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Ireland is recovering from an extremely large banking crisis born of over-exuberant property lending. The government has taken a wide range of measures to tackle the crisis over the past 3 years.
Mismatches between the supply and the demand of safe financial assets in fast-growing emerging countries have been singled out by economic theory as drivers of international capital flows and, ultimately, global current account imbalances.
This paper examines whether the composition of a country’s external liabilities and assets has an incidence on its risk of suffering financial turmoil.
This paper seeks to identify factors explaining the appreciation of the Brazilian real observed since 2003, which was temporarily interrupted only during episodes of financial turbulence.
This paper identifies refinements to the macroeconomic framework that will help Brazil to achieve strong performance in a new environment.
In recent years, India has enjoyed one of the highest growth rates worldwide, weathering the global financial crisis better than many other countries.
This paper examines how the the distributive impact of macroeconomic shocks is shaped by selected institutions. It uses a dynamic stochastic general equilibrium (DSGE) framework with heterogeneous agents and an endogenous collateral constraint.
The Indian financial system has changed considerably since the 1990s. Interest rates have been deregulated and new entrants allowed in the banking and the securities business.
This paper addresses the often neglected question of how macroeconomic risk is shared across and within economies, and identifies reforms that could contribute towards achieving more desirable risk-sharing outcomes.
English, , 342kb
The recovery is projected to strengthen in the near term, but there are concerns about the longer-term legacy of the crisis, particularly because of the emergence of unsustainable fiscal imbalances as well as the possible damage to long-term growth prospects.