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Debt Relief and Beyond
The history of debt relief goes back several decades. It reveals that a country s accumulation of unsustainable debt stems from such factors as deficiencies in macroeconomic management, adverse terms-of-trade shocks, and poor governance. Debt-relief initiatives have provided debt-burdened countries with the opportunity for a fresh start, but whether the benefits of debt relief can be preserved depends on transformations in a country s policies and institutions. In 1996, the Heavily Indebted Poor Countries (HIPC) Initiative was launched as the first comprehensive, multilateral, debt-relief framework for low-income countries. In 2005, the Multilateral Debt Relief Initiative was established, wh...
Hispanics in America's Defense
This book offers a concise overview of key events in North American history, focusing on the military contributions of Hispanic Americans. It pays tribute to the bravery and service of Hispanic men and women who have played and continue to play a vital role in America's defense.
Currency Crises
There is no universally accepted definition of a currency crisis, but most would agree that they all involve one key element: investors fleeing a currency en masse out of fear that it might be devalued, in turn fueling the very devaluation they anticipated. Although such crises—the Latin American debt crisis of the 1980s, the speculations on European currencies in the early 1990s, and the ensuing Mexican, South American, and Asian crises—have played a central role in world affairs and continue to occur at an alarming rate, many questions about their causes and effects remain to be answered. In this wide-ranging volume, some of the best minds in economics focus on the historical and theoretical aspects of currency crises to investigate three fundamental issues: What drives currency crises? How should government behavior be modeled? And what are the actual consequences to the real economy? Reflecting the latest thinking on the subject, this offering from the NBER will serve as a useful basis for further debate on the theory and practice of speculative attacks, as well as a valuable resource as new crises loom.
Opportunities and Risks in Central European Finances
The recent emerging market crises in Asia and other regions suggests that while international capital inflows can make recipient economies stronger, they can potentially also increase the vulnerability of these economies to financial market crises. Two of the most notable sources of vulnerability are the quality of domestic financial intermediation and the speculative nature of some investment flows. 'Opportunities and Risks in Central European Finances' examines the nature of capital flows in the region, seeking to explain its dynamics, and potential sources of vulnerability. The book also appraises some potential costs that could be associated with a financial crisis. Finally, it presents views on how to manage these risks more effectively.
Latin American Macroeconomic Reforms
Hidden behind a number of economic crises in the mid- to late 1990s-including Argentina's headline-grabbing monetary and political upheaval-is that fact that Latin American economies have, generally speaking, improved dramatically in recent years. Their success has been due, in large part, to macroeconomic reforms, and this book brings together prominent economists and policymakers to assess a decade of such policy shifts, highlighting both the many success stories and the areas in which further work is needed. Contributors offer both case studies of individual countries and regional overviews, covering monetary, financial, and fiscal policy. Contributors also work to identify future concern...
The Composition of Capital Flows
Over the past decade, South Africa has attracted relatively little foreign direct investment (FDI), but considerable amounts of portfolio inflows. In this context, the objective of the paper is twofold: to identify the determinants of the level and composition of capital flows to emerging markets and to draw policy conclusions for South Africa. We estimate a dynamic panel for up to 81 emerging markets using GMM (Generalized Method of Moments) techniques. The results suggest that further trade and capital control liberalization would increase the share of FDI. Additionally, a reduction in exchange rate volatility would affect the composition of capital flows in favor of FDI.
The Turkish Economy in Crisis
This book provides a set of critical perspectives on the economic crises of 2000 and 2001 focusing on both the origins and consequences of the crises. Attention is drawn to the role of domestic actors as well as key external actors such as the International Monetary Fund in precipitating the twin crises.
