Journal Special Issue
Impact of the Liberalization of the Exchange Rate and Financial Markets in Sub-Saharan Africa
This special issue of the Journal of International Development presents the results of a study initiated two years ago by UNU/WIDER on `The impact of the liberalization of the exchange rate and financial markets in sub-Saharan Africa'. The project...
Book
Resetting the International Monetary (Non)System
This is an open access title available under the terms of a CC BY-NC-SA 3.0 IGO licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. International financial crises...
Working Paper
Real Exchange Rate Policy and Non-Traditional Exports in Developing Countries
In this paper I estimate a non-traditional export performance equation for a panel of 60 developing countries. As an input to the export model, I also estimate a panel regression model of the real exchange rate (RER) for the same countries. The RER...
Working Paper
The Liberalization of Foreign Exchange Markets and Economic Growth in Sub-Saharan Africa
This paper analyses the rationale of interventions in foreign exchange markets in Sub- Saharan Africa and reviews exchange rate theory and balance of payments management and its application to African countries. It analyses the liberalization of...
Working Paper
The Costs and Benefits Analysis of CFA Membership
The paper determines an analytical framework defining the choice of an optimal exchange rate regime for a typical CFA country. The policymakers behave strategically to decide to adopt alternative exchange rate regime by minimizing their loss function...
Working Paper
Dual Exchange Markets and Intervention
It is argued that the theoretical literature on dual exchange markets has completely neglected the form of central bank intervention emphasized by the "classics". They advocated neutral intervention where the central bank sells in the capital market...
Working Paper
Capital Flows, Exchange Rate Regime, and Macroeconomic Performance in Mexico
This paper analyzes the short-term effects of foreign capital flows on aggregate demand in Mexico: their magnitude, transmission channels, and the possible influence of the country’s choice of exchange rate regime. The study is motivated by the...
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
Gap Disequilibria
Four "gaps" or restrictions on capacity growth -- from available saving and foreign exchange, investment demand (with crowding-in of private by public capital formation), and ex ante discrepancies between inflation rates needed on the one hand to...
Working Paper
Export Performance in Chile
Since the mid-1970s, Chile's exports have expanded at a fast rate, and the export basket has diversified considerably, away from copper towards other primary commodities and commodity-intensive manufactures. This paper explores the causal factors and...
Working Paper
The Currency composition of Foreign Exchange Reserves
The management of international reserves remains one of the understudied aspects of the international monetary system. There are now a number of reasons why this should change. On the supply side of the market there is the advent of the euro...
Working Paper
EMU and the Developing Countries
The purpose of this paper is to explore economic and political implications of Europe's Economic and Monetary Union (EMU) for developing countries. In strictly economic terms, influences will be communicated through both trade and financial channels...