The Chinese economy underwent cyclical fluctuations in growth and inflation in the reform period. Contrasting views exist on the role of money in such fluctuations. This paper assesses these views employing structural VEC models based on the exchange...
This paper proposes a structural VAR model which extends the frameworks of Hoffmaister and Roldós (2001) and Prasad (1999). The model is then used to analyse the sources of China’s trade balance fluctuations in the period of 1985–2000. Efforts are...
This paper represents a first attempt to study China’s business cycles using a formal analytical framework, namely, a structural VAR model. It is found that: (a) demand shocks were the dominant source of macroeconomic fluctuations, but supply shocks...
In this paper we use data from 17 African nations in order to investigate the hypothesis that monetary union – represented in this case by the CFA Franc Zone – augments the extent of macroeconomic integration. The paper covers a number of dimensions...
The current context of the COVID-19 pandemic has exposed the most vulnerable socio-economic groups to greater financial risk and thus could lead to exacerbating income inequality. The crisis creates an opportunity to demand further structural and...
THIS ARTICLE IS ON EARLY VIEW | This study examines the redistributive effects of financial liberalization, including domestic and external finance reforms, implemented in 64 emerging and low-income countries over the past four decades. To identify...
Commodity price fluctuations have been troublesome in their destabilising effects on the foreign exchange earnings of developing countries. Recently, however, attention has been drawn to their role in transmitting inflation and in inducing...
An interesting theory of transition must give a convincing account of structural adjustment and supply side improvement. In this paper, I discuss the incentives for government to undertake costly supply side improvement and how these relate to...
In a dynamic panel data model allowing for error cross-section dependence, output volatility is found to impede sustainable development. Through a financial development channel (liquidity liability ratio), output volatility exerts a significant...
This paper argues that, if implemented in its current form, the new Basel Capital Accord will adversely effect developing sovereigns, corporates and banks wishing to borrow in international markets. This impact will result from the major banks’...
For many emerging market economies, over reliance on monetary policy may bring worse macro results, when compared to a more balanced framework of countercyclical fiscal and monetary policy. The use of countercyclical fiscal policy requires as a...
This paper investigates whether cyclical variation in women’s labour supply in Africa contributes to smoothing household consumption. We find little support for this hypothesis. Using comparable individual data on about 0.5 million women in 30 Sub...
Part of Journal Special Issue Aid, Social Policy and Development
The recent financial crisis has rekindled interest in the foreign aid supply behaviour of bilateral donors. Using the latest data covering the period 1960-2009, this paper examines how such behaviour is related to domestic factors. Based on a simple...
This book is a synthesis of recent work on the experiences of developing countries with stabilization programs. Critical of the orthodox "neoclassical" or "monetarist" approach of the IMF and the World Bank, the book advocates a structuralist...
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