The author studies the welfare implications of adjustment programs supported by the International Monetary Fund (IMF). He uses a model where an endogenous borrowing const[...]

Consumption volatility relative to output volatility is consistently higher in emerging economies than in developed economies. One natural explanation is that emerging ec[...]

The author suggests that commodity-linked bonds could provide a potential means for less-developed countries (LDCs) to raise money on the international capital markets, r[...]

Over the past year and a half, the Bank of England and the Bank of Canada have been developing a framework for the resolution of international financial crises that align[...]