Journal Article
Impact of the Global Financial and Economic Crisis on Development
The global economic crisis beginning in 2008 has come at an inopportune time for Africa. Economic growth had recovered, poverty had declined, and human development had improved. Then the crisis hit. Growth then fell by 60 per cent. The growth decline...
Policy Brief
The Global Economic Crisis After One Year
One year into the global economic crisis, it has become clear that the paradigm for international development has changed irrevocably. With leadership, moral authority and the capacity of the West in international development diminishing, developing...
Policy Brief
Policy Responses to the Global Economic Crisis in Africa
Africa is the developing region most at risk from the global economic crisis. Its recent strong growth has been interrupted. Already home to the largest number of low-income countries in the world, the region is now likely to experience higher...
Journal Article
The Impact of the Global Commodity and Financial Crises on Poverty in Vietnam
Economic growth in Vietnam was resilient to the global commodity and financial crises, but it is unclear why. Impacts on employment and poverty are also disputed. We develop a dynamic computable general equilibrium model to decompose growth and...
Working Paper
South African Labour Market Transitions During the Global Financial and Economic Crisis
This paper studies individual-level labour market transitions and their determinants in South Africa during the zenith and aftermath of the global financial and economic crisis using 2008 to 2010-2011 panel data from the National Income Dynamics...
Working Paper
The Change of the Financial System and Developmental State in Korea
This study examines the role of institutions and their change related to the rapid economic development and the 1997 Korean financial crisis. In Korea, the government built a state-led financial system through the 1960s and 1970s and a specific...
Working Paper
Prudential Regulation of Banks in Less Developed Economies
Beginning with an empirical analysis of banking crises using a logit econometric model covering a sample of developed and developing countries between 1980-97, the paper suggests that crises are more likely in years of low growth and high real...
Working Paper
Capital Flows to Developing Countries of the International Financial System
Recent financial crises, whose effects have been particularly severe in developing countries, have led to a wide-ranging debate on international financial reform. This debate has had to confront the implications of the huge growth of international...
Working Paper
The Global Economic Crisis
This paper outlines the impact of the global economic crisis on Africa. Recovery requires coordinated and consistent efforts to assist individual countries in mitigating (reducing) the risk, coping with the impact, and reducing risk over the longer...
Working Paper
Sustainable and Excessive Current Account Deficits
The abundance of private capital flows confronts many emerging-market authorities with a transfer problem. They must decide whether to accept or resist the net capital inflow, or how much to accept and how much to resist. This paper aims at assisting...
Working Paper
Causes and Lessons of the Mexican Peso Crisis
This paper analyses in depth the causes of the Mexican peso crisis, so as to learn relevant lessons for similar crisis occurring in other developing or transitional economies. The study follows a relatively chronological order, examining first the...
Working Paper
Will the Euro Trigger More Monetary Unions in Africa?
We analyse the prospects for greater monetary integration in Africa, in the wake of EMU. We argue that the structural characteristics of African economies are quite different to the EMU members but that much can be gained from monetary cooperation...
Journal Article
Prudential Regulation of Banks in Less Developed Economies
This article argues that developing countries face inherent obstacles in setting up efficient financial regulation, and building up a sound banking sector: the presence of multiple tasks and multiple principals, poor institutions, lack of economies...
Working Paper
Entrepreneurship, Structural Change and a Global Economic Crisis
Building on a Lewis-type model of structural change and entrepreneurship we show how a global economic crisis consisting of a financial and a trade shock can undermine structural change in developing countries via the start-up and innovation...
Journal Article
Financing Social Protection for Children in Crisis Contexts
The global financial crisis has emphasised the fundamental role of social protection institutions in developing countries. There is also growing evidence that countries with programmes focused on children have a greater chance of minimising the...
Journal Article
Income Risk, Coping Strategies, and Safety Nets
Poor rural and urban households in developing countries face substantial risks, which they handle with risk-management and risk-coping strategies, including self-insurance through savings and informal insurance mechanisms. Despite these mechanisms...
Book
From Capital Surges to Drought
This collection analyses the new trends in capital flows to emerging markets since the Asian crisis, their determinants and policy implications. It explains why such flows have declined so dramatically in recent years, emphasising both structural and...
Book
Short-Term Capital Flows and Economic Crises
The currency crises that engulfed East Asian economies in 1997 and Mexico in 1994 - and their high development costs - raise a serious concern about the net benefits for developing countries of large flows of potentially reversible short-term...
Working Paper
The Asian Currency Crisis
What started in the summer of 1997 as a regional economic and financial crisis in East and Southeast Asia had developed into a global financial crisis within the span of a year. This crisis followed the crisis in the European Monetary System in 1992...
Working Paper
Excess Credit and the South Korean Crisis
We provide a novel empirical analysis of the South Korean credit market that reveals large volumes of excess credit since the late 1970s, indicating that a sizeable proportion of total credit was being used to refinance unprofitable projects. Our...
Working Paper
Financial Sector Structure and Financial Crisis Burden
We consider an overlapping generations model with two production factors and two types of agents in the presence of financial intermediation and its application to the Russian default of August 1998. The paper focuses on the analysis of the...
Working Paper
Impact of the Global Commodity and Financial Crises on Poverty in Vietnam
Economic growth in Vietnam has been fairly resilient to the global commodity and financial crises, but it is unclear why. In addition, the impact of the crises on employment and poverty is in dispute. We develop a dynamic computable general...
Working Paper
Financial Regulation and Supervision in Emerging Markets
The paper deals with changes in the regulation and supervision of the Latin American financial sector in the aftermath of the ‘Tequila Crisis’ of 1994–95. While it finds that both have improved, regulation and supervision cannot resolve all problems...
Working Paper
Bank Lending to Emerging Markets
This paper has two aims. The first is to provide some explanation for the extraordinary collapse in cross-border bank lending to developing countries which has taken place since 1997. The second is to argue that it might be too simplistic to...
Working Paper
Financial Crises and National Policy Issues
In this overview we try to explain, first, why funds continued to flow towards emerging economies while fundamentals in host countries had been deteriorating before the Asian crisis (rising external deficit, with a significant liquid component...
Working Paper
Globalization and Openness
Up until the recent crisis, the Southeast Asian region had been regarded as one of the most dynamic regions in the global economy. Their industrial structures have undergone a process of adjustment into more capital-intensive and technologically...
Working Paper
The Challenges Posed by Globalization for Economic Liberalization in Two Asian Transitional Countries
This paper examines the impact of globalization on two transitional economies in Asia. Both countries have undergone a radical economic reform process over the past decade, assisted by increases in external trade flows, foreign investment activity...
Working Paper
Ratings since the Asian Crisis
The increased importance of rating agencies for emerging-market finance has brought their work to the attention of a wider group of observers - and under criticism. This paper evaluates whether the importance of ratings for developing-country finance...
Journal Article
The Global Economic Crisis and Developing Countries
Following the financial crisis that broke in the U.S. and other Western economies in late 2008 and led to a global economic crisis, there is now worldwide concern about its effect on the developing countries. One year into the crisis, this paper...
Working Paper
The Global Financial Crisis and Development
The global economic crisis beginning in 2008 has come at a very inopportune time for Africa. Sub-Saharan Africa (SSA) appeared to be on a march toward real economic and human progress, following the dismal performance of the 1980s and early 1990s...
Working Paper
New Challenges for Industrial Policy
This paper calls for a fresh look at industrial policies in the light of recent trends and developments in the global economy. In particular, five new challenges and their implications for industrial policies are discussed. These have been neglected...