The elderly in Russia have often been among those least able to cope with all the changes that have taken place during the transition. Unlike the situation prior to reform-when pensions were stable-they now face considerable uncertainty. If they have not been in poverty, many have been close to...

The elderly in Russia have often been among those least able to cope with all the changes that have taken place during the transition. Unlike the situation prior to reform - when pensions were stable - they now face considerable uncertainty. If they have not been in poverty, many have been close...

Buckley, Karaguishiyeva,Van Order, and Vecvagare analyze the structure of approaches to mortgage credit risk that are now being used in a number of OECD and transition economies. The authors'basic approach is to show how option pricing models can help measure and evaluate the risks of various...

The role of monetary balances in economic growth has long been a topic of macroeconomic research. This paper examines the role of real money balances in an aggregate production function of a developing economy, Colombia. Colombia is an interesting case to analyze for several reasons. First,...

The ongoing financial crisis has raised questions about the underpinnings of development assistance and the role of international financial institutions. A new development assistance framework, grounded in partnership, is emerging. That is the backdrop for this year's review, which--as in past...

A recent study of house price behavior in U.S. cities by Gyourko, Mayer, and Sinai (2006) raises questions about so-called superstar cities in which housing is so inelastically supplied that it becomes unaffordable, as higher-income families outbid residents. We consider the case of Accra,...