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…

Macroeconomic Policy, Inequality and Poverty Reduction in India and China C.P. Chandrasekhar & Jayati Ghosh

[Working Paper No. 05/2006]  The two "success" stories of globalisation, India and China, characterised by the high and sustained rates of growth of aggregate and per capita national income, the absence of major financial crises and substantial reduction in income poverty, along with their significant impact on global inequalities make a good case for a comparison of the nature of macroeconomic policies in these two countries, and the extent to which these have been "pro-poor". This paper attempts such an examination, assessing the growth performance and its impact on poverty and inequality in these two countries, and also specifically addressing…

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