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Publications (11)
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– Evidence from China and India
This paper examines the country specific effect of policy reform on infrastructure spending in China and India. In China we have examined how marketization and decentralization has affected the composition of provincial public expenditure and in the case of India we have examined the impact of...
Working Paper
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– The Empirical Study of Brazil
Set in the context of the recent theoretical and policy debates on appropriate exchange rate regimes for emerging market economies in a world of free capital mobility, the paper attempts to present the case for an intermediate exchange rate regime, drawing on recent theoretical and empirical...
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– US FDI in Emerging Economies
The paper investigates the impact of exchange rates on US foreign direct investment (FDI) flows to a sample of 16 emerging market countries using annual panel data for the period 1990-2002. Three separate exchange rate effects are considered: the value of the local currency (a cheaper currency...
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Static and dynamic gains from trade are the reasons why countries embark on the path of free trade, expecting this to promote industrialization and development. There is nothing, however, in the conventional theory of international trade that guarantees that these gains will materialize and even if...
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– The Case of Brazil and the Czech Republic
The bulk of recent literature on foreign exchange interventions has overlooked the potential interdependencies that may exist between these operations and the conduct of monetary policy. This is the case even under inflation targeting and especially in emerging-market economies, because central...
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– Long-Run Country Income Dynamics in Africa
This paper examines the country-level dynamics of long-run growth in Africa between 1975 and 2005. We are primarily interested in examining how growth has affected mobility and the distribution of income among countries. We analyse changes in the cross-country income structure and convergence. We...
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– CIBS, Capital Flows, and Exchange Rates
This paper discusses the movement of capital flows to and from the exchange rate regimes and monetary policies of China, India, Brazil, and South Africa (CIBS). Furthermore, we compare the level of financial stability, and the composition and duration of capital flows of the countries on a policy...
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– Lessons for the Emerging Economies
Can we use neoclassical growth model to single out the important transmission channels through which external factors or ‘primitives’ affected the Indian economy and caused the remarkable growth of the period 1982–2002? In this paper, we answer the question by applying the new technique of business...
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– A Non-Parametric Approach
Since China joined the WTO in 2001, the pressure for bank reforms has mounted as China ought to fully open up its financial market to foreign competition by 2006. Efficiency is key for domestic banks to survive in a liberalised environment, but it appears that the last hope for raising bank...
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– Trajectories and Evolving Institutions
This paper investigates the institutional reason underlying the change in the trajectory of economic growth in post-reform China, and argues that the trajectory of growth was much more normal during the period of 1978-89 than in the post-1989 era. In the former period, growth was largely induced by...
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– Evidence from Brazil
We examine the impact of inflation on financial development in Brazil and the data available permit us to cover the period between 1985 and 2002. The results – based initially on time-series and then on panel time-series data and analysis, and robust for different estimators and financial...
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