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External Vulnerability in Emerging Market Economies
This paper investigates the factors behind the 1994 and 1997 crises and whether these can explain the 1998 crisis. The study reveals that: (i) variables used in an Early Warning System model developed by IMF staff scored well in predicting the 1998 crisis out-of-sample; (ii) all three crisis episodes can be well explained by a parsimonious set of core fundamentals and liquidity related variables; and (iii) the presence of an IMF-supported program significantly reduced the depth of crises. The results suggest that as a rule of thumb countries should hold reserves to the tune of short-term debt to avoid contagion-related crises, provided their current deficits are modest and their real effective exchange rates are not significantly misaligned.
Political Instability and Economic Vulnerability
This paper analyzes and tests the influence of political instability on economic vulnerability in the context of the 1994 and 1997 crises episodes. It constructs four political variables that aim at quantifying political instability. The paper finds that for countries with weak economic fundamentals and low reserves, political instability has a strong impact on economic vulnerability. The estimation results suggest that including political variables in economic models does improve their power to explain and predict economic crises. The paper concludes that countries are more economically vulnerable during and especially following election periods, and when election results are less stable than at other times.
Survey of Reserve Managers
This paper reports in detail on a survey that was circulated to reserve managing central banks of IMF member countries in April 2012. The survey aims to gain further insight into how reserve managers have reacted to the crisis to date. The survey also aims to understand how reserve managers arrive at their strategic asset allocation and how they operate their risk management frameworks in practice. Some of the key themes that emerge from the survey include potential procyclical and counter cyclical behavior by reserve managers, increased focus placed on returns and wide variability across countries in how the currency composition of reserves is derived.
The Link Between Adherence to International Standards of Good Practice, Foreign Exchange Spreads, and Ratings
This paper examines the relationship between adherence to international standards of good practice in policy-making and two key indicators of access to capital markets and the cost of this access: spreads and sovereign ratings. In contrast to other work, this study reviews a broad set of indicators for adherence to international standards. The estimations are conducted for emerging market economies, and pay particular attention to issues of persistence in spreads and ratings and nonlinearities in the relationships. The main finding confirms the expectation that standards are indeed relevant. Accounting standards and property rights are especially important for spreads, in addition to data transparency (SDDS subscription). Accounting standards and corruption are especially important in explaining ratings in addition to trade protectiveness (not a standard).
The Macroeconomic Effects of Counterpart Funds and the Underlying Foreign Aid
Counterpart funds generated through foreign currency or commodity aid have again become an issue of interest, in view of the substantial buildup of these funds. Contrary to the usual approach a model is developed in this paper, which takes account of the budgetary impact, supply-side and money demand effects of counterpart funds and the underlying foreign aid. This model is used to show that counterpart funds need not have any economic impact if their creation, use, and effects are adequately monitored and understood, both by donors and by the authorities in the recipient country. The policy rules that ensure an inflation- and foreign reserves-neutral result from expected and unexpected foreign aid are derived and contrasted with a policy rule regarding unexpected foreign aid that is sometimes observed in IMF programs. A feasible alternative is developed. Various real world complications are shown not to alter the conclusions.
Vietnam
The paper explores the pattern of transition of the Vietnamese economy, the policies that were applied, and the reasons for the country's success. In particular, it focuses on output performance; state-owned enterprises; foreign direct investment; determinants of inflation; dollarization and problems of economic management; international integration and exchange rate policy; growth and diversification of trade, trade reform, exchange reform, and exchange rate policy.
The SAGE Handbook of Workplace Learning
This Handbook provides a state-of-the art overview of the field of workplace learning from a global perspective. The authors are all well-placed theoreticians, researchers, and practitioners in this burgeoning field, which cuts across higher education, vocational education and training, post-compulsory secondary schooling, and lifelong education. The volume provides a broad-based, yet incisive analysis of the range of theory, research, and practical developments in workplace learning. The editors draw together the three essential areas of Theory; Research and Practice; and Issues and Futures in the field of Workplace Learning. In addition, final chapters include recommendations for further d...
Homocysteine and Vascular Disease
This state-of-the-art review provides an in-depth and critical summary of homocysteine from its molecular basis to clinical relevance and current clinical trials of folic acid and vitamin B6. Written by leading workers in the field, the book provides an authoritative, comprehensive and thoroughly up-to-date overview for scientists and clinicians and any others engaged in the field. It will also be useful to anyone involved in managing vascular patients or cardiac risk factors, as well as biochemists, pharmacologists, general physicians, cardiologists and clinical and basic researchers with an interest in preventive medicine.
