Filter by...
Reset all
Publications (32)
Working Paper
pdf
We argue that the conflicts in the Caucasus are the result of the abrogation by the elite of the earlier, Soviet era, social contract. This process was accompanied by the collapse of the formal economy; evidenced by huge national income compression, falling public goods provision, and growing...
Working Paper
pdf
– The Regional Dimensions
Contemporary Africa reveals a range of causes, consequences and responses to conflicts which are increasingly interrelated as well as regional in character, as around the Great Lakes/Horn. Their economic and non-state features are undeniable, leading to some promising possibilities in terms of...
Working Paper
pdf
– Economic Development, Public Policy and Conflict Containment
Conflicts within the Malaysian federation have been rooted in socio-economic disparities and the struggle for control of natural resource rents, which State Governments previously had exclusive control over, as originally provided for by the federal constitution. The advance of fiscal centralization...
Working Paper
pdf
– The Collapse of the Oslo Accord
Since October 2000 Israel and the Palestinians of the West Bank and Gaza Strip have become entangled in a bloody confrontation. This paper focuses on the economic relationship between the Israeli economy and the Palestinian economy of the West Bank and Gaza Strip, and the ways in which this has...
Working Paper
pdf
The paper studies the trend towards the use of securities as a vehicle to transfer capital to developing economies, and how it is linked to the increasing use of derivatives transactions in developing countries. It also provides a descriptive analysis of how each type of capital vehicle is...
Working Paper
pdf
This paper explores the complementary use of two instruments to manage capital-account volatility in developing countries: capital-account regulations and counter-cyclical prudential regulation of domestic financial intermediaries. Capital-account regulations can provide useful instruments in terms...
Working Paper
pdf
– An Overview
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 appreciating exchange rates; low capital formation...
Working Paper
pdf
This paper addresses the nature of the demand schedule for emerging market assets in both its macroeconomic and microeconomic dimensions. The former is usually analysed in terms of the ‘push factors’ (such as interest rates or contagion) determining international capital flows; while the latter is...
Working Paper
pdf
– Crossing the Border
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 characterize banks’ behaviour in the past few years as a...
Working Paper
pdf
– The Experience of Latin America since the Tequila Crisis
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; good macroeconomic policy and performance are...
Working Paper
pdf
– Water Flowing Uphill?
International bank lending is a major component of capital flows between advanced and emerging economies. However, in recent years these flows have been going the wrong way, like water flowing uphill. Even four years after the Asian crisis, there is a net flow of funds from emerging economies to...
Working Paper
pdf
– A Review of the Literature, Empirical Evidence and some Policy Proposals
For many emerging market economies, over reliance on monetary policy may bring worse macro results, when compared to a more balanced framework of countercyclical fiscal and monetary policy. The use of countercyclical fiscal policy requires as a precondition solvent and sustainable fiscal accounts...
Working Paper
pdf
– Issues, Implications and Policy Proposals
This paper argues that, if implemented in its current form, the new Basel Capital Accord will adversely effect developing sovereigns, corporates and banks wishing to borrow in international markets. This impact will result from the major banks’ lending patterns being altered by the adoption of...
Working Paper
pdf
– And Why Modern Financial Regulation in Developed Countries is making Short-Term Capital Flows to Developing Countries Even More Volatile
Modern financial regulation has been about the spread of market-sensitive risk-management systems for banks, the spill-over of this approach to other financial institutions and the retreat of regulatory ambition. There is evidence that these trends are leading to a more fragile financial system...
Working Paper
pdf
This article studies the currency risk management of multinational companies with investments in Latin American countries. The analysis is centred on episodes of currency or financial shocks, searching into the behaviour of the financial management of a firm expecting a significant devaluation. This...
Working Paper
pdf
– Latin American Exchange Rate Policies During the Asian Crisis
During the Asian crisis, intermediate exchange rate regimes vanished. It has been argued that those regimes were no longer useful and only the extremes remained valid. The paper analyses three foreign exchange regimes: Argentina (pegged), Chile (band) and Mexico (float). The Argentinean currency...
Displaying 16 of 32 results