It is typically argued that China's food-price inflation has been mainly driven by supply-side shocks including natural disasters. This paper, however, shows that demand pressures have played a more important role from a medium-term perspective. This suggests surging food prices may call for policy reactions even if non-food-price inflation is ...Download Now
This paper investigates the spillover of financial crises by studying the dynamics of correlation between eleven Asian and six Latin American stock markets vis-?-vis the US stock market. A regional factor that drives common movements of stock markets in each region is identified for the period from 1993 to early ...Download Now
The worst of the global financial crisis is probably behind us, but the trajectory to recovery may vary widely across economies. Employing a dynamic structural multi-country model with a financial accelerator, this paper studies the role of three important policy actions in economic recovery: fiscal stimulus, financial sector rehabilitation and ...Download Now
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