This paper presents a monetary exchange rate model with imperfect capital mobility, slow adjustment of goods prices in the short-term and currency substitution. As in Dornbusch’s model (1976), it is demonstrated that an exogenous monetary shock can lead to an initial overshooting of the...

This article investigates how financial development helps to reduce poverty directly through the McKinnon conduit effect and indirectly through economic growth. The results obtained with data for a sample of developing countries from 1966 through 2000 suggest that the poor benefit from the...

The objectives of international development cooperation have undergone profound changes in recent decades. To the traditional goals constituted by the fight against poverty and the development of less developed countries the promotion of global public goods has been added. It is in terms of all...