The views expressed here are those of the author and do not represent the positions of Georgetown University or the World Bank 2 " The celebration of capital flows in the early 1990s and the subsequent skepticism were both excessive. The reality is more complicated and therefore requires a more nuanced policy response… This implies a multiplicity of measures that not only foster absorption of i...

During the past year, research at the Bank examined issues concerning the international financial system and the East Asian financial crisis, the Australian financial system, the framework and operation of monetary policy, and unemployment and the labour market. As in previous years, the results of the research were made available through the Bank’s Bulletin, its Research Discussion Paper serie...

This volume of the International Journal of Central Banking includes the proceedings from the conference titled “New Frameworks for Monetary Policy Analysis in an Era of Crises,” hosted by the Central Bank of Chile on September 27–28, 2012. In addition to the papers and discussions, this issue contains the prepared remarks given at the conference by Rodrigo Vergara (Governor, Central Bank of Ch...

______________________________________________________________________ The growth in the trade share of output is one of the most important features of the world economy since World War II. We show that an important propagation mechanism for this growth is vertical specialization. Simply put, vertical specialization occurs when imported inputs are used to produce goods that are then exported. W...

Introduction A t the conclusion of World War II, several international institutions were created to manage the world economy and prevent another Great Depression. These institutions include the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (now called the World Bank), and the General Agreement on Tariffs and Trade (GATT), which was expanded and ins...

This distinction is based on the empirical observation that the latter are subject to two semantic restrictions not applicable to the former. The proposal is this: for the utterance of an exclamation to be expressively correct, its content must be salient, and the speaker must find this content surprising. For the utterance of an exclamative to be expressively correct, its content must addition...

We examine the optimal mixture and priority structure of bank and market debt using a trade-off model in which banks have the unique ability to renegotiate outside formal bankruptcy. Flexible bank debt offers a superior trade-off between tax shields and bankruptcy costs. Ease of renegotiation limits bank debt capacity, however. Optimal debt structure hinges upon which party has bargaining power...

The focus of this research is to develop a method for building Text to Speech Systems for resource poor languages by using data from other languages to fine tune a general template polyglot TTS architecture. Our method involves three main componants: language clustering, phoneme mappings and prosody modelling. As a proof of concept, four TTS have been implemented for English, Spanish, Malay and...

Empirical data shows that current account has the property of mean-reversion and the speed of current account convergence is heterogenous across countries. In order to explore the factors which affect the current account adjustment speed of a small country, this paper builds up a model to study how current account would be affected by factors such as labor supply and monetary policies. We found...

Global current account imbalances, more specifically the large deficit in the United States and the surplus in China and some other Asian economies, continue to attract considerable attention both among policy makers and academics. While the academic literature has focused predominantly on the sustainability of the imbalance and on the exchange-rate consequences of its elimination, many policy ...