We develop a new methodology to nowcast the effects of the COVID-19 crisis and forecast its evolution in small, export-oriented countries. To this aim, we exploit variation in financial indexes at the industry level and relate them to the expected...
24 June 2013 Aziz Karimov By the end of 2015, we will see a new global development agenda which will substitute the Millennium Development Goals (MDGs...
The primary role of finance is to serve the ‘real economy’¬—the part of the economy that produces goods and services. Yet in practice, the financial...
This paper provides a contextual analysis of the adoption of Bitcoin as legal tender in El Salvador. First, we outline the historical context and the political situation of the period 2019–24 that serve as context for the passage and implementation...
China is emerging as perhaps the most globally significant development finance provider, going far beyond concessional foreign aid. With China’s initiatives to create and foster new multi-lateral finance institutions, and to work in terms of large...
Tony Addison As we come to the end of November, the snow has yet to arrive in Helsinki. We continue to enjoy clear skies and spectacular sunsets...
Tony Addison With the end of the year fast approaching, we bring you the last Angle of 2011. Here in Helsinki, the shortest day of the year is nearly...
It is clear that a lot remains to be learnt about the role of the financial sector in African growth and development process. All three papers in this volume focus on the existing consensus in the literature that there seems to be a positive...
Financial liberalisation is widely seen as key to promoting financial development and unlocking growth in developing countries. While this thesis has been backed by an extensive literature, we show that it rests on weak theoretical and empirical...
Financial development can exert a significant influence on the distribution of income. In this paper, using Chinese provincial data over the period of 1991-2000 and applying the generalized method of moment (GMM) techniques, we investigate the...
This paper documents the financial and institutional developments of China during the past two decades, when China was successfully transformed from a rigid central-planning economy to a dynamic market economy following its unique path. We...
In the last two decades, there has been a global sea change in the theory and practice of central banking. The currently dominant ‘best practice’ approach to central banking consists of the following: (1) central bank independence (2) a focus on...
In this paper, using the rich household panel data of urban and rural Ethiopia that covers the period from 1994 to 2000, we attempted to establish the link between finance and poverty in Ethiopia. Our results show that access to finance is an...
The role of foreign direct investment (FDI) in small island developing states (SIDS) is an issue that has been neglected until relatively recently. The reasons for this lack of interest are unsurprising, given both the low absolute volume of capital...
This study is an attempt towards an integration of financial development and its effect on the real sector via the transmission mechanism with special reference to developing and emerging market economies. It finds two cointegrating relations between...
This paper investigates the benefits and associated agency costs of using internal capital markets through affiliating with groups using data of two thousand firms from nine East Asian economies between 1994-6. We find that mature and slow-growing...
The emergence of climate finance has the potential to catalyze positive changes in the institutional architecture and distribution mechanisms for financial flows to lower income countries. The nature of the challenge of development in the context of...
The central argument of this study is that given the magnitude of the investment in infrastructure that is required, especially in Africa, the role of foreign aid in the future should be distinctly different. While aid will be required to continue to...
The essays collected in this volume, written by well-known academics and policy analysts, discuss the impact of increased capital mobility on macroeconomic performance. The authors highlight the most adequate ways to manage the transition from a semi...
This collection analyses the new trends in capital flows to emerging markets since the Asian crisis, their determinants and policy implications. It explains why such flows have declined so dramatically in recent years, emphasising both structural and...
The present volume contains six papers on financial-policy issues and country experiences, presented at a joint ECLAC/UNU-WIDER/UNCTAD seminar held at ECLAC headquarters in Santiago, Chile, on 5-6 October 1992. In the first, Yilmaz Akyuz discusses...
Exploring the effects of the post-1989 developments in Eastern and Central Europe on the social and economic position of the women of the region, Valentine Moghadam explains how the economic crisis and subsequent development, social breakdown, and...
Part of Journal Special Issue Policy Arena: Small Island Developing States
In recent years, the economy of Argentina has experienced both rapid economic growth and severe economic decline. In this paper, we use a series of one-year long panels to study who gained the most in pesos when the economy grew and who lost the most...
One essential condition of economic progress in any society is an ample supply of savings, which depends on the growth of real capital.Economists agree that higher investment rates will lead to higher growth. Thus, domestic savings is considered an...
Like most other countries, the government of Zambia introduced restrictions to control COVID-19, which considerably curtailed normal economic activity...
This paper considers the effect of financial liberalisation on access to investment finance using firm level data covering 57 developing and transition countries. An index is presented which measures financial market liberalisation along the...
This paper examines the financial sector preconditions for the successful development of a high technology sector. It argues that there is a close relation between types of activities undertaken in different countries and their institutional...
This paper examines the possible implications for the financial systems of low-income African economies and in particular Tanzania of their stated aspiration to achieve middle-income status. In doing so it finds little evidence that the mere increase...
This paper identifies the rationale behind the emergence of private sector development (PSD) as a special area of development assistance. It describes PSD policies’ main elements and instruments and provides an overview of the differences and...
Financial sanctions, which aim to economically hurt a target by restricting its access to financial assets and markets, require the ability to identify who owns an asset. Although experts have long claimed that offshore financial centres that offer...
This paper uses annual aggregate data for 36 low or middle income countries covering the period 1995-2001 to investigate the effect of FDI on private investment. It also explores if the relationship between FDI and private investment is influenced by...
Using a comprehensive firm-level dataset spanning the period 1998-2005, this paper provides a thorough investigation of the relationship between firm size, total factor productivity growth and financial structure in China, controlling for the...
Part of Journal Special Issue Globalization, Poverty, and Inequality in Latin America
Part of Book Small and Medium Enterprises in Transitional Economies
Part of Book Financial Development, Institutions, Growth and Poverty Reduction
Part of Book Financial Openness and National Autonomy
Part of Book Understanding Inequality and Poverty in China
Part of Book Financial Development, Institutions, Growth and Poverty Reduction
Part of Book External Finance for Private Sector Development
For much of the last 30 years the global economy has had a limited impact on poverty alleviation. But there are now grounds for optimism. Presently, global liquidity is ample, pushing investors into parts of the world they previously avoided, and...
Part of Book Finance and the Real Economy
Part of Book Finance and the Real Economy
Part of Book Finance and the Real Economy
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