In this paper, the author considers the sovereign debt in the form of one-period government bonds with default risk, which can be purchased by and traded among domestic and foreign investors. She shows that the weight assigned to the lenders' interest by the borrowing government at the time of...

As it also happened in many Latin American countries during the 60s and 70s, inflation became one of the main economic problems in the Brazilian economy. The acceleration of prices and hyperinflation coexisted not only with periods of economic expansion (1956-1979), but also with huge...

Many of the Central and Eastern European countries faced general government balance problems in the 1990s, already during their transition period. Moreover, these problems continued during their EU accession. After both the Eastern enlargements, the situation was improving and, besides, the...

ILO pub-WEP pub. Working paper on the impact of stabilization and adjustment policies (economic policy) on employment, Mexico, prospects for the 1980s - examines the transition from import substitution industrialization to an economic model based on export oriented industry, structural changes...

ILO pub-WEP pub. Working paper on employment policies and economic policies in pursuit of structural change and stabilization in Yugoslavia - examines economic structures, inflation, external debt, ineffective resource allocation, underemployment, unemployment, regional disparity, shortcomings...

The model of economic growth that Romania adopted was not sustainable. The recent economic crisis proved that. With the continued growth in salaries and pensions without a complex analysis of the budget and its future projections, and without an increase in productivity, Romania was turned into...

In the wake of the financial crisis there has been renewed focus on the importance of a country’s net external debt position in determining domestic interest rates and, relatedly, its vulnerability to a crisis. This paper extends the panel estimation of OECD countries described in Turner and...

We study economic growth and inflation at different levels of government and external debt. Our analysis is based on new data on forty-four countries spanning about two hundred years. The dataset incorporates over 3,700 annual observations covering a wide range of political systems,...

This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...