What are the relative roles of macroeconomic variables, structural policies, and initial conditions
in explaining the time path of output in transition and the large observed differences in …

Using several recently available global datasets, this Staff Discussion Note examines
macroeconomic effects of financial inclusion. It finds significant benefits to economic growth from …

Technology is changing the landscape of the financial sector, increasing access to financial
services in profound ways. These changes have been in motion for several years, affecting …

The impact of monetary policy in large advanced countries on emerging market economies—dubbed
spillovers—is hotly debated in global and national policy circles. When the US …

Accommodative monetary policies in advanced economies have spurred increased capital
inflows into emerging markets since the global financial crisis. Starting in May 2013, when …

This paper analyzes the behavior of output during currency crises using a sample of 195
crisis episodes in 91 developing countries during 1970-98. It finds that more than two-fifths of …

After most restrictions on foreign currency holdings were relaxed in the early 1990s, foreign
currency deposits in transition economies have been increasing rapidly. This paper takes a …

The recovery in GDP growth since the global financial crisis has been halting and weak.
Concern is widespread that countercyclical policies have run out of space or lack the power to …

The study examines empirical relationships between income inequality and three features
of finance: depth (financial sector size relative to the economy), inclusion (access to and use …

The current destination of Central and Eastern European countries—explicitly for some,
implicitly for all—is Brussels. The concept of the distance from Brussels is multi-dimensional. …