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Financial crises are dramatic events. When they emerge, they tend to dominate the attention of the press and become the focus of policymakers. In one form or another, they have affected the lives of millions of people throughout the world. As references to 16th century Dutch tulips, 18th South Seas merchant ventures, or 1920s Florida real estate make clear, they have been around for a long time. At their worst, such as in the cases of the Great Depression or the current Great Recession, their effects have been felt worldwide, with the number of people affected counted int.

Machine generated contents note: Preface; Part I. The Macroeconomic Framework: 1. Introduction and overview; 2. Concepts and definitions: the macroeconomic accounts; 3. Short-run macroeconomics and long-run growth; Part II. A Benchmark Macroeconomic Model: 4. The aggregate production function, the labor market, and aggregate supply; 5. Aggregate demand and goods market equilibrium; 6. Financial markets; 7. Short-run macroeconomic equilibrium; 8. Medium-run macroeconomic equilibrium; Part III. Public finance and macroeconomic performance: 9. The intertemporal budget constraint of the public sector; 10. Sovereign risk premia; 11. Fiscal institutions; 12. Privatization; 13. High inflation and inflation stabilization; Part IV. Monetary Institutions and Monetary Policy: 14. Monetary institutions; 15. Inflation targeting; Part V. Exchange Rate Management: 16. Equilibrium real exchange rates; 17. The benchmark model with floating exchange rates; 18. Exchange rate regimes; 19. Managing an officially-determined rate; Part VI. The Financial Sector and Macroeconomic Performance: 20. Finance, welfare, and growth; 21. Financial repression; 22. Financial reform; 23. The benchmark model with banks; 24. Coping with capital inflows; Part 7. Varieties of Emerging-Market Crises; 25. Sovereign debt crises; 26. Banking crises; 27. Currency crises and crisis interactions; 28. Lessons from the emerging market crises of the nineties; 29. Lessons from the great recession

This paper presents an analysis of the evolution of the competitiveness in the traded goods sectors in six Latin American countries. Argentina, Bolivia, Chile, Paraguay, and Uruguay. Results for Brazil are ambiguous.

AbstractThe 1997–98 Asian financial crisis marked a turning point in the IMF's previously negative views on the usefulness of capital account restrictions, culminating eventually in the publication of the Fund's new Institutional View (IV) on the topic in 2012. The IV acknowledged that full capital account liberalization may not always be appropriate, accepted that new restrictions could at times have a useful role to play even in countries that had previously liberalized, and spelled out a specific set of circumstances under which the deploying of new restrictions could be justified as temporary measures in response to large capital flows. This paper documents the important role that empirical research, both by the profession at large as well as by the Fund's own staff, played in supporting the first two components of the IV. It argues, however, that, empirical support is lacking with respect to the third component of the IV: the conditions under which the deployment of temporary capital account restrictions may be desirable. The conditions stipulated under the IV, which have the effect of considerably restricting the scope of circumstances in which the use of restrictions may be appropriate, are not fully justified by empirical evidence or recent experience and are best understood simply as a vestige of the institution's pre-IV hostility to the use of restrictions.

Recent research suggests that management of the public sector debt can have important effects on a country macroeconomic performance. This Public debt management and macroeconomic stability article provides an overview of the factors that the recent literature has identified as important in determining the optimal composition of the public debt. Based on this analysis, it attempts to establish general guidelines for public debt management in emerging economies. To retain market access and promote domestic financial market development, governments should generally finance themselves at market rates using a wide variety of securities. Beyond this general principle, the optimal composition of the public debt involves a tradeoff between enhancing the government anti-inflationary credibility and reducing the vulnerability of its budget to macroeconomic shocks. Consequently, the optimal composition of the debt depends on a country circumstances. Debt should be heavily weighted toward long-term nominal securities for governments that have anti-inflationary credibility and toward long-term indexed debt for those that do not.