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)

Banking with a Difference C.P. Chandrasekhar

Democratic forces in BRICS and other countries have to ensure that the BRICS bank acts differently from existing development banks to be a true alternative as expected. Banking_Difference (Download the full text in PDF format) (This article was originally published in the Economic and Political Weekly, August 9, 2014, Vol XLIX, No 32  http://www.epw.in/h-t-parekh-finance-column/banking-difference.html.)

Using the Potential of BRICS Financial Co-operation Jayati Ghosh

The emergence of BRICS as a global economic entity offers a scope for democratizing the entire process of South-South Co-operation that till date has been mainly corporate led. The commonalities of the challenges faced by the individual members of BRICS can act as a platform for developing a more progressive developmental trajectory for the member countries, and all emerging economies at large. BRICS_Financial_Co-operation (Download the full text in PDF format)

Using the Potential of BRICS Financial Co-operation Jayati Ghosh

Strange things happen in the world. Imagine a grouping of countries spread across the globe, which gets formed only for the simple reason that an analyst for an investment bank decides that these countries have some things in common, including future potential for growth, and then creates an acronym of their names! Bizarre but true. The original categorization by Jim O’Neill of Goldman Sachs contained only Brazil, Russia, India and China – subsequently South Africa was added to the group. And while the origin of the grouping may be odd, and the countries are indeed remarkably diverse, there are some…

Changing Guard at the IMF? Jayati Ghosh

Christine Lagarde has been busy this June. The French Foreign Minister and European Union candidate for the top job at the International Monetary Fund has been visiting the capitals of ''important'' emerging countries - Brazil, India, China, Russia – to drum up support for her candidacy. For their part, governments in these and other developing countries, after an initial show of being united in irritation at the blatant attempts by Europe to keep control over this slot, have been too wary of each other to agree on a common candidate, at least thus far. The only declared candidate from a…

The Global Crisis: The UN Could Make the Difference C.P. Chandrasekhar

Prior to the G-20 Summit held on April 2, there was a rush of suggestions on what world governments and international institutions should do to address the global financial and economic crisis. Not all were coherent or even remotely feasible. But among the many plans to resolve the global crisis and reform the international monetary and financial system to pre-empt such crises in the future, one stood out. This was prepared by the Commission of Experts set up by the President of the General Assembly, Nicaraguan statesman and priest Miguel d'Escoto Brockmann. The Commission is chaired by Nobel Laureate and…

Global GDP Growth: A longer view Jayati Ghosh and C.P. Chandrasekhar

Discussions of GDP growth at both national and international levels often get carried away by relatively recent trends, but it is important to situate recent income growth in the longer term context. In this article the authors examine the evidence on GDP global and regional growth in the second half of the twentieth century and beyond. GDP_Growth (Download the full text in PDF format)