Using empirical analysis, complemented with case studies, this paper studies under which circumstances IMF programs manage to catalyze private capital flows into the countries concerned. While we found no catalysis in general, the situation differs very much depending on the type of capital flow...

In this paper we explore empirically a long-standing question in the literature on finance for growth, namely whether the financial structure - in terms of the size of the banking system relative to the capital markets - matters for economic growth. We build upon the existing literature by...

In this paper we assess empirically whether financial inclusion contributes to reducing income inequality when controlling for other key factors, such as economic development and fiscal policy. We conclude that financial inclusion contributes to reducing income inequality to a significant...

Chinese official statistics may be distorted by the presence of stop-over destinations such as Hong Kong and offshore centers in the Caribbean. In this paper we recalculate these flows in a way which accounts for these distortions, estimating the actual magnitude and distribution of China's ODI...

In this paper we critically review the relevant information and literature and that can enhance the feasibility and the successful implementation of cross-border infrastructure projects. We provide detailed information concerning FDI into the major emerging regions: East Asia/Pacific, Latin...

Three important external determinants of sovereign spreads in emerging countries are reviewed: balance sheet effects, global risk aversion and contagion. While there are ways to reduce the detrimental impact of balance sheet effects, these are either hard to implement or costly. Insurance...

The empirical research we have conducted shows that the central bank design, in particular choosing a narrow central bank objective geared towards price stability, can help reduce the likelihood of a crisis. This is also the case for the independence of the central bank. This result is more in...