In this paper we study the macroeconomic aftermath of large exchange rate appreciations. Using a sample of 128 countries over the period 1960–2008, we identify 25 episodes of large nominal and real appreciations shocks. We use narrative identification of exogenous appreciation episodes and...

The paper estimates i) the degree of currency undervaluation and its relationship with per capita income (convergence), as informed by the Harrod-Balassa-Samuelson (HBS) framework. ii) The role of the real effective exchange rate, both its level and its stability over time, for underpinning...

When the OECD Development Centre launched research in 2005 to document the economic, political and social impacts of China's and India's economic growth on sub-Saharan African (SSA) countries, the arrival (or resurgence) of new important players had triggered concerns among traditional donors....

Die globalen Ungleichgewichte in den Leistungsbilanzen werden häufig als Bedrohung für die weltwirtschaftliche Stabilität angesehen. Ausgehend davon wird argumentiert, dass die Überschussländer wie etwa China deshalb ihre Währung aufwerten sollen, um diese stabilitätsgefährdenden...

With its “Compact with Africa”, the German G20 Presidency intends to encourage private institutional and corporate investment, together with the African partners. The objective is to boost growth and jobs, promote inclusion and give people economic perspectives at home so that they do not...

The UN Conference on Financing for Development in Addis Ababa in July 2015 will pave the way for the implementation of the post-2015 development agenda. The Briefing Paper series “Financing Global Development” analyses key financial and non-financial means of implementation for the new...

Die Bedeutung der Industrieländer - auch der USA - für die Weltwirtschaft nimmt schon seit langem ab. Vor allem Chinas Anteil hat demgegenüber deutlich zugenommen. Dennoch erfüllt der US-Dollar bislang weitgehend die Kriterien für eine Leitwährung, auch wenn diese angesichts der...

Recently, the calls for closer monetary co-operation between the Asian NICs and Japan have been becoming louder. The following article discusses the pros and cons of pegging to the yen and compares them with those of a basket peg.

The Brady Initiative has led to the conclusion of several debt-relief agreements. Opinion on the effects of these agreements on the debtor countries involved vary widely. The following article aims at clarifying the debate.