Selective capital controls tax only some components of capital flows. One of the rationales for such controls is that they increase the scope for an independent monetary policy, without taxing foreign direct investment and other long-term flows. The first part of this paper offers a new...

The present level of ODA falls short of the amount needed to finance the Millennium Development Goals (MDGs). The figure of additional $50 billion per year, roughly the present total of ODA spent by DAC donors, is often quoted (e.g. by the Zedillo Report); it results from the sum of the fight...

Aid for fighting infectious and parasitic diseases has had a statistically significant role in the under-five mortality reduction in the last decade. Point estimates indicate a country average reduction of 1.4 deaths per thousand under fives live-born attributable to aid at its average level in...

This paper analyzes an unremunerated reserve requirement on cross-border short term credit inflows, as applied in Chile. The impact of this reserve requirement over the path of the real exchange rate is investigated empirically. The authorities expected t

Empirical studies find that changes in schooling are not correlated with changes in per capita income. Similarly, the estimation in levels also produces minor coefficients for years of schooling. Low social returns and measurement error in educational variables have been invoked as possible...

As a result of the Asian crisis, both the virtues of domestic savings and the risks of foreign savings have been emphasized in the debate on development finance. In particular, East Asia, with its enviable saving rates, it has been argued by economists such as Joe Stiglitz and Jagdish Bhagwati,...