This paper presents empirical evidence on how education is related to income distribution in a panel data set covering a broad range of countries for the period between 1960 and 1990. The findings indicate that educational factors--higher educational attainment and more equal distribution of...

Exchange rate-based stabilizations in chronic-inflation countries have often been characterized by an initial consumption boom (which is most evident in the behavior of durable goods) followed by a later contraction. This paper provides an explanation for such a boom-recession cycle based on the...

Exchange rate-based stabilizations in chronic-inflation countries have often been characterized by an initial consumption boom (which is most evident in the behavior of durable goods) followed by a later contraction. This paper provides an explanation for such a boom-recession cycle based on the...

Previous research shows that due to a decline in international yields following the recent global crises corporations in emerging markets are issuing more debt in the international markets (offshore debt). Some evidence suggests that lower international rates encourage firms to abnormally...

This document analyzes the rationality of keeping international reserves, which are used as a type of insurance in the event of external financing problems and to mediate in the type of exchange rate. Here it is argued that it is not possible to separate both objectives. This explains why the...

This is one of the contributions which is part of BIS Paper 68 and which was presented at the BIS-sponsored sessions at the Latin American and Caribbean Economic Association (LACEA) meetings in 2010-11, focusing on the drivers and effects of capital flows and the challenges they pose for the...

Mozambique has great potential in natural gas reserves and if liquefied/commercialized the sum of taxes andother fiscal revenue from natural gas will, at its peak, reach roughly one third of total fiscal revenue. Recentdevelopments in the natural resource sector have triggered a fresh round of...

This paper analyzes the Chilean experience with capital flows. We discuss the role played by capital controls, financial regulations and the exchange rate regime. The focus is on the period after 1990, the period when Chile returned to international capital markets. We also discuss the early...