Nov 1994
Author(s): Tomell, Aaron; Velasco, Andrés
Conventional wisdom claims that fixed exchange rates provide more fiscal discipline than do flexible rates, but the recent experiences in Europe, the record of Sub-Saharan countries in the 1980s, and…
Nov 1994
Author(s): Calvo, Guillermo A.; Leiderman, Leonardo; Reinhart, Carmen M.
This paper discusses the changing pattern of capital flows to developing countries. The analysis is heavily colored by recent events. It concentrates on the principal facts, developments, and…