We model a typical Asian-crisis-economy using dynamic general equilibrium tech-niques. Exchange rates obtain from nontrivial fiat-currencies demands. Sudden stops/bank-panics are possible, and key for evaluating the merits of alternative ex-change rate regimes. Strategic complementarities...

We model a typical Asian-crisis-economy using dynamic general equilibrium tech-niques. Exchange rates obtain from nontrivial fiat-currencies demands. Sudden stops/bank-panics are possible, and key for evaluating the merits of alternative ex-change rate regimes. Strategic complementarities...

Using micro-level panel data, the paper analyses the impacts of short-term capital flow volatility on new fixed investment spending of publicly traded real sector firms in three major emerging markets that are Argentina, Mexico and Turkey. The empirical results including comprehensive...

Critics of globalization view the free flow of capital as economically destabilizing and advocate capital controls for four main reasons: controls are intended to guard against volatility, prevent financial contagion, enable infant financial industries to develop in domestic markets, and be an...

East Asian economies had shown remarkable performance of high growth and low inequality, thereby forming a separate East Asian capitalism group within the VoC typologies. There are strong signs that these economies have recently been converging to the LME group, featuring low growth and high...

This research aims to unravel the factors shaping current account imbalances in Ghana, with a focus on understanding the underlying causes and implications for the country's economic stability. The study explores the multifaceted nature of these imbalances by examining structural factors,...

In light of the recent financial crises in the emerging markets, the coming-into-force of the financial services agreement under the GATS has been considered a success. While the agreement provides forlittle new liberalization but rather formalizes the status quo, it was feared that governments...

This article investigates the effects of macroeconomic policy (monetary and fiscal) on output growth during financial crises characterized by a sudden stop" in net capital inflows in developing and emerging market economies. We investigate 83 sudden stop crises in 77 countries over 1982-2003...

Over the last decade, the internal and external macroeconomic imbalances in China have risen to unprecedented levels. In 2008, China's national savings rate soared to over 53 percent of its GDP, whereas its current account surplus exceeded 9 percent of GDP. The current paper presents a unified...

Savings are an import prerequisite of investment and long term growth in a country and the ability of a country to enter a 'beneficial debt cycle'. The paper analyzes how savings respond to the institutional quality in developing and transition economies. For a panel of about 60 countries over a...