Intro -- Contents -- Contributors -- Acknowledgments -- Introduction -- I Monetary and Exchange Rate Policy in Theory -- 1 Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate -- 2 Optimal Exchange RateRegimes: Turning Mundell-Fleming's Dictum on Its Head -- 3 Monetary Policy Rules,...

Debt in emerging markets and developing economies is at its highest level in half a century. In about 9 in 10 emerging markets and developing economies, debt is higher now than it was in 2010, and in half of the emerging markets and developing economies, debt is more than 30 percentage points of...

This paper uses a data set of over two hundred years of sovereign debt, banking and inflation crises to explore the question of how long it takes a country to "graduate" from the typical pattern of serial crisis that most emerging markets experience. We find that for default and inflation...