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We characterize a country's exchange rate regime by how its central bank channels a capital account shock across three variables: exchange depreciation, interest rates, and international reserve flows. Structural vector autoregression estimates for Brazil, Mexico, and Turkey reveal such responses, both contemporaneously and over time. Capital account shocks are further shown to affect output growth and inflation. The nature and magnitude of these effects may depend on the exchange rate regime.
The Complementary Roots of Growth and Development
The common roots of success and failure in economic growth and development lie in the systemic governance and fragmentation of institutional complementarities, respectively, but not in the unilateral adaptation of market-led or state-led models. To substantiate this argument, Akan utilizes case countries from the United States, South Korea, and Turkey—an advanced developed, a recently developed, and a developing country. Akan provides a simple framework for understanding two points that go beyond ideological obsession. The first is how a model of G&D works and evolves; with its economic, financial, industrial, and political dynamics intertwining. The second is why a market-led or state-led model succeeds and fails in both developed and developing countries.
Burma 1942
In December 1941 a Japanese battalion of 143rd Regiment of 55th Division crossed the Burma-Siam border and seized Victoria Point, heralding the invasion of Burma. The first air raids on Rangoon were opposed by only two fighter squadrons - 16 P40s of the American Volunteer Group (AVG) and 16 Buffaloes of the RAF. What followed was a fighting retreat as the British forces struggled to the Indian border, harried by an experienced Japanese force which was supported by at least 200 aircraft against the Allies' meagre fifty. Burma 1942 is a unique assessment of this disastrous episode in British military history, taken in part from the diary and maps kept by Ralph Tanner, who served with 2nd Batta...
