Author/Editor: Vitor Gaspar, Maurice Obstfeld, Ratna Sahay, Douglas Laxton, Dennis P Botman, Kevin Clinton, Romain A Duval, Kotaro Ishi, Zoltan Jakab, Laura Jaramillo, Constant A Lonkeng Ngouana, Tommaso Mancini Griffoli, Joannes Mongardini, Susanna Mursula, Erlend Nier, Yulia Ustyugova, Hou Wang, Oliver Wuensch.

Release Date:September, 2016

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 raise growth or more...

Author/Editor: Ratna Sahay, Martin Cihak, Papa N'Diaye, Adolfo Barajas, Srobona Mitra, Annette Kyobe, Yen Mooi, Reza Yousefi.

Release Date:September, 2015

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

Author/Editor: Ratna Sahay, Cheng Hoon Lim, Chikahisa Sumi, James P Walsh, Jerald A Schiff.

Release Date:August, 2015

Asia’s financial systems proved resilient to the shocks from the global financial crisis, and growth since then has been strong. But new challenges have emerged in the region’s economies, more...

Author/Editor: Ratna Sahay, Martin Cihak, Papa M N'Diaye, Adolfo Barajas, Diana B Ayala Pena, Ran Bi, Yuan Gao, Annette J Kyobe, Lam Nguyen, Christian Saborowski, Katsiaryna Svirydzenka, Seyed Reza Yousefi.

Release Date:May, 2015

The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging more...

Author/Editor: Ratna Sahay, Vivek B. Arora, Athanasios V Arvanitis, Hamid Faruqee, Papa N'Diaye, Tommaso Mancini Griffoli.

Release Date:October, 2014

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

Author/Editor: Ratna Sahay, Rishi Goyal.

Release Date:December, 2006

This paper compares the pattern of macroeconomic volatility in 17 Latin American countries during episodes of high and low growth since 1970, examining in particular the role of policy volatility. more...

Author/Editor: David O. Robinson, Paul Cashin, Ratna Sahay.

Release Date:September, 2006

This book sets out the economic challenges facing the island nations of the Caribbean and presents policy options to ameliorate external shocks and embark firmly on a sustained growth path. While the more...

Author/Editor: Ratna Sahay.

Release Date:February, 2005

Although Caribbean countries have been largely successful in bringing annual inflation down to single digits in recent years-regardless of their exchange rate regime-their growth rates have been more...

Author/Editor: Ashoka Mody, Ratna Sahay, Thomas Helbling.

Release Date:May, 2004

Following the breakup of the Soviet Union in 1992, several low-income countries in the Commonwealth of Independent States (CIS) accumulated substantial external debt in a short time span, about half more...

Author/Editor: Ratna Sahay, Deepak Mishra, Poonam Gupta.

Release Date:November, 2003

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 the crises in more...