Working Paper
China’s international development finance
China is emerging as perhaps the most globally significant development finance provider, going far beyond concessional foreign aid. With China’s initiatives to create and foster new multi-lateral finance institutions, and to work in terms of large...
Journal Article
Finance and Economic Development in Africa
It is clear that a lot remains to be learnt about the role of the financial sector in African growth and development process. All three papers in this volume focus on the existing consensus in the literature that there seems to be a positive...
Journal Article
The Finance – Growth Thesis
Financial liberalisation is widely seen as key to promoting financial development and unlocking growth in developing countries. While this thesis has been backed by an extensive literature, we show that it rests on weak theoretical and empirical...
Working Paper
Sanction-busting through tax havens
Financial sanctions, which aim to economically hurt a target by restricting its access to financial assets and markets, require the ability to identify who owns an asset. Although experts have long claimed that offshore financial centres that offer...
Working Paper
Domestic savings in sub-Saharan Africa
One essential condition of economic progress in any society is an ample supply of savings, which depends on the growth of real capital.Economists agree that higher investment rates will lead to higher growth. Thus, domestic savings is considered an...
Working Paper
Earnings Mobility in Times of Growth and Decline
In recent years, the economy of Argentina has experienced both rapid economic growth and severe economic decline. In this paper, we use a series of one-year long panels to study who gained the most in pesos when the economy grew and who lost the most...
Working Paper
Forecasting recovery from COVID-19 using financial data
We develop a new methodology to nowcast the effects of the COVID-19 crisis and forecast its evolution in small, export-oriented countries. To this aim, we exploit variation in financial indexes at the industry level and relate them to the expected...
Book
Macroeconomic Policy after the Conservative Era
The essays collected in this volume, written by well-known academics and policy analysts, discuss the impact of increased capital mobility on macroeconomic performance. The authors highlight the most adequate ways to manage the transition from a semi...
Book
Development Finance in the Global Economy
For much of the last 30 years the global economy has had a limited impact on poverty alleviation. But there are now grounds for optimism. Presently, global liquidity is ample, pushing investors into parts of the world they previously avoided, and...
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
Finance and the Real Economy
The present volume contains six papers on financial-policy issues and country experiences, presented at a joint ECLAC/UNU-WIDER/UNCTAD seminar held at ECLAC headquarters in Santiago, Chile, on 5-6 October 1992. In the first, Yilmaz Akyuz discusses...
Book
Democratic Reform and the Position of Women in Transitional Economies
Exploring the effects of the post-1989 developments in Eastern and Central Europe on the social and economic position of the women of the region, Valentine Moghadam explains how the economic crisis and subsequent development, social breakdown, and...
Working Paper
Financial Development and Income Inequality in Rural China 1991-2000
Financial development can exert a significant influence on the distribution of income. In this paper, using Chinese provincial data over the period of 1991-2000 and applying the generalized method of moment (GMM) techniques, we investigate the...
Working Paper
Financial Sector Development and Growth
This paper documents the financial and institutional developments of China during the past two decades, when China was successfully transformed from a rigid central-planning economy to a dynamic market economy following its unique path. We...
Working Paper
Central Banks as Agents of Economic Development
In the last two decades, there has been a global sea change in the theory and practice of central banking. The currently dominant ‘best practice’ approach to central banking consists of the following: (1) central bank independence (2) a focus on...