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Macroeconomic and financial stability: challenges for monetary policy
On September 2008, Lehman Brothers filed for bankruptcy and the world became aware that the financial crisis that had been unfolding for months was far more serious than expected. Months later, it became clear that the financial crisis of 2008-2009 was the worst economic downturn since the Great ...
Indicadores económicos y sociales 1960-1985
Texto en español, traducción paralela al inglés
Banking, financial integration, and international crises
During the past decade has enhanced market discipline but also caused greater strain in many emerging market economies' financial sectors, especially their banking systems. The potential benefits of financial integration, although large in the long run, may be outweighed in the short run if the ...
Current account and external financing
Are international capital markets a source of stable and reliable financing for emerging market economies, or a source of instability? Is the pattern of capital flows from poor to rich countries observed in the past decade sustainable? What is the optimal degree of capital account openness both for ...
Monetary policy under financial turbulence
The financial crisis that started in 2007 brought the global economy to the brink, and in many respects it is still unfolding, especially in Europe. While a fierce debate continues on how to understand and deal with the crisis, a consensus is emerging with regard to the originating shocks, the mechanisms ...
Labor markets and institutions
The importance of the labor market is indisputable. The countries' economic outcomes rely to a significant extent on its performance, as production, economic growth, and prices are all intimately linked with it. Moreover, the functioning of the labor market is a key determinant of social welfare. ...
Inflation targeting: design, performance, challenges
Inflation rates fell markedly around the world during the last decade of twentieth century. This was the result of a profound change in the conduct of monetary policy, clearly driven by the strong, anti-inflationary stance adopted by central banks in industrial and developing countries. The central ...