Asymmetric Exchange Rate Policy in Inflation Targeting Developing Countries Ahmet Benlialper, Hasan Comert and Nadir Ocal

Most of the developing countries that adopted inflation targeting experienced large appreciations in their currencies before the global crisis. This paper examines whether central banks in developing countries have different policy stances with respect to depreciation and appreciation in order to hit their inflation targets. 01_2017  (Download the full text in PDF format)

The Impacts of the 2008 Global Financial Crisis on Developing Countries: The case of the 15 most affected countries Hasan Comert and Esra Nur Ugurlu

[Working Paper No. 03/2015] From their analysis of the impact of the recent global crisis, the authors show that the trade channel was the most important mechanism in the transmission of the crisis from advanced economies to developing countries. WP_03_2015 (Download the full text in PDF format)

Integration, Spurious Convergence, and Financial Fragility: A post-Keynesian interpretation of the Spanish crisis Esteban Perez Caldentey and Matias Vernengo

[Working Paper No. 02/2015] The authors argue that the Spanish crisis resulted from a widening deficit in the non-financial corporate sector and a declining trend in profitability under a regime of financial liberalization and loose and unregulated lending practices. WP_02_2015 (Download the full text in PDF format)

The Revised Basel Capital Accord: The logic, content and potential impact for developing countries Smitha Francis

[Working Paper No. 09/2006] Basel II is yet another attempt by the global financial community to remedy the woes associated with unhindered financial liberalization. While developing countries will come under pressure from different quarters for implementing Basel II, the drive towards implementation is in complete disregard of the serious issues that have been raised regarding its adverse implications. Apart from an increase in the cost of financing development implied by Basel II for a variety of reasons, ironically, new forms of regulatory biases and resultant systemic instabilities may be generated by its proposed implementation. This will worsen the existing conflicts…

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