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This paper addresses the important question of how far a government will run down its stock of...

This paper compares the impact of shocks to U.S. interest rates and emerging market bond spreads...

Much of the debate about the management of financial crises has focused on structural and...

This paper aims at clarifying, with the help of a simple formal model and numerical examples,...

The BOPS Yearbook, usually published in December, contains balance of payments statistics for...

This paper tells the story of the Asian financial crisis by addressing four questions: What were...