This paper presents an integrated overview of the literature linking institutions, financial
development, and economic growth. From the large body of research on institutional …

We explore the hypothesis that fluctuations in commodity prices are an important driver of
business cycles in small emerging market economies (EMEs). First, we document that …

We document how informal employment in Mexico is countercyclical, lags the cycle and is
negatively correlated with formal employment. This contributes to explaining why total …

This paper explores how global financial conditions influence corporate leverage growth in
emerging markets (EMs). Using a sample of 800,000 listed and non-listed firms across 28 …

We document a disconnect between policy rates and short-term market rates in emerging
economies. On the one hand, central banks in emerging economies follow Taylor-type rules …

We document a considerable increase in foreign financing by the corporate sector in
emerging economies (EMEs) since the early 2000s, mainly in the form of bond issuance …

The recent global financial crisis has resuscitated the debate on the relevance of capital
controls as effective policy instruments. This paper contributes to this debate by studying the …

The recent global financial crisis has re-emphasized the need for better understanding the
relation between the type of exchange rate regime (ERR) in place and the effects of global …

We estimate a workhorse DSGE model with an occasionally binding borrowing constraint.
First, we propose a new specification of the occasionally binding constraint, where the …

We present a new data set for 74 economies over 1990–2016 on domestic bank credit
distinguishing between four categories: household mortgages, household consumption …