Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets,
but many facets of this tool remain limited, especially in the context of flexible exchange …

This paper compares debt-for-climate swaps—partial debt relief operations conditional on
debtor commitments to undertake climate-related investments—to alternative fiscal support …

Sovereign debt restructurings are associated with declines in GDP, investment, bank credit,
and capital flows. The transmission channels and associated output and banking sector …

We investigate the motives inflation-targeting central banks in emerging markets may have
for intervening in foreign exchange markets and evaluate the case for such interventions …

The debate on government debt in the context of possible reforms of the international financial
architecture has thus far focused on crisis resolution. This paper seeks to broaden this …

This chapter outlines policies to help solve the debt overhang and bring about recovery in
both groups of countries. The current financial turmoil is confronting emerging market …

The way countries structure their public borrowing has long been considered an important
determinant of economic performance. This topic has recently received renewed attention as …

The workhorse open-economy macro model suggests that capital inflows are contractionary
because they appreciate the currency and reduce net exports. Emerging market policy …

Economic policies are often judged by a handful of statistics, some of which may be biased
during periods of change. We estimate the income growth implied by the evolution of food …

This paper uses Engel curves to estimate real income growth in Brazil. The estimated per
capita household real income growth in metropolitan areas during 1987-2002 is about 4½ …