In the recent decade, capital outows from emerging economies, in the form of a demandfor liquid assets, have played a key role in the context of global imbalances. In this paper,we model the demand for liquid assets by rms in a dynamic open-economy macroeconomicmodel. We nd that the implications...

The paper shows that in a stylized model with two countries, characterized bydifferent levels of nancial development, the following facts can be replicated: 1)persistent current account surpluses and 2) high TFP growth in China. Because ofliquidity shocks and credit constraints, investment by...

Zugang zu Krediten ist für kleine und mittelgroße Unternehmen in Entwicklungsländern von großer Bedeutung, um ihre ökonomischen Möglichkeiten besser auszuschöpfen und so die Einkommen ihrer Besitzer, aber auch ihrer Mitarbeiter zu erhöhen. Deshalb hat die Entwicklungshilfe in der...

The paper is a follow-up to an article published in Technique Financière etDeveloppement in 2000 (see the appendix to the hardcopy version), which portrayedthe first results of a new strategy in the field of development finance implemented inSouth-East Europe. This strategy consists in creating...

This paper examines whether recently introduced “village funds”, one of the largestmicrofinance programs ever implemented, improve access to finance. Village funds areanalyzed in a cross-sectional approach in relation to competing financial institutions. We find,first, that they reach the...

This paper studies public-debt runs under alternative assumptions on the distribution oftaxes among tax bases, the distribution of debt among classes of taxpayers, and thedistributive preferences of the government. Asymmetries in the distribution of taxes--arising, for example, from income-tax...

In financial and economic policy circles concerned with public debt in developingcountries, a rising debt-GDP ratio is interpreted as a signal of overborrowing, warn-ing of debt defaults if strong fiscal corrections are not adopted in time. This papershows why this interpretation is incorrect by...

This paper analyzes German and Spanish fiscal policy using simple policy rules. We choose Germany and Spain, as both are Member States in the European Monetary Union (EMU) and underwent considerable increases in public debt in the early 1990s. We focus on the question, how fiscal policy behaves...

Recent attempts to incorporate optimal fiscal policy into NewKeynesian models subject to nominal inertia, have tended to assume that policymakers are benevolent and have access to a commitment technology. A separateliterature, on the New Political Economy, has focused on real economies...