This paper extends and modifies the Keynesian critique of inflation targetingwith reference to stabilisation policy in emerging market economies. The IMF‘basic monetary programming framework’ for developing countries usesgovernment borrowing and the exchange rate as policy instruments in...

Assessing the economic development of Latin America during the twentieth century requires reliable estimates of living standards as measured by per capita income, life expectancy, and literacy. New comparable series for Latin America suggest that these three indicators made the greatest strides...

The international mobility of capital and the geographical dispersion of firms have clear advantages for the growth and modernization of developing countries. They also create fundamental challenges for national tax authorities. Modern principles of capital taxation for the open developing...

Home bias arises when the actual portfolio of an investor consists of a smaller proportion of foreign assets than that predicted by standard portfolio theory for the observed set of risks and returns on available assets. The existence and persistence of home bias undermines the theoretical case...

In a world of fully mobile capital and highly immobile labour, citizenship is effectively an entitlement to the 'dividend' arising from the social infrastructure accumulated in a particular country of birth. The paper opens with the reasons why the passport (ie citizenship) can in consequence be...

Assessing the economic development of Latin America during the twentieth century requires reliable estimates of living standards, as measured by per capita income, life expectancy, and literacy. New comparable series for Latin America suggest that these three indicators made the greatest strides...

This paper examines recent policy issues relating to foreign investment incentives in the regulatory domain. By 'regulatory incentives' in this context we mean those administrative conditions offered by governments to foreign firms other than special fiscal (eg tax) or financial (eg subsidies)...

The wave of financial crises in emerging markets since 1995 has led to increasing concern as to the consequences of the instability of international portfolio capital flows. The leading industrial countries are in the process of constructing a new 'global financial architecture'. The causes of...