on the...

Accommodative monetary policies in advanced economies have spurred increased capital inflows into emerging markets since the global financial crisis. Starting in May 2013, when the Federal Reserve publicly discussed its plans for tapering unconventional monetary policies, these emerging markets...

This paper provides a quantitative assessment of the impact of economic growth in the United States on growth in other countries. Using panel data estimation, the paper finds a significant positive impact of U.S. growth on growth in the rest of the world, especially developing countries, during...

The transparency of monetary policy in South Africa has increased substantially since the end of the 1990s; but little empirical work has been done to examine the economic benefits of the increased transparency. This paper shows that, in recent years, South African private sector forecasters...