Money Monetary Policy category: 1222 books

China's increasing openness to foreign direct investment (FDI) has contributed importantly to its exceptional growth performance. This paper examines China's experience with FDI and identifies some lessons for other countries. Most of the factors explaining China's success have also been important in...

The current round of multilateral trade negotiations-the Doha Round-presents an opportunity for countries to reap the benefits of trade liberalization. Unfortunately, a number of misconceptions about the likely impact of trade reforms has, in part, impeded more rapid progress toward completion of...

This note explores the costs and benefits of different policy options to reduce the risks associated with credit booms, drawing upon several country experiences and the findings from econometric analysis.

With new material on the astonishing 2014–15 monetary rollercoaster, an incisive chronicler of the euro’s upheavals explains how Europe’s single currency has lurched in and out of crisis—with widespread repercussions for Britain and the rest of the world.   “Marsh is an expert chronicler...

Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. In Europe's Orphan, leading economic commentator Martin Sandbu presents a compelling defense...

Welfare states can be reformed successfully, and popular support for reforms can be maintained. But this requires an internally consistent package of labor market, fiscal, and product market reforms, including some kind of buy-in, through, for example, tax cuts. Empirical analysis combined with a select...

Assessing financial systems' stability has required the IMF to dig deeper into financial sector issues and to include financial integrity elements in its assessments. Integrity elements are increasingly being addressed by international standards. More progress is needed, however, to prepare a comprehensive...

Contrary to common belief, macroeconomics is not merely a theory of aggregates, and cannot be constructed from individual behaviour. Both nationally and internationally, there are economic laws that are logically independent of economic agents’ behaviour. These are the macroeconomic foundations...