Author/Editor: Jeronimo Zettelmeyer, Beatrice Weder, Christoph Klingen.

Release Date: January, 2004

We estimate ex post returns to emerging market debt by combining secondary-market prices with observed flows based on World Bank data. From 1970-2000, returns averaged 9 percent per annum, about the more...

Author/Editor: Oya Celasun.

Release Date: July, 2003

Exchange rate-based inflation stabilization (ERBS) policies are associated with a boom-recession cycle in economic activity and sustained real exchange rate appreciation. A class of models in the more...

Author/Editor: Pierre-Richard Agénor, Alexander W Hoffmaister.

Release Date: December, 1997

This paper examines the short-run links between money growth, exchange rate depreciation, nominal wage growth, the output gap, and inflation in Chile, Korea, Mexico, and Turkey, using a generalized more...

Author/Editor: Evan Tanner, Issouf Samaké.

Release Date: December, 2006

This paper examines the sustainability of fiscal policy under uncertainty in three emerging market countries, Brazil, Mexico, and Turkey. For each country, we estimate a vector autoregression (VAR) more...