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Openness, Productivity and Growth: What Do We Really Know?
For over a century social analysts have debated the connection between trade policy and economic performance. This controversy continues today, even as the world is experiencing an unprecedentedExpand
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Real Exchange Rates, Devaluation, and Adjustment: Exchange Rate Policy in Developing Countries
"Real Exchange Rates, Devaluation, and Adjustment "provides a unified theoretical and empirical investigation of exchange rate policy and performance in scores of developing countries. It develops aExpand
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Openness, Trade Liberalization, and Growth in Developing Countries
I am indebted to three referees for extremely helpful comments. This paper was revised during my stay at the Kiel Institute for the World Economy, in March 1992. I thank colleagues and the libraryExpand
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Exchange Rate Misalignment In Developing Countries
This article analyzes the theory of equilibrium real exchange rates and defines misalignment as a deviation of the real exchange rate (RER) from its equilibrium level. The role of macroeconomicExpand
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Real and Monetary Determinants of Real Exchange Rate Behavior: Theory and Evidence from Developing Countries
This paper develops a dynamic model of real exchange rate behavior in developing countries. A three goods economy (exportables, importables and nontradables) is considered. Residents of this countryExpand
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Trade Orientation, Distortions and Growth in Developing Countries
In this paper I use a cross country data set to analyze the relationship between trade orientation, trade distortions and growth. I first develop a simple endogenous growth model that emphasizes theExpand
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Seigniorage and Political Instability
The importance of seignorage relative to other sources of government revenue differs markedly across countries. The main theoretical implication of this paper is that countries with more unstable andExpand
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Capital Mobility and Economic Performance: Are Emerging Economies Different?
In this paper I use a new cross-country data set to investigate the effects of capital mobility on economic growth. The new indicator of capital mobility used in this analysis is superior toExpand
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Financial Openness, Sudden Stops and Current Account Reversals
In this paper I use a panel data set to investigate the mechanics of sudden stops of capital inflows and current account reversals. I am particularly interested in four questions: (a) What is theExpand
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Capital Flows, Foreign Direct Investment, and Debt-Equity Swaps in Developing Countries
One of the nest serious consequences of the debt crisis of 1982 has been the reduction in the accessibility to the world capital market for most developing countries. This situation has proved to beExpand
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